Interphase and Hughes Software Systems Demonstrate off-the-shelf solutions for next generation wireless internet equipment
Interphase Corporation & Hughes Software Systems (HSS) are demonstrating how to build 3G UMTS wireless network nodes with off-the-shelf equipment at PT/Expo/Comm China on October 29, 2002. This live demonstration will be on display in the Interphase booth at PT Expo/Comm in Bejing China.
Cosmo Films Board approves expansion of additional production facilities
Cosmo Films Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 17, 2002 has approved expansion of additional production facilities of 14,000 TPA at an approximate cost of Rs.500 million at the Company's existing location Waluj.
BPCL Q2 net at Rs 3246 million
Bharat Petroleum Corporation Ltd has posted a net profit of Rs 3246 million for the quarter ended September 30, 2002 as compared to Rs 1819 million in the corresponding period last fiscal. Total Income has increased from Rs 99747 million in SQ-01 to Rs 113397 million in the quarter ended September 30, 2002.
Voltas Q2 net at Rs 75.20 million
Voltas Ltd has reported a net profit of Rs 75.20 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 35.60 million for SQ-2001. Sales (net of excise) have increased from Rs 1908.60 million in SQ-2001 to Rs 2697.10 million in SQ-2002. Other income has increased from Rs 39.20 million in SQ-2001 to Rs 73.90 million in SQ-2002.
Consumption of Raw Materials/Cost of Traded goods sold/Cost of jobs, manufacture and services has risen over the same period last year due to substantial increase in international contracts, which involve substantial sub-contracting and bought out materials and due to purchase of air conditioners from the joint venture company instead of own manufacture as in last year.
Voltas Air International Ltd, a joint venture company between Voltas Ltd & Air International (AI) Australia is engaged in the business of transport air-conditioning and design and manufacture of heating and Ventilation systems of car air-conditioning. The issued subscribed & paid up capital of VAIL is Rs 113 million held in equal proportion of Rs 56.50 million each by Voltas Ltd & Air International (India) Pty Ltd , Australia. AI has recently decided to exit from this joint venture and transfer their entire shareholding in favour of Voltas, at a mutually agreed price of one Australian Dollar.
The Board of Directors of Voltas Ltd at its meeting held today (October 29, 2002) has approved of the proposal to purchase the shareholding of Air International India Pty Ltd in VAIL. Upon transfer of shares which is subject to fulfilling certain mutually agreed pre-conditions VAIL will become a wholly owned subsidiary of Voltas Ltd.
Bombay Dyeing Q2 net at Rs 21.40 million
Bombay Dyeing and Manufacturing Company Ltd has reported a net profit of Rs 21.40 million for the quarter ended September 30, 2002 as compared to a net loss of Rs 48.80 million for SQ-2001. Sales (net of excise) have increased from Rs 1991.80 million in SQ-2001 to Rs 2206.10 million in SQ-2002. Other income has decreased from Rs 76.80 million in SQ-2001 to Rs 63.20 million in SQ-2002.
Jaiprakash Industries Q2 net at Rs 320.40 million
Jaiprakash Industries Ltd has posted a net profit of Rs 320.40 million for the quarter ended September 30, 2002 as compared to Rs 232.20 million in the corresponding period last fiscal. Total Income has increased from Rs 3929.10 million in the quarter ended September 30, 2001 to Rs 4251.30 million in the quarter ended September 30, 2002.
RIL's sends out release on media reports of discovery of gas reserves
Commenting on the media reports on discovery of gas reserves in Andhra Pradesh's Krishna Godavri basin, a Reliance spokesperson said, "Information will be available at the forthcoming AGM of Reliance Industries Ltd which is scheduled to be held on October 31, 2002."
Supreme Ind announces Q1 results
Supreme Industries Ltd has posted a net profit of Rs 12.99 million for the quarter ended September 30, 2002 whereas the same was at Rs 1.42 million in the corresponding period last fiscal. Total Income (net of excise) was at Rs 933.46 million in the quarter ended September 30, 2001 whereas the same is at Rs 1322.71 million in the quarter ended September 30, 2002.
The figures of the first quarter of the current year under review are of the merged entity after the amalgamation of the erstwhile M/s Supreme Vinyl Films Ltd (SVFL) and M/s Supreme Oriented Films Ltd (SOFL). Hence the figures are not strictly comparable with corresponding quarter of the previous year.
Rayban Q2 results at Rs 1.63 million
Rayban Sun Optics Ltd has posted a net loss of Rs 2.08 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 1.63 million in the quarter ended September 30, 2001. Total Income (net of excise) has increased from Rs 39.50 million in SQ-01 to Rs 58.60 million in the quarter ended September 30, 2002.Ltd.
Polaris Software Board to consider & approve scheme of amalgamation
Polaris Software Lab Ltd has informed BSE that the ensuing Board Meeting of the Company scheduled to be held on November 06, 2002 will consider and approve among other things the scheme of amalgamation for the merger of M/s Orbitech Solutions Ltd with M/s Polaris Software Lab Ltd.
Nakul Anand appointed as ED and COO of ITC Hotels
ITC Hotels Ltd has informed BSE that the Nominations & Remuneration Committee of the Company at its meeting held on October 29, 2002 approved elevation of Mr Nakul Anand as Executive Director and Chief Operating Officer from his current position of Executive-Director (Hotel Operations).
Larsen & Toubro Q2 net at Rs 421.80 million
Larsen & Toubro Ltd has posted a net profit of Rs 421.80 million for the quarter ended September 30, 2002 as compared to Rs 404.60 million in the corresponding period last fiscal. Net Sales have increased from Rs 17761.20 million in the quarter ended September 30, 2001 to Rs 20940 million in the quarter ended September 30, 2002. Other income has decreased from Rs 692.70 million in SQ-01 to Rs 515.20 million in the quarter ended September 30, 2002.
Gujarat Ambuja Cements Q1 net at Rs 176.50 million
Gujarat Ambuja Cements Ltd has reported a net profit of Rs 176.50 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 473.30 million for SQ-2001. Sales (net of excise) have increased from Rs 2993.20 million in SQ-2001 to Rs 3732.60 million in SQ-2002. Other income has decreased from Rs 89 million in SQ-2001 to Rs 69 million in SQ-2002.
The Company had produced 1.474 million tonnes of cement for SQ-2001 whereas the same is at 2.078 million tonnes in SQ-2002. The Company has sold 2.136 million tonnes of cement in SQ-2002 whereas the same was at 1.458 million tonnes in SQ-2001.
The cement demand supply scenario is looking distinctly balanced with no new greenfield capacity expected during the current fiscal year and also for next two years. Cement prices which had reached an all time low during the quarter July-September 2002 have started moving up and are likely to improve further.
Sterlite Optical Technologies H1 results by November 30, 2002
Sterlite Optical Technologies Ltd has informed BSE that the Company will publish the audited financial result for the half year ended September 30, 2002 on or before November 30, 2002. In view of the same the Company would not be publishing the unaudited financial results for the quarter and half year ended September 30, 2002.
SAIL Q2 loss at Rs 1583.50 million
Steel Authority of India Ltd has posted a net loss of Rs 1583.50 million for the quarter ended September 30, 2002 as compared to a net loss of Rs 3287.20 million in the corresponding period last fiscal. Total Income (net of excise) has decreased from Rs 37786 million in SQ-01 to Rs 36291 million in the quarter ended September 30, 2002.
DSQ Software Q1 loss at Rs 222.40 million
DSQ Software Ltd has posted a net loss of Rs 222.40 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 40.10 million in the corresponding period last fiscal. Total Income has decreased from Rs 680.30 million in the quarter ended September 30, 2001 to Rs 124.30 million in the quarter ended September 30, 2002.
Tata Tea Q2 net at Rs 307.80 million
Tata Tea Ltd has reported a net profit of Rs 307.80 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 523.90 million in the corresponding period last fiscal. Total Income has decreased from Rs 2062.10 million in SQ-01 to Rs 1985.10 million in the quarter ended September 30, 2002.
Philips Q3 net at Rs 136.30 million
Philips India Ltd has posted a net profit of Rs 136.30 million for the quarter ended September 30, 2002 as compared to Rs 87 million in the corresponding period last fiscal. Total Income has increased form Rs 3807.60 million in the quarter ended September 30, 2001 to Rs 3937 million in the quarter ended September 30, 2002.
Commenting on the performance, Mr S Venkatarami Director said, "Our performance this quarter has been in line with expectations. There has been a modest growth over 2001 under relatively flat market condition. We will continue to address the high performance and mid-tier segments and in bringing in innovative and aspirational to our customers."
Carrier Aircon Q2 loss at Rs 22.09 million
Carrier Aircon Ltd has reported a net loss of Rs 22.09 million for the quarter ended September 30, 2002 as compared to a net loss of Rs 128.47 million in the corresponding period last fiscal. Total Income (net of excise) has increased from Rs 628.07 million in SQ-01 to Rs 679.96 million in the quarter ended September 30, 2002.
India Nippon Elec declares bonus issue
The Board of Directors of India Nippon Electricals Ltd at its Board meeting held on October 28, 2002 has decided to issue bonus shares in the ratio of 7 shares every for every 10 shares held.
The Board has decided to fix December 16, 2002 as the record date for issue of bonus shares subject to approval of shareholders at the EGM to be held on December 02, 2002.
Solvay Pharma to acquire brand from parent company
The Board of Directors of Solvay Pharma India Ltd at their meeting held on October 28, 2002 decided to acquire the brand 'Duvadilan'(a utero-relaxant) from the parent company Solvay Pharmaceuticals BV (SPBV), the Netherlands, subject to the price to be negotiated between the parties and subject to the approval of Reserve Bank of India.
Morepen Lab announces a marketing JV with Menarini, Italy
Morepen Laboratories Ltd has informed BSE that the company has signed a marketing JV with Italian diagnostic majors, A. Menarini to market their world-renowned Menarini Glucometer range under the Dr. Morepen brand umbrella in India. Menarini is a pharmaceutical major established in 1959 and is ranked amongst the top 20 Pharma Companies in Europe. In the self - diabetes market Menarini diagnostics has been placed in top five globally. As per the JV agreement, in the first phase company would be introducing the Glucometers from Menarini under the brand `Dr. Morepen HomeHealth' this would be followed by manufacturing of these products in India with technological inputs from the JV partner.
Mr Sushil Suri, CMD Morepen Laboratories, said, " This is another momentous step in taking the brand promise of Dr Morepen" Health in your hands" further as now the diabetic patients can monitor their sugar levels regularly and accurately at home with Glucometers that have the Biosensor technology".
Chettinad Cement fixes price for proposed rights issue
The Board of Directors of Chettinad Cement Corporation Ltd at their meeting held on October 29, 2002 has decided to offer equity shares of Rs 10 each to the existing equity shareholders on rights basis at the price of Rs 36 per share (including premium of Rs 26 per share).
BSE suspends trading in securities of two Companies
BSE has received complaints regarding the trading in the scrips of Orient Tradelink Ltd and Denim Enterprises Ltd. In order to avoid further market complications it has been decided to suspend trading in the securities of both the scrips w e f October 29, 2002 until further notice.
Cummins India announces Q2 net at Rs 227.46 million
Cummins India Ltd has reported a net profit of Rs 176.15 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 227.46 million for SQ-2001. Net Sales has decreased from Rs 1813.47 million in SQ-2001 to Rs 1793.67 million in SQ-2002. Other income has increased from Rs 73.18 million in SQ-2001 to Rs 76.37 million in SQ-2002.
Ashok Leyland announces change in management structure
Ashok Leyland Ltd has informed BSE that the following changes have taken place in the composition of the Board of Directors of the Company effective October 25, 2002
R Sorce has ceased to be a Director of the Company
Marco Bianchi has been appointed as a Director
Matta Luigi who was hitherto Alternate Director to R Sorce has been appointed as Alternate Director to Marco Bianchi
B D Punjabi who was hitherto Alternate Director to A K Das has been appointed as Alternate Director to F Sahami
J N Chatterjee has been appointed as an Alternate Director to A K Das.
Merck Q3 net at Rs 108.47 million
Merck Ltd has reported a net profit of Rs 108.47 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 145.17 million for SQ-2001. Net Sales has decreased from Rs 944.31 million in SQ-2001 to Rs 893.63 million in SQ-2002. Other income has decreased from Rs 19.54 million in SQ-2001 to Rs 17.96 million in SQ-2002.
GE Shipping Q2 net at Rs 567.30 million
Great Eastern Shipping Company Ltd has reported a net profit of Rs 567.30 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 390.6 million for SQ-2001. Total Income has decreased from Rs 3017.90 million in SQ-2001 to Rs 2615.50 million in SQ-2002.
IPCL Q2 net profit at Rs 450 million
Indian Petrochemical Corporation Ltd has reported a net profit of Rs 450 million for the quarter ended September 30, 2002 as compared to a net profit of Rs 240 million for SQ-2001. Net Sales has increased from Rs 11980 million in SQ-2001 to Rs 12520 million in SQ-2002. Other income has increased from Rs 180 million in SQ-2001 to Rs 190 million in SQ-2002.
ETC Networks announces change in management structure
ETC Networks Ltd has informed BSE the following changes in the Board of Directors of the Company on October 28, 2002
Sandeep Goyal has resigned as Director & Managing Director of the Company
Rajiv Garg has been appointed as Managing Director of the Company
Surjit Banga has been appointed as Additional Director of the Company.
SAIL clarifies on news item
With reference to a news item appearing in a leading financial daily titled, 'SAIL pegs Capex at Rs 15000 million in next three years', Steel Authority of India Ltd has informed BSE that in order to remain competitive in the industry, SAIL has been incurring capital expenditure every year on various capital schemes/projects relating to technological upgradation, additions and modifications, aiming to upgrade the technology and improve the quality if its products. Besides Capital Schemes of replacement and statutory in nature like pollution control and safety etc, are also being undertaken every year. Company intends to incur about Rs 15000 million in the next 3 years on various Capital schemes which include the schemes of technological upgradation also like 'Upgradation of ERW Pipe Plant'at Rourkela and 'Installation of facilities for finishing of long Rail including Rail Welding Plant' at its Bhilai Steel Plant etc. However the exact amount of expenditure will depend upon the need for taking up various Capital Schemes and also availability of resources.
Ramco Ind Board approves setting up of two production facilities
Ramco Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 28, 2002 has approved inter-alia setting up of two production facilities;
one near to Vijayawada in A.P. and the other near to Kharakpur in Midnapore District, W. Bengal: for manufacture of Fibre Cement Sheets and accessories with installed capacities of 60,000 M.T and 72,000 M.T respectively.
The above two projects are expected to be completed by end October, 2003 subject to clearances from Govt authorities and barring any unforeseen circumstances.
DSQ Software Q1 results on Oct 29, 2002
DSQ Software Ltd has informed BSE that the Board Meeting of the Company for considering the unaudited financial results is continuing today (October 29, 2002) and the Results will be published on conclusion of the Board Meeting.
GAIL says no decision yet on pact with Essar
With reference to a news item appearing in a leading financial daily titled,'Gas Authority of India may join hands with Essar Group', Gas Authority of India Ltd has informed BSE that so far the matter/proposal has not been put up to the Board for its approval.
Digital GlobalSoft management changed
Digital GlobalSoft Ltd has informed BSE that at its meeting held on October 28, 2002 the following changes in the Board of Directors have taken place:
Kasper Rorsted was appointed as an Additional Director
Richard Marcello resigned as Director
Rene Schuster was appointed as Director in the casual vacancy arising out of the resignation of Mr. Richard Marcello.
Randy Burdick resigned as Director
Craig Flower was appointed as Director in the casual vacancy arising out of the resignation of Mr. Randy Burdick.
BSE imposes special margin on Rashel
BSE has informed the members of the exchange that Special Margin of 25% has been imposed on Rashel Agrotech Ltd with effect from today (October 29, 2002).
Special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net).
Digital issues business outlook for FY-2003
Digital GlobalSoft Ltd has informed BSE the following business outlook for FY-2003:
Management remains committed to outperforming the sector growth rate in India as stated earlier
A combination of increased client engagement, encouraging order flow, strengthened parent commitment, additions to human resources and sustained infrastructure investments provides confidence to deliver a growth-led financial and operating performance in the remaining part of FY-2003
Performance for H2 FY 2003 is expected to be stronger than H1 FY 2003.
Reliance Cap Q2 profit at Rs 257 million
Reliance Capital Ltd has posted a net profit of Rs 257 million for the quarter ended September 30, 2002 as compared to Rs 255.20 million in the corresponding period last fiscal. Total Income has decreased from Rs 1380.60 million in SQ-01 to Rs 1015 million in the quarter ended September 30, 2002.
Digital GlobalSoft Q2 bet at Rs 213.7 million
Digital GlobalSoft Ltd has posted a net profit of Rs 213.70 million for the quarter ended September 30, 2002 as compared to Rs 222.90 million in the quarter ended September 30, 2001. Total Income has increased from Rs 835.80 million in SQ-01 to Rs 979.10 million in the quarter ended September 30, 2002.
Vinod Rai nominated on the Board of Bank of Baroda
Bank of Baroda has informed BSE that the Government of India, Ministry of Finance, Department of Economic Affairs, Banking Division, New Delhi has nominated Mr Vinod Rai, Joint Secretary, Ministry of Finance & Company Affairs, Deptt of Economic Affairs (Banking Division), New Delhi as Director on the Board of the Bank.
Corrigendum to PA and Letter of Offer to the Shareholders of Aventis Cropscience India
Ambit Corporate Finance Pte Ltd has informed BSE that after the Public Announcement (PA) of the under mentioned offer, SEBI received complaints from some shareholders of Aventis Cropscience India (ACSI) claiming inter alia that the Offer Price has not been calculated correctly and it should be higher than Rs 157/-. It was also mentioned therein that the negotiated price for ACSI should be calculated based on the sales multiple for the global transaction. SEBI called for various clarifications from Ambit and also advised not to proceed further with the Offer till the issuance of final comments by SEBI on the draft LOO filed with SEBI by Ambit on June 20, 2002. Thereafter SEBI has examined the complaints received from the ACSI shareholders & the submissions made by Ambit and has issued final comments on the draft LOO on October 18, 2002 approving inter-alia the originally announced offer price of Rs 157.
Revised Date of opening of offer----------November 01, 2002
Revised Date of closing of offer----------November 30, 2002
Earlier 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
S A Sabavala resigns from the Board of TISCO
Tata Iron & Steel Company Ltd has informed BSE that S A Sabavala has resigned from the Board of the Company.
