Surana Corporation Limited
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BSE Code:
531102
NSE Code:
SURANACORP
Business Profile
Business Profile
Surana Corporation (SURANACO) has business interests in jewelry manufacturing and retail, and trading in bullion and steel. It was incorporated on May 10, 1991. In 2004, Rukma Industries and Surana Jewelery were amalgamated into the company. It is part of the Surana group of industries, which has business interests in steel manufacturing, jewelry manufacturing and power generation.
The company has received permission in FY07 to convert part of its unit in Tondiapret, Chennai into a 100% export-oriented unit within three years. It has modern design and production facilities. Importing gold bullion on a large scale, gold and studded jewelry in then exported. It also has a jewelry retail outlet for domestic sales.
Diversifying into wind power, the company has set up a wind mill farm in the Tirunelveli district of Tamil Nadu consiting five wind mills of 0.85 MW each with a total production capacity of 4.25 MW. The entire quantum of electricity produced is being sold to the Tamil Nadu Electricity Board.
The registered office is at New No 29, Old No 16, IInd Floor, Whites Road, Royapettah, Chennai-600014, Tamil Nadu.
Financials
Surana Corporation registered a profit of Rs 46.68 million for the quarter ended December 2007.
It recorded a net sales of Rs 2,180.22 million for the quarter.
Total income was Rs 2,180.52 million for the quarter ended December 2007.
Recent Developments
14-JAN-08
On Jan. 10, 2008, the shareholders authorized the board of directors to offer 2.5 million equity shares of Rs 10 each at a premium of Rs 190 each aggregating to Rs 500 million to non promoters on preferential basis.
14-DEC-07
On Dec. 13, 2007, the board of directors resolved the following, subject to necessary provisions and approvals:
To offer 2.5 million equity shares of Rs 10 each at a premium of Rs 190 each aggregating to Rs 500 million to non promoters on preferential basis.
To issue 2.5 million share warrants of Rs 85 each which can be converted into equity shares of the company within a 18-month period from date of allotment, on the basis of one equity share of Rs 10 each for one share warrant of Rs 85 each amounting to Rs 212.5 million on preferential basis to a select group of persons.