Jai Balaji makes profit in Q2, acquired NIPL in Jharkhand

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Kolkata, Nov 1 (UNI) Jai Balaji Industries Ltd posted a profit of about 341 per cent to Rs 27.28 crore from Rs 6.19 crore during the second quarter ended September 30 last compared to same period last year.

The company's net profit had zoomed by as much as 286 per cent to Rs 50.87 crore from Rs 13.18 crore.

The current results were inclusive of the figures of Shri Ramrupai Balaji Steels Ltd, which had merged with the company with effect from April 1, 2006.

The total income for the second quarter was Rs 274.97 crore (Rs 131.38 crore last year) and for the half year was Rs 527.77 crore (Rs 249.41 crore last year).

The earning per share for the quarter was Rs.5.79 and for the half year Rs 10.80, showing an increase of 135 per cent and 106 per cent respectively.

Jai Balaji Industries Ltd, the flagship company of Jai Balaji Group, had also acquired Nilachal Iron and Power Ltd with 100 per cent shareholding making the NIPL of its subsidiary.

The NIPL makes sponge iron at its plant located at Saraikela in Jharkhand with a capacity of 1.25 lack ton per annum.

Announcing the acquisition, Aditya Jajodia, Chairman and Managing Director of Jai Balaji Group said, '' This acquisition is in synergy with our growth plans. Along with our greenfield ventures, we shall continue to look for acquisition opportunities to enable us to grow fast. '' Jai Balaji had also signed an MoA with the West Bengal government for setting up a 5 million ton integrated steel plant, 3 million ton cement plant and 1215 MW captive power plant in Purulia district at a total cost of Rs 16,000 crore.

UNI

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