NALCO and MECON pays dividend to government

Heartbeat
NALCO and MECON pays dividend to government (1)

Union Minister for Mines and Steel, Narendra Singh Tomar receiving the dividend cheque from the CMD, NALCO, Ansuman Das

New Delhi, 13 November 2014: NALCO Pays Final Dividend to Government

The cheque for final dividend amounting to Rs.83.43 crore was handed over to the Union Minister of Mines and Steel, Narendra S Tomar, by the CMD of NALCO, Ansuman Das, in New Delhi today, in the presence of Dr. Anup K. Pujari, the Secretary, Ministry of Mines and R. Sridharan, Additional Secretary, and other senior officials of the Ministry and Directors of the company. Out of Rs.313.23 crore payable to Government of India, the company has already paid Rs.229.80 crore as interim dividend during March 2014

National Aluminium Company Limited (NALCO), the Navratna PSU under the Ministry of Mines has declared a total dividend amount of Rs.386.59 crore (i.e. 30% of the Paid up Capital) for the financial year 2013-14. This includes the Govt. of India’s share of Rs. 313.23 crore. It may be noted that since inception, NALCO has paid a total of Rs.4905.77 crore as dividend, including Rs.4233.96 crore as share of Govt. of India.

Meanwhile, the company has announced the results for the 2nd quarter ended September 2014. According to the reviewed financial results for the 2nd quarter of the financial year 2014-15 taken on record by the Board in the meeting held at New Delhi yesterday, NALCO has achieved higher net profit of Rs.342 crore, as against Rs.179 crore in corresponding quarter of previous fiscal, registering an increase of 91%.

NALCO and MECON pays dividend to government (2)

Union Minister for Mines and Steel, Narendra Singh Tomar receiving the dividend cheque from the CMD of MECON, A.K. Tyagi

Steel Minister presented with dividend of Rs. 9.72 crore by MECON

The Minister of Steel and Mines, Narendra Singh Tomar was presented with a dividend cheque of Rs. 9.72 crore by MECON (Metallurgical & Engineering Consultants (India) Limited) in New Delhi today. The company declared 20% dividend on equity share capital amounting to Rs. 8.03 crore and 5% dividend on preference share capital amounting to Rs. 1.69 crore. A.K. Tyagi, CMD MECON presented the cheque to the Minister.

For the Financial Year 2013-14 MECON achieved annual turnover of Rs. 341.29 Crores and earned Profit Before Tax of Rs. 68.69 Crores. The Profit After Tax of the company is Rs. 49.48 Crores. For the Financial year 2013-14 the company paid Equity Dividend @ 20% on paid-up equity share capital amounting to Rs. 8.03 Crores. After a long gap of 13 years this is the third consecutive year the company has paid equity dividend to the Government of India. In addition, the company has paid Preference Dividend @5% of paid-up preference share capital amounting to Rs. 1.69 Crores. Thus, the total dividend paid for FY: 2013-14 is Rs. 9.72 Crores. The total paid up capital of the company as on 31st March, 2014 is Rs. 65.34 Crores consisting of Equity Share Capital of Rs. 40.14 Crores and Preference Share Capital of Rs. 25.20 Crores. Net worth of the company stands at Rs. 416.80 Crores as on 31st March, 2014 which is 6.52% higher than the last financial year. The company has contributed Rs. 93.85 Crores to the national exchequer for the FY: 2013-14.

The Secretary Ministry of Steel, Rakesh Singh, Addl. Secretary & Financial Advisor and Joint Secretary of the Ministry of Steel alongwith senior officials of MECON were present on this occasion.

 

 

Your Point of View