Birla Corp gets AGM nod to enter diverse areas; FY10 net up 72%

Cement maker Birla Corporation today got the shareholders' approval to venture into diverse areas such as coal mining, real estate, power generation, construction as well as jetty operations.

The 90th annual general meeting (AGM) of the MP Birla group flagship passed all the resolutions put forth by the company management by requisite majority today after they were put to vote by a section of the shareholders on June 23.

The proceedings of the AGM on June 23 were stalled after a shareholder moved a local court here demanding a stay on the AGM proceedings alleging irregularities in postal ballots. The meeting was subsequently adjourned.

Following this the company moved the Calcutta High Court, which set aside the lower court stay and the company was allowed to conduct the proceedings the next day. The results of the poll were declared today.

Meanwhile, the company posted a 72 per cent jump in net profit at Rs 557.18 crore last fiscal compared to Rs 321.51 crore in FY09.

The turnover for the year increased 17.12 per cent at Rs 2,378 crore during FY10 compared to Rs 2,038 crore in FY09.

Cement production increased by 4 lakh tonne touching 57 lakh tonne. The company is planning to add cement capacity by 9 million tonne in the current fiscal.