Nagarjuna Const. expects 32% rise in profits
Nagarjuna Const. expects 32% rise in profits Nagarjuna Constructions aims at a 32% rise in profit in 2007, on increased highway orders and a contract to build India`s biggest steel furnace, reports Business Standard. Net income is expected to advance to Rs 2 billion in the year to March 31 from Rs 1.52 billion a year earlier. The company had reported a 46% rise in profit last year and 81% rise in the year before. Net sales are also expected to rise 38% to Rs 40 billion this year Blackstone had recently acquired 12% stake in Nagarjuna for USD 150 million Nagarjuna on Sep. 19 entered into a venture with South Korea`s Posco to build a USD 391 million blast furnace for Steel Authority of India. >Nagarjuna also plans to borrow Rs 38 billion and will bid for Rs 48 billion of orders by the end of March 2008. Shares of the company declined Rs 5.50, or 2.25%, to trade at Rs 239.00. The total volume of shares traded was 397,788 at the BSE. (Wednesday).
