It was today informed by Vedanta group firm Madras Aluminium Company that for the Q3 ended 31st December, the net loss of the company stood at Rs 7.13 crore, while it had a net profit of Rs 14.72 crore for the same quarter in the previous fiscal.

It was informed by the company that a proposal from the promoter, Twinstar Holdings has been received by its board, in which the former has offered to acquire the remaining 20 per cent stake in Malco, following which the shares of the firm would be delisted from the stock exchanges.

Nealry 80% of stake in Malco is held by Twinstar Holdings, a part of the Anil Agarwal-controlled Vedanta group.

In a filing to the Bombay Stock Exchange, Malco said, "Besides, for the third quarter of the current fiscal, total income of the company rose to Rs 117.98 crore from Rs 110.98 crore for the same quarter in the corresponding period."

The BSE today saw the shares of Malco surging 4.97 per cent to hit its upper circuit of Rs 59.15.

A net profit of Rs 17.11 crore was reported by Malco for the nine month ended December 31 against a net profit of Rs 50.12 crore for the same period last fiscal.

Furthermore, it has also been learnt that appointment of Ramesh Nair as director on the board has also been approved by the board, which will come to effect from 19th January. The CEO of the company would be Suresh Rathi.