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Poona Industrial Hotel net profit at Rs 2.79 million, sales at Rs 92.44 million

Poona Industrial Hotel Ltd has declared a net profit of Rs 2.79 million (Rs 11.68 million) for the year ended March 31, 2000. The sales for the year were Rs 92.44 million (FY 99 Rs 195.62 million). The figures of previous year cannot be compared with the current year as during the year the company has sold its undertakings of Hotel Blue Diamond, Pune, Hotel City Inn, Baramati and Bakers Basket. Surplus arising from sale of the above undertakings has been carried to Capital Reserve. Consequently the reserves & surplus have gone up from Rs 84.72 million on March 31, 1999 to Rs 389.8 million in on March 31, 2000.

Bajaj Tempo Directors reshuffled

The following changes in the Board of Directors of Bajaj Tempo Ltd have taken place. 1. Mr Peter K.M. Fietzek has ceased to be the Director of the company by resignation w.e.f April 07, 2000. 2. The following persons are appointed as a Director of the company w.e.f. June 30, 2000. a) Mr. Helmut Petri. b) Dr. Rolf Batice. c) Mr. Jeurgen Ziedgler, (Alternate to Mr. Helmut Petri.) d) Dr. Wolfe Schultze, (Alternate to Dr. Rolf Batice).

Essar Steel FY 2000 net loss at Rs 5812.4 million

Essar Steel Ltd. has posted a net loss of Rs 5812.4 million for FY 2000 as compared to a net loss of Rs 4964.50 million for FY 99. The net sales for FY 2000 are up by 7.15% at Rs 24218.40 million. Other income for FY 2000 is Rs 483.1 million as compared to Rs 1029.20 million in FY 99.

Vidhi Dyestuffs Net profit more than double, sales up by 17%

Vidhi Dyestuffs Mfg Ltd - manufacturers of food colours- has registered a 17% growth in net sales and a 116% increase in net profits for the year ended March 31,2000. The company recorded a net profit of Rs 20.58 million (Rs 9.52 million) on a turnover of Rs 110.23 million (FY 99 Rs 94.02 million). The interest expenditure for the year was marginally lower at Rs 1.72 million (FY 99 Rs 2.31 million) but depreciation was higher at Rs 3.69 million as against Rs 2.64 million in FY 99. The company has been awarded with BS EN ISO - 9002: 1994 certificate certified by Lloyd's Register Quality Assurance (LRQA) a Leading International Accredited certification body with accreditation's mentioned herein below : a) UK National Accreditation UKAS b) American National Standard Institute ANSI-RAB Accreditation

Other Income helps Associated Profiles net profit grow by 3.34%, Sales down by 35.73%

Associated Profiles & Aluminium Ltd. has posted a net profit of Rs 19.90 million for FY 2000 as compared to Rs 19.26 million for FY 99. The sales for FY 2000 are down 35.73% at Rs 525.22 million. Other income has risen from Rs 3.52 million in FY 99 to Rs 29.76 million in FY 2000.

CG-Vak Software net profit up by 49%, operating up by 60.74%

CG-Vak Software & Exports Ltd has announced a 49% increase in the net profits for the year ended March 31, 2000. The operating income for the year is Rs 64.7 million as against Rs 40.25 million in FY 99. The net profit for the year is Rs 11.35 million as against Rs 7.62 million in FY 99. Interest expenditure for the year was Rs 1.93 million compared to Rs 0.62 million in FY 99. The Board has recommended a dividend at the rate of 10% for the year 1999-2000.

Unitech FY 2000 net profit down by 12.72%, Total income up by 15.47%

Unitech Ltd has posted a net profit of Rs 105 million for FY 2000 as compared to Rs 120.30 million for FY 99.The Total Income for FY 2000 is up by 15.47% at Rs 2224 million. The Board of Directors has approved the above mentioned financial results at its meeting held on 30th June 2000 and has recommended a dividend of 30%.

Mysore Cements to sell Cement and Power plant at MP and UP

The Board of Directors of Mysore Cements Ltd at its meeting held today (June 30, 2000) decided to sell the cement units of the company and the power plant located at Damoh in Madhya pradesh and Jhansi in the sate of Uttar Pradesh. The decision is subject to necessary approvals. The company has formed a committee of the Board of Directors for this purpose to finalise an appropriate consultation with ICICI Securities & Finance Co. Ltd.

Tokyo Plast FY 2000 net profit up by 79.71%

Tokyo Plast International Ltd. has posted a net profit of Rs 39.77 million for the year ended March 31, 2000 as compared to Rs 22.13 million for FY 99.The net sales for FY 2000 are up by 19.53% at Rs 247.94 million. Other income for FY 2000 is Rs 6.64 million.

Nilkamal Plastics FY 2000 net profit up by 10.56%

Nilkamal Plastics Ltd. has posted a net profit of Rs 245.38 million for the year ended March 31, 2000 as compared to Rs 221.93 million for FY 99. The net sales for FY 2000 are up 14.12% at Rs 2027.62 million Other income has risen from Rs 2.22 million in FY 99 to Rs 26.32 million in FY 2000. The Company has already declared and paid interim Dividend aggregating to Rs 4 per share for the financial year. The Board has decided to recommend that the Interim Dividend declared and paid to be treated as final dividend. During the first quarter of current financial year 2000-2001 the companys unit at Vasona (U.T of DNH) has commenced commercial Production.

Ballarpur-APR Ltd reorganization receive approval of High Court

The Scheme of Arrangement and reorganization between Ballarpur Industries Ltd, APR Ltd and APR Packaging Ltd has been approved by the Hon'ble high courts of Andhra Pradesh and Mumbai (Nagpur bench) vide their orders dated April 07, 2000 and June 29, 2000 respectively. The company has filed the copy of order of the Hon'ble High Court of Mumbai (Nagpur bench) with the Registrar of Companies, Maharashtra today, i.e. June 30, 2000.

Arvind Mills net loss at Rs 2.71 billion, sales up by 34%

Arvind Mills Ltd has announced a 34.16% increase in sales for the year ended March 31, 2000. The company recorded a loss of Rs 2.71 billion on operating income of Rs 12.16 billion. During the previous year the company earned a net profit of Rs 140 million on operating income of Rs 9.06 billion. Other income for the year was 352.3 million (FY 99 Rs 457 million). The interest expenditure was substantially higher at Rs 2.64 billion compared to Rs 410 million in the previous year. Depreciation charge has doubled from Rs 821.7 million in FY 99 to Rs 1.65 billion in FY 2000. During the year company has sold its readymade branded garment business as a going concern basis to Arvind Brands Ltd. for a total consideration of Rs.1.9 billion resulting into profit of Rs. 805.3 million. Out of this profit Rs. 300 million has been included in operating income as know how fees & the balance has been treated as extra ordinary items. Shirting & Knits divisions of the Company at Santej have commenced commercial production from 1st April, 1999 & 1st Oct, 1999 respectively.

Reliance Industries revises offer price for BSES Ltd to Rs 255/-per share

Reliance Industries Ltd (RIL) together with its wholly owned subsidiary, Reliance Power Ventures P. Ltd (RPVL) today announced an upward revision in the open price for further acquisition of equity shares of BSES Ltd from Rs 234.6 per share to Rs 255/- per share. The revised price represents a premium of nearly 10% to the original offer price, and a premium of 4% to the closing price of BSES share today. The revised price also represents the closing price of BSES share on the date the public announcement of the open offer was made by RIL and RPVL. Under the SEBI regulations, an upward revision in the open offer price is required to be made at least 7 working days prior to the date of closure of the open offer. Accordingly, the last date for revision of the open offer price is July 4, 2000. The revision in price has been announced today, to provide adequate time to the shareholders of BSES, particularly over 180,000 retail investors, to consider the upward price revision and respond to the open offer. RIL and RPVL had, on May 19, 2000, made a public announcement of an open offer for further acquisition of 20% of the subscribed and fully paid up equity share capital of BSES, i.e. 27,545,133 equity shares. The open offer will close on July 16, 2000, as scheduled. Reliance is already the single largest private sector shareholder in BSES, with aggregate shareholding of 14.82% of the subscribed and fully paid up equity share capital.

Balaji Distilleries net profit declines 13%, net sales up by 3%

Balaji Distilleries Ltd has announced a 13% decline in net profits and a 3.36% increase in the operating income for the year ended March 31, 2000. The company declared a net profit of Rs 66.3 million on a turnover of Rs 5.76 billion as against Rs 76.4 million the company earned in FY 99 on a turnover of Rs 5.57 billion. Other income for the year was Rs 73.9 million (FY 99 Rs 7.1 million). The Board recommended a dividend of 5% for the year ended March 31, 2000.

Corporation Bank announces annual results under US GAAP, unveils series of IT solutions

Corporation Bank, the premier Public Sector Bank in India has published its financial statements for FY 99 and FY 2000 under the US GAAP (Generally Accepted Accounting Principles) method. The company claims to be the first among the public sector banks to have published its accounts by substantially following the US GAAP. The net profit of the bank increased to an all time high of Rs 2.32 billion recording a 21.04% increase over the previous year's level of Rs 1.92 billion. There has been a substantial increase in gross profit which moved up sharply form Rs 3.06 billion in FY 99 to Rs 4.25 billion in FY 2000, registering an impressive growth of 38.9%. While the quality of assets improved significantly, the net NPA's level reached a low of 1.92%, which is reported to be one of the lowest in the industry. The banks capital adequacy ration stood at a healthy level of over 12% as against the RBI stipulated norm of 9%. Shri N.S. Gujral, Chairman and MD (Concurrent Charge), said that the net profit of the bank and its subsidiaries under the US GAAP has shown an increase of 42% during the financial year 1999-2000 and stood at RS 2.65 billion as against Rs 1.87 billion during the FY 1998-99. This is quite in contrast to the combined net profit of Rs 2.34 billion registered under the Indian GAAP method for the FY 1999-2000. Coporation bank has entered into a strategic alliance with the Chennai based Net savvy Solutions, to provide Internet banking facilities to its customers. Speaking on the occasion of signing the Memorandum with Netsavvy, Shri Gujral said that the proposed Internet Banking is part of the ambitious technology plan charted out by the bank to meet the future challenges at an early date. The bank has also launched its Telebanking facilities called "Corp Dial" at its home city-Mangalore and neighbouring Udipi in Karnataka.

Reliance Petroleum announces Project Status as on March 31, 2000

Petroleum major, Reliance Petroleum Ltd (RPL) announced the status of its Oil Refinery and for Crude processing upto 27 MMTPA project in Jamnagar district of Gujarat. The status of the project as on 31st March, 2000 was as follows: (a) Requisite Statutory Approvals for the project have been obtained. (b) Project Engineering, Procurement & Construction activities have been completed. (c) All key units of the refinery complex, namely, the Crude Distillation Units (CDU), Vacuum Distillation Units (VDU), Fluidized Catalytic Cracker (FCC), Coker, Reformer, Hydrotreaters, as well as all associated utilities including Desalination Unit, have been completed. Implementation of the Project: The key units in RPL refinery complex have been completed in a phase-wise manner, beginning with the start-up of the first Crude Distillation Unit (CDU), in the middle of July 1999. Funds to the extent of Rs. 135.02 billion (projected at Rs. 51.42 billion as per the prospectus dated August 26, 1993 for 9 MMTPA capacity but subsequently reappraised by Industrial Development Bank of India at Rs. 107.80 billion & at Rs. 138 billion for capacity upto 18 MMTPA & 27 MMTPA respectively) were utilised for the project. The variation is due to the above mentioned reasons.

High Court, Mumbai clears merger of ALIT with Hinduja Finance

Hinduja Finance Corporation Ltd has informed the BSE that the High Court, Mumbai has approved the merger of Ashok Leyland Information technology Ltd (ALIT) with Hinduja Finance Corporation Ltd. The approval of the High Court, Chennai in the same matter is yet to be received by the company.

Lumax Industries net profit improves 15%, Board recommends 22% dividend

Lumax Industries Ltd has posted a growth of 15% in net profit and 30% in the net sales for the year ended March 31, 2000. The company earned a net profit of Rs 40.07 million on a turnover of Rs 1819.07 million for the FY 2000 as against a profit of Rs 34.94 million and a turnover of Rs 1402.6 million in the previous year. However the interest expenditure, depreciation and tax provision were substantially higher compared to the previous year. Lumax incurred Rs 91.61million (Rs 71.12 million) towards interest and charged Rs 105.58 million (Rs 72.07 million) for interest and Rs 10.27 ( Rs 7.19 million) for tax during the year. The Board of Directors of the company has declared a dividend of 22% for the year 1999-2000.

Mather & Platt net profit up by 62%, sales decline 7%

Mather & Platt (India) Ltd (MPIL has announced its audited financial results for the year ended March 31, 2000. The company recorded a net profit of Rs 6.8 million on a turnover of Rs 586.8 million in FY 2000. The net profit and sales for the previous year (1999) were Rs 4.2 million and Rs 632.7 million respectively. Other income for the year was Rs 45.9 million as against Rs 57.8 million in FY 99. Other income includes profit (net) on sale of fixed assets and investments amounting to Rs 19.1 million and Rs 12.8 lacs respectively. While the interest expenditure for the year 2000 increased to Rs 20.9 million (FY 99 Rs 18.1 million) the depreciation charge was 17% lower at Rs 8.3 million (FY 99 Rs 10 million). MPIL has disinvested its entire holding in the erstwhile 100% subsidiary M/s Gilbert Investments Ltd. The company has acquired 1,590,900 equity shares of Shaw Wallace Ltd and 957,462 equity shares of Falcon Tyres Ltd as a long-term investment. The company has made an application for de-merger of its 2 units, sanctioned from the appropriate Authorities is presently awaited.

Tasty Bite denies plans for listing on the NASDAQ

In clarification given to the BSE Tasty Bite Eatables Ltd has categorically stated that it does not have any plans whatsoever for a listing on the NASDAQ. Earlier on June 28, 2000 a financial daily had reported with a headline "Tasty Bite eyes NASDAQ listing via ADR float" that the company is planning a listing on the NASDAQ. Mr Ashok Vasudevan, Director had met a news reporter at the launch of company's social initiative "The Tasty Bite reach out program" in association with SOS Children's village of India. The entire discussion centered around Tasty Bite and its thrust in the US markets. There was no mention by Mr vasudevan on the NASDAQ listing, the note to BSE clarified. The company has written a strong note to the newspaper refuting the story as carried by them and is expecting them to carry a corrigendum soon.

Atul Auto net profit rise 8%, Bonus recommended in the ratio of 1:5

Rajkot, Gujarat based Atul Auto Ltd has announced a net profit of Rs 17.59 million on a turnover of Rs 160.75 million for the year ended March 31, 2000. The sales and profits for the previous year were Rs 170.68 million and Rs 16.28 million respectively. Other income for the year was Rs 2.63 million as against Rs 1.72 million in FY 99. The Board has recommended a dividend at the rate of 6% and issue of bonus shares in the ratio of one share for every five shares held by the existing shareholders.

United Motors to be delisted from BSE

BSE has informed its members that the securities of United Motors (India) Ltd (Scrip Code: 1500) has been Struck-off (delisted) from the list of officially quoted securities with effect from July 03, 2000. The above decision has been taken in pursuance of Clause 21(3)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 1997.

Software Technology Group denies news about private placement

With reference to the news item in the press that the company is planning a private placement of shares for FIIs at a price of Rs.300/- per share, Software Technology Group International Ltd has informed BSE that, this information is factually incorrect and they are not having any such plan as on date.

Grasim Industries Board recommend disposal of Pulp & Fibre units

The Board of Directors of Grasim Industries Ltd has recommended to the shareholders for passing a resolution approving disposal of Pulp and Fibre Units of the company by such means and on such terms as are possible given the nature and circumstances of the case. Accordingly, the matter has been included in the notice of ensuing AGM to be held on July 15, 2000 for shareholders approval.

Garware Wall Ropes to acquire stake in Software firm

The Board of Directors of Garware Wall Ropes Ltd has decided to acquire 51% of the issued and subscribed share capital of Subhashish Investments and Trading Co. Pvt. Ltd. Subhashish Investments is engaged in the business of software. After acquisition, the investee company would become subsidiary of Garware Wall Ropes Ltd.

Cranex Ltd defers private placement of one million shares.

Cranex Ltd has decided to defer the proposal for allotment of one million equity shares on private placement basis due to unavoidable reasons.

Vantech Industry trims losses by 58%, sales decline 29%

Vantech Industry announced its audited financial results for the year ended March 31, 2000. The sales for the year were 29% lower at Rs 209.83 million (FY 99 Rs 295.56 million). The company incurred a net loss of Rs 38.59 million as against a loss of Rs 92 million in the previous fiscal. Other income increased 113% from Rs 5.43 million in FY 99 to Rs 11.59 million in FY 2000. Interest expenditure reduced from Rs 19.36 million to Rs 8.83 million in 1999-2000.

Dhunseri Tea FY 2000 net profit at Rs 92.6 million, net sales at Rs 667.4 million

Dhunseri Tea & Industries Ltd announced its audited financial results for the year ended March 31, 2000. The company earned a net profit of Rs 92.6 million on a turnover of Rs 667.4 million. Other income for the year was Rs 69.7 million. Interest income for the year was Rs 56.4 million and the company provided Rs 41million as depreciation and Rs 15.3 million for depreciation.

Birla Yamaha net profit decline 16.47%, Board recommends 11% dividend

Net profit of Birla Yamaha has declined 16.47% to Rs 61.16 million compared to Rs 73.22 million in FY 99. The operating income for the year 2000 is more or less stagnant at Rs 678.54 million as against Rs 680.18 million in FY 99. Other income for the year increased 101.56% from Rs 13.5 million to Rs 27.2 million in FY 2000. The Board has recommended a dividend of 11% (Rs 1.1 per equity share) on the share capital of the company.

NIIT to enhance FII Limit from 30% to 40% of the paid up share capital

The Board of Directors of Software education major, NIIT Ltd will meet on July 4, 2000 to consider enhancing the limit of investment in equity shares of the company by Foreign Institutional Investors under the portfolio scheme from the present limit of 30% to 40% of the paid up share capital of the company. The decision of the Board would however be subject to the approval of the shareholders at their General Meeting.

Falcon Tyres net profit declines 51%, sales at Rs 1024.71 million

Falcon Tyres Ltd a company of the Jumbo Group, has reported a 51% decline in the net profits for the year ended March 31, 2000. The sales for the year were Rs 1024.71 million as against Rs 1030.19 million in FY 99. Other income for the year at Rs 20.16 million was 185% higher compared to Rs 7.07 million in the previous year. The PBT for the year was 24% lower at Rs 40 million (FY 99 Rs 52.61 million).

TELCO inducts Ravi Kant as Executive Director in charge- Commercial vehicles

Tata Engineering & Locomotive company Ltd has inducted Mr Ravi Kant, Senior Vice President (Commercial Vehicle Business Unit) has been inducted as an Executive Director in charge of the commercial vehicles business unit with effect from July 12, 2000.

Eveready Industries net profit down by 75.6%, Total income up by 3.9%

Eveready Industries Ltd has reported a 75.6% fall in the net profits for the year ended March 31, 2000. The net profits declined from Rs 348.5 million in FY 99 to Rs 85.1 million in FY 2000. The depreciation for the year was 28.18% higher at Rs 36.5 million compared to Rs 236.5 million in the previous fiscal. The Board has recommended that the interim dividend of RS 2/- per share paid on My 8, 2000 be confirmed as the dividend for the full year ended March 31, 2000. The AGM of the company is scheduled on August 31, 2000.

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