Everest Kanto to allot shares
Everest Kanto to allot shares >The board of directors of Everest Kanto (Q, N,C,F)* Cylinder, at its meeting held on Sep. 18, 2007, decided to make preferential allotment of shares for a value not exceeding Rs 1 billion. For this matter, the board appointed chairman & MD P K Khurana and whole time director, Puneet Khurana, to finalise the terms and conditions including the price with the potential investors and to make final proposal.
Everest Kanto Cylinder disclosed a steep drop of 43.84% in net profit for the quarter ended in June 2007. During the quarter, the company reported fall in profit to Rs 64.40 million from Rs 114.67 million in the same quarter last year.
Sales for the quarter declined 17.70% to Rs 654.80 million compared with the corresponding quarter, a year ago.
Shares of the company declined Rs 0.4, or 0.18%, to settle at Rs 225.5. The total volume of shares traded was 178,545 at the BSE.(Tuesday)
