8/12/2014 11:07:00 AM
NEWS BRIEFS
Sundram Fasteners Reports Sales & Profit Gains
Sundram Fasteners reported sales rose 10.5% to Rs. 578.61 crore in the quarter ended June 30.
Gross profit increased 15% to Rs. 92.94 crore, with interest for the quarter amounting to Rs. 5.54 crore, down from the Rs. 8.57 crore reported in the same quarter of 2013.
In June Sundram’s share value increased following news the India-based company acquired 24.53% of equity capital of TVS Infotech, the Business Standard reports.
With that acquisition, Sundram controls 62.27% equity stake in TVS Infotech, which became a subsidiary of Sundram Fasteners Investment.
TVS Infotech holds 100% equity stake in Michigan-based TVS Infotech Inc., an information technology company that provides services for core industries like manufacturing, automotive and distribution.
Sundram’s net profit rose 67.5% to Rs 27.45 crore on 8.2% growth in sales to Rs 507.96 crore in the final quarter of fiscal 2014, which ended in March.
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