M M Thapar to acquire voting rights in JCT Ltd from existing Thapar group companies

JCT Ltd has informed BSE that pursuant to the approval of the Chairman, Securities & Exchange Board of India, vide its Order dated October 08, 2001 of the Family Settlement Agreement and permission granted for the acquisition of voting rights by Shree Man Mohan Thapar (MMT) in the Company allocated to him, the existing Thapar Group is being realigned. There shall be four separate groups belonging to each Thapar Brother viz Mr. Inder Mohan Thapar (IMT), Mr. Lalit Kumar Thapar (LMT), Mr. Brij Mohan Thapar (BMT) and Mr. Man Mohan Thapar (MMT). Consequently there shall be a cessor of joint control of the four Thapar Brothers in JCT Ltd (exercised directly/indirectly through various investment companies and cross shareholdings within the group) in favor of MMT. The application to SEBI takeover Panel and its order recognizes that the shares to be sold by the Family and investment companies can be completed over a period of 3 (Three) years in accordance with the Family Settlement Agreement. Some of the shares are being transmitted to the 4 separate groups pursuant to a court demerger. Hence, even if the shares continue to be held by the existing Thapar Group Companies and the pre-Family Settlement Thapar Group, but for the purpose of exercising control and taking benefit of rights issues, bonus issues etc the group will be treated separately. JCT Ltd shall be a part of the MMT Group now and for the purpose of the Takeover Code Regulations, MMT, the promoter for JCT Ltd, shall acquire shares in the Company through all or any of the following persons acting in concert such as Resultant company arising out of merger and de-merger of KCT & Brothers Limited and allotted to MMT ("KCT-MMT"); Provestment Securities Private Ltd The above shall be considered as persons acting in concert as the family split has been formalized, and the 3 other branches (brothers) will now have their own groups unconnected with the M M Thapar Group for the purposes of the SEBI related disclosures (Whether under the takeover code or DIP Guidelines for public or rights offers or letters of offer for sale of securities) (except for the purposes of final closing of sale of securities pursuant to the family settlement and SEBI exemption order of 8th October, 2001).

Tata Honeywell H1 net down by 6.37%

Tata Honeywell Ltd has posted a net profit of Rs 54.40 million for the half-year ended September 30, 2001 as compared to Rs 58.10 million for the half-year ended September 30, 2000. Net Sales are down by 15.79%, from Rs 1197.10 million in the half year ended September 30, 2000 to Rs 1008 million in the current half year ended September 30, 2001. Other Income is at Rs 4.40 million in the half-year ended September 30, 2001 as compared to Rs 5.90 million in the six-month period of the previous year.

Dabur India H1 net profit up by 13.28%, announces 50% interim dividend

Dabur India Ltd has posted a net profit of Rs 332.70 million for the half year ended September 30, 2001 as against Rs 293.70 million for the same period last year. Net Sales for the half year ended September 30, 2001 is at Rs 5622.80 million as compared to Rs 5468.90 million for the half year ended September 30, 2000. Other Income is at Rs 61.40 million in the current half year ended September 30, 2001 as compared to Rs 59.80 million in the six-month period of the previous year. The company has stated that the Net Sales during the six-month period ended September 30, 2001 are not entirely comparable with those of the corresponding period of the previous year. The growth in sales on like to like basis (excluding some of the business such as herbal intermediaries which have been discontinued) for the period has been 5.90%. The board of directors has decided to pay an interim dividend @50% (Re.0.50 per equity shares of Rs 1/- each) for the financial year 2001-02 aggregating to Rs 142.70 million. The company has also fixed December 04, 2001 as the record date for the purpose of taking record of shareholders entitled receive the said interim dividend.

Geometric Software in negotiations with Dassault Systemes to set up JV

Geometric Software Solutions Ltd has informed BSE that the Company is in negotiations with Dassault Systemes of Paris, France to set up a joint venture for supplying services and undertaking development work related to Dassault Systemes' group products. These discussions are at an advanced stage and are expected to be concluded in the near future. The relationship if and when established, is expected to have a material impact on the company's operations.

German company withdraws from proposed tie-up with Snowcem India

In a communication issued to the BSE, Snowcem India Ltd has announced that the decision taken by the board of directors at its meeting held on November 22, 2000 to enter into technical tie-up with a German company for providing technology and technical services to the company for certain products in the paints sector has been withdrawn as intimated by the German company due to prevailing circumstances.

Snowcem board approves buy-back, price not to exceed Rs 75 per share

The board of directors of Snowcem India Ltd, at its meeting held on Tuesday (November 27, 2001) has passed a resolution regarding the proposed buy back of equity shares of the company in terms of the Companies Act, the Companies (Amendment) Ordinance 2001 and SEBI (Buy Back of Securities) Regulations, 1998. The board of directors has passed a resolution for buying back up to 1 million equity shares of Rs 10 each of the company at a price not exceeding Rs 75 per share. The board has also appointed a committee to comply with various regulations and initiate appropriate steps for the said purpose of buy back through open market operations in terms of the regulations.

Strike by workmen at Escorts' Faridabad division

In a communication issued to the BSE, Escorts Ltd has informed that approximately 350 workmen of the company's Railway Equipment Division located at Plot No. 115, Sector-24, Faridabad (Haryana) have resorted to sudden illegal and unjustified strike in violation of subsisting settlement.

Welspun Gujarat bags major international oil & gas pipe order

Welspun Gujarat Stahl Rohren Ltd announced on Tuesday (November 27, 2001) that the company has received orders for supply of 42", 56" & 36" line pipes of X-60, X-70 & X-65 grades amounting to Rs 4.430 billion equivalent to $92.50 million. Welspun expects to complete these orders in the next five to six months. Welpsun's projected sales turnover for the year 2001-02 stood at Rs 3750 million. Welspun has also negotiated 100 km (80,000 M.T) of 56" X-70 grade line pipes with thickness ranging from 19-38 mm from MJF & National Iranian Gas Co valued at Rs 2.420 billion after fierce international competition. This is the first phase of 750 km. IGAT-IV project for which the second phase tendering process is already on. Welspun is the only Indian company to have been selected for such a large DIA pipes for its technology and the capacity against already established select club of global players. Welspun has received an order of 60 km from the same client for 36" X-65 grade pipes. Welspun's management is confident that the global acceptance of the company for its technology and quality shall make Welspun a leading pipe manufacturing company in the world.

Silverline sets up offshore development team for enterprise portal framework provider Corechange

Silverline Technologies Ltd and Corechange Inc, a global provider of access framework software have announced an agreement that will provide companies with additional revenue opportunities and the ability to accelerate the delivery and implementation of enterprise portals. This product development and reseller agreement will enable Corechange to outsource selected product enhancement and development work on Coreport to Silverline's India-based offshore software development centers. The agreement also establishes Silverline as a Corechange Reseller Partner, allowing the Company to resell licenses of Coreport to Silverline clients.

High court directs Aventis Pharma to seek members approval for Amalgamation of Rhone-Poulence Rorer

Aventis Pharma Ltd has informed the BSE that, the High Court of Bombay has directed the company to hold a general meeting of shareholders on December 14, 2001 for getting their approval for amalgamation of Rhone-Poulence Rorer (India) Pvt Ltd with the company.

Britannia Industries to close buyback offer

Britannia Industries Ltd has informed the BSE that the committee of the directors constituted by the board of directors of the company to deal with all the matters relating to the buyback offer, has decided to close the buyback offer at its meeting held on Tuesday (November 27, 2001).

Tanu Healthcare fixes book closure for consolidation of shares

BSE has informed the members of the exchange that Tanu Healthcare Ltd has fixed December 27, 2001 to December 31, 2001 as the book closure for the purpose of consolidation of existing equity shares from every ten existing equity share of Rs 1 each into one equity share of Rs 10 each. There will be no dealings in the above mentioned scrip w.e.f. December 10, 2001. The auction in the equity shares of Tanu Healthcare Ltd., on December 10, 2001 and December 18, 2001 will be conducted as per face value of Re 1 each.

HC directs Tata Tea to seek members approval for amalgamation of Bambino Investments

Tata Tea Ltd has informed BSE that the high court of Calcutta has directed the company to hold a general meeting of shareholders on December 10, 2001 for getting their approval for amalgamation of Bambino Investment and Trading Co. Ltd. with the company.

CARE retains Care AA+ rating to Hindustan Inks' NCD

Hindustan Inks & Resins Ltd has informed BSE that CARE has retained the Care AA+ rating assigned to the company's Secd. NCDs of Rs.760 million and PR1+ rating to its Commercial Paper programme of Rs.150 million for a maturity not exceeding six months.

BSE imposes special margin on 6 scrips

BSE has informed members of the exchange that Special Margin in the under mentioned scrip has been imposed as mentioned alongside with effect from Tuesday (November 27, 2001). The special margins will be imposed on the basis of clientwise gross or sale position as indicated below: 500004 Ahmedabad Electricity Co Ltd B1 25 6076 Grindwell Norton Ltd. B1 25 531131 Mascon Global B2 25 17447 R S Software (India) Ltd. B1 25 531536 Sriven Multitech Ltd. B2 25 32375 Tips Industries Ltd. B1 25