Financial Daily from THE HINDU group of publications
Monday, Oct 03, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 03, 2005 |
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Corporate
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Outlook SAIL hopeful of 8-9 pc growth this fiscal, says Chairman Our Bureau
Mr V.S. Jain
New Delhi , Oct 2 THE steel major, Steel Authority of India Ltd (SAIL) is likely to record a growth of between eight-to-nine per cent during the year despite recording a growth of about 11 per cent till now, the company Chairman, Mr V.S. Jain, has said. "The growth during the full year will be around 8-9 per cent although the growth till now has been about 11 per cent," Mr Jain told newspersons after presenting a dividend cheque of Rs 638.05 crore to the Minister for Steel, Mr Ram Vilas Paswan, here on Sunday. The SAIL Chairman felt that infrastructure and construction sector were among the main drivers for the growth in the steel industry. The dividend paid by SAIL today was the second and final instalment of the Rs 1169.75 crore dividend for the financial year 2004-05 paid by it to the Government which holds 85.82 per cent of the paid-up equity of the company. The company has paid a dividend of 33 per cent of its paid-up equity - earlier this year it had paid a maiden interim dividend of 15 per cent, while now the final dividend is 18 per cent. In a statement the company has said that the total payout will be Rs 1,363 crore, which is about 20 per cent of SAIL's profit after tax of Rs 6,817 crore recorded during 2004-05. The dividend paid out is the highest ever by the company. Incidentally, this is the first time since 1997-98 that SAIL has declared a dividend.
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