Setco Automotive Ltd, BSE listed (BSE company code: 505075) a premium automotive clutch manufacturer company has announced that the Board of Directors of the Company at its meeting held on June 28, 2010, have recommended a dividend of Rs.3/- per share subject to the approval of the shareholders of the Company, increased from previous dividends of Rs. 2.50 per equity share.
Further, the Board of Directors has also decided to reward the shareholders, by way of bonus issue. The Board has, subject to the approval of the shareholders of the Company, approved the issue of One Bonus Share for every one equity share held in the Company as on the Record Date to be fixed in this behalf.
The Board has approved the Audited financial results for the year ended March 31, 2010. On a standalone basis, the Company has posted a net profit of Rs 17.81 crores for the year ended March 31, 2010 as compared to Rs. 11.47 crores for the year ended March 31, 2009. Net Sales has increased from Rs 160.22 crores for the year ended March 31, 2009 to Rs 209.10 crores for the year ended March 31, 2010.
Commenting on the performance of the company and on the bonus issue, Mr. Harish Sheth, CMD, Setco Automotive Ltd. said, “We are committed to delivering consistent shareholder value and are looking forward to further improving our performance this year as well.” |