Vedanta group firm Madras Aluminium Company today said its net loss for the third quarter ended December 31 stood at Rs 7.13 crore, while it had a net profit of Rs 14.72 crore for the same quarter in the previous fiscal.
The company said its board has received a proposal from the promoter, Twinstar Holdings, for acquiring the remaining 20 per cent stake in Malco, following which the shares of the firm would be delisted from the stock exchanges.
Twinstar Holdings, a part of the Anil Agarwal-controlled Vedanta group holds 80 per cent stake in Malco.
Besides, for the third quarter of the current fiscal, total income of the company rose to Rs 117.98 crore from Rs 110.98 crore for the same quarter in the corresponding period, Malco said in a filing to the Bombay Stock Exchange.
Shares of Malco today surged 4.97 per cent to hit its upper circuit of Rs 59.15 on the BSE.
For the nine month ended December 31, Malco reported a net profit of Rs 17.11 crore, against a net profit of Rs 50.12 crore for the same period last fiscal.
The board has also approved the appointment of Ramesh Nair as director on the board with effect from January 19. Besides, Suresh Rathi would continue as the CEO of the company.
