Geojit approves 70 pc dividend for FY 08

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Mumbai, July 26 (UNI) Cochin-based Geojit Financial Services today approved a dividend of 70 per cent for the financial year 2007-08.

This would result in a payout of Rs 17.11 crores including the dividend distribution tax. Geojit had given a dividend of 40 per cent for 2006-07.

The Annual General Meeting (AGM) of the company has re-elected renowned investor Mr Rakesh Jhunjhunwala and Mr R Bupathy, former President of Institute of Chartered Accountants of India, as directors of the company.

In a statement here today, the Company's Chairman A P Kurian said, ''For fiscal year 2007-08, the company posted an impressive 133 per cent increase in its net profit to Rs 58.66 crores and consolidated revenues went up by 76 per cent to Rs 239.73 crores.

Barjeel Geojit Securities, Geojit's joint venture in UAE, recorded an equally impressive growth of 150 per cent in its net profit for the same period.'' Mr Kurian said, ''Geojit has continued with its strategy of spreading its reach across India and overseas, adding to its portfolio of services and products and constantly updating its technology platform. This strategy has succeeded in achieving excellent overall performance and meeting customer expectations. 50 new branches were opened during the year.'' Managing Director C J George informed shareholders that BNP Paribas Securities India Private Limited, the joint venture between BNP Paribas S A and Geojit Financial Services for institutional broking planned for in 2007-08, will be commencing operations this quarter.

Aloula Geojit Brokerage Company, Geojit's joint venture in Saudi Arabia will also commence operations in this quarter.

UNI AR SR NP1617

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