The financial performance of loss-making public sector undertakings (PSUs) and erstwhile disinvestment candidates has deteriorated further in 2003-2004. |
Nine loss-making listed PSUs have reported an increase in their net loss by Rs 237 crore to Rs 1,634 crore in 2003-04 from Rs 1,397 crore in 2002-03. |
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This list includes Andrew Yule, Bharat Immunologicals and Biochemicals, ITI, Hindustan Copper, Hindustan Photofilms, Hindustan Fluorocarbons and Madras Fertilizers. |
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FACT, Hindustan Organic and HMT, whose full year results for fiscal 2003-04 are still awaited, reported an aggregate net loss of Rs 224.42 crore for the first nine months ended December 2003. |
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Two loss-making companies in 2002-03 posted a turnaround in 2003-04. These companies are Rashtriya Chemicals and Fertilisers (RCF), and STC India. |
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Analysts say the deteriorating health of these PSUs may make it difficult for the Congress-led government at the Centre which intends to divest the government stake in only unprofitable PSUs on a case-to-case basis. |
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The attempts of the earlier NDA government to privatise Madras Fertilizers had failed. |
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The stocks of all loss-making PSU reported a mixed trend in the last one week. |
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STC India's stock price moved up 3.29 per cent from Rs 77.45 on May 31 to Rs 80 on June 8 on the Bombay Stock Exchange. |
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The stock had touched a 52-week high of Rs 167.50 in January 2004. The stock price of Bharat Immunologicals and Biochemicals jumped 5.79 per cent from Rs 12.44 to Rs 13.16 over the same period. |
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The RCF stock price increased 1.18 per cent to Rs 30 (Rs 29.65). It touched a one-year high price of Rs 65.59 in January 2004 and a low of Rs 22.50 in May 2004. |
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Other PSU stocks such as HMT gained 2.86 per cent to Rs 18 (Rs 17.50), Hindustan Copper up by 1.80 per cent to Rs 34 (Rs 33.40) and ITI up by 0.45 per cent to Rs 13.41 (Rs 13.35). |
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However, FACT's market price declined 6.96 per cent to Rs 29.40 (Rs 31.60), Madras Fertilizers down 6.91 per cent to Rs 14.15 (Rs 15.20), Andrew Yule down 5.90 per cent to Rs 15.15 (Rs 16.10) and Hindustan Organic down 4.64 per cent to Rs 14.40 (Rs 15.10). |
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Hindustan Copper has an accumulated loss of Rs 780.06 crore at the end of financial year 2002-03, followed by HMT at Rs 403.33 crore, ITI at Rs 342.27 crore, FACT at Rs 138.39 crore and Andrew Yule at Rs 137.01 crore. |
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Hindustan Organic has a total accumulated loss of Rs 56.47 crore and Hindustan Fluorocarbons at Rs 55.65. |
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Maharashtra Elektrosmelt, which posted a net profit of Rs 1.14 crore in 2002-03, has a total accumulated loss of Rs 47.32 crore and Madras Fertilizers (which reported a net profit of Rs 4.12 crore in 2002-03) has an accumulated loss of Rs 146.05 crore at the end of 2002-03. |
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