Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SAIL Says Dividend for FY18 Not Possible Due to Loss

According to SAIL spokesperson, SIAL were at loss in 2017-18 and not in a position to pay dividend for the fiscal.

PTI

Updated:August 31, 2018, 10:55 PM IST
facebookTwitterskypewhatsapp
SAIL Says Dividend for FY18 Not Possible Due to Loss
(Representative image/Reuters)

New Delhi: State-run steel maker SAIL has informed the government that it is not in a position to pay dividend for 2017-18 as it suffered a loss of Rs 281 crore in the fiscal, an official said.

"When the government which is a major shareholder in SAIL asked the PSU that whether it was giving dividend the steel major said that at present it is not in net profit," the official said.

For giving dividend, the company first has to come to profit, the official added.

"Being a shareholder, the government will definitely ask the PSU are you going to give dividend? They are not saying that give dividend," the official said further.

A SAIL spokesperson said, "Since we were at loss in 2017-18 we not in a position to pay dividend for the fiscal."

For the current fiscal, the government expects to garner Rs 52,494 crore as dividend from CPSEs.

According to the government guidelines on payment of dividends, the company is required to pay a minimum annual dividend of 30 per cent of Profit After Tax or five per cent of the Networth, whichever is higher.

In case, the company is not able to comply with the guidelines, specific exemption has to be obtained from the Department of Investment & Public Asset Management (DIPAM).

SAIL had been exempted from dividend payment in 2015-16 and 2016-17 financial years due to weak financial performance. Steel Authority of India Ltd (SAIL) had reported a consolidated loss of Rs 2,756 crore in 2016-17.

Keeping in view the adverse financial position of the PSU due to losses, the company has been exempted from payment of dividend for the financial years 2015-16 and 2016-17, SAIL had said in its Annual Report 2017-18.

For the financial year 2017-18, the company has again taken up with the DIPAM for exemption from payment of dividend, it had said.

In the Budget document of 2018-19, the government had estimated Rs 54,810 crore as dividend from Central Public Sector Enterprises (CPSEs) in 2017-18.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Naqshib Nisar
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results