Raymond pays 15 dividend

MUMBAI, May 7: Raymond Ltd, belonging to the Vijaypat Singhania group, has recommended a dividend of 15 per cent for the year ended March 1998 as against 10 per cent paid in the previous year.

The sales turnover of the company moved up from Rs 1,229 crore to Rs 1,518 crore. The gross profit rose to Rs 137.9 crore from Rs 79.6 crore. After providing for depreciation at Rs 84.6 crore Rs 65.8 crore and taxation, the net profit has gone up to Rs 48.02 crore from Rs 12.68 crore.

Exports during the year rose to Rs 222.8 crore from Rs 158.1 crore. The turnover of the textile division moved up to Rs 821.9 crore from Rs 610.5 crore, steel division from Rs 174 crore to Rs 228 crore and cement division from Rs 337 crore to Rs 356 crore.

The company has entered into an understanding with the Thyssen group of Germany for transfer of steel division into a joint venture. The German firm will hold 74 per cent in the venture and Raymond 26 per cent.