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1:1 bonus from TI

CHENNAI, JUNE 9. Tube Investments of India, part of the Murugappa group, has recommended issue of bonus equity shares in the ratio of one share of Rs. 10 each for every equity share held. The company has also announced a dividend of 100 per cent for the year ended March 31, 2004.

The turnover for the year has risen marginally to Rs. 1,257.34 crores from Rs. 1,197.13 crores while the net profit after tax rose by 80 per cent to Rs. 82.49 crores from Rs. 45.89 crores in the previous year. The net profit included a non recurring income of Rs. 24 crores from renunciation of rights in Cholamandalam Insurance in favour of Mitsui Sumitomo.

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