Neyveli Lignite pays Rs361 crore dividend to Coal Ministry

NLC had reported nearly flat growth in profit to Rs342.8 crore for the quarter ended 30th June from Rs342.1 crore in the corresponding period of 2009-10

State-owned Neyveli Lignite Corporation (NLC) has paid a dividend of Rs361.02 crore to the Ministry of Coal for the 2010-11 fiscal. The dividend cheque was presented to coal minister Sriprakash Jaiswal by NLC chairman and managing director AR Ansari, an official statement said.

In the last fiscal, the PSU had declared a 23% dividend, amounting to Rs448.47 crore, it said. "The shareholders of the company at the 55th Annual General Meeting held on 12th September have declared a dividend at the rate of 23% for the financial year 2010-11. The total dividend payout... amounts to Rs448.47 crore," the statement said.

NLC had reported nearly flat growth in profit to Rs342.8 crore for the quarter ended 30th June from Rs342.1 crore in the corresponding period of 2009-10.

The company has four opencast lignite mines with a capacity of about 30.60 million tonne per annum, while it can produce about 2,740MW of power from four power plants.

On Friday, NLC ended 1.8% down for Rs81.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.22% to 16,162.06.

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ABB secures $71 million order from SAIL

ABB would supply various products, including switchgear, transformers, cables, fire protection and detection systems

Multinational power and automation technology company ABB said it has secured a $71 million order from Steel Authority of India Ltd (SAIL) for supply of a high-voltage sub-station package to the steel major's Bhilai plant in Chhattisgarh.

"The new high voltage sub-stations will enable the additional power supply needed to support a planned increase in the steel plant's annual production capacity from 5 million to 7 million tonnes," the Swiss entity said in a statement.

ABB would supply various products, including switchgear, transformers, cables, fire protection and detection systems. The company would also install substation automation systems for the project, which is expected to be completed by 2013.

Apart from enhancing power supplies to support increased production, the sub-stations would improve the availability and reliability of electricity supplied to the plant, said Mr Peter Leupp, ABB's Power Systems division head.

"ABB's energy-efficient and environmentally friendly technologies will also facilitate the phase out of ageing, energy-intensive equipment, bringing operational benefits," Mr Leupp noted.

On Friday, ABB ended 5.71% down for Rs750.05 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.22% to 16,162.06.

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DQE signs deal with SMC Entertainment

Under the agreement SMC has the television, home video and licensing and merchandising rights for the 52 x 11' 3D animated TV series

DQ Entertainment (International) Ltd has signed a licensing and distribution deal with SMC Entertainment Inc, a division of US-based Sun-Mate Corporation Inc, (SMC) for 'The Jungle Book' Season One.

Under the agreement SMC has the television, home video and licensing and merchandising rights for the 52 x 11' 3D animated TV series The Jungle Book for a an initial term in North America.

SMC Corporation projected that it will earn around $50 million from licensing, merchandizing, TV and home-video sales during this term, out of which DQE will be eligible to get the agreed royalty income as well as a multi-million dollar minimum guarantee and licensing fee. SMC intends to maximise the sales of Jungle Book through different verticals complementing its strong manufacturing and retail reach.

On Friday, DQE ended 5.14% down for Rs37.80 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.22% to 16,162.06.

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