Public sector undertakings, including nationalised banks, stepped up their dividend payout by Rs 869 crore (Rs 8.69 billion) in 2003-04.

However, the Oil and Natural Gas Corporation, which was the highest dividend payer last year, pruned its dividend outgo by Rs 856 crore (Rs 8.56 billion).

According to a sample of 40 PSUs, these firms proposed or paid dividend of Rs 12,510 crore (Rs 125.1 billion) in 2003-04 compared with Rs 11,641 crore (Rs 116.41 billion) in fiscal year 2002-03.

Of this, Rs 8,527 crore (Rs 85.27 billion) went to the government's exchequer, while other shareholders including foreign institutional investors, financial institutions, mutual funds and the public shared the remaining Rs 3,983 crore (Rs 39.83 billion).

PSUs in the manufacturing sector remained to be big dividend payers at Rs 10,279 crore (Rs 102.79 billion) which is 82.2 per cent of the total payout.

Nationalised banks, which account for nearly one third of the profits of PSUs, proposed a dividend of Rs 2,231 crore (Rs 22.31 billion).

These banks stepped up dividend payout by Rs 562 crore (Rs 5.62 billion) from Rs 1,669 crore (Rs 16.69 billion) last year.

ONGC, though cut its dividend payout by Rs 856 crore, remained on top of the dividend payers' list.

ONGC's net profit in 2003-04 had declined by Rs 1,865 crore (Rs 18.65 billion) to Rs 8,664 crore (Rs 86.64 billion) and it proposed a dividend of Rs 3,422 crore (Rs 34.22 billion) for 2003-04.

Indian Oil Corporation proposed a dividend of Rs 2,453 crore (Rs 21 per share) on an increased share capital owing to its bonus issue.

It paid Rs 2,258 crore (Rs 29 per share) in 2002-03, while Hindustan Petroleum Corporation increased its payout to Rs 746 crore (Rs 7.46 billion) from Rs 679 crore (Rs 6.79 billion).

GAIL proposed a Rs 677 crore (Rs 6.77 billion) dividend against Rs 592 crore (Rs 5.92 billion) in the previous year.

Among the 16 nationalised banks, except Bank of India, all others stepped up dividends in 2003-04.