MOIL Presents Dividend Cheque of Rs. 30 Crore to Steel Minister
MOIL Limited earlier known as Manganese Ore (India) Limited (MOIL), a Miniratna Category-I PSU under the Ministry of Steel has declared 25% interim dividend to its shareholders for the year 2010-11. The Government of India holds 71.57 % shares of MOIL. The Interim Dividend cheque amounting to Rs. 30.06 crore was presented to the Minister of State for Steel (Independent Charge) by Shri K.J. Singh, Chairman cum Managing Director of the company.
The Minister expressed his happiness over the consistent good performance of the company and assured full support of the Government for better performance and development of the company.
The total paid up equity of the company is Rs. 168 crores. During 2010-11, 20% of the total paid up equity of the Company {10% out of GOI shareholding (81.57%), 5% out of Govt. of Madhya Pradesh shareholding (8.81%) and 5% out of Govt. of Maharashtra shareholding (9.62%)} was offered to the public through Offer for Sale and the Company got listed on 15th December, 2010 in both National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE).
The company has been consistently showing excellent performance for past several years. The company has been taking effective measures to meet the domestic demand by implementation of various mining projects such as deepening of existing vertical shafts and sinking of new shafts. Besides, the company has also set up joint venture companies with SAIL and RINL for manufacture of ferro alloys.
During the year 2010-11 (April-December), the production of manganese ore was 8.14 lakh tonnes. Total Sales turnover during this period was Rs. 862.17 crores (provisional). The company earned profit before tax of Rs. 656.18 crores (provisional) and profit after tax of Rs. 435.21crores (provisional) during this period. The company has a budget of Rs. 5.42 crores for its CSR activities during 2010-11.
During the year 2009-10, the production of manganese ore was 10.93 lakh tonnes. Total Sales turnover of 2009-10 was Rs. 965.47 crores. The company earned profit before tax of Rs. 706.79crores and profit after tax of Rs. 466.35 crores during this period. The company spent approximately Rs. 1.57 crores as a part of its CSR activities during 2009-10.
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