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BANGALORE: Defence PSU Bharat Electronics Ltd (BEL) has declared a 40 per cent interim dividend for 2004-05. This is its first interim dividend.

The CMD of BEL, Mr Y. Gopala Rao, presented the cheque to the Defence Minister, Mr Pranab Mukherjee, in New Delhi on Wednesday, a company release said.

For the fiscal 2003-04, BEL paid its highest ever dividend of 100 per cent, including a special one-time golden jubilee dividend of 20 per cent per share of Rs 10 each. During 2003-04, BEL reached its highest ever turnover of Rs 2,798.6 crore, with a profit after tax touching Rs 316.1 crore. The electronics major says it has sights on reaching a turnover of Rs 5,000 crore by 2006-07.

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