TThe Board of Directors of Gabriel India Ltd in its meeting today (July 17, 2002) has taken on record the unaudited quarterly results of the Company for the quarter ended June 30, 2002.
During the period under review, the Company's overall performance has improved substantially with sales at Rs 820.10 million, which are 26% higher than the sales of Rs 648.60 million in the corresponding period of previous year. The improved performance has been due to strong presence of the Company in OEM segment, particularly in motorcycles/scooters and new generation cars.
The Company has added Front Fork manufacturing capacity in the first quarter to cater to the growing demand from motorcycle manufacturers. The Company has also started exporting shock absorbers to Piaggio of Italy.
Alembic expects its restructuring to yield good results
Alembic Ltd is on a restructuring drive. Chirayu Amin, Chairman & Managing Director of Alembic said " What we are getting from Italy is unique for the country and it is coming for the first time in the country. It is a product called Gelfix, which is used by people who have problem growing skin, especially in diabetics, burns, and post-surgery"
On the kind of growth rates that the company is expecting this year, he said, "We are expecting our topline growth almost beyond 20% and profitability also beyond 20%."
He added, " There is definitely a price pressure on Erythromycin but Penicillin business is looking pretty good this year. We will be expanding our manufacturing to a very large extent our foray into better technology, better processes are yielding us good results. We hope to do a good topline as well as bottomline business from fermentation. This year we'll be seeing that Penicillin and Cephalosoprin would be under much more open than Erythromycin as far as Active Pharmaceutical Ingredients (API) is concerned.
Ircon International Board recommends 350% dividend
The Board of Directors of Ircon International Ltd in their meeting held on July 17, 2002 have recommended a dividend @350% of the paid-up equity share capital of the company for 2001-02 to be declared at the forthcoming AGM.
Camlin to issue bonus shares subject to members approval
Camlin Ltd has informed BSE that it proposes to issue bonus shares subject to the approval of the members in the forthcoming Annual General Meeting, in the ratio of 1 new equity share for every 1 existing share held.
Fitch approves enhancement of Blue Darts CP Programme
Blue Dart Express Ltd has informed BSE that M/s Fitch Ratings Pvt. Ltd has reaffirmed the credit rating of "Ind D -1 +" (Ind D one plus) and has approved the enhancement of the size of Commercial Paper Programme from the existing Rs 150 million to Rs 200 million.
Reckitt Benckiser Plc, makes open offer to acquire balance 12.73% equity stake in Reckitt Benckiser India
HSBC Securities & Capital Markets Private on behalf of Reckitt Benckiser plc, a company registered under the laws of England along with Lancaster Square Holdings SL are hereby making a voluntary offer to the equity shareholders of Reckitt Benckiser India Ltd (RBIL) to acquire 41,91,339 equity shares of Rs 10 each representing 12.73% of the paid up equity share capital of RBIL at a price of Rs 250 per share payable in cash.
The specified date is August 16, 2002
The date of the opening of the offer is September 02, 2002
The date of the closing of the offer is October 01, 2002
In aggregate, RB and Lancaster presently hold 28,721,849 fully paid up equity shares of Rs 10 each, representing 87.27% of the paid up equity share capital of RBIL.
If, as a result of the offer, the public shareholding is reduced to 10% or below of the voting share capital of RBIL then, as per Regulation 21 (3) of the takeover regulations, the acquirer will make a subsequent offer to acquire the remaining equity shares held by the public shareholders within three months from the closure of the offer, at the same offer price.
On completion of the subsequent offer, the acquirer will request RBIL to approach the stock exchanges, where its shares are listed, for delisting of the shares.
Gulshan Polyols Board to consider issue of redeemable preference shares
A meeting of Board of Directors of Gulshan Polyols Ltd is scheduled to be held on July 19, 2002 to transact following business:
1. To consider the modification in the capital clause of the memorandum & Article of Association of the Company by increasing authorised capital so as to incorporate the issuance of Redeemable Preferance Shares.
2. To consider, to convert ICDs taken by the Company into Redeemable Preferance Shares.
3. To consider, to issue Redeemable Preferance Shares for Rs 20 million to Promoters & Associates etc of the Company in view of the terms & conditions imposed by bank for sanction of Term Loan for expansion.
4. To consider the time, date place and to approve the agenda & Draft notice convening the annual general meeting.
Mumbai High Court upholds Sterlite buy back Scheme
The High Court of Judicature at Mumbai has upheld the Scheme of Arrangement between the Sterlite Industries India Ltd and its equity shareholders, which envisaged purchasing up to 50% of the equity capital of the Company from its existing shareholders.
Delivering the judgement today, Hon'ble Justice Mr A P Shah and Hon'ble Justice Ms Mahatre decreed that Section 391 of the Companies Act, 1956 which governs the Company's buy back Scheme is distinctly independent of Section 77A of the Companies Act, 1956.
As regards shareholders who have not responded in any way, the Court has accepted the Company's proposal of providing a safety net. Essentially, the safety net proposal envisages holding in trust for such shareholder the purchase consideration due to them against the sale of their shares. Within a period of 3 months, any such shareholder who had not responded to the Company's offer nor accepted the consideration may communicate to the Company of his desire to continue as a shareholder. The Company will then make available to such shareholders equivalent number of shares as the shares which have been purchased from him against surrender by the shareholder of the consideration held in trust for him.
Commenting upon the judgement Mr Anil Agarwal, Chairman Sterlite Group said, "I am indeed happy that our uncompromising stance of adhering to the laws of the land have been fully vindicated by the order. The decision will also enable us to expeditiously complete the buyback Scheme which will be to the benefit of a large number of shareholders".
Ingersoll Rand Q1 results on July 24, 2002
Ingersoll Rand India Ltd has informed BSE that a meeting of the Board of Directors of Ingersoll-Rand India Ltd will be held on July 24, 2002 to take on record the unaudited financial results of the Company for the quarter ended June 30, 2002.
HDFC Bank announces change in Directorship
HDFC Bank Ltd has informed BSE that Mr Deepak Satwalekar has submitted his resignation as Director of the Bank. The Board of Directors has accepted the same.
The Board of Directors has co-opted Mrs Renu Karnad as Additional Director of the Bank.
Philips India Q2 results on July 26, 2002
Philips India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 26, 2002, inter alia to consider the unaudited financial results (provisional) of the Company for the quarter ended June 30, 2002
United Breweries fixes record date for scheme of arrangement
United Breweries Ltd has informed BSE that the Hon'ble High Court of Karnataka has approved the scheme of arrangement between the company and UB Beer Ltd to be effective from July 04, 2002. Pursuant to scheme of Arrangement the shareholders of the company shall be entitled for 4 equity shares of UBBL (the resulting company) for every 10 shares held in United Breweries Ltd (the demerged company). In order to ascertain the entitlement for allotting the shares the record date is fixed as August 20, 2002.
Continental Controls Board to consider proposal for amalgamation
Continental Controls Ltd has informed BSE that the meeting of the Board of Directors will be held on July 31, 2002 to consider and discuss the following:
The unaudited financial results of the Company for the first quarter ended June 30, 2002
To consider the proposal to amalgamate Continental Softech Ltd with Continental.
Himachal Futuristic Communications Q1 results on July 31, 2002
Himachal Futuristic Communications Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 31, 2002 inter alia to take on record the un-audited financial results of the Company for the first quarter ended June 30, 2002.
JaiPrakash Industries Q1 results on July 24, 2002
JaiPrakash Industries Ltd has informed BSE that the meeting of the Board of Directors of the Company will be held on July 24, 2002, inter-alia, to consider the unaudited financial results of the Company for the quarter ended June 30, 2002 and to consider and Employee Stock Purchase scheme.
Bank of Baroda Q1 results on July 20, 2002
Bank of Baroda has informed BSE that the Board of Directors of the Bank shall be meeting on July 20, 2002 to consider Banks un-audited financial results for the quarter ended June 30, 2002.
Aventis Pharma fixes record date for interim dividend
Aventis Pharma Ltd has informed BSE that at the Board Meeting to be held on July 30, 2002, the Board of Directors will consider declaring an Interim Dividend for the current financial year ending on December 31, 2002.
In case the Interim Dividend is declared by the Board at the said meeting, the Record Date for the purpose of payment of the said Interim Dividend will be August 16, 2002.
Aventis Pharma Q2 results on July 30, 2002
Aventis Pharma Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 30, 2002 for
Taking on record the unaudited financial results for the quarter ended June 30, 2002.
Approving the results for the half year ended June 30, 2002 and
Considering the question of declaring an Interim Dividend for the current financial year ending on December 31, 2002.
Shilchar Electronics to consider re-issue of forfeited shares
A meeting of the Board of Shilchar Electronics Ltd is scheduled to be held on July 25, 2002 to consider re-issue of 2,60,950 equity shares (previously forfeited) to M/s Custom Magnetics Inc, USA at a price of Rs 15 per share including Rs 5 per share towards premium.
RSL Textiles India Board to consider issue of equity shares/Debentures
RSL Textiles India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 19, 2002 to consider the following:
Issue of equity shares on private placement basis and
Issue of Convertible Debentures.
Apollo Tyres Q1 results on July 29, 2002
Apollo Tyres Ltd has informed BSE that the meeting of the Board of Directors of the Company will be held on July 29, 2002 for consideration of unaudited financial results for the period ended June 30, 2002.
E Merck clarifies on news item
With reference to news item "The parent company has confessed to over statement of revenue by $14 billion. That may not affect the domestic company that has resilience to sustain in competitive environment" appearing in leading financial daily E Merck India Ltd has informed BSE that it is a subsidiary of Merck KgaA, Darmstadt, Germany and it is not in any way associated with Merck & Co, USA, to whom it appears the above news article has reference.
Jubilant Organosys Q1 net up by 163.04%
Jubilant Organosys Ltd has posted a net profit of Rs 121 million in quarter ended June 30, 2002 as compared to Rs 46 million in quarter ended June 30, 2001. The total income (net of excise) has increased from Rs 1452 million in JQ-01 to Rs 1630 million in JQ-02.
Commenting on the performance of the Company for Q1 FY 2003, Mr Shyam S Bhartia, Chairman and Managing Director, Jubilant Organosys Ltd, said:
"Strong profit growth is a clear indication that our strategy is delivering results. The performance demonstrates our planned focus on improving the contribution from our speciality and fine chemicals products and from our export operations. We have established an excellent platform to support our business enhancement initiatives and we have created sustainable competencies across all areas of operations, which we believe will allow us to achieve continuous corporate progress in the future".
Jubliant Organosys Board approves stock split
The Board of Directors of Jubliant Organosys Ltd at its meeting held on July 17, 2002 approved the following:
1. Sub-division of equity shares of Rs 10 each into two equity shares of Rs 5 each, subject to approval of stock exchanges and shareholders
2. Amalgamation/Merger of Vam Investments Ltd and Vam Leasing Ltd with the company, subject to the approval of Hon'ble High Court, Shareholders and Creditors.
Orbit Multi Media Board to consider stock split
Orbit Multi Media Ltd has informed BSE that a meeting of the Board of Director's of the Company will be held on July 30, 2002 to consider and adopt the audited accounts of the Company for the year ended on March 31, 2002 and splitting the equity shares of the Company from Rs 10 each paid up to Re 1 each paid up.
Blue Star Infotech Q1 net up by 62.39%
Blue Star Infotech Ltd has posted a net profit of Rs 44.30 million for quarter ended June 30, 2002 as compared to Rs 27.28 million for quarter ended June 30, 2001. The total income has increased from Rs 129.03 million in JQ-01 to Rs 152.29 million in JQ-02.
The consolidated results are as follows;
The Company has posted a net profit of Rs 43.70 million for quarter ended June 30, 2002 as compared to Rs 28.65 million in quarter ended June 30, 2001. The total income has increased from Rs 143.79 million in JQ-01 to Rs 182.01 million in JQ-02.
Sanwaria Agro Oils Board recommends issue of Bonus Shares
Sanwaria Agro Oils Ltd has informed BSE that at a meeting of the Board of Directors of the Company held on Wednesday the following was decided:
The Bonus Shares will be issued in the ratio of 1 every 5 shares held subject to the approval of the members of the Company in the forthcoming AGM of the Company.
Federal Bank Q1 net down by 23.46%
Federal Bank Ltd has posted a net profit of Rs 174.20 million for quarter ended June 30, 2002 as compared to Rs 227.60 million for quarter ended June 30, 2001. The total income has decreased from Rs 3107.20 million in JQ-01 to Rs 3054.50 million in JQ-02.
VSNL clarifies on news item
With reference to news item "VSNL RIL in talks to buy FLAG assets" appearing in a financial daily Videsh Sanchar Nigam Ltd has informed BSE that at present there is no proposal before the Board regarding the matter reported in the press.
HDFC Bank Q1 net up by 32.90%
HDFC Bank Ltd has posted a net profit of Rs 824.10 million for the quarter ended June 30, 2002 as compared to Rs 620.10 million in the corresponding period last fiscal. Total Income has increased from Rs 4554.70 million in JQ-01 to Rs 5604.80 million in the quarter ended June 30, 2002.
During the quarter ended June 30, 2002, the bank focussed on balance sheet consolidation and on increasing the proportion of retail loans in overall asset growth. As on June 30, 2002, Total Deposits were Rs 176020 million an increase of 33.33% over Rs 132090 million as of June 30, 2001.
Harvic Mgt Serv to consider allotment of equity shares on preferential basis
A meeting of the Board of Directors of Harvic Management Services India Ltd is scheduled to be held on July 29, 2002 to consider the following:
1. Preferential Allotment of 35,00,000 equity shares of Rs 10 each on preferential basis and/or if required to increase the authorised capital by way of rights issue.
2. To consider the merger proposal of Aroma Fashions Ltd, Havmore Stock Broking Private Ltd, Goldmist Equifin Private Ltd, Danhem Holding & Investments Private Ltd.
Herdillia Chemicals Board to consider merger of Schenectady Specialities Asia
Herdillia Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on July 24, 2002 inter alia to consider the following:
1. To approve the unaudited financial results for the quarter ended June 30, 2002
2. To approve the merger of Schenectady Specialities Asia Pvt. Ltd with the Company
Tricom Finance Board to consider Demerger
Tricom Finance Ltd has informed BSE that a meeting of the Board of Directors will be held on July 25, 2002 to consider among other things, the following matters:
1. Approval of unaudited quarterly financial results of the Company for the quarter ending on June 30, 2002.
2. To consider Demerger/spin off of Company's Finance & Investment Division/business into a separate Company.
RayBan Q1 results on July 29, 2002
A meeting of the Board of Directors of RayBan Sun Optics India Ltd is scheduled to be held on July 29, 2002 to consider unaudited financial results for the quarter ended June 30, 2002.
Update on Hindustan Motors manufacturing activities
Hindustan Motors Ltd has informed BSE that the various plants of the Company have to take recourse to suspension of their manufacturing activities during non-working days, which are in addition to the weekly off days, only to re-schedule their production and inventory planning strategies in the normal course of business.
Cipla Q1 results on July 24, 2002
Cipla Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on July 24, 2002 to inter alia consider the annual accounts for the year ended March 31, 2002, recommendation of dividend if any and unaudited financial results for first quarter ended June 30, 2002.
Ashok Leyland Q1 results on July 26, 2002
Ashok Leyland Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on July 26, 2002 to take on record the unaudited financial results for the quarter ended June 30, 2002.
D Sengupta resigns as Director of ICICI Bank
ICICI Bank Ltd has informed BSE that Mr D Sengupta, Chairman of General Insurance Corporation of India (GIC) who was appointed as a Director of the Bank on May 03, 2002 has tendered his resignation as Director of the Bank with effect from June 30, 2002, consequent upon his retirement as the Chairman of GIC.
BSE imposes Special Margin of 25% on Goldstone Teleservices
BSE has informed the members of the exchange that Special Margin of 25% has been imposed on Goldstone Teleservices Ltd with effect from today (July 17, 2002).
Special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net).
Ashok Leyland Q1 results on July 26, 2002
Ashok Leyland Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on July 26, 2002 to take on record the unaudited financial results for the quarter ended June 30, 2002.
