Date:15/07/2008 URL: http://www.thehindu.com/2008/07/15/stories/2008071551670300.htm

Tamil Nadu

Evening study centres inaugurated

Staff Reporter

MALCO CEO Suresh Rathi purchasing bags made by self-help groups during the inauguration of the building constructed by the company in Mettur. Directors Arun Todarwal (fourth from right) and A.R.Narayanasamy (third from right) are also seen.

METTUR: The Corporate Social Responsibility wing of Madras Aluminium Company Limited (MALCO), a subsidiary of Vendanta Resources Plc., inaugurated two new Evening Study Centres in Ramamurthy Nagar in P.N Patty panchayat and Porayur in Gonur Panchayat on July 7. The centres were inaugurated in the presence MALCO Chief Executive Officer and whole-time Director Suresh Rathi and Directors A.R.Narayanasamy and Arun Todarwal.

The centres would help in improving the overall performance of the rural students. Four students of the company-run Evening study centres, who scored high marks in the Standard X examinations, were presented with cash rewards Rs.2000 each during the function.

The officials also inaugurated a building constructed by MALCO for community development activities. Meanwhile, the net profit of the Madras Aluminium Company Limited (MALCO), a subsidiary of Vendanta Resources Plc., has fallen down to Rs. 65 crore in 2007-08. In the previous fiscal, the net profit of the company stood at Rs.135 crore (The 2006-07 financial year was a nine-month period as the company had changed it from June 30 to March 31). The margins of the company, a press release said, were affected due to higher input costs and appreciation of Indian Rupee vis-a-vis the US Dollar.

The company registered a turnover of Rs. 474 crore in the last fiscal, when compared to Rs. 403 crore in 2006-07 (nine month period). The shareholders of the company approved the annual audited accounts for the period 2007-08 during the annual general body meeting held here recently.

The meeting has approved a dividend of 90 per cent (i.e. Rs.9 per share). It also approved the sub-division of equity shares of face value of Rs.10 each to 5 shares of face value Rs.2/- each.