Bhushan Steel Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 28, 2008, inter alia, to consider and approve the following:
1. Recommendation of Dividend for the year ended March 31, 2008.
2. Audited Financial Results for the year ended March 31, 2008.
3. Convening of Annual General Meeting.
4. Un-audited Financial Results for the 1st quarter ended June 30, 2008 (Q1).
Bhushan Steel Ltd has announced the following results for the quarter & year ended March 31, 2008:
The Unaudited results for the Quarter ended March 31, 2008
The Company has posted a net profit of Rs 1350.00 million for the quarter ended March 31, 2008 as compared to Rs 1097.00 million for the quarter ended March 31, 2007. Total Income has increased from Rs 10696.90 million for the quarter ended March 31, 2007 to Rs 12179.60 million for the quarter ended March 31, 2008.
The Audited results for the Year ended March 31, 2008
The Company has posted a net profit of Rs 4111.20 million for the year ended March 31, 2008 as compared to Rs 3132.60 million for the year ended March 31, 2007. Total Income has increased from Rs 38681.60 million for the year ended March 31, 2007 to Rs 42574.00 million for the year ended March 31, 2008.
Bhushan Steel Ltd has informed BSE that the Company propose to execute MOU with wholly owned Undertaking / Govt. of Madhya Pradesh for setting up manufacturing facilities in the state of Madhya Pradesh for 1 MTPA Coke Oven Plant and 5 MTPA Cement Plant, with the total investment of approximately Rs 4000 crores in phases.
With reference to the news item appearing in a leading financial daily dated February 07, 2008, titled “Bhushan lines up Rs 26,000 cr for 12 mt capacity in east India”, Bhushan Steel Ltd has confirmed to BSE that the Company is setting up projects in the eastern region comprising of West Bengal, Jharkhand and Orissa with total investment around Rs 26,000 Crore to build 12 million tonne capacity as detailed here under:
1. Production Facilities: Backward Integration Hot Rolled Coil project in the State of Orissa.
- Capacity: 4 Million Tonne
- Approx. Investment: Rs 5150 Crore
2. Production Facilities: Expansion of existing plant in Orissa
- Capacity: 3 Million Tonne
- Approx. Investment: Rs 5050 Crore
3. Production Facilities: Integrated Steel Plant in the State of West Bengal for having facilities of Steel Slab Plant, Coke Oven Plant, Captive Power Plant etc.
- Capacity: 2 Million Tonne
- Approx. Investment: Rs 8800 Crore
4. Production Facilities: Steel Plant in the State of Jharkhand along with Captive Power Plant
- Capacity: 3 Million Tonne
- Approx. Investment: Rs 7000 Crore.