SBI announces revision in interest rates on domestic term deposits
In a communication issued to the BSE, State Bank of India has informed that the Bank has decided to revise interest rates as follows:
A. The revised interest rates on domestic term deposits of less than Rs 10 million effecive from December 12 2001 would be as under
Existing w.e.f. 10.09.2001
Duration ------------- Interest Rate(%p.a)
15 days to 45 days ------ 5.25
46 days to 179 days ------ 6.50
180 days to less than 1 year ------ 6.75
1 year to less than 2 years ------ 8.00
2 year to less than 3 years ------ 8.00
3 year and above ------ 8.50
Revised w.e.f. 12.12.2001
Duration ------------ Interest Rate(%p.a)
15 days to 45 days ------ 5.25
46 days to 179 days ------ 6.25
180 days to less than 1 year ------ 6.50
1 year to less than 2 years ------ 7.75
2 year to less than 3 years ------ 7.75
3 year and above ------ 8.25
B. The revised structure for rates of interest on deposits of Rs 10 million and above effective from December 12, 2001 would be as under:
Existing w.e.f. 10.09.2001
Duration --- Interest Rate (%p.a) 15 days to 45 days ------ 5.75
46 days to 179 days ------ 7.00
180 days to less than 1 year ------ 7.00
1 year to less than 2 years ------ 8.00
2 year to less than 3 years ------ 8.00
3 year and above ------ 8.50
Revised w.e.f. 12.12.2001
Duration ------------ Interest Rate (%p.a)
15 days to 45 days ------ 5.75
46 days to 179 days ------ 6.75
180 days to less than 1 year ------ 6.75
1 year to less than 2 years ------ 7.75
2 year to less than 3 years ------ 7.75
3 year and above ------ 8.25
C. The revised interest rates payable on deposits of Senior Citizens, effective from December 12, 2001 would be as under
1 year to less than 2 years ------ 8.50 (Previous w.e.f. 10.09.01 8.75)
2 years to less than 3 years ------ 8.50 (Previous w.e.f. 10.09.01 8.75)
3 years and above ------ 9.00 (Previous w.e.f. 10.09.01 9.25)
Kolar Information Tech to call EGM to seek members approval on stock split
The Board of Directors of Kolar Information Technology Ltd at its meeting held on December 17, 2001 has approved the proposal for the sub-division of existing 10 million equity shares of Rs 10 each into 100 million shares of Re 1 each.
An EGM of the Company will be convened on January 17, 2002 to secure the consent of the shareholders for the proposed sub-division.
Aztec Software announces third quarter earnings guidance
Aztec Software & Technology Services Ltd has announced today (December 20, 2001) guidance for its financial results for the third quarter ending December 31, 2001.
Aztec expects that its revenues for the current quarter will be in the target of INR 120 to 130 million and the net profit after tax of about INR 20 million.
The Company attributes its performance in the third quarter to the recessionary environment in the United States, which was aggravated by the events of September 11, 2001.
"We have seen some retrenchment with our flagship customers, and a general hesitancy to launch new development projects. With the decline in overall IT spending, competition for new work has become incredibly intense," stated Parthasarthy, Chairman and CEO. "We have seen a pickup in business activity in the past several weeks, but this will not contribute materially to our third quarter results. We are broadening our focus to include enterprise customers which will augment our traditional strength in the high technology sector, but this is far from complete", added Parthasarthy.
Mr. William "Chris" Brown, President of Global Operations, added that Aztec's recent completion of a joint marketing and delivery alliance with a leading IT services firm was "a bright spot on the business horizon that will help broaden Aztec's coverage in the imporant enterprise marketplace."
Aztec has stated that it was not yet in a position to elaborate on its new business alliance.
RBI approves re-appointment of M Y Khan as Chairman of J&K Bank
Jammu & Kashmir Bank Ltd has informed BSE that the Reserve Bank of India has granted approval for re-appointment of the Bank's Chairman - Mr. M.Y.Khan for a further period of three years from December 21, 2001.
P Malik ceases to be Executive Director of Bombay Dyeing
Bombay Dyeing & Manufacturing Co.Ltd has informed BSE that Mr. P.Malik has ceased to be an Executive Director of the Company.
High court directs IB Industries to call meeting to seek approval for amalgamation
IB Industries Ltd has informed BSE that the Hon'ble High Court of Kolkata has directed the Company to hold a General Meeting of shareholders on January 19, 2002 for getting their approval for amalgamation of N.R.International Ltd. with the company.
Sterling Biotech fixes record date for the purpose of stock split
Sterling Biotech Ltd has informed BSE that the Company has fixed January 19, 2002 as the Record Date for the purpose of Stock Split.
Carborundum Universal members approve sale of Palakkad refractories unit
Carborundum Universal Ltd has informed BSE that the shareholders of the Company have approved by Postal Ballot the resolution under Section 293(1)(a) of the Companies Act, 1956 for the sale of electrocast refractories unit at Palakkad in Kerala. The result of the Postal Ballot has been announced at the Extra Ordinary General Meeting held today (December 20, 2001).
State Trading Corp members approve 20% Dividend at AGM
State Trading Corporation of India Ltd has informed BSE that at the AGM held today (December 20, 2001), the members have approved the following
1. Approval of Dividend @ 20% for the year 2001-2002.
2. Amendment to article of STC incorporating de-materialisation of securities, nomination facilities and de-listing of STC's shares from Kolkata and Chennai Stock Exchange.
HOEC PY-3 Block enters Phase 2
Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the main field of HOEC viz PY-3 block from where the company earns 98% of revenue has entered into Phase 2 for increasing Crude Oil Production and is nearing completion.
The consortium, where HOEC is a 21% partner, started production of Crude Oil in July 1997 and the reservoir was declining until March 2001. Later the consortium has commenced Phase 2 to increase production. The consortium has been able to arrest the declining position that was around 4000 barrels per day (bpd) and have increased it to about 7000 bpd.
Phase 2 mainly consists of site tracking in two of the four wells and the work-over in the remaining two wells. The capital cost incurred in this Phase 2 would be around Rs 250 million (Hoec's share). This field is likely to last till the year 2006 and maintaining the cured production level for at least next two years. Total recoverable oil reserves now stand increased at 17 million barrels of oil.
In PY-1, the company is hopeful of signing Gas Sales Agreement in the next quarter, after which development programme will be initiated.
Dabur allots shares under ESOS
Dabur India Ltd has informed BSE that the Compensation Committee at its meeting held today (December 20, 2001) has allotted 85950 fully paid equity shares of Rs 1 each for cash at par to the employees of the Company upon exercise of 8595 options vested in them in terms of Employees Stock Options Scheme of the Company.
Corporation Bank signs MOU for strategic alliance with New India Assurance
In a communication issued to the BSE, Corporation Bank has informed that the Bank has entered into a strategic alliance with New India Assurance Co. Ltd and the MOU in this regard has been signed today (December 20, 2001). The MOU envisages the Bank acting as a Corporate agent of New India Assurance Co. Ltd for selling their general insurance products. The salient features of the MOU are:
1. The operation of the Corporate Agency will be as per the provisions of the IRDA(Licensing of Insurance Agents) Regulations 2000 and in force from time to time.
2. New India Ass. Co may consider providing space to Corporation Bank to open extension counters/ATMs/Branches in their premises in India and abroad on mutually agreed terms.
3. Corporation Bank may consider planning and implementing an effective cash flow management system for New India Ass Co
4. Corporation Bank may consider permitting the use of its ATMs for premia payment by the policy holders of New India Ass Co
5. New India Ass. Co may consider the proposal of Corporation Bank that the former will actively bid for securities through Corp Bank Securities Ltd within the regulatory framework of Reserve Bank of India
6. New India Ass. Co may consider utilizing the services of payment processing centres of the Corporation Bank for making payments
7. New India Ass. Co may consider payment of taxes through Corporation Bank for making payments.
8. New India Ass. Co. may also consider utilising the facilities of Corporation Bank for collection of interest and dividend on securities/shares.
9. New India Ass. Co. and Corporation Bank have also mutually agreed to share technical expertise and know-how and to work in co-ordination with each other in respect of investments on private placement basis so as to improve yield on such investments.
10. New India Ass. Co. may also consider routing its Foreign Exchange Business through designated branches of Corporation Bank.
11. New India Ass. Co.and Corporation Bank both, may, to the extent practicable, mutually, encourage their clients, officers, employees and agents to avail other services.
12. Both the parties have agreed to constitute a Co-ordinating Committee consisting of senior officials nominated by them for discussion, implementation and review of operational issues at various offices of both the parties.
Phillips Carbon Black announces 10% dividend
The Board of Directors of Phillips Carbon Black Ltd at its meeting held today (December 20, 2001) has recommended a Dividend of 10% on Equity Shares of the Company for the financial year ended September 30, 2001. This is however, subject to the approval of the shareholders at the next Annual General Meeting to be notified in due course.
MMTC board to consider scheme of restructuring
A meeting of the Board of Directors of MMTC Ltd is scheduled to be held on January 04, 2002 to consider and approve the following:
1. Scheme of Capital Reduction/Restructuring under Section 100 of the Companies Act, 1956.
2. Holding of Extra-Ordinary General Meeting on January 18, 2002 for the approval of scheme of capital reduction/restructuring if decided at the meeting of the Board of Directors on January 04, 2002.
3. Fixing the record date of January 18, 2002 for this purpose.
Ranbaxy subsidiary signs agreement with Govt. of Nigeria to supply AIDS Drugs
Ranbaxy Nigeria Ltd, a wholly owned subsidiary of Ranbaxy Laboratories Ltd, has signed an agreement recently for the supply of Anti Retroviral (ARV) Drugs to the Federal Ministry of Health, Nigeria. Valued at US$ 1.75 million, the agreement covers the supply of ARVs - Lamivudine, Stavudine and Nevirapine.
Ranbaxy Nigeria Ltd with its operations of over two decades is privileged to join hands with the Ministry of Health in controlling AIDS in Nigeria. This contract heralds the entry of Ranbaxy ARVs in the Nigerian market.
Anti Retrovirals are a focus therapeutic segment for Ranbaxy Nigeria Ltd and the contract is a major breakthrough in this direction. Nigeria, one of the most affected markets in Africa, ranks second in Sub-Saharan Africa for the number of HIV infected adults with prevalence rate of 5.4% of the population.
The Federal Ministry of Health has launched major initiatives aimed at controlling and reducing the incidence of AIDS in Nigeria. Under this drive, the Ministry explores companies operating in Nigeria having an ability to offer ARVs at competitive rates.
Ranbaxy Nigeria Ltd is among the leading pharmaceutical Companies in Nigeria and has a strong presence in Anti Infective segment and haematenics with local manufacturing facilities.
Mysore Cements board to consider preferential issue
Mysore Cements Ltd has informed BSE that a meeting of the Directors Committee of the company will be held on December 27, 2001 to consider the 2nd Tranche of the preferential issue of Equity shares for the balance amount out of the aggregate amount not exceeding Rs. 190 million to the financial institutions in accordance with the appoval of the Members under section 81-(1A) of the companies Act, at the Annual General Meeting held on 29.09.01.
With reference to the news article appearing in leading news daily titled " Buyback tattle spurs Raymond " Raymond Ltd has informed BSE that there is no such proposal under consideration of the Board of Directors of the company.
Mannesmann Rexroth makes open offer to acquire 25% stake in Bosch Rexroth at Rs 56 per share
Mannesmann Rexroth AG, a corporation organized and existing under the laws of Germany is making a voluntary offer to acquire 13,24,900 fully paid up equity shares (Share) of Rs 10/- each of Bosch Rexroth (India) Ltd (BRIL) at an offer price of Rs 56 per fully paid up equity share payable in cash.
The shares represent 25% of the equity share capital of BRIL. The Offer is not subject to any minimum level acceptance.
Mannesmann currently holds 39,74,700 fully paid up equity shares of Rs 10/- each, representing 75% of the outstanding equity share capital of BRIL, all of which has been acquired prior to 12 months from the date of this Public Announcement. None of the Directors of Mannesmann have acquired equity shares of BRIL in the last twelve months nor do they hold any equity shares in BRIL as on the date of this Public Announcement.
The equity shares of BRIL are listed on The Stock Exchange, Mumbai ("BSE") and the Ahmedabad Stock Exchange (ASE).
The Specified Date (for the purpose of determining the names of the shareholders to whom letter of offer will be sent) is December 24, 2001.
Letter of Offer to be posted to the shareholders is January 29, 2001.
Date of opening of the offer is February 13, 2001
Date of Closing of the offer is March 12, 2001.
This Public Announcement is being issued by SMIFS Capital Markets Ltd on behalf of Mannesmann Rexroth AG.
BSE to suspend trading in 7 scrips for non-compliance of listing agreement
BSE has informed the members of the exchange that the trading in the securities of the following companies will be suspended w.e.f Monday,December 24, 2001 until further notice for non-resolution of investors' complaints. Members are advised not to deal in the said securities.
Name of the Securities ------ Scrip Code No.
Inditalia Refcon Ltd. 17526, 517526.
Batliboi Ltd. 22004, 522004.
Solid Carbide Tools Ltd. 394, 500394.
Cable Corporation of India Ltd. 77, 500077.
STI Granite (I) Ltd. 15115, 111453.
Bafna Spinning Mills & Exports Ltd. 31733
Unicorp Industries Ltd. 23604
Bafna Spinning Mills & Exports Ltd and Unicorp Industries Ltd have already been suspended for non-compliance of various other Listing Agreement clauses by other departments.
BSE to suspend trading in 7 scrips for non-compliance of listing agreement
Blue Chip India Ltd has informed BSE that the Board of Directors of the Company in their meeting held on December 20, 2001 has approved the sub-division of the existing Equity Shares of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each.
An Extra-ordinary General Meeting of the members of the Company will be held on January 18, 2002 to obtain the necessary approval from the shareholders for subdivision of the existing Equity Shares of face value of 10/- each into 5 Equity Shares of face value 2/- each
GKN Automotive GmbH makes open offer to acquire 34.91% stake in GKN Driveshafts at Rs 55 per share
GKN Automotive GmbH a wholly owned subsidiary of GKN plc has agreed to acquire under a share purchase agreement with International Finance Corporation its shareholding of 1800000 fully paid up equity shares representing 14.09% of the equity share capital of GKN Driveshafts (India) Ltd at a price of Rs 55 per share payable in cash.
GKN Automotive GmbH currently holds equity shares representing 51% of the paid up equity capital of GKN India. As a result of the Agreement the shareholding of GKN Automotive GmbH in GKN India Ltd will rise from 51% to 65.09%.
GKN Automotive GmbH and GKN plc together propose to make an offer to acquire 4458800 fully paid up equity shares of Rs 10 each representing 34.91% of the paid up equity share capital of GKN Driveshafts (India) Ltd at an offer price of Rs 55 per fully paid up equity share payable in cash. ICICI Securities and Finance Company Limited is acting as the manager to the Offer.
Specified date (for purpose of determining the names of shareholders to whom the letter of offer would be sent) has been fixed at January 18, 2002.
The offer will open on February 4, 2002 and will close on March 6, 2002.
This public announcement is being issued by ICICI Securities and Finance Company Ltd on behalf of GKN Automotive GmbH and GKN plc.
Shri Ganesh Spinners to seek members approval for delisting of shares from Jaipur Stock Exchange
Shri Ganesh Spinners Ltd has informed BSE that the EGM of the company will be held on January 24, 2002 to consider delisting of its equity shares from Jaipur Stock Exchange due to non trading of its equity shares in the said stock exchange.
India Cement's Vishnupuram plant selected as model project by NEDO
In a communication issued to the BSE, India Cements Ltd has informed he New Energy and Industrial Technology Development Organisation (NEDO) appointed by Government of Japan for implementing model projects on energy conservation and reduction of CO2 gas emission in India have selected the Company's Vishnupuram plant in Andhra Pradesh for such a model project.
This model project envisages total power generation of 7700 KW/Hr from the waste gases of Kiln No II in Vishnupuram plant of the Company resulting in a reduction of CO2 gas emission equivalent to above 45000 Tons/year. The core equipment such as boiler, turbine, etc and the technology are being provided by M/s Kawasaki Heavy Industries Ltd (KHI) Japan through Government of Japan for this model project.
The cost of the total project is around Rs 850 million excluding import duty if any on imported equipment, out of which 70 to 80% of the cost is borne by Government of Japan. The implementation document for the above model project has been signed between KHI and the Company on December 17, 2001 in Chennai.
This project is scheduled to be commissioned by March 2004 and the results of this project will be disseminated to other interested cement plants in India. Upon the project being commissioned, the Company will be able to utilise 45 to 50 lakh KWH/month at its cement plant at minimal cost as waste hot gases are being utilised for power generation and there is no additional cost except for minor process chemicals.
This is expected to substantially bring down the cost of power at its Vishnupuram Cement Plant upon the project being commissioned.
Tata Investment sells 8.04% stake in Forbes Gokak to Sterling Invst at Rs 90 per share
Tata Investment Corporation Ltd has informed BSE that the Company has sold today (December 20, 2001), in dematerialised form, 10,01,633 equity shares of the face value of Rs 10 each representing 8.04% of the total capital of Forbes Gokak Ltd to Sterling Investment Corporation Pvt Ltd at Rs 90 per share on a Spot Delivery basis.
Global Infrastructure & Tech to settle FD holders dues by allotment of shares
Global Infrastructure & Technologies Ltd has informed BSE that the Board of Directors of the company have considered the proposal for further issue of equity shares to those of the Fixed Deposit Holders of the company who have consented to accept the allotment of shares in lieu of repayment of their entire dues of Fixed Deposit amount kept with the company.
EGM of the company will be held on January 7, 2002.
Moh defers buy back programme
Moh Ltd has informed BSE that the Board of Directors of the company has decided to defer the programme of buy back of equity shares for an indefinite period.
This is pursuant to the recommendation of committee formed by Board to suggest options for buy back of equity shares of the company as well as to consider impact of the said action on the financials of the company.
BSE imposes 25% special margin on Pritish Nandy Communications
BSE has informed the members of the exchange that special margin of 25% has been imposed on Pritish Nandy Communications Ltd (B1Group) with effect from today (December 20, 2001).
The special margins will be imposed on the basis of clientwise gross or sale position.
High court directs Aekta Ltd to seek members approval for scheme of arrangement
Aekta Ltd has informed BSE that the Hon'ble High Court of Calcutta has directed the Company to hold a General Meeting of shareholders on January 17, 2002 for getting their approval for scheme of arrangement between the Company and Ludlow Securities Ltd.
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