Auto component maker Hindustan Foundries today said it has appointed R Seshasayee as chairman with immediate effect.
He would succeed R J Shahaney, who resigned as chairman and director of the company today.
"R Seshasayee has been appointed as chairman in place of R J Shahaney who has resigned as chairman and director in the board Meeting held today," Hindustan Foundries said in a filing to the Bombay Stock Exchange (BSE).
Seshasayee is also the managing director of Hinduja Group flagship firm Ashok Leyland.
Earlier in the day, Hinduja Foundries announced 54.62 per cent decline in its net profit at Rs 81.11 lakh for the quarter ended September 30, 2010.
Net sales during the quarter, however, increased by 30.89 per cent to Rs 131.80 crore from Rs 100.70 crore, it added.
Shares of the company today closed at Rs 139, higher by 0.54 per cent on the BSE.
