Jindal Stainless FY05 net up 52%

Jindal Stainless has reported a 52% increase in net profit at Rs 250.14 crore for the year ended March 31, 2005 as against Rs 164.19 crore in FY04. Total income increased to Rs 3,182.75 crore for the year ended March 31, 2005 from Rs 2,420.16 crore in FY04.

According to a release issued to the BSE today, the company has posted a net profit of Rs 92.89 crore for the fourth quarter ended March 31, 2005 as against Rs 27.40 crore in Q4FY04. Total income increased to Rs 954.33 crore for the quarter ended March 31, 2005 from Rs 767.94 crore in Q4FY04.

The board approved payment of second interim dividend @ 60% (Re 1.20 per equity share of Rs 2 each) for FY05.

Jindal Stainless has signed a memorandum of understanding (MoU) with Steelway s.r.l. Italy to establish a service centre near Gurgaon, Haryana.

According to another release issued by Jindal Stainless to the BSE today, shareholders' agreement has been  entered into between the company, Jindal Stainless Steelway, Steelway s.r.l Italy (Steelway) and L.G. Italia s.r.l. Italy (Italia) for the said joint venture.

"The purpose of the joint venture is to establish a world-class service centre for stainless steel in order to promote the usage of stainless steel, serve existing customers in a better manner and expand the present market of the company," the release said.

While Jindal Stainless will hold 80% equity in Jindal Stainless Steelway, Italia will hold the remaining 20%.

"Italia will provide the technical and marketing expertise in all aspects of equipment selection, plan layout, operation and maintenance, and also arrange for training of operators on-site and in Italy," the release added.