Lotte India Corporation on delisting plan

Lotte India Corporation opened at 5% upper circuit to Rs 276.05 after its board decided to delist the shares from all the stock exchanges.

The stock opened and locked at a high of Rs 276.05. The stock had a 52-week high of Rs 536 on 2 January 2008 and a 52 week low of 187.70 on 1 April 2008.

The company has an equity capital of Rs 3.77 crore. Face value per share is Rs 10.

The delisting decision will be subject to the approval of shareholders at the ensuing annual general meeting, which is scheduled to be held on 22 July 2008. The stock had been hitting 5% upper circuit since the last 5 trading sessions.

Korean firm Lotte Confectionery Company holds 80.39% stake in Lotte India Corporation

Lotte India Corporation is engaged in the business of manufacture and distribution of sugar boiled confectionery.

The company reported net loss of Rs 1.55 crore in Q4 March 2008 as compared to net profit of Rs 0.53 crore in Q4 March 2007. Net sales slipped 5.80% to Rs 36.22 crore in Q4 March 2008 over Q4 March 2007.