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Mahalaxmi Rubtech Ltd.

BSE: 514450 Sector: Industrials
NSE: N.A. ISIN Code: INE112D01035
BSE LIVE 12:36 | 13 Dec 51.35 -2.90
(-5.35%)
OPEN

52.40

HIGH

53.50

LOW

46.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 52.40
PREVIOUS CLOSE 54.25
VOLUME 11206
52-Week high 70.70
52-Week low 35.70
P/E 17.59
Mkt Cap.(Rs cr) 59
Buy Price 50.60
Buy Qty 139.00
Sell Price 51.35
Sell Qty 126.00
OPEN 52.40
CLOSE 54.25
VOLUME 11206
52-Week high 70.70
52-Week low 35.70
P/E 17.59
Mkt Cap.(Rs cr) 59
Buy Price 50.60
Buy Qty 139.00
Sell Price 51.35
Sell Qty 126.00

Mahalaxmi Rubtech Ltd. (MAHALAXMIRUBTEC) - Chairman Speech

Company chairman speech

1995 OREINTAL BANK OF COMMERCE CHIARMAN'S REPORT ESTEEMED SHAREHOLDERS, At the outset, I extend to you a hearty welcome and place before you Bank's Annual Report for the year 1994-95 for the first time after nationalisation of the Bank 1980. As you are aware, OBC has had the distinction of being the first nationalist Bank of tap capital market after the Bill to amend Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 was passed in the Parliament. I cannot but feel a sence of pride on the overwhelming responce the issue received from the public. The issue not only accorded wider publicity to the Bank but also offered an opportunity to share its prosperity with a large number of investors like you spread all over the country. I assure you that OBC shall do everything possible to come up to your expectations. Coming to the performance of the Bank during 1994-95 it has been excellent on various fronts. The net profit of the Bank increased by Rs. 81.25 crore (253.04%) from Rs. 32.11 crore in 1993-94 to as high as Rs. 113.36 crore in 1994-95. The capital and reserve increased significantly to Rs. 709.48 crore as against Rs. 244.60 crore in the previous year, i.e. up by Rs. 468.88 crore (190.06%). The Earning Per Share (EPS) during 1994-95 based on average weighted capital works out Rs. 7.71 as against Rs. 3.35 in 1993- 94. The deposits growth of the Bank was of the order of 27.38%. Bank credit during the above period expanded by around 37%. The Bank has already fulfilled the norm of priority sector lending of 40% and the export credit of the Bank constitutes 12.48% of its total net credit as against the prescribed norm of 10%. During 1994-95 the Bank opened 35 branches including 7 specialised branches to take its branch network to 618 spread over 19 States and 1 Union Territory. Keeping in view Bank's excellent performance, it has been accorded P 1 + Rating for the Certificate of Deposit programmer and FAAA Rating for the Fixed Deposits Programmer by CRISIL. These ratings indicates Highest Safety regarding timely payment of interest and principal by the Bank. I am pleased to state that during the very first year of going public, the Bank proposes to declare a dividend of 18% on prorata basis. This is higher than 15% mentioned in the Offer Document and stands testimony to our commitment for an increased return on the shareholders investment. Banking is undergoing significant changes. The process of economics reforms and libralisation undertaken since the last few years and the various measures announced thereunder have opened new opportunities and chalalenges for the banking system. Banks have, therefore, to reorient their activities and energies their areas of operations in a manner conducive to the changing scenario. This is one single factor that would ensure their futher vaibility. We, in OBC, have created many reocrds in the past few years. The financial highlights for the last five years given in the Annual Report indicate Bank's handsome growth in business and its spectacular performance in other key areas of operations. The customer service of the Bank is of very high order and industrial relations excellent. Each and every employees of OBC is fully committed and dedicated to the task of taking this Institution to glorious heights in the coming years. Your entry as a shareholders has added further strength to our mission and I have no doubt that with your continued mission and I have no doubt that with your continued support and cooperation we shall make OBC one of the strongest banks not only in the Indian market but international nationally too. Your Sincerely, (S.K. SONI)