Jindal Stainless Q3 net down 68%

Jindal Stainless today reported a 68.4% drop in net profit at Rs 20.94 crore for the third quarter ended December 31, 2005 as against Rs 66.38 crore in the quarter ended December 31, 2004.

According to a release issued by the company to the BSE, total income declined 16.5% to Rs 711.63 crore in Q3FY06 from Rs 852.83 crore in Q3FY05.

Further the company's board has approved a proposal to set-up two subsidairy companies in Dubai and London, subject to necessary approvals.