Geometric Software grants options to non executive Directors
Geometric Software Solutions Company Ltd has informed BSE that the Company finalized the grant of 5000 options to the eligible non-executive Directors of the Company under ESOP Directors - 2000 scheme. The options have been priced at Rs 412 per share. They can be exercised on or before June 30, 2006.
The ESOP-Directors-2000 scheme has been approved by the shareholders of the Company at the AGM held on July 14, 2000.
Titan clarifies on news item
With reference to a news item appearing in a leading financial daily, Titan Industries Ltd has informed BSE that the news is purely speculative. However the statement relating to the high debt equity and a proposal to infuse equity is a matter, which the Company is seized of.
Wipro allots equity shares pursuant to exercise of stock options
Wipro Ltd has informed BSE that the Board of Directors vide circular resolution effective July 16, 2002 resolved to issue and allot 1816 equity shares of Rs 2 each pursuant to exercise of stock options by eligible employees.
HPCL Q1 results on July 26, 2002
Hindustan Petroleum Corporation Ltd has informed BSE that the meeting of the Board of Directors of the Corporation will be held on July 26, 2002 to consider inter alia the unaudited financial results of the Corporation for the quarter ended June 30, 2002.
Apollo Hospitals Q1 results on July 30, 2002
Apollo Hospitals Enterprise Ltd has informed BSE that the meeting of the Board of Directors is scheduled to be held on July 30, 2002 to consider interalia and approve the unaudited financial results for the quarter ended June 30, 2002.
HCL Tech & Deutsche Bank JV launch 'Center for Research in finance and Banking'
DSL Software (DSL) a joint venture between HCL Technologies and Deutsche Bank on Tuesday announced the launch of "Center for Research in Finance and Banking - An initiative supported by DSL" a center of excellence for banking technology in alliance with IIM, Bangalore (IIM).
The center was inaugurated by Mr Martin Loat, CEO, Asia Pacific, and Deutsche Bank.
The Center will focus on applied research in the area of banking technology and operations specific areas of focus are equities & trading, forex & money markets, risk management and corporate trust. The center would execute joint projects leading to published research work, consult on areas relevant to the research in the centre, train DSL employees in specific areas and organize class sessions for IIM students by domain experts at DSL. DSL will also share its knowledge in the area of banking technology and financial engineering with IIM.
The center will be operational from July 16, 2002.
Mr Arun Duggal, CFO HCL Technologies and Director DSL said, " Creation of HCLT's joint venture with Deutsche Bank consolidated our expertise in the financial services space. This alliance with IIM is an excellent opportunity for the practitioners at DSL and the thought leaders at IIM to create significant value together."
SSI to launch basic computer literacy course in Tamil
SSI Ltd and Chennai Kavigal Kaini Pvt Ltd, are to launch 'SSI Shakthi' a basic computer literacy course in Tamil built on Shakthi, a bilingual suite of applications developed by Chennai Kavigal.
'SSI Shakthi' is a one-month course at an affordable price point that will be conducted at SSI centers across Tamil Nadu. It is designed to be simple enough for the beginner and yet cover all essential elements required to take the software learning process to higher levels. The advantage is that it is offered in Tamil. This prepares individuals to cross language barriers and access opportunities constantly opening up in various industries and segments.
"SSI Shakthi will enable students who prefer Tamil as a medium of instruction to learn computers in the language of their choice," says Bala Gopal Menon, CEO SSI Education. "SSI has always been at the forefront to promote IT literacy in Tamil Nadu. We have an on-going tie up with the schools of TamilNadu through ELCOT and have taken IT education to the Backward Classes & Most Backward classes through another partnership".
Tata Elxsi Q1 results on July 25, 2002
A meeting of the Board of Directors of Tata Elxsi Ltd is scheduled to be held on July 25, 2002 to consider unaudited financial results of the company for the quarter ended June 30, 2002.
Thermax Q1 net profit at Rs 27 million
Thermax Ltd, on Tuesday announced results for the first quarter of financial year 2002-03 posting a net profit of Rs 27 million, as compared to a net loss of Rs 16.50 million in the corresponding period last fiscal. This is the first time in the last five years that the company has posted profits in Q1 usually considered to be a dull period for its target markets. Sales in the quarter ended June 30, 2002 stood at Rs 1013.50 million up 21% from Rs 836.30 million in the corresponding period last fiscal.
There is a 36% increase in the order booking for the quarter as compared to the corresponding figure last year. The order backlog on June 30, 2002 stood at Rs 2060 million, 83% higher than the order backlog in Q1 2001-02. Based on the current trends and the order book position, the management expects that sales for the financial year 2002-03 will see a growth of 15-20%.
Indo Rama Synthetics India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on Tuesday have approved the draft scheme of separation of its spun yarn and polyester businesses as two separate Companies and restructuring the share capital of the Company.
Accordingly the spun yarn business of the Company will be segregated into a new Company by way of a demerger under Sec 391-394 of the Companies Act, 1956 through an order of the court. The salient features of the restructuring scheme are as follows:
The Spun Yarn business will be transferred to "Indo Rama Textiles Ltd" on a going concern basis, with effect from the Appointed Date ie April 01, 2002.
The Polyester business (including Draw Texturised Yarn) shall remain with the Company Indo Rama Synthetics India Ltd.
The equity share capital of the existing Company, Indo Rama Synthetics India Ltd will be split in the ratio of 80:20 between the existing Company and the new spun yarn Company ie Indo Rama Textiles Ltd.
The equity shareholders of the new company Indo Rama Textiles Ltd (spun yarn business) will have the option to convert their equity share into a redeemable preference share of Rs 10 (redeemable at a premium of Rs 20). The redemption shall be in two installments of 25% and 75% of the total value at the end of six and 15 months respectively from the date of completion of all formalities as required by the law. The coupon rate on preference share shall be 0.1%
The equity shareholders of the existing Company will have the option to convert their equity share into a debenture of Rs 10 (redeemable at a premium of Rs 20). The redemption shall be in two installments of 25% and 75% of the total value at the end of six and 15 months respectively from the date of completion of all formalities as required by the law. The Coupon rate on the Debentures shall be 0%.
In both the cases the amount of conversion shall be restricted to 20% of the equity share capital of the respective companies (prior to the conversion). In the event of optional conversion exceeding 20% of the equity capital, the shareholders will be allotted the preference shares/debentures on a pro rata basis.
As an integral part of the restructuring, the accumulated losses appearing in the Balance Sheet of the Company as on March 31, 2002 amounting Rs 1498.30 million shall be written off against the balance in the share premium account of the Company.
With effect from the appointed date, all properties, estates and interest of the Company in spinning business shall be transferred to and vested in Indo Rama Textiles Ltd on a going concern basis subject to all existing charges, mortgages etc., and all properties of spinning business shall become the property of the transferee Company i.e. the Indo Rama Textiles Ltd or IRTL.
All the permanent employees of IRSL shall be engaged by IRTL as on the appointed date without interruption of services and shall be eligible for all retirement benefits including PF and Gratuity etc to which they would have been eligible in IRSL.
All legal or other proceedings by or against IRSL relating to spinning business shall be enforceable by or against IRTL after the appointed date.
All assets and liabilities as drawn up in respect of both IRSL & IRTL shall be vested in the respective Companies after the appointed date upon the scheme becoming effective.
Allocation of liabilities on account of Debts shall be as per the valuation Report.
The above Demerger shall be subject to the approval of the shareholders and lenders/creditors of both the Companies and shall be approved by the High Courts of Madhya Pradesh and Delhi.
This restructuring exercise is expected to facilitate faster growth of both businesses, enhance shareholders value, reduce cost of capital and improve service to all stakeholders including lenders.
Kesoram Industries denies news item
With reference to a news item appearing in a leading financial daily titled 'Kesoram may merge 3 arms with itself' Kesoram Industries Ltd has informed BSE that there is no proposal of merger of subsidiary Companies with itself.
Tata Finance Q1 results rescheduled on July 30, 2002
A meeting of the Board of Directors of Tata Finance Ltd is scheduled to be held on July 30, 2002 to consider unaudited financial results of the company for the quarter ended June 30, 2002.
Earlier the Board meeting was scheduled to be held on July 31, 2002 for consideration of the results for the quarter ended June 30, 2002.
Tisco Q1 results on July 23, 2002
A meeting of the Board of Directors of Tata Iron & Steel Company Ltd is scheduled to be held on July 23, 2002 to consider unaudited financial results of the company for the quarter ended June 30, 2002.
Indo Rama Synthetics Q1 net up by 226.22%
Indo Rama Synthetics India Ltd has posted a net profit of Rs 401.90 million in quarter ended June 30, 2002 as compared to Rs 123.20 million in quarter ended June 30, 2001. The total income (net of excise) has decreased from Rs 4631.60 million in JQ-01 to Rs 4629.20 million in JQ-02.
Oriental Bank Q1 results on July 27, 2002
A meeting of the Board of Directors of Oriental Bank of Commerce is scheduled to be held on July 27, 2002 to consider unaudited financial results of the company for the quarter ended June 30, 2002.
Siemens to close down works located at Joka District
The Board of Directors of Siemens Ltd at its meeting held on Tuesday has decided to close down its works located at Joka, District 24 Parganas West Bengal, and dispose of the surplus Assets attached to it.
Joka Works was catering to requirements of the Low Voltage Distribution Systems Division (CCDM) of the company. No manufacturing operations are being carried out at Joka Works and all employees have been redeployed or have opted for the VRS.
Siemens Q3 net up by 59.95%
Siemens Ltd has posted a net profit of Rs 121.13 million for the quarter ended June 30, 2002 as compared to Rs 75.73 million in the quarter ended June 30, 2001. Total Income has increased from Rs 2904.70 million in the quarter ended June 30, 2001 to Rs 3100.75 million in JQ-02.
Power System Disturbance at Tisco on July 12, 2002
Tata Iron & Steel Company Ltd has informed BSE that on July 12, 2002 at approximately 22.00 Hrs., there was a major problem in the DVC/NTPC system, resulting in loss of approximately 1400 MW of generation from Farakka Super Thermal Power Station. The resulting large power swing led to the tripping of two generators at the Jojobera plant of TPCL as well as complete loss of generation and steam supply at PH No. 2 of Tata Steel. The PH No.3 of Tata Steel however, isolated, itself, safely, and continued to support the vital cooling systems for the Blast Furnaces. It also helped in quicker restoration of the emergency power at important locations.
There was no major capital damage anywhere in the steel plant. However, production at all the important process plants such as the Blast Furnaces, Steel Melting Shops and Mills stopped due to absence of power and consequent unavailability of industrial and by products gases.
Since the DVC system continued to be weak, it took approximately two hours for the TISCO System to resynchronize with DVC. Power in the Steel Plant could be restored to most of the affected areas by about mid night. Main feeders to the Town were similarly restored progressively between 01.00 Hrs to 03.00 Hrs on July 13, 2002.
PSI Data Q1 results on July 24, 2002
A meeting of the board of directors of PSI Data Systems Ltd is scheduled to be held on July 24, 2002 to consider unaudited financial results of the company for the quarter ended June 30, 2002.
Reliance Capital Q1 results on July 29, 2002
Reliance Capital Ltd has informed BSE that a meeting of the board of directors of the Company will be held on July 29, 2002 inter alia to consider unaudited financial results of the Company for the first quarter ended June 30, 2002.
MOH cancels proposed buyback
MOH Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 15, 2002 have decided not to go ahead with its proposed plan of buy-back of equity shares of the Company.
Novartis Q1 results on July 26, 2002
A meeting of the Board of Directors of Novartis India Ltd is scheduled to be held on July 26, 2002 to consider unaudited financial results of the company for the quarter ended June 30, 2002.
R Ravimohan redesignated as MD & CEO of CRISIL
Credit Rating Information Services of India Ltd has informed BSE that R Ravimohan, MD of the Company has been redesignated as MD & CEO and Mr.Hemant Joshi, ED has been redesignated as ED & Chief Operating Officer of the company.
Numero Uno Board defers proposal for buyback of shares
Numero Uno Projects Ltd has informed BSE that in the meeting of the Board of Directors of the Company which was held on July 11, 2002 the Board of Directors have deferred the proposal of the buy back.
Supreme Woolen Mills members approves issue of equity shares on preferential basis
Supreme Woolen Mills Ltd has informed BSE that at the Extra Ordinary General Meeting held on July 10, 2002 the shareholders approved the issue of 2 million equity shares of Rs 10 each on preferential basis aggregating to Rs 20 million.
Dunlop India promoters & associates to bring in Rs 260 million
Dunlop India Ltd has informed BSE that the Board of Directors passed the resolution that in terms of the Order passed by the Hon'ble Appellate Authority for Industrial & Financial Reconstruction (AAIFR) the sum of Rs.260 million brought into the company by the promoters and associates, be and is hereby recorded as having been converted into 2,60,00,000 equity shares of the face value of Rs 10 each at a price of Rs10 per equity shares fully paid up as determined in accordance with the formula/calculation for pricing according to SEBI Guidelines and as directed by the Hon'ble AAIFR in their aforementioned Order, such price having been vetted and confirmed by the Operating Agency viz, Industrial Development Bank of India in terms of their report dated May 29, 2002.
Eonour Technologies acquires into strength valued at Rs 399.60 million
Eonour has acquired 100% of 4 domestic technology companies viz. System Telecom and Data Services Pvt Ltd, Linux Solutions Pvt Ltd, Web Net Technologies Pvt Ltd, I Trigger Technologies Ltd, all in the filed of software solutions and system integration, by stock swap valued at Rs 224.60 million, Rs 45 million, Rs 51 million, Rs 79 million respectively totaling to Rs 399.60 million at a price of Rs 11 per share.
The total deal valued at Rs 399.60 million has been structured on a stock swap at Rs 11 per share conforming to SEBI pricing formula.
By these acquisitions, eonour has acquired into system integration expertise in the domestic market. Eonour will have access to blue chip clientele of the acquired companies across industry segments ranging from financial institutions, shipping companies, Major corporates and many more.
Currently, eonour is focusing on SCM solutions. By virtue of these acquisitions, eonour will now provide end to end solutions for the customers ranging from network consultancy, design, voice, data communication, System Integration and Software Solutions.
Currently eonour plans to use the acquired offices (4 across the country) and the development centers in pondy(3) and in chennai (1) to strengthen its domestic base.
Eonour expects to add an additional Rs 600 million of domestic business to its kitty. With these acquisitions, eonour's current order book will stand at Rs 1290 million.
BSE imposes Special Margin of 25% on 3 scrips
BSE has informed the members of the exchange that Special Margin in the under mentioned scrip has imposed with effect from Tuesday.
Special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net) as indicated below:
Code Name Group
500128 ELECTROSTEEL CASTINGS LTD. B1
500370 SALORA INTERNATIONAL LTD. B1
524802 VERONICA LABORATORIES LTD. B2
Adlabs Films finalises a contract to manage Multiplex Cinema in Mumbai
Adlabs Films Ltd has informed BSE that the company has finalised one contract to manage a Multiplex Cinema in Mumbai. The company is also looking at few more Theatre Management proposals and also Film Production Activities.
