Mumbai, May 28: While Tisco and ACC net profits recorded 31 per cent and 82 per cent falls, respectively, VSNL net zoomed up 78 per cent. Tisco registered a steep fall in its net profit of 31 per cent to Rs 322.08 crore (Rs 469.21 crore). This is despite a growth of 9.74 per in domestic sales volume to 2,388 mt (2176 mt).A dividend of Rs 4 per share has been mooted and the pay-out ratio based on th net profit is 50.29 per cent.The Tisco scrip on Thursday reported a decrease by Rs 4.80 to Rs 136.50 as against the previous close of Rs 143.30. The scrip also lost by Rs 6.55 to Rs 137.25 as against the previous close of Rs 143.80 on the NSE. ACC saw off 1997-98 net profit plunging 82 per cent to Rs 13.44 crore. Dividend payout has been halved to Rs 15 per share of Rs 100 (15 per cent) during the year. Gross margin fell sharply from 3.60 per cent to 0.64 per cent reflecting one the most crppling cement recessions in recent times.
At the BSE the ACC scrip fell sharply to Rs 1,684, down from Wednesday's closeof Rs 1,738.25. VSNL net profits have shot up to Rs 898.4 crore - thus showing an increase of over 78 per cent from Rs 504.70 crore last year.
Total revenue has also increased to Rs 63,959 million from Rs 52,853 last year.
The results pushed up the scrip, which gained Rs 24. The scrip opened at Rs 826, touched a low of Rs 825 and closed at the day's high of Rs 850 on the BSE.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
