CESC to delist from London Stock Exchange

RP-Sanjiv Goenka Group flagship company CESC Friday decided to delist its equity shares from the London Stock Exchange.

The company at its annual general meeting here secured the shareholders' approval for this. Group chairman Sanjiv Goenka attributed "very low dealings in the shares in recent years" as the reason behind the decision.

The company reported 4.8 percent rise in net profit at Rs.131 crore for the quarter ended June 30, 2013 as against the corresponding period of the previous fiscal.

The net sales of the company in the period stood at Rs.1,419 crore as against Rs.1,404 crore for the corresponding period of the previous year, registering a marginal one percent growth.

The company is expecting to commission its two 2x300 MW power plants at Chandrapur, Maharashtra, and Haldia, West Bengal, in the next two years.

"We expect the Chandrapur project to be commissioned by this year itself while the Haldia project will become operational by October-December 2014," said Goenka.

He also said the company was in discussion with the government about its proposal to set up three new power plants in Bihar, Jharkhand and Odisha.

Talking about the company's retail chain Spencer's, Goenka said it was likely to break even this fiscal.

"Spencer's revenue this quarter has grown by 16 percent and we hope to break even this fiscal," said Goenka, adding that nine more retail outlets would be opened across the country in the next few months, including two in Kolkata.