ITW Signode India Ltd has recorded 27.68 per cent growth in net profit, despite stagnated sales growth, for the second quarter ended September 2001.
The company posted a net profit of Rs 5.12 crore on a turnover of Rs 51.40 crore for the quarter compared to a net profit of Rs 4 crore on a turnover of Rs 50 crore in the corresponding period of last year.
With this, together with its first quarter performance, the company's net profit for the half-year ended September 2001 adds upto Rs 9.11 crore on a turnover of Rs 98.75 crore against a net profit of Rs 7.83 crore on a turnover of Rs 94 crore in the same period last year.
According to merchant banking sources, the offer made by the parent ITW Inc to the shareholders of ITW Signodes to buy 49 per cent of the public holding in the company at a price of Rs 80 per share has received good response and about 26 per cent of the shares have been tendered so far.
The offer, which is subject to a minimum level of acceptance of 29 per cent of the paid-up capital of the company, closes on October 30, 2001.
