Chettinad Cement Corporation has reported a net profit of Rs 34.18 crore for the second quarter of the current fiscal, a drop of 33 per cent form Rs 50.76 crore reported in previous corresponding period. Net sales during the period, however, grew by 19.5 per cent to Rs 280.70 crore during the second quarter.
The company also said that the board of directors today approved and revived the proposal of offering equity shares on rights basis to existing shareholders. The board has approved rights issue in 1:6 ratio or one equity share for every six equity share held, for a value not exceeding Rs 250 crore.
