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Indian Rayon net profit rises 56 percent in Q2

28 Oct '05
2 min read

Registering a 56 percent in profit (on a standalone basis) of Rs. 38.60 crore for the quarter ended September 2005, Indian Rayon has declared a net profit of Rs. 24.70 crore in the corresponding period last year.

The company's income from operations stood at Rs. 599.08 crore (Rs. 497.33 crore) and its operating profit was Rs. 86.67 crore (Rs. 66.3 crore).

Company has moved further in direction for corporate restructuring whereby Birla Global Finance and Indo Gulf Fertilisers will be merged with Indian Rayon.

The court-approved meeting of Indian Rayon's shareholders will be conducted on November 16 while Birla Global and Indo Gulf shareholders will hold separate meetings on November 24 and November 28 respectively to discuss the issue.

Meanwhile, shareholders of Indian Rayon and Industries Ltd approved their consent to change the name of the said company on Thursday. From now onwards, the company will be known as 'Aditya Birla Nuvo Ltd.' Through postal ballot, shareholders approved the name change. With required majority, the company reported to the Bombay Stock Exchange. Following a significant reform of its financial services, the AV Birla Group had declared the merger of its two companies Birla Global Finance and Indo Gulf Fertilisers with Indian Rayon on September 11.

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