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CESC Q1 net up 4.8 pc, to delist from London Stock Exchange

RP-Sanjiv Goenka Group flagship company CESC has received shareholders' approval to delist its equity shares from the London Stock Exchange.

IANS   Kolkata     Last Updated: July 26, 2013  | 17:16 IST

RP-Sanjiv Goenka Group flagship company CESC has received shareholders' approval to delist its equity shares from the London Stock Exchange.

Group chairman Sanjiv Goenka at the annual general meeting on Friday attributed "very low dealings in the shares in recent years" as the reason behind the decision.

The company has reported a 4.8 per cent rise in net profit at Rs 131 crore for the quarter ended June 30, against the corresponding period of the previous financial year.

CESC is expecting to commission its two 2x300 MW power plants at Chandrapur, Maharashtra, and Haldia, West Bengal, in the next two years.

"We expect the Chandrapur project to be commissioned by this year itself while the Haldia project will become operational by October-December 2014," said Goenka.

The net sales of the company in the April-June period stood at Rs 1,419 crore, against Rs 1,404 crore for the corresponding period of the previous year, registering a marginal one per cent growth.

Goenka also said the company was in discussion with the government about its proposal to set up three new power plants in Bihar, Jharkhand and Odisha.

Talking about the company's retail chain Spencer's, Goenka said it was likely to break even this fiscal.

"Spencer's revenue this quarter has grown by 16 per cent and we hope to break even this fiscal," said Goenka, adding that nine more retail outlets would be opened across the country in the next few months, including two in Kolkata.

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