Megasoft Ltd has informed BSE that a meeting of the Board of Directors of the Company scheduled to be held today (June 5, 2002) for considering preferential issue of equity shares has been postponed. The scheduled Board meeting for the day is postponed to a later date.
Telco Q4 net profit at Rs 1616.80 million, FY-02 net loss at Rs 537.30 million
Tata Engineering & Locomotive Company Ltd has posted a net profit of Rs 1616.80 million in the quarter ended March 31, 2002 as compared to a net loss of Rs 1465.50 million in the corresponding period last fiscal.
Total Income (net of excise) has increased from Rs 21821.60 million in MQ-2001 to Rs 25895.40 million in the quarter ended March 31, 2002.
The company has posted a net loss of Rs 537.30 million for the year ended March 31, 2002 as compared to a net loss of Rs 5003.40 million in the financial year ended March 31, 2001.
Total Income (net of excise) has increased from Rs 68719.80 million in the year ended March 31, 2001 to Rs 75287.70 million in FY-2002.
During the quarter ended March 31, 2002 the company has incurred Rs 200 million towards provisions & contingencies.
The company has incurred Rs 458.20 million as extraordinary items during the financial year ended March 31, 2002 out of which Rs 200 million is towards provisions & contingencies and Rs 258.20 million is towards Employee Separation Cost.
During FY-01 the company had incurred Rs 699 million as extraordinary expenditure.
In view of the loss for the year, the Directors have not recommended a dividend.
Bayer CropScience makes open offer to acquire 32.92% equity shares in Aventis CropScience at Rs 157 per share
Ambit Corporate Finance Pvt Ltd has informed BSE that Bayer CropScience (BCS) is making an offer to the equity shareholders of Aventis CropScience India Ltd (the "Target Company" or " ACSI")
The following three Companies are the persons acting in concert ("PACs")
Bayer AG, Bayer CropScience SA, Aventis CropScience GmbH.
On June 3, 2002 BCS a 100% subsidiary of Bayer AG, has acquired 100% of the share capital of Aventis CropScience Holding SA pursuant to an agreement entered into by Bayer AG with Aventis and Schering on October 2, 2001.Aventis Cropscience Holding SA was the Global Holding Company for the Cropscience business of Aventis.
As per terms of agreement the acquisition was subject to certain closing conditions, including anti trust clearance by the EU Commission and US Federal Trade Commission.
These Conditions having fully been met on June 03, 2002 the global acquisition deal closed on June 03, 2002.Bayer CropScience Holding SA indirectly holds 67.08% stake in the Target Company through its wholly owned subsidiaries - Bayer CropScience SA and Aventis CropScience GMBH and BCS therefore has indirectly acquired 67.08% of the share capital of the Target Company. Thus BCS is making a public offer to acquire 4,598,312 fully paid up equity shares of Rs 10 each representing 32.92% of the outstanding paid-up equity share capital of the Target company at price of Rs 157 per fully paid up equity share payable in cash (the "offer price").
Currently BCS does not hold any shares in the Target Company. The PACs hold 9,368,936 equity shares representing 67.08% of the paid up capital of ACSI.
The Specified Date for the offer June 14, 2002
Date of opening of offer July 24, 2002
Date of closing of offer August 22, 2002
In case the public shareholding falls below 10%, ACSI will as required by the listing agreements, approach the stock exchange where the equity shares are listed, for delisting the same
Pharmacia open offer for acquisition of shares in Abbott India completed
With reference to the open offer made by Pharmacia Corporation for acquisition of 20% equity stake in Abbott Laboratories India Ltd Pharmacia Corporation received applications for 19,76,832 equity shares out of which applications for 18,90,635 equity shares were found valid and 10,43,901 equity shares ie 55.20% of valid shares received were accepted for a price of Rs 245 per share.
Moh Ltd fixes record date for consolidation
The Board of Directors of Moh Ltd has fixed July 09, 2002 as record date to finalise list of shareholders entitled for consolidation of equity shares from Rs 1 to Rs 10 per share.
GAIL recommends dividend of 45%
The Board of Directors of Gas Authority of India Ltd at its meeting held today (June 5, 2002) has recommended dividend @45% on the paid up equity share capital of the company.
VSNL clarifies on news item
With reference to news item appearing in a leading financial daily, Videsh Sanchar Nigam Ltd has informed BSE that the news item refer's to VSNL's shareholding in Intelsat Ltd and Inmarsat Ventures Plc which are the successors of erstwhile Intelsat and Inmarsat Inter Governmental Organisations respectively.
Intelsat and Inmarsat were converted into national law Companies. Under the relevant legislation applicable to them, these two organisations are proposing to make an IPO.
The matters relating to the IPO are subject of Confidentiality Agreements which VSNL was required to enter into with these two organisations. There is no certainty whatever that these IPOs will take place and even if the IPOs take place, there is no certainty of the level at which the IPOs will be priced or the number of shares that will get placed in the IPO.
The Company has further informed that it is not possible to predict whether the IPOs will take place or the outcome thereof and as such the news item is in the realm of speculation.
Knoll Pharma time table for buyback annulled
Knoll Pharmaceuticals Ltd had announced the buyback of 9,19,000 fully paid up equity shares of the face value of Rs 10 each from the existing owners of the shares of the company through a tender offer at a price of Rs 350 per share. Pending Certain regulatory/clarifications from SEBI the timetable for the buyback as announced earlier stands annulled. The revised timetable for the buyback will be issued prior to the opening of the buyback, after receipt of the required clarifications.
Knoll Pharma time table for buyback annulled
Jindal Iron & Steel Company Ltd has posted a net loss of Rs 228.50 million in quarter ended March 31, 2002 as compared to a net loss of Rs 547.40 million in quarter ended March 31, 2001. The total income has decreased from Rs 3584 million in MQ-01 to Rs 3044.80 million in MQ-02.
The Company has posted a net loss of Rs 685.40 million for the financial year ended March 31, 2002 as compared to a net loss of Rs 965.20 million in FY-01. The total income has decreased from Rs 13950 million in FY-01 to Rs 10511.60 million in FY-02.
Loss for the quarter/year ended March 31, 2002 has been arrived after consideration of exceptional item comprising of Loans and Advances and receivables written off - Rs 207.80 million and provision for diminution in value of long term investments - Rs 35.00 million.
Moschip Semiconductor Technology Board to consider preferential allotment of shares
Moschip Semiconductor Technology Ltd has informed BSE that the meeting of the Directors of the Company will be held on June 14, 2002 to transact the following business:
Allotment of 31,60,000 equity shares at a price of Rs 30/- per share to the following on preferential basis:
ESS Technology Inc. USA ---------- 16,00,000
Flextronics Semiconductor Technology Inc USA ---------- 8,00,000
Silutions Technologies Inc USA ---------- 1,60,000
UTI A/c India Technology Venture Unit Scheme ---------- 6,00,000
Himachal Futuristic Communications FY-02 results on June 21, 2002
Himachal Futuristic Communications Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 21, 2002 to take on record the audited financial results for the financial year ended March 31, 2002.
H C Pandya ceases to hold office of director in Citurgia Biochemicals
Citurgia Biochemicals Ltd has informed BSE that Mr H C Pandya, Director of the Company ceases to hold the office of Director with immediate effect.
Digital GlobalSoft announces Book Closure for AGM
Digital GlobalSoft Ltd has fixed July 09, 2002 to July 23, 2002 as the Book Closure Date for the purpose of Annual General Meeting and payment of equity dividend.
SBI FY-02 results on June 20, 2002
A meeting of the Board of Directors of State Bank of India will be held on June 20, 2002 to take on record the audited financial results of the Bank for the year ended March 31, 2002.
Jindal Steel & Power FY-02 results on June 12, 2002
A meeting of the Board of Directors of Jindal Steel & Power Ltd will be held on June 12, 2002 to consider among other items approving and taking on record the Audited Financial Results for the year ended March 31, 2002 and recommending dividend if any.
Grasim Industries stops production at staple fibre plant located at Nagda
Grasim Industries Ltd has informed BSE that due to water shortage at Nagda, the Company is compelled to stop production at its Staple Fibre Plant located there till the onset of monsoon. The Company's other two fibre plants at Kharach (Gujarat) and Harihar (Karnataka) will operate at full capacity.
By running all its Fibre Plants (including the Nagda Plant) at full capacity till May end, the Company has built up inventories to meet the requirements of its customers and shall maintain near normal sales level during the Nagda plant stoppage period.
In view of the various measures taken by the Company, the impact on profitability of the VSF business for first quarter of current financial year if at all, will be marginal.
Century Textiles payment of dividend
Century Textiles & Industries Ltd has informed BSE that in respect of shares held in electronic form the dividend after declaration at the forthcoming AGM of the company will be paid on or after July 09, 2002 on the basis of beneficial ownership as of June 17, 2002 ie one day preceding the book closure date as confirmed by the Depositories.
M B Lal Director (Refineries) relinquishes office from BPCL
Bharat Petroleum Corporation Ltd has informed BSE that Mr M B Lal Director (Refineries ) has relinquished office of Director (Refineries ) on close of hours on June 04 , 2002 on his appointment by the Govt. of India as Chairman & Managing Director, HPCL.
Shareholders of Atlas Copco approve buyback
The shareholders of Atlas Copco India Ltd at its meeting held on May 30, 2002 approved the resolution pertaining to purchase of shares. For the purpose of giving effect to this resolution, the Board is authorised to do all acts, deeds, matters and things that may arise in relation thereto, as the Board in its absolute discretion may think fit and its decision shall be binding on all members and other interested persons.
IPCL announces change in management structure
Indian Petrochemicals Corporation Ltd has informed BSE that the pursuant to disinvestment of 26% Government equity in the company in favour of strategic partner- Reliance Petroinvestments Ltd (a Reliance Group Company), the Board of Management of the company was reconstituted by the Board of Directors on June 04, 2002.
The nominees of the Strategic Partner are Mukesh Ambani, Nikhil Meswani, Anand Jain, K G Ramanathan, K P Nanavaty & S K Anand.
Ashok Chawla Joint Sec (Petrochemicals) and H C Gupta Joint Sec (Chemicals) Ministry of Chemicals & Fertilizers were appointed as the Government of India nominees whereas Lalit Bhasin, Shailesh Haribhakti, Sandeep Junnarkar, & R S Lodha were appointed as Independent Directors.
Mukesh Ambani was appointed as Non-Executive Chairman of the Board of Directors, whereas S K Anand was appointed as Whole-Time Director of the company.
Jammu & Kashmir Bank receives RBI approval for payment of dividend
Jammu & Kashmir Bank Ltd has informed BSE that shareholders of the Bank have in their AGM approved the payment of the dividend @50% for the financial year ended March 31, 2002. The Bank has further intimated that it has received the approval of the RBI for payment of dividend @ 50% for the financial year ended March 31, 2002.
G E Shipping to consider dividend
A meeting of the Board of Directors of Great Eastern Shipping Company Ltd has been convened on June 14, 2002 to consider the following:
1. Annual Accounts for the year ended March 31, 2002
2. Recommendation of dividend on equity shares, if any to the members of the company
3. Payment of Interim dividend on 8.50% Cumulative Preference shares aggregating to Rs 950 million.
Brassco Ext to consider sale/lease off undertaking
The Board of Directors of Brassco Extrusions Ltd has decided to consider sale, lease or otherwise dispose off undertaking or part thereof the company subject to approval of members in the general meeting pursuant to the provisions of the Companies Act and subject to such approvals, if any, as may be required.
Dr Reddy's Lab Board approves re-appointment of S Reddy as MD & COO for a period of 5 five years wef Oct 01, 2002
The Board of Directors of Dr Reddy's Laboratories Ltd at its meeting held on June 04, 2002 has taken the following decisions.
1. Appointment of Mr Anupam Puri as Additional Director
2. Recommended a dividend of Rs 2.50 on equity share of Rs 5 each.
3. To convene AGM on August 26, 2002
4. To re-appoint Mr Satish Reddy as Managing Director and COO for a period of 5 years wef October 01, 2002 subject to the approval of the shareholders.
M B Lal appointed as Chairman & MD of HPCL
Hindustan Petroleum Corporation Ltd has informed BSE that Mr H L Zutshi, Chairman & Managing Director of the
IPCL Q4 net down by 47.88%, FY-02 net down by 56.82%
Indian Petrochemicals Corporation Ltd has posted a net profit of Rs 516.60 million for the quarter ended March 31, 2002 as compared to Rs 991.20 million for the corresponding period last fiscal.
Total Income has increased from Rs 13881.50 million in MQ-01 to Rs 14459.90 million in the quarter ended March 31, 2002.
The Company has posted a net profit of Rs 1074.70 million for the year ended March 31, 2002 as compared to Rs 2489 million in the year ended March 31, 2001. Total Income has decreased from Rs 51736.90 million in the year ended March 31, 2001 to Rs 49040.80 million in the year ended March 31, 2002
The Board has recommended a dividend of 20% for the year 2001-02.
The Board also approved the share transfer application made by Reliance Petroinvest Ltd whose offer for purchasing 26% of Company's share with management control was accepted by the Government of India, as they were the highest bidders and offered Rs 231 for each equity share.
Ashok Chawla, Chairman of the out going board said, "The Company is now fully geared challenges of the future. The company is bound to scale greater heights." He requested customers, shareholders business associates and employees to extend full support to the new management.
Britannia fixes book closure date for dividend
Britannia Industries Ltd has informed BSE that the Company's Register of members and share transfer books will remain closed from July 23, 2002 to August 06, 2002 (both days inclusive) for the purpose of AGM and for the purpose of payment of dividend. The Dividend on the equity share capital as approved by the shareholders at the AGM will be payable on or after August 06, 2002 to those members on the Company's Register of members as on that date.
Vital Communications board approves buyback of equity shares
Vital Communications Ltd has informed BSE that the Board of Directors of the Company in their meeting held today (June 4, 2002) discussed the matter and approved the Buy Back of upto one million Equity Shares of the Company at a maximum price of Rs 30/- per share subject to the recommendations of an expert Committee of independent professionals.
Dr Reddy's Laboratories board approves further investment in Aurigene Discovery Technologies
Dr Reddy's Laboratories Ltd has informed BSE that the Board has approved a further investment of Rs 250 million in the equity share capital of Aurigene Discovery Technologies Ltd., a wholly-owned subsidiary of the Company.
Britannia FY-02 net at Rs 2032 million
Britannia Industries Ltd has posted a net profit of Rs 2032 million for the year ended March 31, 2002 as compared to Rs 705 million in the year ended March 31, 2001. Net Sales has increased from Rs 13325 million in the year ended March 31, 2001 to Rs 14510 million in the year ended March 31, 2002. Other income for the current year is at Rs 244 million whereas the same was Rs 161 million in FY-01.
Profit for the current year (FY-02) includes exceptional item -- Rs 1257 million, which is on account of surplus on transfer of Dairy business.
The Board has recommended a dividend of Rs 7.50 per share for the year ended March 31, 2002.
Dr Reddy's Lab Q4 net up by 137.51%, FY-02 net up by 218.18%
Dr Reddy's Laboratories Ltd has posted a net profit of Rs 1011.80 million for the quarter ended March 31, 2002 as compared to Rs 426 million for the corresponding period last fiscal. Total Income (net of excise) has increased from Rs 2720.10 million in MQ-01 to Rs 4031.20 million in the quarter ended March 31, 2002.
The Company has posted a net profit of Rs 4596.50 million for the year ended March 31, 2002 as compared to Rs 1444.60 million in the year ended March 31, 2001. Total Income (net of excise) has increased from Rs 9302.50 million in the year ended March 31, 2001 to Rs 15726.60 million in the year ended March 31, 2002.
The Board of Directors have recommended a Dividend of Rs 2.50 per share subject to approval of shareholders.
Wipro board resolves to issue and allot 766 equity shares pursuant to ESOP
Wipro Ltd has informed BSE that the Board vide circular resolution dated May 31, 2002 has resolved to issue and allot 766 equity shares of Rs 2/- each pursuant to exercise of stock options by eligible employees.
Glenmark Pharmaceuticals announces change in management structure
Glenmark Pharmaceuticals Ltd has informed BSE that the following have been co-opted as Directors of the Company in the Board Meeting held on May 16, 2002
Rajesh V Desai - Director-Finance
A S Mohanty - Director - Domestic Formulations
Sameer Paigankar - Director- Strategic Planning
BOB Q4 net at Rs 1067.40 million, FY-02 net up by 98.76%
Bank of Baroda has posted a net profit of Rs 1067.40 million for the quarter ended March 31, 2002 as compared to a net loss of Rs 1545.50 million for the corresponding period last fiscal. Total Income has increased from Rs 17358.40 million in MQ-01 to Rs 18400.50 million in the quarter ended March 31, 2002.
The Bank has posted a net profit of Rs 5459.20 million for the year ended March 31, 2002 as compared to Rs 2746.60 million in the year ended March 31, 2001. Total Income has increased from Rs 64636.20 million in the year ended March 31, 2001 to Rs 69487.10 million in the year ended March 31, 2002
The Board of Directors have declared a dividend @ 40% subject to approval of RBI.
UWB Q4 net at Rs 122.30 million, FY-02 net at Rs 257.60 million
United Western Bank Ltd has posted a net profit of Rs 122.30 million for quarter ended March 31, 2002 as compared to a net loss of Rs 407.70 million in MQ 01. The total income has increased from Rs 1337 million in MQ-01 to Rs 1683.30 million in MQ-02.
The Bank has posted a net profit of Rs 257.60 million for the financial year ended March 31, 2002 as compared to a net loss Rs 156.80 million for FY-01. The total income has increased from Rs 5190.10 million in FY-01 to Rs 6449.90 million in FY-02.
Anco Communications Company Secretary resigns
Anco Communications Ltd has informed BSE that A Aswatha Raju, Company Secretary has resigned.
Shantanu Khosla appointed as M D of Procter & Gamble wef June 01, 2002
Procter & Gamble Hygiene And Health Care Ltd has informed BSE that the appointment of Shantanu Khosla as Managing Director will be effective from June 01, 2002.
Earlier the Company had informed that Shantanu Khosla will be appointed as the Managing Director of the Company w e f April 01, 2002.
A R Nighoskar resigns from Directorhip of Yash Papers
Yash Papers Ltd has informed BSE that one of the Director A R Nighoskar has resigned from the Board on May 28, 2002 due to his preoccupations.
BOB fixes book closure for dividend
Bank of Baroda has fixed the Book Closure from July 05, 2002 to July 12, 2002 (both days inclusive) for the purpose of payment of dividend and holding of Annual General Meeting.
Dena Bank Q4 net at Rs 374.60 million, FY-02 net at Rs 113.60 million
Dena Bank has posted a net profit of Rs 374.60 million for the quarter ended March 31, 2002 as compared to a net loss of Rs 2727.10 million for the corresponding period last fiscal. Total Income has increased from Rs 4748.10 million in MQ-01 to Rs 5491.20 million in the quarter ended March 31, 2002.
The Bank has posted a net profit of Rs 113.60 million for the year ended March 31, 2002 as compared to a loss of Rs 2661.20 million in the year ended March 31, 2001. Total Income has increased from Rs 19154.60 million in the year ended March 31, 2001 to Rs 20613.60 million in the year ended March 31, 2002.
B K Chakravarti is IFCI nominee director on Fluidomat board
Fluidomat Ltd has informed BSE that Mr B K Chakravarti has been appointed as the nominee Director by IFCI Ltd w e f May 21, 2002.
Vineet Chopra, the Asst. Company Secretary of the Company has been re-designated as the Company Secretary w e f May 21, 2002.
ACC May 02 Cement despatches up by 18.03%
Associated Cement Companies Ltd (ACC) has informed BSE that the production and despatches for May 2002 are as follows:
Cement production 1.264 million tonnes
Cement despatches 1.237 million tonnes
Corresponding production and despatches for May 2001 are as follows:
Cement production 1.024 million tonnes
Cement despatches 1.048 million tonnes
Cumulative production and despatches from April 2002 to May 2002 are
Cement production 2.471 million tonnes
Cement despatches 2.483 million tonnes
Cumulative production and despatches for April 2001 to May 2001 are
Cement production 1.990 million tonnes Cement despatches 2.01 million tonnes
Bombay high court sanctions amalgamation of Melstar Incentric with Melstar Information Tech
Melstar Information Technologies Ltd has informed BSE that Bombay High Court has passed an order sanctioning the Scheme of Amalgamation of Melstar Indiacentric Ltd with the Company.
Mascot Systems allots shares under ESOP
Mascot Systems Ltd has informed BSE that the Share Transfer Committee of the Board of Directors of the Company met today (June 04, 2002) and allotted 12,945 Equity shares of par value of Rs 4 per share to the individual optinee's pursuant to the exercise of options granted under the Companies Employees Stock Option Plan, on receipt of payment of the subscription monies in respect of the said shares aggregating to Rs 12,94,500/-. The grant price for the above 12945 shares was Rs 100 per share.
Pioneer Overseas Finance defers increase in authorised capital
The Board of Directors of Pioneer Overseas Finance Ltd has decided to defer the increase of Authorised Capital for the present.
Earlier it had been decided to convene an EGM of the shareholders of the Company on June 26, 2002 to consider the following
1. Increase in authorised share capital of the Company to Rs 200 million from Rs 100 million
2. Issue of 8,00,000 equity shares of Rs 10 each to the promoters on preferential basis
3. To consider shifting registered office from Pondicherry to Chennai
Bharat Electronics announces change in management structure
Bharat Electronics Ltd has informed BSE that P Bhaskaran Naidu, Director (Finance) has retired on attaining the age of superannuation on May 31, 2002. Government of India has appointed P R K Haragopal as Director (Finance) on the Board of Directors of BEL and he is expected to take charge as Director (Finance), BEL on June 06, 2002.
Mukta Arts clarifies on news item
With reference to the news item appearing in a leading financial daily stating "Fingers crossed" Mukta Arts Ltd has informed BSE that production of Television program/films is one of the main objects of the Company as per the Object clause in the Memorandum of Association.
The Company has chalked out plans to produce tele-Serials/music albums in addition to films and the Company has been approached by a number of Production Houses for collaboration. Negotiations have been under way with a couple of them, however, no final decision has yet been arrived at.
Fitch assigns Ind AAA rating to KMFLs FD/NCD programme
Kotak Mahindra Finance Ltd has informed BSE the FITCH ratings assigned, which are as under:
Fixed Deposit Programme - Ind AAA
Non - Convertible Debenture - Ind AAA
The Company has further informed that the above given ratings are on rating watch with developing implications.
Ranbaxy receives US FDA approval for the manufacturing and marketing of Cefpodoxime Proxetil suspension
Ranbaxy Pharmaceuticals Inc., (RPI), USA, a wholly owned subsidiary of Ranbaxy Laboratories Ltd (RLL), announced today (June 4, 2002) that RLL has received final approval from the US Food and Drug Administration to manufacture and market Cefpodoxime Proxetil for Oral Suspension 50 mg (base) / 5 ml and 100 mg (base) / 5ml that will be made available in three sizes including 50, 75, and 100 ml bottles.
The Division of Bioequivalence has determined the RPI formulation of Cefpodoxime Proxetil for Oral Suspension to be bio-equivalent to the listed drug (Vantin ® for Oral Suspension of Pharmacia and Upjohn Co).
Cefpodoxime Proxetil is indicated for the treatment of patients with mild to moderate infections caused by susceptible strains of designated micro-organisms for the following conditions: acute otitis media, pharyngitis and / or tonsillitis, community acquired pneumonia, acute bacterial exacerbation of chronic bronchitis, acute, uncomplicated urethral and cervical gonorrhea, acute, uncomplicated ano-rectal infections in women, and uncomplicated skin and skin structure infections, acute maxillary sinusitis, and uncomplicated urinary tract infections.
RPI plans to introduce the product once the New Jersey Federal District Court decides on a preliminary injunction motion which was filed by Pharmacia and Upjohn Co., assuming the decision is favorable. It is anticipated that at the time of launch, product will be distributed broadly to all distribution points in the US including wholesales, pharmacies, hospitals, etc.
Dipankar Palit appointed as Nominee Director on the Board of Polar Pharma India
Polar Pharma India Ltd has informed BSE that the Board of Directors of the Company has approved the following in their meeting held on May 30,2002: -
1. Alteration of the object clause of MOA subject to a special resolution to be passed by the members through postal ballot. EGM has been convened for the same on July 22, 2002.
2.Appointment of Dipankar Palit as the nominee director of Industrial Investment Bank of India Ltd., on the Board and he has also been inducted as a member of the Audit Committee, Shareholders Grievance Committee and Share Transfer Committee.
3.Appointment of A.K. Tibrewala, President (Finance) and P.K.Roy, Company Secretary as the Compliance Team to ensure compliance with all the requirements specified under the SEBI (Prohibition of Insider Trading) Regulations, 1992 and the codes thereunder.
Indmet Commodities increases offer price for acquiring equity shares of IMFA under open offer
Fortune Financial Services India Ltd has informed BSE that Indmet Commodities Pvt. Ltd ("Indmet") (The Acquirers) have voluntarily increased the offer price to Rs 10/- per share from Rs 5/- per share.
Earlier Fortune Financial Services India Ltd had informed BSE that Indmet Commodities Pvt Ltd (INDMET) have agreed to acquire under an Share Purchase Agreement dated March 22, 2002 from Jagannath Holdings Pvt Ltd (JHPL) 11,47,800 fully paid up equity shares of Rs 10/- each representing 9.56% of the total equity share capital of Indian Metals & Ferro Alloys Ltd (IMFA) at a price of Rs 5.00 per share payable in cash. INDMET is a subsidiary of B. Panda & Co. Pvt Ltd who together with its other subsidiaries and its associates holds 88.69% of the paid up capital of IMFA not taking into account the above acquisition of 9.56%.
Pursuant to the SEBI (SAST) Regulations, INDMET along with its holding Company B. Panda & Co. Pvt Ltd (BPCO) is making an open offer to the public shareholders of IMFA to acquire the outstanding 2,10,558 fully paid up equity shares of Rs 10/- each representing 1.75% of the paid up equity share capital of IMFA at a price of Rs 5 per share payable in cash.
Hughes Software Systems unveils Industry first standalone service creation environment product at Supercomm 2002
Hughes Software Systems (HSS), specialists in convergent network software and a leader in providing GPRS, UMTS and VoP software to OEMs, unveils its unique and adaptable Service Creation Environment (SCE) product for convergent services in next generation networks at Supercomm 2002.
The HSS SCE is a Standalone product, which meets the requirements for end-to-end service creation and integration for both proprietary as well as standards based Core Networks and Application Platforms. SCE delivers true customer value on a sustained basis by enabling rapid development and maintenance of revenue generating service at reduced costs, faster time to market for new applications and quick turnaround for customer specific application customization needs.
QEMs application platform vendors, application developers in the Wireline (IP) and Wireline domain can now acquire the SCE technology from HSS to create next generation enhanced applications, services as well as Call related features. This would enable their service operator customers deliver innovative applications and services to end-users.
The HSS SCE provides a GUI programming environment to develop and customize services based on Service Independent building blocks (SIBs). It also provides support for third-party application development by abstracting complex technology details and the capability to let user define additional Re-usable Service blocks as per evolving needs. The HSS SCE is being continuously evolved to support upcoming standardization efforts for service creation and integration such as Parlay, OSA and JAIN.
"The HSS Service Creation Environment enables substantial reduction in initial and operating cost on sustained basis for services creation and delivery", said Manoranjan Mohapatra, Executive Vice President and Chief Operating Officer, Hughes Software Systems. "This would enable OEMs to rapidly develop customer driven convergent services at reduced costs."
Indo Green Projects announces change in management structure
Indo Green Projects Ltd has informed BSE that the following decisions are taken by the Board of Directors at their meeting held on May 27, 2002:
The Board considered and accepted resignation of Mr Kamal Singhania as Managing Director of the Company with immediate effect.
The Board considered and appointed subject to approval of members in General Meeting, Mrs Usha Singhania as Managing Director of the Company for a period of five year w e f June 1, 2002.
Indian Hotels Company Q4 net at Rs 94 million, FY-02 net at Rs 807 million
Indian Hotels Company Ltd has posted a net profit of Rs 94 million for quarter ended March 31, 2002 whereas the same was Rs 574.20 million for corresponding period last fiscal.
The total income for the quarter ended March 31, 2002 is at Rs 1491.70 million whereas the same was Rs 2225.30 million in MQ 2001.
The Company has posted a net profit of Rs 807 million for FY-02 whereas the same was Rs 1167.90 million for FY-01.
The total income for the current year is at Rs 6018.80 million whereas the same was Rs 7163.40 million in FY-01.
The financial results for the quarter and year ended March 31, 2002 are not comparable with the same period in the previous year since the Company transferred its Air Catering business division to a Joint Venture Company with Singapore Airport Terminal Services (SATS) with effect from September 30, 2001.
Profit for the current financial year (FY-02) includes Rs 889.90 million on account of profit on sale of Air catering business division as at September 30, 2001 net of subsequent adjustments.
Andhra Bank Q4 net at Rs 702.20 million, FY-02 net up by 66.90%
Andhra Bank has posted a net profit of Rs 702.20 million for quarter ended March 31, 2002 as compared to a net loss of Rs 273.50 million for corresponding period last fiscal. The total income has increased from Rs 5707.30 million in MQ 2001 to Rs 6131.30 million in MQ 2002.
The Bank has posted a net profit of Rs 2022.70 million for FY-02 as compared to Rs 1211.90 million for FY-01.The total income has increased from Rs 20796.80 million in FY-01 to Rs 23338.50 million in FY-02.
The Consolidated results are as follows:
The Bank has posted a net profit of Rs 2082.50 million for the financial year ended March 31, 2002. The total income for the current year is at Rs 23826.70 million.
The Board has declared a dividend of 14% for the year ended March 31, 2002.
Infosys subsidiary, Progeon, to provide business process management services to GreenPoint Mortgage
Progeon Ltd, an Infosys subsidiary, today (June 3, 2002) announced that it has entered into an agreement with GreenPoint Mortgage (GreenPoint), the sixth largest US wholesale mortgage lender, to provide business process management services.
Under the agreement, Progeon will provide GreenPoint with certain mortgage back office functions.
As part of the contract, Progeon has established an Extended Process Operations Center (EPOC) dedicated to GreenPoint at its state of the art facilities in Bangalore, India.
The two Companies have begun the process of migrating functions to the EPOC, which is expected to grow significantly over the next several months.
The Progeon-GreenPoint, agreement builds on the ongoing relationships between Infosys and GreenPoint. Recently, Infosys provided GreenPoint with business and technology consulting services that helped GreenPoint enhance the efficiency of its loan processing operations and reduce operating costs.
"The GreenPoint engagement is a classic example of the value Progeon and Infosys together deliver to a client," said Phaneesh Murthy, Chairman of the Progeon Board and member of the board and head of worldwide sales and marketing for Infosys.
"Infosys worked with GreenPoint to maximize process efficiency by redesigning existing processes and leveraging technology to automate the processes. Progeon will now manage the optimized processes from India, which will result in significant growth opportunities and cost benefits to GreenPoint."
Reliance Industries buyback to close on June 4, 2002
DSP Merrill Lynch Ltd has informed BSE that the Buyback of equity shares of Reliance Industries Ltd is scheduled to close on June 04, 2002.
Ciba Speciality Chemicals FY-02 net up by 32.75%
Ciba Speciality Chemicals India Ltd has posted a net profit of Rs 377 million for financial year ended March 31, 2002 as compared to Rs 284 million for corresponding period last fiscal.
The net sales have increased from Rs 4894 million in FY-01 to Rs 4902 million in FY-02. Other income for the current year is at Rs 97 million whereas the same was Rs 92 million in FY-01.
The Board of Directors has recommended a dividend of 90% (including a special dividend of 45% on the account of profit on sale of land) i.e. Rs 9/- per equity share of Rs 10/- each.
CMC FY-02 results on June 11, 2002
CMC Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 11, 2002 inter-alia to approve the audited accounts of the Company and to recommend dividend for the year 2001-02.
ABB concludes sale of air handling equipment business of the company
Asea Brown Boveri Ltd has informed BSE that the Company has concluded the sale of the 'Air Handling Equipment Business' to 'Flakt India Ltd' an Affiliate of 'Global Air Movement (Luxembourg), SARL, on May 31, 2002.
Bharti Tele-Ventures board approves proposal for amalgamation at subsidiary level
Bharti Tele-Ventures Ltd has informed BSE that the Board of Directors of the Company in their meeting held on May 31, 2002 have approved the proposal for amalgamating the following subsidiary Companies which are into the business of providing cellular services with Bharti Cellular Ltd (a wholly owned subsidiary):
1. Bharti Mobile Ltd
2. Bharti Mobilel Ltd
3. Bharti Mobinet Ltd
4. Bharti Telenet Ltd (Cellular Division)
5. SC Cellular Holdings Ltd
The Company has further informed that the proposed amalgamation is not being effected in Bharti Tele-Ventures Ltd but at subsidiary level ie in Bharti Cellular Ltd, as a step towards consolidation of its cellular operations under one company.
Former Cummins CIO joints Mascot's board of advisors
Mascot Systems Ltd, a leading global software services Company, today (June 3, 2002) announced the appointment of John M Crowther, former Vice President and Chief Information Officer of Cummins Inc. to its Board of Advisors.
Mascot's Board of Advisors is a body of eminent and experienced businesspersons that serves to enhance the Company's access to target markets.
Crowther's appointment comes shortly after the appointment of Karl Heinz Achinger, founder and former CEO of Europe's second largest systems integrator T-Systems and Jiro Aiko, a senior advisor with Sony Corporation, to Mascot's Board of Advisors.
Gerhard Watzinger, CEO, Mascot Systems said, "John brings to Mascot Proven leadership experience in global marketing, operations and information technology. We look forward to his participation in building Mascot into a dominant global offshore IT services company."
R P Singh appointed director of Stewarts & Lloyds
Stewarts & Lloyds of India Ltd has informed BSE that R P Tyagi and Shashi S Prasad have resigned from the Board of Directors of the Company. Their resignation has been accepted at the meeting of the board of directors held on May 6, 2002.
Further the company has informed that R P Singh has been appointed as a director of the company in the aforesaid board meeting in the casual vacancy created by resignation of R P Tyagi.
M B Lal appointed as Chairman & MD of HPCL
Hindustan Petroleum Corporation Ltd has informed BSE that Mr H L Zutshi, Chairman & Managing Director of the Corporation retired upon superannuation on May 31, 2002. Government of India, Ministry of Petroleum & Natural Gas have appointed Mr M B Lal as Chairman & Managing Director of the Corporation. Mr Lal is expected to take charge on June 05, 2002
Tata Power fixes book closure for the purpose of AGM
Syngenta India Ltd has posted a net loss of Rs 42.50 million for the quarter ended March 31, 2002 as compared
IOCL FY-02 results on June 18, 2002
Indian Oil Corporation Ltd has informed BSE that the Board Meeting of the Company is scheduled to be held on June 18, 2002, inter alia to consider and take on record the audited financial results of the Company for the period ended March 31, 2002.
The Company has further informed that the recommendation of Dividend is also proposed to be considered at the aforesaid Board Meeting.
BSE revises special margin on 73 scrips
BSE has informed the members of the exchange that the following scrips will attract Special Margins as indicated hereunder with effect from today (June 03, 2002). The rates of Special Margins have been revised keeping in view the closing price of the scrip on the last day of the settlement.
Special margins will be imposed on the basis of member wise gross purchase or sales position (clientwise net) as indicated below:
CODE NAME GROUP PER SHARE(PURCHASE)(%)
530707 AFTEK INFOSYS B1 25
532311 AMEX INFORMATIO B2 25
517096 APLABS B2 25
532161 BAFFIN ENGINEER B2 25
532346 BLUE STAR B1 25
517544 C MAC CENTUM B1 25
513353 COCHIN REFINERY B2 25
531943 CSJ TECHNOLOGY B2 25
532419 D LINK INDIA B1 25
523618 DREDGING CORP B1 25
532365 DYNACON SYSTEM B2 50
509028 E SERVE IN B1 25
500125 EID PARRY B1 25
504008 EMCO B1 25
506156 ETC NETWORKS B2 25
526881 FINANCE TECH B2 25
532326 FORTUNE INFO B2 50
506109 GENESYS INTER B1 25
503699 GEODESIC INF B2 25
532312 GEOMETRIC SOFT B1 25
509073 HATHWAY BHAWANI B2 25
500185 HIND CONSTRUC B1 25
500207 INDO RAMA SYN B1 25
532010 INDOTECH CAPITA B2 25
532175 INFOTECH ENTERP B1 50
512447 INNOVISION E B2 25
524494 IPCA LABORATOR B1 25
507480 ISHWAR MEDICAL B2 25
531816 IT MICROSYSTEM B2 25
506943 J B CHEMICALS B1 25
530019 JUBILANT ORG B1 25
531269 KLG SYSTEL B1 25
524518 KREBS BIOCHEM B1 25
520061 LAKSHMI AUTO B1 25
531458 LASER EYE CARE B2 25
500266 MAHARASTRA SCOO B1 25
500267 MAJESTIC AUTO B2 25
532337 MASCOT SYSTEM B1 25
532307 MELSTAR INFOR B1 25
520043 MUNJAL SHOWA B1 25
523630 NATIONAL FERT B2 25
513179 NATIONAL STEEL B2 25
504112 NELCO B1 25
531209 NUCLEUS SOFTWAR B1 25
520021 OMAX AUTOS B1 50
532091 ORBIT MULTMEDIA B2 25
532350 PADMALAYA TELE B1 25
523574 PANTALOON RETAI B1 25
506618 PUNJAB CHEMICAL B2 25
500346 PUNJAB COMM B1 25
513583 S B & T B1 25
531773 SHALIBHADRA FIN B2 25
532361 SHAPRE GLOBAL B2 25
523359 SHARP INDUSTRIE B2 25
530943 SRI ADHIKARI BR B1 25
512640 STOCK NET IN B1 25
532348 SUBEX SYSTEM B1 25
504290 TATA INFOTEC B1 25
500463 TATA TELECOM B1 25
532358 TELE DATA INF B2 25
531554 TOP TELEMEDIA B2 25
500423 TVS ELECTRONICS B1 25
513216 UTTAM STEEL B2 25
526610 VANS INFORMATIO B2 25
530769 VEL SOFTWARE B2 25
526441 VISION TECH B2 25
532214 VISUAL SOFTWARE B1 25
532325 VITAL COMM B2 25
514162 WELSPUN INDIA B1 25
500950 WIMCO B1 25
532298 ZENITH INFOTECH B1 25
504067 ZENSTAR TECHNOL B1 25
531404 ZICOM ELECTRONI B2 25
532177 ZIGMA SOFTWARE B2 25
Call India
