Geometric Software Solutions allots shares under ESOP
Geometric Software Solutions Co. Ltd has informed BSE that the Allotment Committee at their meeting held on June 14, 2002 has allotted 4,466 shares on application of the employees for conversion of ESOP's into equity shares of the Company.
Mid-Day Multimedia-Contract for outdoor advertising rights
Mid-Day Multimedia Ltd has informed BSE that a meeting of the Board of Directors of the Company was held on July 11, 2002.
The board approved and took on record the following:
The contract for advertising rights on B E S &T Undertaking's Bus Queue shelter (South Zone - approx. 600 shelters) has been awarded to Mid-day Multimedia Ltd w e f July 18, 2002, for a period of 36 months.
The contract for advertising rights on street light poles of 10 bridges of MSRDC alongwith advertising rights on toll 2 Nakas (Dahisar and Mulund) and also advertising rights under J.J and Sion Bridges have been awarded to Mid-day Multimedia Ltd for a period of 36 months.
Creative Eye creates new programing cell
Creative Eye have recently created its new programming cell constituting of the talented people headed by Roopa Das, Ex Sr Executive Producer of Sony Entertainment Television. She has been appointed as Vice President, Programming by CEL.
CEL is also inducting more professionals very shortly in its programming cell.
The Programming cell have already started working on various genres of programs including social, suspense thriller, Comedy Sit-com. CEL have commenced the shooting of three new programs. CEL plans to produce atleast six new programs with the active association of its newly formed programming cell for Doordarshan and Satellite channels during the 3rd quarter of 2002-03.
Zee Tele Q1 results on July 18, 2002
A meeting of the Board of ZeeTelefilms Ltd is scheduled to be held on July 18, 2002 to consider and take on record the unaudited financial results for the quarter ended June 30, 2002.
Rolta India clarifies on news item
With reference to a news item appearing in a leading website, Rolta India Ltd has informed BSE the following:
The Company has recorded a sales turnover of over Rs 3000 million for the financial year 2001. These sales included Rs 760.30 million being cost of self-assembled and /or integrated capital equipment transferred to the Company's own divisions.
Rolta is a hi-tech Company, which has over the years acquired substantial expertise, which the Company utilizes for in-house development, integration and customization to its advantage. The Company would have incurred substantially higher cost besides long delivery cycle for procuring similar systems from external sources. This inter division sale represent direct cost of material, labour and overheads and no profit element is involved and hence the bottom line is not affected. The same has been capitalised as computer plant under the head fixed assets and depreciation has been provided accordingly. Apart from the above, addition to gross block also includes other directly procured standard computer parts, peripherals networking etc which have been cost effectively procured from the market. Thus the total addition to gross block is much higher than the amount of inter division sales. During 2000 the inter division sales was Rs 450.90 million and during 2001 it increased to Rs 760.30 million due to the major expansion programme.
The Company has correctly and rightly reflected this addition to fixed assets in the cash flow statements since it involves outflow of cash by way of payment for material and overheads. The Company has been following this practice uniformly in the past and proper disclosure have been made in the Annual accounts every year. This business practice is also followed by other major large corporates in India.
The Company has exhaustively covered the point on debtors in the management discussion and analysis section of its Annual report 2001. The Company's overseas projects executed from its facilities in Mumbai are typically spread over one to three years. The payments for such projects are milestone based and major portion of these are received when project gets accepted and approved. Even in the domestic market the Company is dealing with various Government/Semi-Government agencies, in offering turnkey solutions and services and these contracts involve a significant amount of value-addition and are spread over long periods resulting in long payment cycles. The Company factors these delays into the pricing of its solutions and services since the business is conducted with established and credit worthy customers. The Company's prudent client selection is reflected in the fact that there were no bad debts arising in the year 2001 or earlier years.
HDFC purchases additional stake in GRUH Finance
Housing Development Finance Corporation Ltd has informed BSE that the Corporation has purchased 18,00,582 equity shares of Rs 10 each of GRUH Finance Ltd, representing 6.79% of its paid up equity capital. After the said purchase, the holding of the Corporation in GRUH Finance Ltd aggregates to 1,62,40,604 equity shares of Rs 10 each, representing 61.29% of its paid up capital.
Bank of Asia- Thailand to implement Polaris Software's Collect now from the Bankware suite of Banking Solutions
BankWare™, the banking products unit of Polaris Software Lab, today (July 11, 2002) notched up another product win in the ASEAN Region by bagging an order from Bank of Asia, Thailand, a subsidiary of ABN AMRO and one of the largest Retail Banks in the Thai region. Bank of Asia, a forerunner in new technology upgradation, has chosen CollectNow, the delinquent loan tracking and collection system from BankWare™'s suite of products. It may be recalled that BankWare™ had announced another strategic relationship with Shinsei Bank of Japan less than a month ago.
The implementation of CollectNow, the delinquent loan tracking and collection system at Bank of Asia has the inherent advantages of automatic queue management and multiple queuing vectors. The collection system provides an efficient and user friendly environment for a bank to process its collection administration. It is a completely parameterized system that can be configured as per any organization's needs.
Arun Jain, Chairman & Managing Director & CEO, Polaris Software Lab said, "With the Bank of Asia order, BankWare™ has notched up repeat successes in a short span of time. BankWare™ now enjoys strategic business relationships with premium banking corporates in the Indonesia, Japan and the Middle East Region(s). These relationships stand testimony to the fundamental value proposition that BankWare™ brings to each business, and we are confident that the Asian marketplace will continue to yield long-term relationships for this product suite.
Mastek issues outlook for FY-2003
Commenting on the guidance for the year, Mr Ashank Desai of Mastek said, " Over the next few years we will be on an exciting journey, building a large IT services organization. We will continue to build on the confidence & foundation that we have created last year. While uncertainties relating to the timing of US economic recovery still remain, over the next few years, we see a substantial increase in IT-budgets allocated to India based outsourcing. All in all, compared to a year ago we are more optimistic now about our next 4-quarter-performace."
For FY-2003, Mastek expects its group (excluding its share in the Joint Venture) revenues to increase by 38% to 44% and net profit to increase by 35% to 45% over FY-2002.
For FY-2003 Mastek expects its group (including its share in the Joint Venture) revenues to increase by 45% to 50% and net profit to increase by 42% to 52% over FY 2002.
Mastek Q4 net at Rs 70.30 million, FY-02 net up by 86.44%
Mastek Ltd has posted a net profit of Rs 70.30 million for quarter ended June 30, 2002 as compared to a net profit of Rs 47.20 million for quarter ended June 30, 2001. The total income has increased from Rs 202.90 million in JQ-01 to Rs 350.50 million in JQ-02.
The company has posted a net profit of Rs 255.80 million for financial year ended June 30, 2002 as compared to Rs 137.20 million for financial year ended June 30, 2001. The total income has increased from Rs 849.50 million in FY-01 to Rs 1059.60 million in FY-02.
Profit for the current financial year and quarter is after charging an extra ordinary item of Rs 66.10 million on account of provision for impairment of investment.
The consolidated results are as follows:
The company has posted a net profit of Rs 169.50 million for quarter ended June 30, 2002 as compared to a net loss of Rs 32.60 million for quarter ended June 30, 2001. The total income has increased from Rs 651.10 million in JQ-01 to Rs 855.30 million in JQ-02.
The company has posted a net profit of Rs 382.30 million for financial year ended June 30, 2002 as compared to Rs 84.40 million for financial year ended June 30, 2001. The total income has increased from Rs 2610.80 million in FY-01 to Rs 2880.90 million in FY-02.
Dabur restructures its pharmaceutical business
Dabur India Ltd has restructured its Rs 1629 million pharmaceutical business and has virtually separated it from FMCG business. This amounts to a virtual demerger of Dabur's FMCG and Pharma business is a prelude to hiving of Dabur's Pharma business into a separate entity at a later date.
Under the new setup, the Pharmaceutical business would continue to remain under the ambit of Dabur India but would function as a separate business unit internally with a separate Business Head and functional heads. This new business unit would also maintain separate books of accounts.
This decision is based on the recommendations of Accenture that suggested separation of Dabur's Pharmaceutical and FMCG business to provide greater focus and growth to each business under separate business heads.
"The objective of this exercise is to create a global presence for Dabur's Pharmaceutical business and take advantage of its operations both in India and in Europe. This move will enable us to harmonize our strategies, create operational efficiencies, and maximize our penetration into global markets", said V C Burman, Chairman Dabur India, adding that Dabur may consider different options of hiving this business into separate entity later
The pharmaceuticals business will be led by Pharma Management Committee headed by Pharma Management Committee headed by Dr Anand Burman. The role of the Management Committee would be to determine operational policies, conduct business performance reviews and ensure that there are adequate internal control and standard operating procedures in the business.
Nicholas Piramal's first NCE patent filed
Nicholas Piramal has filed its first patent for its own NCE (New Chemical Entity) - an anti-cancer molecule NP102.
The Company has filed an application in India and the USA and will file a Paris Convention Treaty (PCT) patent application subsequently.
The new molecule is a cyclin-dependent Kinase 4 (CDK4) inhibitor. The compounds are being sent to the USA for further technology and xenograft testing. These studies will be completed in the next six months.
Sun Pharma Q1 results on July 22, 2002
The Board of Directors of Sun Pharmaceuticals Ltd will meet on July 22, 2002 to take on record the un-audited financial results of the company for the first quarter ended June 30, 2002
IPCL Q1 results on July 27, 2002
Indian Petrochemicals Corporation Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled for July 27,2002, to take on record the unaudited financial results for and upto first quarter ended June 30, 2002.
Raymond Q1 results on July 31, 2002
Raymond Ltd has informed BSE that a meeting of the Board of Directors of the Company has been convened to be held on July 31, 2002 to consider inter alia the unaudited financial results of the Company for the first quarter ended June 30, 2002.
Tata Tea fixes book closure for AGM
Tata Tea Ltd has informed BSE that the Register and Share Transfer of Shares will remain closed from August 27, 2002 to September 14, 2002 both days inclusive, for the purpose of holding the AGM of the members of the company, which be held on September 16, 2002.
Tata Infotech MD resigns
Tata Infotech Ltd has informed BSE that Dr Nirmal Jain has resigned as the Managing Director from the Board of Directors of the company wef July 19, 2002.
Alps Infosys Board to consider Joint Venture with DCC Inc., Michigan
Alps Infosys Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 20, 2002 to consider the following business:
To consider regarding Joint Venture for setting up CRM & IT enabled service centre with USA based Company DCC Inc., Michigan and their Indian Counter Part DCC Private Ltd, India. The estimated project size for the 500 agents CRM Centre is fifty million US$
Ispat Ind indefinitely defers implementation of restructuring package
Ispat Industries Ltd , the Indian Steel maker which defaulted on the repayment of its US$125,000,000 convertible bonds at majurity in April 2001, has informed an ad hoc committee of holders of bonds that consideration by the Board of the financial restructuring terms agreed with the committee in December 2001, has been indefinitely deferred in response to representations made by certain board members that are nominees of Ispat's senior lenders.
As negotiated the restructuring provides for repayment of past due interest over the next 18 months, extending the maturity to December 31, 2009, semi-annual cash interest payments ranging between 3% and 4.5% and annual principal repayments in years 2006-2009.
Having negotiated definitive legal documentation to an advanced level in conjunction with the Trustee Company Ltd and legal counsel to the committee the financial restructuring package was due to be put to a meeting of bondholders following final board approval of documentation at the end of June. Approval by the Board has now been indefinitely deferred
Flag Off of Gati's 2nd Millennium Parcel Express
For the first time in Indian history, a private express cargo train, "The Millennium Parcel Express", a co-enterprise of Gati & Indian Railways was flagged off in November 2001 at Mumbai. Seven months later Gati is flagging-off its second cargo train between Delhi & Mumbai with a single stop-over at Valsad (25 Kms from Vapi). The transit time of 30 hours will create history in Indian Railways as it intends to match the passenger train timings.
The co-enterprise is the first step of the Indian railways to form an alliance with the corporate sector to give its customer value for money and a service, which will change the face of the transport Industry in the country.
Reliance Petroleum clarifies on news item
With reference to the news article appearing in a leading financial daily stating "Reliance Petroleum flouted Companies Act, says DCA" Reliance Petroleum Ltd has informed BSE that the matter under enquiry relates to the year 1994-95, which is 7 to 8 years old. The Company has further informed that it has complied with all applicable laws, rules and regulations. It is co-operating with the authorities for expeditious conclusion of these matters.
Gujarat Gas assigns its gas purchase contract to its 100% owned subsidiary - GTCL
Gujarat Gas Company Ltd (GGCL) has informed BSE that it has assigned its gas purchase contract, executed with a consortium led by Cairn Energy (Lakshmi field) valid for a period of 5 years, for purchase of 1.27 million standard cubic meters of gas per day, to its 100% owned subsidiary Gujaratgas Trading Company Ltd (GTCL). GGCL would transmit this gas for GTCL.
The Company has further informed that this is a part of an exercise that will allow GGCL to supply gas to customers in backward areas at concessional sales tax. Gas is expected to flow in the 3rd quarter of year 2002.
GTCL being a 100% subsidiary Company of GGCL, this assignment will not have any material effect on overall profitability at a consolidated level.
JB Chemicals & Pharmaceuticals to setup Doktor Mom Manufacturing Unit at Daman
JB Chemicals & Pharmaceuticals Ltd (JBCPL), one of the India's fastest growing pharmaceutical companies, at its Annual General Meeting announced plans to setup a state of the art manufacturing facility to exclusively manufacture its world class Doktor Mon range of cough lozenges and tablets in Daman. The manufacturing facility will be built as per international GMP standards at a projected cost of Rs 150 million and will be totally financed through internal accruals. Profits derived from this new facility will be Completely Tax Free for the first five years from financial year 2003-04 and 30% of the Profits will be tax free for the next five years. The strategic and tax efficient project is expected to go on stream by 2003 and will have a significant impact on bottom line and Earnings Per Share (EPS) in the years to come. This is in line with Company's philosophy of maintaining highest quality standards through setting up new manufacturing facilities with most modern technology that empowers the Company to meet its vision of reaching a turnover of around Rs 5000 million by the year 2005. Further, it will also enable the Company to cater to the increasing demand for Company's products in the domestic as well as international market, in the coming years.
Mr J B Mody Chairman (JBPCL) said, "We are confident of sustaining this steady growth and achieving a turnover of around Rs 5000 million by 2005 by focusing on seven growth drivers. Expanding margin by launching value added products. Product innovation in fast growing therapies, Leveraging top of mind brand recall of UNIQUE and enhancing its brand equity. Improving prescription strike rates and expanding reach. Moving even mature products into the growth zone in line with the potential of the therapeutic segments. Creating State-of-the-art and tax efficient manufacturing facilities to meet future growth of business and steadily increasing the ratio of international business to domestic business".
Sulzer India enters into sales representation agreement with Elbar B.V
Sulzer India Ltd has informed BSE the following:
It has entered into a Sales Representation Agreement with Elbar BV., The Netherlands for promotion of Turbo Machinery Services Business in India. This agreement will come into force with retrospective effect from March 01, 2002.
Sulzer Markets & Technology Ltd., Switzerland has terminated the Sales Representation arrangement with the Company in respect of Textile Machinery business of Sulzer Textile AG, Switzerland in India, with effect from January 01, 2003. This decision of Sulzer Markets & Technology Ltd is consequent to the decision of Sulzer Corporation, Switzerland to concentrate on a few core businesses.
CRISIL Q1 results on July 19, 2002
Credit Rating Information Services of India Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on July 19, 2002 to consider the unaudited financial results for the first quarter ended June 30, 2002.
Indian Hotels Q1 results on July 19, 2002
Indian Hotels Company Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on July 19, 2002 to consider, inter alia the unaudited quarterly results (provisional) of the Company for the quarter ended June 30, 2002.
Precision Wires India Company Secretary resigns
Precision Wires India Ltd has informed BSE that Mr Sathe Subhashchandra, Company Secretary has resigned and his resignation has been accepted w e f July 01, 2002.
Indian Rayon Q1 results on July 26, 2002
Indian Rayon and Industries Ltd has informed BSE that the meeting of the Board of Directors of the Company will be held on July 26, 2002 to inter alia take on record the unaudited financial results for the quarter ended June 30, 2002.
L&T Q1 results on July 31, 2002
A meeting of the Board of Directors of Larsen & Toubro Ltd is scheduled to be held on July 31, 2002 to consider and take on record the unaudited financial results of the Company for the quarter ended June 30, 2002.
HDFC Bank Q1 results on July 17, 2002
HDFC Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 17, 2002 to consider the unaudited results for the quarter ended June 30, 2002.
HLL Q2 results on July 22, 2002
Hindustan Lever Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 22, 2002 to take on record the unaudited financial results for the quarter ended June 2002 as also to consider payment of interim dividend for the financial year ending December 31, 2002.
HLL to seek shareholders/secured & unsecured creditors approval for scheme of arrangement
Hindustan Lever Ltd has informed BSE that a notice convening a meeting of the equity shareholders to be held on August 09, 2002 as per the Order of the Hon'ble High Court of Judicature at Bombay to approve the scheme of arrangement for issue of secured fully paid Bonus Debentures and payment of special dividend.
A notice convening a meeting of the secured creditors to be held on August 10, 2002 as per the order of the Hon'ble High Court of Judicature at Bombay, to approve the scheme of arrangement for issue of secured fully paid Bonus Debentures and payment of special dividend.
A notice convening a meeting of the unsecured creditors to be held on August 10, 2002 as per the order of the Hon'ble High Court of Judicature at Bombay, to approve the scheme of arrangement for issue of secured fully paid Bonus Debentures and payment of special dividend.
Satyam clarifies on news item
With reference to the news article appearing in a leading financial daily regarding sale of stake in SIFY, Satyam Computer Services Ltd has informed BSE that the news item is of speculative nature. The Company has further informed that the Company has decided to explore opportunities for divestment and divest its stake in SIFY, in whole or in part.
Perfect Moulds ceases to be a subsidiary of Voltas
Voltas Ltd has informed BSE that Perfect Moulds Ltd has ceased to be a subsidiary of the Company consequent upon allotment of 30,00,000 equity shares of Rs 10 each by PML to Sermo Montaigu, France (Sermo), the joint venture partner, on July 06, 2002.
The paid up capital of PML of Rs 130 million is now held in equal proportion of 50:50 ie 65,00,000 equity shares of Rs 10 each aggregating Rs 65 million each by Voltas and Sermo.
UTI Bank Q1 net up by 41.82%
UTI Bank Ltd has posted a net profit of Rs 359.80 million for quarter ended June 30, 2002 as compared to a net profit of Rs 253.70 million for quarter ended June 30, 2001. The total income has increased from Rs 3672.80 million for quarter ended June 30, 2001 to Rs 3942.90 million for quarter ended June 30, 2002.
Sanwaria Agro Board meeting for consideration of bonus shares adjourned
The meeting of the Board of Directors of Sanwaria Agro Oils Ltd to consider issue of bonus shares scheduled to be held on July 10, 2002 has been adjourned due to the lack of quorum in the meeting and decided by the present members of the board to call the meeting of Board of Directors on July 17, 2002 to consider the matter of issue of bonus shares.
Ranbaxy files IND application in India for Intravenous use of Anti-Bacterial Oxazolidione
Ranbaxy Laboratories Ltd announced the filing of an Investigational New Drug (IND) application for Intravenous (IV) use of its molecule. RBx 7644 (Ranbezolid), an extended spectrum Oxazolidinone, with the Drugs Controller General of India (DCGI). Ranbaxy had earlier announced the filing of an IND application for this molecule in its oral usage form. World wide, this will be the second anti-bacterial molecule of oxazolidinone class of compounds; but is the first going into clinical investigations with an extended spectrum of activity both in solid and injectable form.
The development and ultimate availability of oral and IV formulations of Ranbezolid would be or great assistance in the treatment of life threatening hospital infections. It would allow clinicians to initiate treatment with the IV formulation and after the patient has stabilised, to switch to oral therapy with the same molecule, thus contributing to early discharge from the hospital.
In view of the pre-clinical results and the predilection of the target bacteria to cause hospital infections, RBx 7644 (Rabezolid) can be potentially suitable for treatment of hospital acquired infections such as pneumonia, bacteriaemia, post operative wound infection, skin and soft tissue infections, catheter or prosthesis related prophylaxis or infection caused by gram positive bacteria and anaerobic infections caused by gram positive or gram negative bacteria.
Nicholas Piramal Q1 results on July 19, 2002
Nicholas Piramal India Ltd has informed BSE that the meeting of the Board of Directors of the Company is scheduled to be held on July 19, 2002 to consider and take on record the Unaudited Financial Results of the Company for the 1st Quarter ended on June 30, 2002.
HLL fixes record date for interim dividend
Hindustan Lever Ltd has informed BSE that August 09, 2002 has been fixed as the Record Date for the purpose of determining the entitlement of the shareholders for interim dividend as may be declared by the Board at its meeting to be held on July 22, 2002.
