Swedish firm to up stake in KIL

While high resistance electrical wires account for 63.45 per cent of the total sales turnover, bimetal strips constitute 24.86 per cent. The company also manufactures superelements and heating elements which account for 5.62 per cent and 4.96 per cent of the sales turnover respectively.

The company came out with a rights issue of 12,35,990 equity shares of Rs 10 each for cash at a premium of Rs 15 per share in 1996 to meet the long term working capital requirements.The rights issue has resulted in an increase in the equity of the company to Rs 3.7 crore from Rs 2.47 crore. Due to tight money market and political instabilIty, the company has not been able to perform well with its net profit dipping to Rs 27 lakh during the year ended March 31, 1997 from Rs 45 lakh last year. The turnover during the same period moved up by 2.99 per cent to Rs 14.1 crore against Rs 13.69 crore during the last year. The operating profit was at Rs 11.34 crore for the year ended March 31, 1997.