Piramal Glass Q3 loss widens to Rs 37.14 cr

Piramal Glass Ltd  has posted a higher net loss of Rs 37.14 crore  in the third quarter ended December 2008 as against Rs 1.28 crore in the same period in 2007-08 due to rise in raw material costs and foreign exchange liabilities.

Its income from operations for the reporting quarter rose to Rs 276.02 crore from Rs 189.69 crore in October-December 2007, the company informed the Bombay Stock Exchange today.

Its expenditure rose to Rs 283.50 in Q3 from Rs 170.95 crore a year ago. The raw material cost grew sharply to Rs 63.60 crore from Rs 36.98 crore in Q3 of 2008-09. It incurred a foreign exchange loss of Rs 27.81 crore in the third quarter ended December 2008.

Meanwhile, the company has decided to raise upto Rs 200 crore through rights issues, subject to necessary approvals. It plans to issue seven shares on rights basis for every two shares held by shareholders. The price is pegged at Rs 30 per equity share.