Chemicals maker BASF India on Tuesday said its net loss narrowed to Rs 32.38 crore during the third quarter of the 2019-20 fiscal mainly driven by higher income.
The company has posted a net loss of Rs 38.37 crore during the October-December quarter of the 2018-19 fiscal, the company said in a regulatory filing.
Its net income increased to Rs 2,018.22 crore during the third quarter of the current fiscal, compared to Rs 1,409.8 crore in the year-ago period.
Expenses remained higher at Rs 2,042.26 crore as against Rs 1,473.11 crore.
BASF India said the Board has approved the proposal to transfer its construction chemicals business to Master Buildcra Solutions India, a fellow subsidiary firm at a consideration of Rs 595.16 crore, subject to necessary approvals.
The transaction is expected to close by the second quarter of 2020-21 fiscal, it said.
Shares of the company closed 8.21 per cent lower at Rs 910.65 apiece on the BSE on Tuesday.
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