German Remedies announces change in constitution of board

German Remedies Ltd has informed the BSE that at the meeting of the board of directors of the company held on October 24, 2001, the following changes have taken place in the board of directors of the company: K Leimkuehler representing foreign collaborators, has resigned w.e.f October 25, 2001 Prof. Dr. C. Ruger representing foreign collaborators, has resigned w.e.f October 25, 2001 Apurva Diwanji, Alternate Director to K. Leimkuehler, who was representing foreign collaborators, ceases to be an Alternate Director, w.e.f October 25, 2001. Shishir Diwanji, ceases to be an Alternate Director for Prof. Dr. C. Ruger w.e.f October 25, 2001. Sharvil Pankaj Patel has been appointed as a Director of the Company w.e.f. October 25, 2001. K Leimkuehler was appointed as a Director of the Company in his individual capacity w.e.f. October 25, 2001. Apurva Diwanji was appointed as an Alternate Director to K Leimkuhler w.e.f. October 25, 2001. Shishir Diwanji was appointed as an Alternate Director to Sharvil Pankaj Patel w.e.f October 25, 2001.

Tata Telecom Q2 net profit at Rs 31.03 million

Tata Telecom Ltd has posted a net profit of Rs 31.03 million for the quarter ended September 30, 2001 as compared to a net loss of Rs 20.40 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 531.24 million in SQ 2000 to Rs 597.62 million in the quarter ended September 30, 2001.

L M Thapar proposes to acquire 27.75% shares of BILT

Ballarpur Industries Ltd has informed BSE that Mr Lalit Mohan Thapar, chairman of the company proposes to acquire 27.75% of the voting rights in the company from the Thapar Group companies holding shares in BILT. Further in terms of the SEBI order dated October 8, 2001, this proposed acquisition of voting rights has been exempted from the provisions of Chapter III of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2001. The company has further informed that a meeting of the board of directors of the company has been convened on November 2, 2001 to inter-alia to take on record the order of the Securities and Exchange Board of India dated October 8, 2001, approving the transfer of voting rights of the Thapar Group Companies in Ballarpur Industries Ltd, aggregating to 27.75%, in favour of Mr Lalit Mahan Thapar. The information is being provided in terms of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and other applicable provisions.

Nicholas Piramal announces change in directorship

Nicholas Piramal India Ltd has informed BSE that Mr Mahesh S Gupta, chief financial officer and whole-time director of the company has tendered his resignation and the same has been accepted by the board at its meeting. Also, Dr William Jenkins has been appointed as a non-executive director on the board of the company. He is currently on the board of several pharma and biotech companies abroad and has rich experience in medicine and in research and development.

Britannia Q2 PBT up 22.49%

Britannia Industries Ltd has posted a profit before tax of Rs 305 million for the quarter ended September 30, 2001 as compared to Rs 249 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 3543 million in SQ 2000 to Rs 3837 million in the quarter ended September 30, 2001 During SQ-2001, following are the extraordinary items: Expenses of VRS costs of Rs 11 million Reversal (Add-back) of previous year's liabilities of Rs 84 million After consideration of the above the net profit for SQ-2001 stood at Rs 253 million as against Rs 213 million for SQ-2000. Other expenditure is higher mainly due to hike in excise duty on biscuit (small pack) Reversal of previous year's liabilities represents write back of processing charges of Rs 84 million no longer required.

Vikram Singh Mehta joins Colgate board

Colgate-Palmolive India Ltd on Thursday (October 25, 2001) announced the induction of Vikram Singh Mehta as a non-executive director to its board. Vikram Singh Mehta, chairman of the shell group of companies since 1994 has been actively leading the shell companies responsible for exploration, LNG & new business, solar energy, lubricants & LPG. His qualification coupled with his deep business perspective will bring added value to the CPIL board.

Hinduja TMT Q2 net profit at Rs 70.7 million

Hinduja TMT Ltd revenues from IT, its predominant activity, for the quarter ended September 30, 2001 grew from Rs 105.6 million for the quarter ended June 30, 2001 to Rs 134.0 million, a growth of 27%. Net Profit from IT activities grew 57% over the earlier quarter from Rs 55.8 million to Rs 87.4 million. On the overall basis for the 2nd quarter ended September 30, 2001, HTMT has reported a profit after tax of Rs 70.7 million as compared to Rs 95.3 million for the corresponding quarter last fiscal. The fall in Income is attributable to HTMT phasing out its finance activities. "Thanks to contracts on hand, we expect to do well in the second half of the year" said S Solomon Raj, vice-chairman.

Voltas Q2 net down by 19.09%

GTL Ltd has posted a profit after tax of Rs 239.6 million for the quarter ended September 30, 2001 as compared to Rs 700.7 million for the quarter ended September 30, 2000. Total Income for the quarter has decreased from Rs 2352.6 million in SQ 2000 to Rs 1569.0 million in the quarter ended September 30, 2001. Net profit after extra-ordinary items stood at Rs 239.6 million for SQ-01 as against Rs 981.8 million for SQ-2000. The company had earned an extraordinary income of Rs 281.1 million for the quarter ended September 30, 2000. The board of directors in their meeting have also appointed Vijay N Paranjpe as an additional and whole time director of the company w.e.f. November 1, 2001. The global economic slowdown has resulted in key sectors such as banking, finance, insurance, airline, telecom and others facing slowdown. As a result, the demand from customers from these verticals has been below expectations. Furthermore domestic market in India has also performed below expectation resulting in projects getting postponed. Consolidated revenues of the company for the quarter ended September 30, 2001 stood at Rs 1448.9 million and consolidated profit after taxes stood at Rs 273.6 million for SQ-01.

Voltas Q2 net down by 19.09%

Voltas Ltd has posted a net profit of Rs 35.6 million for the quarter ended September 30, 2001 as compared to Rs 44.0 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 1744.9 million in SQ 2000 to Rs 1947.8 million in the quarter ended September 30, 2001 As per the Bombay high court's order received on September 30, 2001 Voltas International Ltd a wholly owned subsidiary of the company has been merged with the company effective April 01, 2001.

SQL Star to seek members approval for infusing additional funds into the company

SQL Star International Ltd has informed the BSE that the board of directors and chairman of the company at their meeting held on October 25, 2001 initiated discussions on the need to infuse funds into the company for the working capital requirements, capital investments and future business opportunities. After discussion, the board has decided to seek approval of its members in an extra-ordinary general meeting for increase of the authorised capital and issue of further equity capital by way of rights and preferential issue of shares.

Goa Carbon acquires additional 23% equity of Paradeep Carbons

Goa Carbon Ltd has informed BSE that the Company has acquired additional 23% of the equity share capital of Paradeep Carbons Ltd, a Calcined Petroleum Coke manufacturing Company (unlisted and closely held). The total share capital held by the company in Paradeep Carbons Ltd now stands at 80%.

Glaxo announces change in composition of board of directors

Glaxo India Ltd has informed the BSE that at the meeting of the board of directors held on Thursday (i.e.October 25, 2001), A S Lakshmanan and Simon Scarff have been appointed as directors with effect from October 25, 2001. S S Marathe and S N Talwar have resigned and have ceased to be directors of the company with effect from October 25, 2001.

Blue Star Q2 net up 40.05%

Blue Star Ltd has posted a net profit of Rs 50.7 million for the quarter ended September 30, 2001 as compared to Rs 36.2 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 1192.7 million in SQ 2000 to Rs 1228.4 million in the quarter ended September 30, 2001. The company has spent Rs 8.8 million in SQ-01 towards employees voluntary retirement scheme charged as extraordinary item in the current quarter.

Syngenta Q2 net down by 35.52%

Syngenta India Ltd has posted a net profit of Rs 29.40 million for the quarter ended September 30, 2001 as compared to Rs 45.60 million in the corresponding period last year. Total Income for the quarter ended September 30, 2001 is at Rs 941.10 million as against Rs 966.10 million in SQ 2000. The company's business in seasonal in nature.

Archies Greetings Q2 net down by 58.24%

Archies Greetings and Gifts Ltd has posted a net profit of Rs 13.76 million for the quarter ended September 30, 2001 as compared to Rs 32.96 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 181.52 million in SQ 2000 to Rs 203.51 million in the quarter ended September 30, 2001. As the company is in process of implementing a complete change in the distribution & retail network figures would not be comparable during the transitory period. The company has tied up with Child Relief & You (CRY), a charitable organisation, for printing & distributing greeting cards & stationery products.

Syngenta Q2 net down by 35.52%

Syngenta India Ltd has posted a net profit of Rs 29.40 million for the quarter ended September 30, 2001 as compared to Rs 45.60 million in the corresponding period last year. Total Income for the quarter ended September 30, 2001 is at Rs 941.10 million as against Rs 966.10 million in SQ 2000. The company's business in seasonal in nature.

Gujarat Gas Q3 net up 7.12%

Gujarat Gas Company Ltd has posted a net profit of Rs 136.70 million for the quarter ended September 30, 2001 as compared to Rs 127.62 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 797.83 million in SQ 2000 to Rs 998.91 million in the quarter ended September 30, 2001.

Colgate-Palmolive Q2 net down by 6.25%

Colgate-Palmolive India Ltd has posted a net profit of Rs 165 million for the quarter ended September 30, 2001 as compared to Rs 176 million in the corresponding period last fiscal. Total Income has decreased from Rs 3040 million in SQ 2000 to Rs 3024 million in the quarter ended September 30, 2001. Net Profit after Tax from ongoing business operations was Rs 165.00 million for the current quarter against Rs 134.00 million (after reducing the one time profit of Rs 42.00 million on sale of real estate) for the same quarter of the previous year.

ICICI Q2 net up 11%

ICICI Ltd has posted a net profit of Rs 2818.6 million for the quarter ended September 30, 2001 as compared to Rs 2539.2 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 22069.2 million in SQ 2000 to Rs 24056.6 million in the quarter ended September 30, 2001. During the current quarter ended September 30,2001, the following Companies ceased to be subsidiaries of the Company: 1) ICICI West Bengal Infrastructure Development Corporation Ltd (w.e.f September 26, 2001). 2) ICICI-Kinfra Ltd (w.e.f September 26, 2001). In compliance with the clarifications /modifications, ICICI has effected necessary changes in investment classification and booked consequential effect on valuation. This has resulted in an additional charge to the revenue account relating to the period upto March 31, 2001amounting to Rs 1312.2 million and is disclosed as an extra-ordinary item. As per the then accounting policy followed by ICICI in earlier years, realized profit on sale of investments had been credited to the revenue account and transferred from the revenue account to the capital reserve account before arriving at the disposable profit. The company has utilised this component of the capital reserve to transfer to the revenue account an amount equivalent to the extra ordinary charge of Rs 1312.2 million.

ICICI Bank Q2 net up by 120.06%

ICICI Bank Ltd has posted a net profit of Rs 661.50 million for the quarter ended September 30, 2001 as compared to Rs 300.60 million in the corresponding period last fiscal. Total Income has increased from Rs 3214.60 million in SQ 2000 to Rs 5598 million in the quarter ended September 30, 2001. The results for the current year include the results of erstwhile Bank of Madura on their merger with the bank effective from March 10, 2001. The results are therefore not comparable with earlier periods.

Boards of ICICI and ICICI Bank approve merger

ICICI Bank Ltd has informed BSE that the Board of Directors of ICICI Ltd and ICICI Bank Ltd in separate meetings on Thursday have approved the merger of ICICI with ICICI Bank. The merger of two wholly-owned subsidiaries of ICICI, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, with ICICI Bank was also approved by the respective Boards. The proposal has been submitted to the Reserve Bank of India (RBI) for its consideration and approval, and shall be subject to various approvals, including the approval of the shareholders of the respective companies, the High Courts of Mumbai and Gujarat, and the Government of India as may be required. Consequently, the Appointed date of merger is proposed to be March 31, 2002, or the date from which RBI's approval becomes effective, whichever is later. The scheme of Amalgamation approved by the respective Boards envisages a share exchange ratio of one domestic equity share of ICICI Bank for two domestic equity share of ICICI. As each American Depository Share (ADS) of ICICI represents five domestic equity shares while each ADS of ICICI Bank represents two domestic equity shares, the ADS holders of ICICI would be issued five ADS of ICICI Bank in exchange for four ADS of ICICI. The share exchange ratio approved by the Board of the two entities was based on a valuation process incorporating international best practices in respect of a merger of two affiliate companies. J M Morgan Stanely was appointed by ICICI to advise it on a fair exchange ratio, while ICICI Bank appointed DSP Merrill Lynch for the same purpose. The share exchange ratio has been determined in accordance with best practices in valuation, using the relative market prices, discounted cash flows and book values. The scheme will be filed before the High Courts of Mumbai & Gujarat and subsequently placed for approval at the meetings of the shareholders of the respective companies. ICICI & ICICI Bank have submitted to RBI the proposal for the merger and compliance with regulatory norms applicable to banks, and would adhere to RBI's decision in the matter. The merged entity would be the second largest bank in India with total assets of about Rs. 950000 million (proforma at September 30, 2001), 396 existing branches/extension counters of ICICI Bank, 140 existing retail finance offices and centres of ICICI, and 8,275 employees. The merged entity would leverage on its large capital base, comprehensive suite of products and services, extensive corporate and retail customer relationships, technology-enabled distribution architecture, strong brand franchise and vast talent pool. The retail segment will be a key driver of growth for the merged entity, with respect to both assets and liabilities. The merged entity's competitive edge in the financial system is reflected in the combined cost-to-income ratio of 27 per cent (proforma for the half-year ended September 30, 2001), which compares favourably with that of other Indian banks of comparable size and scale of operations. The merger is expected to be beneficial to shareholders of both entities. The merger would enhance value for shareholders of ICICI through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for shareholders of ICICI Bank through the large capital base and scale of operations, access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries, The process of integration between ICICI Bank and ICICI is expected to be smooth due to the strong synergies between the two entities. Consequent to the merger of ICICI with ICICI Bank, the Board of Directors of ICICI Bank is proposed to be reconstituted in compliance with the Banking Regulation Act, 1949 and in accordance with best practices in corporate governance. It is proposed that the Board of Directors of the merged entity would be headed by Mr.N.Vaghul as the non-executive Chairman. The executive management at the Board level would comprise Mr. K.V. Kamath as Managing Director and Chief Executive Officer, Mr.H.N.Sinor and Mrs. Lalita D. Gupte as Joint Managing Directors and Mrs.,Kalpana Morparia, Mr. S. Mukherji, Mrs. Chanda D. Kochhar and Dr. Nachiket M. Mor as Executive Directors. The executive management at the Board level would not constitute more than one-half of the total strength of the Board.

GNFC Q2 net down by 18.61%

Gujarat Narmada Valley Fertiliser Company Ltd (GNFC) has posted a net profit of Rs 280.7 million for the quarter ended September 30, 2001 as compared to Rs 344.9 million for the quarter ended September 30, 2000. Total Income for the quarter has decreased from Rs 4577.1 million in SQ 2000 to Rs 4362.7 million in the quarter ended September 30, 2001.

Glaxo Q3 net up 17.94%

Glaxo India Ltd has posted a net profit of Rs 180.8 million for the quarter ended September 30, 2001 as compared to Rs 153.3 million for the quarter ended September 30, 2000. Total Income for the quarter has increased from Rs 2194.2 million in SQ 2000 to Rs 2910.7 million in the quarter ended September 30, 2001. The merger of Smithkline Beecham Pharmaceuticals India Ltd with Glaxo India Ltd has been approved and consequently the Company's name stands changed to "Glaxo Smithkline Pharmaceuticals Ltd". Since the approval is effective January 1, 2001, the aforesaid financial results of Glaxo Smithkline Pharmaceuticals Ltd for the period January 1, 2001 to September 30, 2001 and July 1, 2001 to September 30, 2001 include the results of Smithkline Beecham Pharmaceuticals India Ltd for the same periods, and hence are not comparable with the Company's results shown above for the year 2000.

Burroughs Wellcome Q3 net up by 20.25%

Burroughs Wellcome India Ltd has posted a net profit of Rs 66.50 million for the quarter ended September 30, 2001 as compared to Rs 55.30 million in the corresponding period last fiscal. Total Income has increased from Rs 488.40 million in SQ 2000 to Rs 525.50 million in the quarter ended September 30, 2001.

Ind-Swift Lab to allot equity shares on preferential basis

Ind-Swift Laboratories Ltd has informed BSE that the Board of Directors of the company in their meeting to be held on October 30, 2001, will allot 10,00,000 equity shares of Rs 10 each to the promoters group at a premium of Rs 27/- per share. Further out of the 10,00,000 shares proposed to be allotted 7,30,000 shares which constitute 6.61% of the post issue capital of the company are proposed to be allotted to M/s Ind-Swift Ltd.

Extra-Ordinary Income helps Hindustan Construction post a net profit of Rs 237.95 million in Q1

Hindustan Construction Co Ltd has posted a net profit of Rs 237.95 million for the quarter ended September 30, 2001 as compared to Rs 1.21 million for the quarter ended September 30, 2000. Total Income has increased from Rs 620.14 million in SQ 2000 to Rs 993.75 million in the quarter ended September 30, 2001. The company has earned an extra-ordinary income of Rs 199.85 million in the quarter ended September 30, 2001 from capital gain on transfer of development rights on certain land & building.

Tata Finance FY-01 results rescheduled on October 31, 2001

Tata Finance Ltd has informed BSE that the Board meeting for taking on record the audited financial results for the year ended June 30, 2001 and unaudited financial results for the quarter ended September 30, 2001 has been rescheduled on October 31, 2001. Earlier the Board meeting was scheduled to be held on October 29, 2001.

Ponni Sugars & Chemicals fixes record date for the purpose of scheme of arrangement

BSE has informed the members of the exchange that Ponni Sugars & Chemicals Ltd has fixed November 16, 2001 as the record date for the purpose of the scheme of Arrangement for demerger of Erode undertaking of Ponni Sugars and Chemicals Ltd., betweeen the Company and Ponni Sugars (Erode) Ltd (presently unlisted company) whereby two equity shares of Rs 10 each fully paid-up of Ponni Sugars (Erode) Ltd., will be allotted for every five existing equity shares of Rs 10 each fully paid up of Ponni Sugars and Chemicals Ltd., held and reorganisation of share capital by issue of 3 equity shares of Rs 10 each for every five existing equity shares of Rs 10 each of the company held with concurrent cancellation of existing equity capital. There will be no dealings in the aforesaid scrip w.e.f October 29, 2001.

BSE imposes special margin on 2 scrips

BSE has informed the members of the exchange that Special Margin in the under mentioned scrip has been imposed as mentioned alongside with effect from October 25, 2001. Members are hereby further informed that special margins will be imposed on the basis of clientwise gross or sale position as indicated below: Code Scrip Name Scrip Group SPMGR Per share Purchase 32296 GLENMARK PHARMACEUTICALS LTD B1 25 24652 IND SWIFT LTD B1 25

Indian Rayon acquires 70.35% equity in PSI Data

Bull S.A signed a definitive Share Purchase Agreement on June 25, 2001 with Indian Rayon and Industries Limited (IRIL) agreeing to sell the shares held by Bull S.A in PSI Data Systems Limited to Indian Rayon And Industries Limited. Pursuant thereto, IRIL had made an Open Offer in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, and acquired 20% equity share from the public shareholders. Messrs DSP Merrill Ltd., who were retained by IRIL as the Managers to the Offer, have given their certificate dated October 22, 2001 under Regulation 23(6) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 1997, to the effect that IRIL have complied with all requirements of the said Regulations. At the Board Meeting held on October 24, 2001, the Board approved transfer of 50.35% share held by Bull SA and 20% shares held by public in favour of IRIL. Pursuant to Indian Rayon and Industries Limited acquiring 70.35% equity shares in the Company: The following persons have been co-opted as Additional Directors with immediate effect. Mr Kumar Mangalam Birla Mr Mukesh C Patel Mr Adesh Gupta Mr Kumar Mangalam Birla has been appointed as the Chairman of the Company. Mr S N Talwar has been co-opted as Alternate Director for Mr Mukesh Patel. In accordance with the Share Purchase Agreement between Bull S A and Indian Rayon And Industries Limited, the following directors have resigned from the Board of Directors of the Company, as at the close of the meeting: Mr Alain Zeitoun Mr Bruno d'Humieres Mr Gerard Louzier Mr Jean Brechon Mr Marcel Mulot Mr S N Talwar Alt. Director (for Mr Gerard Louzier) Mr D C Shroff Alt.Director (for Mr Marcel Mulot) Mr Nagendra Venkaswamy Managing Director

Arvind Mills rights issue to open on Nov 3, 2001

Arvind Mills Ltd has informed BSE that its Rights Issue is opening on November 03, 2001 and closing on December 03, 2001

Members of Blue Dart Express approves increase in FII limit

Blue Dart Express Ltd has informed BSE that at the EGM of the company, resolutions for investment by FIIs into the company, upto a ceiling of 49% of the paid up equity capital of the company have been approved.

M J Pharma Board approves rehabilitation scheme

M J Pharmaceuticals Ltd has informed BSE that the Board of Directors of the company has approved the draft Rehabilitation Scheme of the company which includes restructuring/sale of assets of the company and subsequently merger of company with Sun Pharmaceutical Industries Ltd. for submission to the BIFR for their approval.

Kartik Raina appointed MD of Dr Morepen

Morepen Laboratories Ltd has informed BSE that, Kartik Raina is the New Managing Director of Dr Morepen Ltd, newly formed 'Fast Moving Health Goods', subsidiary of the company.

Sandvik Asia establishes new division

Sandvik Asia Ltd has informed BSE that, a new business division, known as Sandvik Rock Processing Division, is being established within the company. This is pursuant to Sandvik Group, through its Mining and Construction business area, reaching a global agreement with Metso Corporation of Finland covering acquisition of segment of Svedala Industri AB, Sweden.