Financial Daily from THE HINDU group of publications
Monday, Jul 15, 2002
Financial Daily from THE HINDU group of publications Monday, Jul 15, 2002 |
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Corporate
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Announcements No bonus issue now: Electrosteel Our Bureau
KOLKATA, July 14 ELECTROSTEEL Castings Ltd (ECL), a manufacturer of ductile iron (DI) pipes, has clarified that the company is not planning to issue bonus shares in the near future. Talking to Business Line, Mr S.Y. Rajagopalan, Director (Finance) & Secretary of the company, said there was no such plan at the moment, and the ECL board, meeting on July 26, to take on record the first quarter results of the company, would not take up any such proposal. He described the buzz going around the market that ECL might issue bonus shares soon as entirely speculative. On expectations of bonus issue, the ECL scrip has spurted in the last couple of days on major bourses such as the Bombay Stock Exchange and the National Stock Exchange recording significant gains. The closing price on BSE on Friday was Rs 366.3, up from the previous day's high of Rs 335.3. On NSE, the scrip closed at Rs 364.5, up from the previous day's high of Rs 334.9. On both BSE and NSE, the ECL scrip touched the year's high of Rs 370. Mr Rajagopalan expressed confidence that the company would maintain its good performance in the first quarter of the current financial year. Describing the company's financial position as "extremely sound'', he said ECL had been able to fund most of its requirements through internal accruals. In the last financial year, through efficient fund management, the company was able to reduce the average interest costs significantly. The company during 2000-01, in order to meet the fund requirements for capital expenditure and working capital, raised a sum of Rs 100 crore through private placement of 11.85 per cent secured non-convertible debentures. The board has recommended a dividend of Rs 10 per share (100 per cent) for 2001-02, against the Rs 7.5 te previous year.
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