MAHARASHTRA GLASS & AGRO: PULLED DOWN BY AUTO SLUMP
Article Abstract:
The Maharashtra Glass & Agro Ltd (MGAL) incurred a loss of Rs8.35 crore on sales of Rs26.35 crore in 1997-98. It has projected a loss of Rs6.40 crore on sales of Rs25.78 crore in 1998-99. The recession in the automobile industry has affected the performance of MGAL. It plans to come out with a rights issue in the ratio of 3 shares for every 2 held in the company. The rights issue is for netting Rs19.52 crore. In all, 1.95 crore equity shares will be issued. The rights issue is likely to increase the paid-up capital from Rs13.02 crore to Rs32.54 crore. Sekurit Saint Gobain of France holds 51 percent stake and the public the rest in MGAL. It makes laminated tough windscreen (LTW) at Chakan and bend toughened glass (BTG) at Bhosari. It plans to set up a new project at Bhosari in Maharashtra at a cost of Rs9.78 crore. The commercial production is expected to start in June 1999. It plans to invest Rs6.24 crore on import of equipment. MGAL plans to invest Rs1.01 crore and Rs3.04 crore on its units at Chakan and Bhosari respectively. It has invested Rs12.47 crore on these projects. It plans to repay loans of Rs5.19 crore from the proceeds of the rights issue. (rk)
Comment:
The Maharashtra Glass & Agro Ltd (MGAL) incurred a loss of Rs8.35 crore on sales of Rs26.35 crore in 1997-98.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BARELY AFLOAT: TRIVENI SHEET GLASS
Article Abstract:
Triveni Sheet Glass has posted a net loss of Rs6.25 crore in the first half of 1997-98 against a net loss of Rs22.52 crore in 1996-97. The company's expenses account for over 90 percent of its sales realisations. The company has an installed capacity of 55,000 metric tonnes per annum. It produces sheet glass, figured and wire glass, neutral glass tubes and float glass. The company's scrip recently touched a low of Rs5 on the Bombay Stock Exchange. (khr)
Comment:
Sheet glass, figured and wire glass, neutral glass tubes and float glass maker has installed capacity of 55,000 metric tpa
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BARELY AFLOAT: FLOAT GLASS INDIA
Article Abstract:
Float Glass India, a joint venture between the Tata group and Asahi Glass of Japan, had declared a net loss of Rs87.23 crore in 1996-97. The company is currently operating at 50-55 percent of its installed capacity of 146,000 metric tonnes. It has posted a net loss of Rs29.13 crore on sales of Rs63.52 crore in the six months ended September 1997. Its scrip is currently quoted at Rs11 on the Bombay Stock Exchange. (khr)
Comment:
Posts net loss of Rs87.23 crore in 1996-97 & is currently operating at 50% to 55% of installed cpty of 146,000 metric tonnes
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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