The Hindu Business Line : Graphite shareholders to get 150% total dividend

Kolkata June 16 Shareholders of Graphite India Ltd will receive a total dividend of Rs 3 (150 per cent) for every equity share of face value of Rs 2 held by them.

The board of directors of the company, which had earlier recommended an interim dividend of Rs 2 (100 per cent) per share, has now recommended a special and final dividend of Re 1 (50 per cent) per share for the year 2006-07.

According to a press release issued by the company here, Graphite India earned a sales income of Rs 900.01 crore during the year ended March 31, 2007. This was 38 per cent higher than Rs 649.4 crore recorded in 2005-06. The company's net profit in 2006-07, including extraordinary income of Rs 96.24 crore, stood at Rs 193.87 crore, against Rs 62.95 crore in 2005-06. The extraordinary income resulted from the sale of surplus land at Bangalore.

The release states that the demand for graphite electrodes is primarily linked with steel production through the electric arc furnace (EAF) route. With the EAF route of steel production gaining ground globally, the share of steel produced through this is estimated to go up from 34 per cent at present to 38 per cent by 2010. Consequently, the demand for graphite electrodes is expected to go up in the coming years.

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