Max India, in turn, had rewarded its shreholders with a 1000 per cent (Rs 100 per share) interim dividend. The interim dividend from MTVL was distrubuted earlier this year after the company sold its 40 per cent stake in Hutchison Max to the latter for a consideration of Rs 564 crore.Even after the distribution of interim dividend, Max India still has a retained profit of Rs 36.43 crore, so investors can hope for more rewards from the company in fiscal 1999. Max India's scrip on the Bombay Stock Exchange (BSE) has reacted positively to the company's results. Between November 27 and December 1, the scrip gained Rs 12 - up fromRs 130 to Rs 142.

Sans the Rs 165 crore dividend infusion, Max India's net profit for the six month to would be Rs 6.36 crore, still an improvement of 57 per cent over the Rs 4.06 crore net profit earned in six-months period ended September 1997. This improvement in net has come from a marginal 5 per cent improvement in gross revenue to Rs 60.04 crore (excluding dividend income).Total expenditure for the period stood at Rs 44.25 crore (Rs 43.74 crore during September 1997), while interest outgo was Rs 5.64 crore (Rs 5.75 crore). Depreciation provisions were Rs 3.79 crore.

Due to warrant conversion during the first half of the year, Max India's equity bloated to Rs 11.53 crore from the earlier Rs 9.88 crore. The warrant conversion recived with an overwhelming response form the warrantholders. For one, the conversion price of Rs 101.80 was at a steep discount to the then market price of Rs 307. And for second, post-conversion, the new shareholders were entitled to the Rs 100 per share interim dividend.