RIL share up on declaration of dividend by Mukesh Ambani

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RIL share up on declaration of dividend
Mumbai, June 3: Mukesh Ambani, Chairman, Reliance Industries declared dividend payout of 80% or Rs. 8 per share for FY11 in its 37th Annual General Meeting (AGM). “At every AGM, RIL's recurring theme has been transformational initiatives, Reliance figured among the top 100 companies in terms of net profits in the world", Ambani said.

He also said, the company will be debt-free this year and the company's free cash stands at Rs 42,393 crore.

RIL had outstanding debt of Rs 67,397 crore (USD 15.1 billion) as of March 31, 2011, as against Rs 62,495 crore (USD 13.9 billion) a year ago.

Addressing the company's shareholders, Ambani said RIL's enterprise value currently stands at USD 75 billion.

Higher commodity prices are challenges for the company but despite the challenges, RIL is well positioned to remain one of the engines of India's growth, he added. The company will also enter into a new market for fuel sales, he further said.

He also stated, RIL has grown at 28 per cent year on year in terms of revenue in the last 33 years, which is the highest rate of growth among any business enterprise in the world.

The company's exports rose 33 per cent and more than half of the turnover of the company came from exports. RIL has been India's largest exporter for the last 10 years, Mr Ambani said.

At 12:10 hours, the company's share was quoting at Rs 958.60 (0.71%) up.

OneIndia Money

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