High Court of Madras sanctions scheme of amalgamation of Hatsun Agro
Hatsun Agro Products Ltd has informed BSE that the scheme of amalgamation has been sanctioned by the High Court of Madras, the equity shareholders of Ajith Dairy Industries Ltd. (ADIL) shall be entitled to be allotted one equity share of Rs.10/- each of the company for every ten equity shares of Rs.10/- each held in ADIL.
Crompton Greaves to divest its shareholding in CG Newage Electrical
Crompton Greaves Ltd has informed BSE that the Board of Directors of the company has decided to divest the company's shareholding in CG Newage Electrical Ltd.
Aksh Optifibre Q3 net profit down by 51.64%
Aksh Optifibre Ltd has reported a net profit of Rs 13.95 million for the quarter ended December 31, 2001 as compared to Rs 28.85 million for the same period last year. Net Sales is higher at Rs 431.43 million for the quarter ended December 31, 2001 as compared to Rs 283.73 million for the quarter ended December 31, 2000. Other Income is at Rs 3.05 million in DQ-01 as compared to Rs 3.98 million for the quarter ended December 31, 2000.
Staff Cost has increased from Rs 9.95 million in DQ-00 to Rs 17.38 million in DQ-01 and Interest Expenditure has increased from Rs 6.48 million in the quarter ended December 31, 2000 to Rs 9.40 million in the current quarter.
Nestle to publish FY-01 results by March 31, 2002
Nestle India Ltd has informed BSE that the company will be publishing audited financial results for the year ended December 31, 2001 within the stipulated period of 3 months after the year end. The Audited Resutls would be considered at the Board Meeting proposed in the month of March 2002, date of which will be announced later.
Consequently, the Company shall not be publishing the Unaudited Financial Results for the fourth quarter ended December 31, 2001.
ITC announces change in Directors
ITC Ltd has informed BSE that the Board of Directors of the company at its meeting held on January 18, 2002, appointed Mr. J.B. Stevens as an Additional Non-Executive Director of the Company with effect from January 18, 2002. Further the Board also accepted the resignation of Mr. A.A. R. Rodrigures as a Non-Executive Director of the company, with effect from the said date
S K Thackersey ceases to be Director of Siemens
Siemens Ltd has informed BSE that Mr. S.K. Thackersey has ceased to be a Director of the company with effect from January 17, 2002. The Board has further decided not to fill the vacancy for the time being
Punjab Tractors Q3 results on January 30, 2002
A meeting of the Board of Directors of Punjab Tractors Ltd will be held on January 30, 2002 to take on record the unaudited financial results for the quarter ended December 31, 2001.
S.Kumars Nationwide to consider Q1 results on Jan 31, 2002
A meeting of the Board of Directors of S.Kumars Nationwide Ltd is scheduled to be held on January 31, 2002 to consider the Unaudited Results for the 1st Quarter ended December 31, 2001. The Board will also consider the Audited Accounts and Dividend, if any, upto September 30, 2001, together with the other business including to call the Extraordinary General Meeting to increase the Paid-up Capital of the Company.
Polaris Software Q3 net down by 8.77%
Polaris Software Lab Ltd has posted a net profit of Rs 152.99 million for the quarter ended December 31,2001 as compared to Rs 167.70 million for the corresponding period last fiscal. Total Income has decreased from Rs 740.31 million in DQ-2000 to Rs 722.11 million in the quarter ended December 31, 2001.
Polaris Software's Group's consolidated revenues for the current quarter ended December 31, 2001 dropped by 1.05% compared to corresponding period last year. The Group's revenues for the quarter ended December 31, 2001 stood at Rs 755.10 million (Rs 763.20 million). Net profit for the group has fallen from Rs 160.01 million in DQ-2000 to Rs 148.86 million in the quarter ended December 31, 2001.
The reason for the fall has been attributed to the considerable shift in business from the onsite project model to the offshore projects model. The number of clients has gone up and the offshore relationships have become very healthy. While onsite revenues have fallen to 33.9% (December 31, 20001) from 49.30% (December 31, 2000), the offshore revenues of Polaris has increased to 66.1% (December 31, 2001) from 50.70% (December 31, 2000).
Arun Jain Chairman and Managing Director, Polaris Software Lab, said "Globalisation poses new challenges and for Polaris, especially, it has been a learning experience. It required significant amount of reflection in the current thinking in the industry and mapping this thought process to the needs of a futuristic organisation. We challenged our own business model nine months ago and am happy to say that we have used the current slowdown to build a stronger Polaris that represents dynamic management leadership, high quality processes and capabilities to deliver global solution offerings."
Esab Group to close down Equipment Manufacturing Operations in Esab Thailand
Esab India Ltd has informed BSE that it has been decided by Esab Group to close down the equipment manufacturing operations in Esab Thailand and transfer the same to its Equipment Factory at Kolkata. This is expected to enhance the operations of its Equipment Division and consequently export performance.
P K Gothi re-appointed as MD of Morarjee Goculdas Spinning & Weaving Co
Morarjee Goculdas Spinning & Weaving Company Ltd has informed BSE that the Board of Directors at its meeting held today (January 23, 2002) has reappointed Mr P K Gothi the Managing Director of the Company from January 22, 2002 for a period of five years. Mr Jaydev Mody has been appointed as a Director of the Company liable to retire by rotation.
Asian Paints Q3 net up by 33.83%
Asian Paints (India) Ltd has posted a net profit of Rs 343.40 million for the quarter ended December 31, 2001 as compared to Rs 256.60 million for the quarter ended December 31, 2000. Total Income for the quarter ended December 31, 2001 is at Rs 3812.20 million as against Rs 3190.20 million for the quarter ended December 31, 2000.
Interest Expenditure has declined from Rs 61.50 million in DQ-00 to Rs 42.40 million in DQ-01.
HPCL Q3 results deferred
A meeting of the Board of Directors of Hindustan Petroleum Corporation Ltd which was scheduled to be held today (January 23, 2002) for consideration of results for the quarter ended December 31, 2001 could not be taken up for consideration.
The said quarter results will now be considered at the next meeting of the Board that will be convened shortly.
Eicher announces change in management structure
Eicher Ltd has announced the following change in management structure:
As a part of the organisational changes, R C Jain and P K Kapse have stepped down as Managing Directors and Directors from the Board of Directors of the company. They will continue as Chief Executives of Tractor Business and Gear Business respectively of the company.
P K Purang has resigned from the company and has also stepped down as Managing Director and Director from the Board of Directors of the company.
S Sandilya, Group Chairman has been appointed as Executive Chairman in-charge of the overall management of affairs of the company.
HDFC board approves proposal to set up JV with Chubb Global for foray into General Insurance business
Housing Development Finance Corporation Ltd has informed BSE that the Board of Directors at their meeting held today (January 23, 2002) approved in principle the proposal to set up a joint venture company between the Corporation and Chubb Global Financial Services Corporation (Chubb), USA, for the business of General Insurance. The shareholder's agreement for the proposed company will be signed shortly.
Chubb is one of the largest property-casualty insurers in the USA with an asset base of over Rs 1,25,000 crores (US$ 25 billion) as of December 2000. For the year 2000, Chubb has underwritten insurance worth more than Rs 30000 crores and for the nine month period ending September 30, 2001, Chubb has underwritten insurance worth Rs 25500 crores. Chubb ranks among the top 10 publicly traded insurance company based on revenues in the US and enjoys a AA+ credit rating from Standard & Poor's.
BIFR registers BSI as a Sick Industrial Company
BSI Ltd has informed BSE that, the company has become a Sick Industrial Company as per SICA, 1985 and registered with BIFR as Case No.149/98. The BIFR has declared the company as 'Sick Industrial Company' and IDBI has been appointed as Operating agency.
Hindalco to consider buyback of equity shares on Jan 30, 2002
A meeting of the Board of Directors of Hindalco Industries Ltd will be held on January 30, 2002 to transact the following business:-
To discuss and consider offer of buyback of equity shares of the company in terms of Sec 77A of the Companies Act, 1956 and the SEBI Regulations 1998.
Escorts Q3 results on Jan 30, 2002
A meeting of the Board of Directors of Escorts Ltd will be held on January 30, 2002 to consider and take on record the Unaudited Financial Results (provisional) for the third quarter ended December 31, 2001.
Rolta India to publish FY-01 results by March 31, 2002
Rolta India India Ltd has informed BSE that the Company would be publishing audited results of the Company for the financial year ended December 31, 2001 on or before March 31, 2002. Accordingly, since the Company would be publishing the audited results within a period of 3 months from the end of the last quarter of the financial year 2001, the unaudited result for the last quarter will not be published.
United Breweries Board to consider identification of strategic partner
United Breweries Ltd has informed BSE that in the proposed Board Meeting to be held today (January 23, 2002), the Board of Directors will also consider, among other items of agenda, identification of strategic partner and broad in-principle understanding to be entered into with such partner.
Atlas Copco to consider FY-01 results by Feb 28, 2002
Atlas Copco (India) Ltd has informed BSE that the Board of Directors of the Company will be held next month to consider the Audited Financial Results for the period ended on December 31, 2001 and the Company would not be publishing the Unaudited Financial Results in the month of January 2002.
The date of the Board Meeting to consider Audited Financial Results for the period ended on December 31, 2001 will be intimated in due course of time.
Apollo Hospitals Q3 net down by 18.75%
Apollo Hospitals Enterprise Ltd has posted a net profit of Rs 52 million for the quarter ended December 31, 2001 as compared to Rs 64 million for the quarter ended December 31, 2000. Total Income for the quarter ended December 31, 2001 is at Rs 904 million as against Rs 787 million for DQ-2000.
Arvind Mills Q1 results on January 31, 2002
A meeting of the Board of Directors of Arvind Mills Ltd has been convened on January 31, 2002 to take on record the unaudited financial results for the quarter ended December 31, 2001.
S A Bhat appointed as Director on the Board of IL&FS Venture Corporation
IL&FS Venture Corporation Ltd has informed BSE that the Board of Directors at its meeting held today (January 23, 2002) has appointed Mr S A Bhat as a Director of the Company in place of Mr N S Nayak and Mr V V Subramanian has resigned from the Board of Directors of the Company.
Cadila Healthcare Q3 net down by 15.74%
Cadila Healthcare Ltd has posted a net profit of Rs 147.02 million for the quarter ended December 31, 2001 as compared to Rs 174.50 million for the quarter ended December 31, 2000. Total Income has increased from Rs 1173.39 million in DQ 2000 to Rs 1522.75 million in the quarter ended December 31, 2001.
Tata Chemicals revises buy-back terms
Tata Chemicals Ltd has informed BSE that at the meeting of Board of Directors of the Company held today (January 23, 2002), the Board has reviewed the earlier approval for buyback of Company's shares.
In light of the recent liberalized guidelines for buyback, the Board has now authorised the Company to buyback, through Stock Market Operations, Company's own equity shares of Rs. 10/- each at price not exceeding Rs. 60 per share subject to the condition that the aggregate consideration for the buyback shall not exceed 10% of Company's paid up equity share capital and free reserves.
Since the above scheme is in line with the liberalised buyback guidelines the consent of the shareholders would not be necessary.
Colgate Palmolive board to consider interim dividend on Feb 15, 2002
A meeting of the Board of Directors of Colgate-Palmolive (India) Ltd is proposed to be held on February 15, 2002 to consider and declare Interim Dividend for the year ending March 31, 2002.
Tata Chemicals Q3 net profit at Rs 460.90 million
Tata Chemicals Ltd has posted a net profit of Rs 460.90 million for the quarter ended December 31, 2001 as compared to Rs 2518.20 million for the quarter ended December 31, 2000. Total Income has decreased from Rs 5692.30 million in DQ 2000 to Rs 3701.50 million in the quarter ended December 31, 2001.
The financial results for previous periods include a profit of Rs 2050 million, under the head Other Income consequent to merger of Sabras investment and Trading Company Ltd with the Company. Hence the profits before and after taxes are not comparable with the corresponding periods of the previous year.
For the pricing period commencing from July 1, 97, the Government is yet to announce the policy parameters for consumption norms, conversion costs and capital related charges, etc. to be followed for fixing final retention price of Urea.
However, the Government has on November 5, 2001 announced an interim downward revision of energy norms w.e.f April 1, 2000. The impact of a credit not of Rs 202.40 million issued to the Government in this respect has been recognized by reduction in the revenue for the quarter ended December 31, 2001.
Indian Hotels Board decides not to go ahead with amalgamation proposal
The Board of Directors of Indian Hotels Company Ltd at its meeting held today (January 23, 2002) has considered the proposal of whether or not to amalgamate Asia Pacific Hotels Ltd, a wholly owned subsidiary of the Company with the Company and has decided not to go ahead with the proposal of amalgamation.
Colgate Palmolive Q3 net up by 30.33%
Colgate Palmolive (India) Ltd has reported a net profit of Rs 159 million for the quarter ended December 31, 2001 as compared to Rs 122 million for the quarter ended December 31, 2000. Net Sales for the quarter ended December 31, 2001 is at Rs 2950 million as compared to Rs 3013 million for the quarter ended December 31, 2000. Other Income is at Rs 35 million in DQ-01 as compared to Rs 50 million in DQ-00.
During the quarter, the company contributed to build on its highly successful "Talk to me" advertising campaign for Colgate Fresh Energy Gel by re-launching it with a new refreshing flavour in a unique transparent tube, a first for the category in India. The flagship brand Colgate Dental Cream continues to enjoy dominant market leadership.
Indian Hotels Q3 net profit down by 83.37%
Indian Hotels Company Ltd has posted a net profit of Rs 60.10 million for the quarter ended December 31, 2001 as compared to Rs 361.50 million for the quarter ended December 31, 2000. Net Sales are lower at Rs 1310.30 million in the current quarter ended December 31, 2001 as compared to Rs 1945.70 million in the quarter ended December 31, 2000. Other Income for the quarter ended December 31,2001 is Rs 31.60 million as compared to Rs 54.50 million in the quarter ended December 31, 2000.
Extra-ordinary items comprising amortisation of VRS expenditure (Rs 22.20 million), Profit on sale of business (Rs 8.30 million) and other exceptional items (Rs 5.70 million) has been considered while arriving at the net profit for the current quarter ended December 31, 2001.
The Company's operating performance during current period has been adversely impacted by the attack of the World Trade Centre on September 11, 2001 and its aftermath on the Tourism industry. Performance during the month of December 2001 was however better than preceding two months indicating some recovery. While there was drop in revenue arising out of cancellation of bookings significant cost savings were achieved due to various initiatives incorporated.
The financial results for the quarter ended December 31, 2001 are not comparable with the same period in the previous year since the company transferred the Air Catering business to a Joint Venture Company with Singapore Airport Terminal Services (SATC) with effect from September 30, 2001. Results for the quarter and nine months ended December 31, 2000 have since been presented without Air Catering business based on unit and management accounts in order to facilitate proper comparison.
Consistent with the Company's objective of significantly improving its major properties and upgrading its service standards, substantial amounts have been invested in major renovations which, alongwith strategic acquisitions, have resulted in increased interest and depreciation costs for the current period.
United Breweries denies news article
With reference to a news article appearing in a leading news daily titled "Scottish & Newscastle to acquire 31% stake in Mallya companies" United Breweries Ltd, in a communication issued to the BSE has informed that the aforesaid news article is factually incorrect.
To discuss the aforesaid issue, a meeting of the Board of Directors of the Company is scheduled to be held today (January 23, 2002)
Indian Hotels Board decides not to go ahead with amalgamation proposal
The Board of Directors of Indian Hotels Company Ltd at its meeting held today (January 23, 2002) has considered the proposal of whether or not to amalgamate Asia Pacific Hotels Ltd, a wholly owned subsidiary of the Company with the Company and has decided not to go ahead with the proposal of amalgamation.
Colgate Palmolive Q3 net up by 30.33%
Colgate Palmolive (India) Ltd has reported a net profit of Rs 159 million for the quarter ended December 31, 2001 as compared to Rs 122 million for the quarter ended December 31, 2000. Net Sales for the quarter ended December 31, 2001 is at Rs 2950 million as compared to Rs 3013 million for the quarter ended December 31, 2000. Other Income is at Rs 35 million in DQ-01 as compared to Rs 50 million in DQ-00.
During the quarter, the company contributed to build on its highly successful "Talk to me" advertising campaign for Colgate Fresh Energy Gel by re-launching it with a new refreshing flavour in a unique transparent tube, a first for the category in India. The flagship brand Colgate Dental Cream continues to enjoy dominant market leadership.
Indian Hotels Q3 net profit down by 83.37%
Indian Hotels Company Ltd has posted a net profit of Rs 60.10 million for the quarter ended December 31, 2001 as compared to Rs 361.50 million for the quarter ended December 31, 2000. Net Sales are lower at Rs 1310.30 million in the current quarter ended December 31, 2001 as compared to Rs 1945.70 million in the quarter ended December 31, 2000. Other Income for the quarter ended December 31,2001 is Rs 31.60 million as compared to Rs 54.50 million in the quarter ended December 31, 2000.
Extra-ordinary items comprising amortisation of VRS expenditure (Rs 22.20 million), Profit on sale of business (Rs 8.30 million) and other exceptional items (Rs 5.70 million) has been considered while arriving at the net profit for the current quarter ended December 31, 2001.
The Company's operating performance during current period has been adversely impacted by the attack of the World Trade Centre on September 11, 2001 and its aftermath on the Tourism industry. Performance during the month of December 2001 was however better than preceding two months indicating some recovery. While there was drop in revenue arising out of cancellation of bookings significant cost savings were achieved due to various initiatives incorporated.
The financial results for the quarter ended December 31, 2001 are not comparable with the same period in the previous year since the company transferred the Air Catering business to a Joint Venture Company with Singapore Airport Terminal Services (SATC) with effect from September 30, 2001. Results for the quarter and nine months ended December 31, 2000 have since been presented without Air Catering business based on unit and management accounts in order to facilitate proper comparison.
Consistent with the Company's objective of significantly improving its major properties and upgrading its service standards, substantial amounts have been invested in major renovations which, alongwith strategic acquisitions, have resulted in increased interest and depreciation costs for the current period.
United Breweries denies news article
With reference to a news article appearing in a leading news daily titled "Scottish & Newscastle to acquire 31% stake in Mallya companies" United Breweries Ltd, in a communication issued to the BSE has informed that the aforesaid news article is factually incorrect.
To discuss the aforesaid issue, a meeting of the Board of Directors of the Company is scheduled to be held today (January 23, 2002)
Corporation Bank Q3 net up by 10.23%, Total Income up by 15.54%
Corporation Bank has posted a net profit of Rs 914.50 million for the quarter ended December 31, 2001 as compared to Rs 829.60 million for the same period last year. Total Income for the quarter ended December 31, 2001 is at Rs 6020.80 million as compared to Rs 5211 million for the quarter ended December 31, 2000.
Interest Expended by the Bank has increased from Rs 2954 million in DQ-00 to Rs 3369.50 million in DQ-01.
The working results for the period have been arrived after considering provision for NPAs, Bonus, Income Tax, Wealth Tax, etc. on an estimated basis.
VisualSoft Tech Q3 net profit down by 73.19%
VisualSoft Technologies Ltd has reported a net profit of Rs 55.34 million for the quarter ended December 31, 2001 as compared to Rs 206.46 million for the same period last year. Income from Software Sales are down by 39.65%, from Rs 405.11 million in DQ-00 to Rs 244.49 million in DQ-01. Other Income is at Rs 15.94 million in the quarter ended December 31, 2001 as compared to Rs 11.42 million in the quarter ended December 31, 2000.
Andhra Bank Q3 net up by 38.57%
Andhra Bank has posted a net profit of Rs 467.80 million for the quarter ended December 31, 2001 as compared to Rs 337.60 million for the quarter ended December 31 2000. Total Income for the quarter ended December 31, 2001 is at Rs 5754.10 million as compared to Rs 5238 million for the quarter ended December 31, 2000.
Provisions and Contingencies made by the Bank have increased from Rs 1.90 million in DQ-00 to Rs 591.10 million in DQ-01.
Alps Infosys board approves stock split
Alps Infosys Ltd has informed BSE that the Board of Directors of the company has approved, subject to necessary approvals, split in the face value of equity shares of the company from Rs.10/- to Re 1.
Infosys Tech clarifies on news article
With reference to the news article captioned "Infosys Plans China Foray" appearing in a leading financial daily, Infosys Technologies Ltd has informed BSE that the Company views China as a potential market for its business.
The Company has been granted verbal approval for opening a branch office in China and is awaiting a further official communication pursuant hitherto. However, the Company has not yet firmed up its plans for the Chinese market.
The Company continues to assess the legal regime in China and awaits appropriate changes in the law before it takes concrete steps towards entry into the said jurisdiction.
Advani Oerlikon board approves buy-back at Rs 20 per share
Advani Oerlikon Ltd has informed BSE that the Board of Directors of the company has decided to buy-back its shares upto 10% of the total paid up share capital and free reserves i.e. maximum of 35,07,840 shares for a total maximum consideration of Rs.70.20 million by offering a price of Rs.20/- per share through tender offer route.
Chowgule Steamships concludes sale of MV Maratha Memory for $13.425 million
Chowgule Steamships Ltd has informed BSE that the sale of M V Maratha Memory has been concluded to a foreign buyer for a price of USD 13.425 Million. The sale consideration was received and the vessel was delivered to the buyer on January 2, 2002 around 6 p m (IST). The sale proceeds will be utilized to partly repay International Finance Corporation, Washington loan.
Geometric Software and Dassualt Systemes sign Joint Venture
Geometric Software Solutions Ltd and Dassault Systemes, the world's leading provider of 3d PLM solutions, today (January 23, 2002) announced the signing of a Joint Venture, resulting in the formation of a new company.
The new company to be named 3D PLM Software Solutions Ltd (3D PLM) will have an initial equity base of Rs 13 million of which Geometric and Dassault Systemes will hold 70 and 30 per cent respectively. Importantly, 3D PLM will start operations with a mandate of software development for the DS Group, thereby allowing the new company to generate revenues from day one.
Manu Parpia, Managing Director, Geometric will in addition to his current role, steer 3D PLM as its Managing Director, to build expertise in the PLM space, while seeking to build alliances with market leaders. After a satisfying association with two DS Group Companies, SolidWorks and Spatial Corp, we are pleased to now extend Geometric's capabilities across the DS Group.
NIIT and Click2learn form multi-million dollar global strategic alliance
In a move that will provide customers with the most comprehensive and technologically advanced e-learning and knowledge solution to date, NIIT Ltd and Click2learn, a leading provider of enterprise learning platforms have announced that they have entered into a strategic development and technology alliance.
Under the terms of the multiyear, multifaceted alliance, NIIT and Click2learn will jointly develop e-learning and knowledge solutions for the marketplace using Click2learn's Aspen platform and NIIT's knowledge services.
NIIT will acquire the assets of Click2learn's custom development business and will be Click2learn's exclusive commercial custom development partner. The alliance also establishes NIIT as a reseller of Click2learn's highly acclaimed Aspen Enterprise Learning Platform and ToolBook line of products.
In addition, the Aspen platform will be used by NIIT in development projects by its over 500 developers and for its internal corporate university which serves its employees in 38 countries. It will also be the foundation for its commercial e-Learning initiative, Netvarsity.com , which reaches over 500,000 students.
BSE imposes Special Margin on 3 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 today (January 23, 2002).
Special margins will be imposed on the basis of clientwise gross purchase or sale position as indicated below:
Code Name Group Sp.Mgr Per Shares(%) (Purchases)
531520 PAN INDIA RESORT & LAND DEVELOPER LTD B2 25
530943 SRI ADHIKARI BROTHERS T.V NETWORK LTD B1 25
531922 VOLPLAST LTD B2 25
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