NSE profit falls by 77 per cent

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Thursday, June 4, 1998

NSE profit falls by 77 per cent

PRESS TRUST OF INDIA

MUMBAI, June 3: The profit of National Stock Exchange (NSE) for 1997-98 decreased by 76.87 per cent, as its income went up by just Rs 5.06 crore against Rs 26.59 crore rise in expenditure during the year.

After the decrease in profit after tax by Rs 15.12 crore, the profit available for appropriation for the year was Rs 5.37 crore and in view of the decline, the board of directors decided to recommend a reduction of dividend from 15 per cent to 10 per cent.

The National Stock Exchange (NSE) said the increase in expenditure was primarily due to increase in depreciation on additions and upgradations to the computer and telecommunications system, increase in repairs and maintenance expenses for computer and telecommunication systems and VSAT shifting charges necessitated by drifting and wobbling of satellite from the normal orbit.

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