Valiant Comm board approves to form subsidiary in US
Valiant Communications announced on Monday that the board of directors on Aug. 14, 2007 decided to form a wholly owned subsidiary Valiant Communications & Technologies Inc. in United State of America.
The subsidiary will provide pre and post sales support to customers of Valiant Communications at international level. In addition, the subsidiary will promote and market the product offering of the company, the company said.
Recently the company disclosed a steep drop of 32.53% in net profit for the quarter ended June 2007. During the quarter, the company reported fall in profit to Rs 1.68 million from Rs 2.49 million in the same quarter, last year. The net sales for the quarter rose 18.97% to Rs 24.21 million compared with the corresponding quarter, a year ago.
Shares of the company declined Rs 0.10, or 0.32%, to settle at Rs 30.75. The total volume of shares traded was 9,155 at the BSE. (Monday)
