Jindal Saw net up 74 pc at Rs 47.13 cr for Q2

New Delhi, May 8 (UNI) Jindal Saw Ltd, manufacturer of saw pipes, has reported an increase of 74 per cent in its net profit at Rs 47.13 crore, for the second quarter ending March 31, 2006, as compared to Rs 27.05 crore in the same period last year.

The company's gross sales recorded an increase of 43.9 per cent at Rs 1,013.38 crore in the quarter as against Rs 704.45 per cent in the corresponding period last year, a company statement said.

Meanwhile, Jindal Saw Ltd also completed an international offering of convertible bond issue of 80 million dollars with an increase option of 20 million dollars.

The bonds are covertible at a price of Rs 675 per share, which represent about 54 per cent premium over the current share price of the equity share of the company.

''The success of the international offering of convertible bonds issue has reiterated the positive sentiments guiding Jindal Saw Ltd in the international financial market,'' company's spokesman said.

Jindal Saw Ltd manufactures longitudinal and helical saw (submerged arc welded) pipes, seamless tubes and pipes, ductile iron pipes, connector castings, bends and anti-corrosion coatings.

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