Date:24/05/2008 URL: http://www.thehindu.com/2008/05/24/stories/2008052455421700.htm

Business

Geojit net up 133%

Special Correspondent

KOCHI: Net profit of Geojit Financial Services for 2007-08 went up by 133 per cent to Rs.58.66 crore from Rs. 25.21 crore in 2006-07. When compared to 2006-07, consolidated revenues for the last fiscal went up by 78 per cent to Rs.238.31 crore from Rs.133.79 crore. The meeting of the Board of Directors held in Kochi on Friday approved the audited accounts after full review by the auditors, says a press release.

70 % dividend

Geojit Financial Services has declared a final dividend of 70 per cent on the paid-up value of Re.1 per share for 2007-08.

The company had given dividend at 40 per cent for 2006-07, 2005-06, and 2004-05.

At its meeting here, the Board of Directors of Geojit Financial Services has in principle accepted an offer from BNP Paribas to acquire 35per cent stake in the fully owned subsidiary company Geojit Technologies Ltd., which is into software development. During 2007-2008, Geojit Technologies had started developing software for BNP Paribas for some of their European operations. The meeting has in principle decided to surrender its membership in various commodity exchanges held by its wholly owned subsidiary. This is to enable BNP Paribas to get approval from RBI for the open offer subsequent to their acquisition of 27.18 per cent stake in March 2007.

The Board has in principle accepted the offer of compensation of Rs.40 crore by BNP Paribas for surrendering memberships in the various commodity exchanges. This is subject to applicable regulatory approvals.