Hinduja Foundries Q4 net loss at Rs 7 cr

Hinduja Foundries today reported a net loss of Rs 7.53 crore during the fourth quarter ended March 31, whereas it had a net profit of Rs 7.01 crore during the corresponding period a year ago.

The net sales of the company also dropped to Rs 60.08 crore during the quarter from Rs 129.91 crore in the same quarter last year, Hinduja Foundries said in a filing to the Bombay Stock Exchange.

For the financial year ended March 31, 2009, the company posted a net loss of Rs 11.98 crore, while it had a net profit of Rs 16.92 crore a year earlier.

The Hinduja Group firm, in a separate filing to the BSE, said it plans to raise Rs 50 crore.

"The board has decided to raise further capital of Rs 50 crore," it said.

"The terms and instruments of issue of capital will be decided in the board meeting scheduled to be held on June 19," it added.

Shares of Hinduja Foundries today slipped 5 per cent to touch its lower trading limit of Rs 75.15 on the BSE.