Date:01/07/2008 URL: http://www.thehindu.com/2008/07/01/stories/2008070154821700.htm

Business

Good news from Madras Cements

Special Correspondent

Announces bonus, special dividend
To establish three grinding units

CHENNAI: The board of Madras Cements has recommended a bonus issue to its shareholders in the ratio of one share for every share held by them.

Simultaneously, it has also recommended the sub-division of shares of Rs. 10 each into 10 shares of Re. 1 each.

In a series of good news for the shareholders, the board has also announced a golden jubilee dividend of Rs. 10 per share. This comes on top of a final dividend of Rs. 10 per share. The company has already announced two interim dividends of Rs. 10 each per share. All these put together makes the total dividend payment at Rs. 40 per share. For 2006-07, the company paid a total dividend of Rs. 25 per share.

The company, in the meanwhile, has reported a profit after tax of Rs. 408.29 crore (Rs. 308.02 crore) for 2007-08. Total revenue (net of excise and sales tax) stood at Rs. 2,021 crore (Rs. 1,582 crore).

The two million tonne project at Ariyalur would go on stream in the last quarter of the current calendar year, the release said. The company would replace the existing 1,200 tonne per day kiln at RR Nagar with a new kiln of 1,600 tonnes per day. The project would go on stream in November 2009, the release added. It was also in the process of establishing three grinding units — two in Tamil Nadu and one in West Bengal.