Indian diversified textiles and steel firm Raymond Ltd has declared a loss of $32m for Q2 ending 30 September. Raymond sold its steel division in early September to EBG, a subsidiary of Thyssen Krupp Stahl for $89m, making a book loss of $36m. Raymond received $83m on September 9 from this sale, the rest was received as equity in the new steel company. The company intended to use a major part of this to retire a part of its $161m debt. Raymond's net profit before tax (NPbT) this quarter is $3.65m on a sale of $74m versus $11.54m on a sale of $79.5m in Q2 of 1999. Raymond textiles is an established player in the menswear market, and sells under the Raymond, Parx, and Park Avenue brands. It has its own extensive retail chain, with tailoring facilities, in every large Indian city. Raymond proudly advertises that one of its suit can be repaired with matching buttons and accessories anywhere in India. The company has been negotiating to buy ColorPlus Fashions, which has created a major apparel brand in the premium smart/casual segment. Madura of Indian Rayon and Indus League, owners of the Indigo Nation brand, are in competition with Raymond for ColorPlus.