Net Loss of Mukand reported to Rs 22.20 crore in the quarter ended June 2018 as against net loss of Rs 16.55 crore during the previous quarter ended June 2017. Sales rose 11.96% to Rs 808.90 crore in the quarter ended June 2018 as against Rs 722.51 crore during the previous quarter ended June 2017.

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Mukand will hold a meeting of the Board of Directors of the Company on 13 August 2018.

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Net profit of Mukand reported to Rs 115.94 crore in the quarter ended March 2018 as against net loss of Rs 33.55 crore during the previous quarter ended March 2017. Sales rose 15.42% to Rs 808.16 crore in the quarter ended March 2018 as against Rs 700.19 crore during the previous quarter ended March 2017.

For the full year,net profit rose 291.99% to Rs 44.06 crore in the year ended March 2018 as against Rs 11.24 crore during the previous year ended March 2017. Sales rose 14.95% to Rs 3046.33 crore in the year ended March 2018 as against Rs 2650.16 crore during the previous year ended March 2017.

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Sumitomo Corporation has bought 49% stake for Rs 1180.99 crore in the joint venture company, Mukand Sumi Special Steel. Mukand retains 51% equity of this joint venture.

The joint venture is engaged in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets procured exclusively from Mukand's Hospet plant in Karnataka. The JV has 100 acres of land adjoining Mukand's existing plant at Hospet for the proposed construction and commissioning of new steel rolling facilities by mid 2020 at an approximate cost of Rs 600 crore.

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