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State Bank of India net profit rise 100%, final dividend at Rs 2.50/- per share

State Bank of India has announced a net profit growth of 99.61% for the year ended March 31, 2000. The bank recorded net profit of Rs 20.52 billion for the year ended March 31, 2000 as against Rs 10.28 billion in FY 99. The interest income for the year was 16.19% higher at Rs 222.01 billion compared to Rs 191.08 billion in FY 99. The interest expended for the year was Rs 152.73 billion as against Rs 130.44 billion in FY 99 representing an increase of 17.07%. The operating expenses increased 6.76% from Rs 58.97 billion in FY 99 to Rs 62.95 billion in the current year. Other income was 8.67% higher at Rs 35.69 billion (FY 99 Rs 32.85 billion. The Central Board has declared a final dividend of Rs 2.50 per share for the year ended March 31, 2000. The declaration is subject to necessary approval from RBI as the total dividend for the year (including the interim dividend of Rs 2.50 per share) exceeds 25%

Mysore Paper MQ 2000 net profit improves on back of high other income

Mysore Paper Mills Ltd has declared its unaudited financial results for the quarter and year ended March 31, 2000. The company has reported a net profit of Rs 207.1 million for the quarter ended March 31, 2000 as against Rs 28.80 million in MQ 99. The sales for the year were Rs 694.20 million as against Rs 734.5 million a fall of 5.49%. The Other income rose significantly from Rs 242.40 million in MQ 99 to Rs 495.50 million in MQ 2000. While the increase in net profits is Rs 178.30 million the other income increased by Rs 253.10 million. For the year ended March 31, 2000 the company reported a sale of Rs 2704.20 million against Rs2492.40 million in FY 99. Net profits however declined from Rs 11.70 million in FY 99 to Rs 9.60 million in FY 2000.

Manali Petrochemicals Board to consider amalgamation of Spic Organics with itself

The Board of Directors of Manali Petrochemicals Ltd will met on June 29, 2000 for considering among others, audited accounts for the year ended March 31, 2000. The Board will also consider the proposal for amalgamation of Spic Organics Ltd with Manali Petrochemicals Ltd. The company will inform the financial results and the exchange ratio on approval by the Board.

JB Chemicals decides swap ratio for merger with Ifunik Pharma and Unique Pharma

The Board of Directors of JB Chemicals & Pharmaceuticals Ltd. (JBCPL) had approved a scheme to merge the pharmaceutical division of Ifunik Pharmaceuticals Ltd. (IPL) & Unique Pharmaceutical Laboratories Ltd. (UPLL) with JBCPL. As per the valuation report submitted by M/s. Bansi S. Mehta & Co., the exchange ratio has been worked out as under: The shareholders of IPL & UPLL shall be eligible for 7 (Seven) Equity shares in JBCPL for every 4 (Four) equity shares held in IPL & 1 (One) Equity Share in JBCPL for every 1 (One) Equity Share held in UPLL. The Company is now in the process of applying to the Bombay High Court for sanctioning the scheme.

HDFC to consider setting up company for IT business jointly with TCS

The Board of Directors of Housing Development and Finance Corporation Ltd will meet on June 27, 2000 to consider besides other matters the following:- 1. Seting up of a Company in Inida for undertaking the business of IT enabled and allied services, jointly with Tata Consultancy Services. 2. Investment in the shares of Hometrust Housing Finance Co. Ltd and Gruh Finance Ltd.

Gujarat Ambuja Cement to consider sale of investments in Gruh Finance and Hometrust Housing Finance

The Board of Directors of Gujarat Ambuja Cements Ltd will meet on June 27, 2000 to consider besides other matters the sale of investments in shares of Gruh Finance Ltd and Hometrust Housing Finance Co. Ltd.

Infosys and Franklin Templeton Investments join hand for interactive information infrastructure

Infosys Technologies Ltd today announced a strategic partnership with Franklin Templeton Investments (FTI) aimed at reinforcing the global asset management giant's commitment to electronic investment services. Infosys' expertise has been used to develop a web-based infrastructure to facilitate FTI's entry into the 'New Economy'. FTI's e-strategy provides for enhanced customer service and Infosys' new infrastructure includes an interactive web interface. Account look-up functionality is already available to FTI's German intermediaries (www.templeton.de) and provides them with personalised service and high-speed access to account information. The multi-lingual, multi currency site is secure and scalable to handle an increasing number of users and will be rolled-out to other European FTI customers, including UK intermediaries.

Cummins India net profit rises 24.76%, net sales up by 28%, Stock split in the ratio of 5:1

Cummins India Ltd has reported a net profit of Rs 933.08 million as against Rs 747.90 million in FY 99, representing a growth of 24.76%. Net sales for the year are Rs 8258.22 million compared to Rs 6451.40 million in FY 99. The other income for the year is 210 million (FY99 Rs 166 million). The profit before taxation is Rs 1291.71 million against Rs 1069.35 million in FY 99. The Company has in the current year revised the estimated useful life of data processing machines to four years. Consequently, the depreciation is higher by Rs 7.08 million and the profit before taxation lower by the same amount. Also the profits before taxation are lower by Rs 14.41 million due to change in the method of valuation of inventories. In March 2000, the Company has invested Rs 4.8 million in the share capital of Cummins Infotech Limited. Cummis Infotech Limited is now a wholly owned subsidiary of Cummins India Ltd. The Board of Directors has recommended a final divided of 15% for the year ended March 31, 2000, in addition to the interim dividend of 35%, paid in May 2000, making a total dividend of 50% the equity shares of Rs 10 each. The Board of Directors of the company has decided to sub-divided each of the existing equity share of the face value of Rs 10/- each into 5 equity shares of the face value of RS 2/- each.

Bharat Seats net profit rises 134%, sales improve 14%, Dividend at 20%

Bharat Seats Ltd has recorded a net profit of Rs 15.12 million for the year ended March 31, 2000 as against Rs 6.46 million recorded in the previous financial year. The sales for the year at Rs 926.79 million are 13.88% higher than Rs 813.85 million recorded in the previous year. Other income for the year is Rs 12.09 million (FY 99 Rs 10.20 million). The interest expenses for the year were 23% higher at Rs 5.78 million (Rs 4.69 million). The gross profit for the year is 39.97 million (FY 99 Rs 84.18 million). Depreciation for the year was Rs 15.76 million (FY 99 Rs 11.74 million). The Board of Directors of the company has recommended a dividend at 20%.

Phil Corporation net profit at Rs 30.21 million, sales up by 11%

Phil Corporation Ltd has recorded a net profit of Rs 30.21 million for the year ended March 31, 2000, 56% higher compared to Rs 19.38 million recorded in the last financial year. The sale for the year is 11% higher at Rs 3012.31 million against Rs 2710.70 million in FY 99. For the quarter ended March 31, 2000 the company incurred a loss of Rs 27 thousand compared to a profit of Rs 10.87 million earned in the corresponding quarter of the previous year. The net sales including operating income for the quarter is Rs 966.46 million (MQ 99 Rs 879.87 million). The interest expenditure for the quarter was 28% lower at Rs 12.73 million compared to Rs 17.63 million in MQ 99.

Widia India Bonus issue and sub-division record date on September 01, 2000

The Board of Directors of Widia India Ltd has fixed September 01, 2000 as the record date for the issue of Bonus Shares and sub-division of shares. The above decision was taken at the meeting of the Board of Directors of the company held on June 21, 2000.

Gordon Woodroffe net profit at Rs 10.30 million, sales at Rs 304.90 million

Gordon Woodroffe Ltd has reported sales including operating income of Rs 304.90 million for the year ended March 31, 2000 as against Rs 305.30 million in FY 99. The profits for the year were Rs 10.30 million compared to Rs 1.50 million in FY 99. The interest expenditure for the year reduced 59% from Rs 5.80 million in FY 99 to Rs 2.40 million in the current year. The company had reserves (excluding revaluation reserves) of Rs 30.80 million on March 31, 2000 and revaluation reserves as on that date were Rs 230.80 million. The company has accumulated losses of Rs 79.60 million as on March 31, 2000.

Twenty-First Century Printers net profit at Rs 23.36 million, sales up by 15%

Twenty-First Century Printers Ltd has declared a net profit of Rs 23.36 million on a turnover of Rs 304.99 million for the year ending March 31, 2000. The sales and profits for the previous year were Rs 265.06 million and Rs 20.22 million respectively. Other income for the FY 2000 was Rs 2.46 million against Rs 2.26 million in FY 99. The interest expenditure for the year was about 10% lower at Rs 15.96 million as against Rs 17.69 million incurred in the previous year.

25% Special Margin imposed on Genesys International

The Stock Exchange, Mumbai has imposed a special margin of 25% on Genesys International Corporation Ltd (Scrip Code : 6109 Group B2) with effect from June 22, 2000.

Om Sindhoori Capital to merge with Apollo Sindhoori Capital, plans listing on Chennai and Mumbai Exchanges

Om Sindhoori Capital Investments Ltd has informed BSE that, the company proposes to merge with Apollo Sindhoori Capital Investments Ltd a closely held public limited company and to list the securities in Chennai and Mumbai. It is a member of NSE, a Depository participant of NSDL. The Board will be meeting shortly to adopt the swap ratio to be recommended by the valuers viz. M/s.Billimoria & Co.

SPL Infoweb EGM approves preferential allotment and alteration of Authorised share capital

At the EGM of SPL Infoweb Ltd, members have passed the following resolutions for: 1. To increase the Authorised Share Capital from Rs.2,00,00,000/- divided into 20,00,000 equity shares of Rs.10/- each to Rs.7,00,00,000/- divided into 70,00,000 equity shares of Rs.10/- each and alteration of MoA and AoA of the company accordingly. 2. To issue and allot not exceeding 51,00,000 equity shares of Rs.10/- each at a premium of Rs.2.50 per share on preferential allotment basis in accordance with the SEBI Guidelines for preferential issue as amended.

Infosys announces strategic investment in CiDRA Corporation

In a press release issued, software major Infosys Technologies Ltd announced on June 21, 2000, a strategic investment in privately held CiDRA Corporation, a US based developer of agile photonic devices for high precision wavelength management and control for next-generation optical networks. Earlier this year, CiDRA and Infosys had announced a partnership to develop bandwith management products to address the exploding optical networking equipment market. "We have recently begun making strategic investments in select leading-edge companies that have the potential to offer us significant business benefits" said Nandan M. Nilekani President, MD and COO of Infosys Technologies Ltd. "CiDRA and Infosys have been doing some very exciting work together - We see this investment as an important step forward in our partnership" he added. CiDRA Corporation was founded in 1996. The company is engaged in the manufacturing and development of agile photonic components, modules and subsystems with intelligence at the device level that helps enable the implementation of next-generation all-optical networks for the telecommunications industry. CiDRA also designs, manufactures and markets WDM fiber optic sensing systems that enable the oil and gas industry to effectively manage reservoir assets.

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