BUSINESS

Maruti maintains dividend

NEW DELHI MAY 22. In an apparent bid to create a conducive environment for its proposed public offer, Maurti Udyog today announced a 30 per cent dividend for the year 2002-03 within a day of declaring a hefty 40 per cent growth in net profit. The total outgo of Rs. 42.70 crores would be on account dividend of Rs. 1.50 per share of Rs. 5 each, a company statement said here. MUL had declared a dividend of 30 per cent for 2001-02 as well.

Maruti, a unit of Suzuki Motor Corporation (SMC) of Japan, which raised its equity stake to a majority 54.2 per cent last year, said the profits were also due to enhanced productivity in in-house manufacturing and vendor facilities.

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