Hinduja Foundries MD quits

B Swaminathan has resigned as Managing Director of Hinduja Foundries with effect from July 17. He also ceases to be a Director of the company, Hinduja Foundries said in a stock exchange notification. The company reported a loss of Rs 32.83 crore for the first quarter this year, compared to a loss of Rs 93.76 crore the previous corresponding quarter. Its total income rose 25 per cent to Rs 174.30 crore (Rs 138.89 crore). Hinduja Foundries, which is reeling under accumulated losses, reported to the Board for Industrial and Financial Reconstruction in December last year.