Mumbai: Vedanta group firm Madras Aluminium Company on Tuesday said its net loss for the third quarter ended 31 December stood at Rs7.13 crore, while it had a net profit of Rs14.72 crore for the same quarter in the previous fiscal.
The company said its board has received a proposal from the promoter, Twinstar Holdings, for acquiring the remaining 20% stake in Malco, following which the shares of the firm would be delisted from the stock exchanges.
Twinstar Holdings, a part of the Anil Agarwal-controlled Vedanta Group holds 80% stake in Malco.
Besides, for the third quarter of the current fiscal, total income of the company rose to Rs117.98 crore from Rs110.98 crore for the same quarter in the corresponding period, Malco said in a filing to the Bombay Stock Exchange.
Shares of Malco surged 4.97% to hit its upper circuit of Rs59.15 on the BSE.
For the nine month ended 31 December, Malco reported a net profit of Rs17.11 crore, against a net profit of Rs50.12 crore for the same period last fiscal.
The board has also approved the appointment of Ramesh Nair as Director on the board with effect from 19 January. Besides, Suresh Rathi would continue as the CEO of the company.