NCL Industries Ltd has informed BSE that the Board of Directors have reduced the dividend on equity shares from 10% to 5% in respect of the financial year ended March 31, 2002. The reduced dividend of 5% has been approved by the Shareholders in the AGM held on September 23, 2002.
Onkar S Kanwar appointed as CMD of Apollo Tyres
Apollo Tyres Ltd has informed BSE that at the meeting of the Board of Directors held on September 19, 2002 the Board appointed Mr Onkar S Kanwar as the Chairman of the Board of Directors. He is now designated as Chairman & Managing Director of the Company.
The Board also appointed Mr D Senngupta former Chairman of GIC as an Additional Director of the Company.
Fitch affirms F1+ rating to Bombay Dyeing short-term debt programme
Bombay Dyeing & Manufacturing Company Ltd has informed BSE that Fitch Ratings India Pvt Ltd have affirmed the F1+ (F single one plus) rating assigned to the short term debt programme of the company as under:
Upto an amount of Rs 750 million for issue of commercial paper
Upto an amount of Rs 250 million for issue of short term debt instruments other than Commercial Paper
L&T bags $ 25 million EPC contracts from KNPC, Kuwait
Larsen & Toubro Ltd has informed BSE that it has recently bagged two engineering, procurement & construction (EPC) contracts from Kuwait National Petroleum Company (KNPC) for revamp of Sulphur Recovery units at their refineries at Shuaiba and Mina Abdullah in Kuwait. The two projects, valued at US$14.1 million and US$10.7 million respectively, have been awarded to L&T against international competition.
The projects aim to enhance the existing capacities of Sulphur Recovery Streams. Both these projects are based on the proprietary 'Oxygen Enrichment' technology of M/s. Parsons of the UK who are the process licensors for the projects.
Remsons Industries voluntary delisting from Ahmedabad Stock Exchange completed
Remsons Industries Ltd has informed BSE that they have received an intimation from The Stock Exchange, Ahmedabad (ASE) informing the company that the delistment of the equity shares of the company have been approved and the company is deleted from the list of the listed company's of The Stock Exchange, Ahmedabad w.e.f. September 6, 2002.
Gujarat Sidhee Cements Company Secretary retires under VRS
Gujarat Sidhee Cement Ltd has informed BSE that Gaurang Shah, Company Secretary (Compliance Officer) of the Company has retired under the Voluntary Retirement Scheme of the Company w e f September 20, 2002.
Eider Commercials along with its principal the MathWorks Inc., announces the launch of Release 13 with Major New Versions of Matlab & Simulink in India
Eider Commercials Ltd a total solution provider in the scientific software & engineering domain, and its US principal. The MathWorks Inc announced the launch of release 13 with major new versions of MATLAB and Simulink in India.
MATLAB® 6.5 includes new JIT Acceleration which provides faster execution making MATLAB 6.5 a powerful alternative to manual coding in C for technical computing applications. Simulink ® 5 provides new support for multi domain modeling and simulation coupled with embedded target support creating an environment for the end-to-end process of embedded system design.
"Our customers rely on our products to achieve technology breakthroughs and productivity advances. The capabilities in Release 13 will benefit all of our customers, across industries such as aerospace, automotive, biotechnology, communications electronics semiconductor, instrumentation, earth & ocean sciences and financial services" said Mr Pradeep Kumar, Sr Vice President, Eider Commercials Ltd.
"Release 13 of the MathWorks product family also includes 10 new products and upgrades of more than 33 other products" added Mr Pradeep Kumar.
Digital GlobalSoft allots shares under ESOP
Digital GlobalSoft Ltd has informed BSE that the Company on September 23, 2002 has allotted 1700 equity shares of Rs 10 each to the employees who have exercised their options under the Company's Employee Stock Option Plan. With these allotments the current paid up capital of the Company will be Rs 328,123,450.
Corporation Bank clarifies on news item
With reference to news item "Corporation Bank wants a bank in the north" Corporation Bank has informed BSE that the bank has not mooted/crystallized any proposal to acquire any bank nor the bank held discussions for acquisition in this regard.
As regards the VRS, the Board of the Bank approved a limited VRS for officers of the bank and the proposal was sent to Government of India for approval. The Bank is yet to receive the approval from the Government.
The Bank is exploring and arrangement for issuing credit card and debit card and the process is in progress.
Ballarpur Ind Q1 results on October 10, 2002
A meeting of the Board of Directors of Ballarpur Industries Ltd is scheduled to be held on October 10, 2002 for considering and taking on record the Unaudited Financial Results for the quarter ending on September 30, 2002.
Zee denies news item
With reference to the news article appearing in a leading financial daily, Zee Telefilms Ltd has informed BSE that the news item is totally wrong and the Company denies it. The Company has further informed that these are rumours being floated around with malafide intent and were never verified from the Company before being published in the newspaper.
Gillette Review & Implementation Committee recommends divestment of non-alkaline battery business
The Review & Implementation Committee constituted by the Board of Directors of Gillette India Ltd met on several occasions to further study the consultants report and to review its Geep battery business to assess its future potential and structure.
After taking all aspects into account, the Committee has decided that in view of the market scenario and the Gillette global strategic focus on the alkaline segment, it would be prudent to divest the non-alkaline battery business. The Committee has recommended that the company invite expressions of interest and bids to evaluate a sale the Geep battery business through a limited bidding process
Consequently, the company will send out a limited invitation for bids.
Sudhir Krishna appointed as Director of ICI India
ICI India Ltd has informed BSE that Sudhir Krishna, Joint Secretary to the Government of India, Ministry of Fertilizers, has been appointed as a Director of the Company w e f September 23, 2002 as a nominee of the Government of India.
Hinduja TMT to acquire 100% Control over Cable Video India Ltd
As a first step towards consolidating the businesses of its media content companies, Hinduja TMT Ltd ('HTMT'), is acquiring 100% equity control over its Movie Channel Subsidiary 'Cable Video India Ltd' (CVIL) by buying out the 49% stake of private shareholders.
HTMT and 'InNetwork Entertainment Ltd' (InNetwork), its media holding subsidiary jointly holds 51% stake in CVIL. Asia Vision Entertainment Private Ltd (AVEPL) and its associates presently hold the balance 49%. In the proposed move, InNetwork would acquire the 49% of equity from AVEPL and its associates. HTMT and its subsidiary InNetwork will thus own CVIL's entire equity.
CVIL owns and operates CVO, India's No.1 Hindi movie cable channel. CVO, which was launched in 1996 has a library of over 1600 Hindi films and is today one of the most widely viewed cable channels in India with a coverage of over 6 million households in 104 centers across the country. CVO has been constantly scoring highest Television Rating Points (TRPs) with ratings on Sunday being ahead of all other music and movie channels across all time bands.
CVIL proposes to start an interactive music channel and digitize its content in order to deliver value added services like pay per view, video on demand etc under Conditional Access System regime, which is in the process of being legislated by the Indian Government
IDBI Bank clarifies on news item
With reference to the news article appearing in a leading financial daily titled "JP Morgan bids for 26% in IDBI Bank, sets riders" IDBI Bank Ltd has informed BSE that the Board of the Bank has not considered any proposal from JP Morgan and there has been no material development regarding the news item
Jim Koons Automotive Companies, USA adopts Logix's Izmocars solution
Logix Microsystems Ltd., announced that the Jim Koons Automotive Companies, USA one of USA's Top 200 Automobile Dealer Group (Ward's Dealer Business Magazine, April 2001 issue www. wardsdealer.com) is adopting the new Logix product Izmocars as their Internet business solution.
Jim Koons Automotive Companies, located in Vienna, Virginia State is the 18th largest Dealer Group in the United States of America. Total Sales of automobiles by Jim Koons Automotive Companies in the Year 2001 were USD 992.60 million and the dealership group sold more than 50000 cars in the Year 2001.
Logix has begun the process of implementing the Izmocars product range in the entire network of 16 dealerships of Jim Koons Automotive Companies located across several cities on the East Coast of the United States. The implementation is likely to be completed by the middle of October 2002.
Aftek Infosys clarifies on news item
With reference to the news article appearing in a leading financial daily titled "Sebi to act against Aftek for rigging" Aftek Infosys Ltd has informed BSE that SEBI had initiated the proceedings against the Promoters of the Company and imposed penalty in January 2002. The promoters having paid the penalty amount preferred an appeal before the Securities Appellate Tribunal (SAT) against the Order of the Adjudicating Officer imposing the penalty. The decision of the SAT is awaited on the matter.
The company has been further informed by the promoters that no fresh notices from SEBI have been received in relation to the matter.
ICI India to divest its Catalysts Business to Johnson Matthey
ICI India Ltd has informed BSE that at its Board meeting held on Monday the board of directors of ICI India has decided to recommend the sale of the Company's catalysts business (Synetix business) to Johnson Matthey plc for approval by the shareholders of ICI India Ltd. The total consideration expected to be received for this business is about Rs 1400 million.
The Catalyst business of ICI India is closely integrated with the Synetix Business of the ICI Group. The ICI Group had decided in January 2002 to divest the business and has since agreed to sell its global Synetix Business to Johnson Matthey. ICI India had established its Catalyst business in 1984 with technology from the ICI Group. Given the interdependency of the India business it is in the best interest of all the shareholders, concerned employees and all its customers that the India business is divested to Johnson Matthey. The net sales revenue from the business in the financial year ended March 2002 was Rs 430 million.
The business proposed to be transferred to Johnson Matthey will include the entire commercial set up along with the Taloja manufacturing facility and about 49 employees.
The transaction is expected to be completed in the current fiscal year after obtaining the approval of ICI India's shareholders through postal ballot and other applicable approvals as may be required.
Supreme Ind fixes Book Closure for dividend
Supreme Industries Ltd has fixed Book Closure for the purpose of dividend payment as September 18, 2002 to September 30, 2002 (both days inclusive). The Annual General Meeting of the Company is scheduled to be held on September 30, 2002. The dividend on Equity Shares, if approved at the Annual General Meeting will be paid by the Company on October 7, 2002.
Elder Pharma Board to consider revision of interest rates on fixed deposits
Elder Pharmaceuticals Ltd has informed BSE that the meeting of the Board of Directors of the Company is proposed to be held on September 30, 2002 for considering routine matters including revision of rates of interest on fixed deposits under the Fixed Deposit Scheme of the Company.
GlaxoSmithkline Pharma Board approves VRS for workmen of Ankleshwar Factory
GlaxoSmithkline Pharmaceuticals Ltd has informed BSE that the Board of Directors in their meeting held on September 21, 2002 have approved a Voluntary Retirement Scheme (VRS) for workmen of the Ankleshwar Factory and accordingly a VRS package in terms of the approved scheme will be offered to them. If all the employees avail of the aforesaid scheme the estimated outflow could be in the region of Rs 190 million.
BSE revises special margin on 82 scrips
BSE has informed the members of the exchange that the following scrips will attract Special Margins as indicated hereunder with effect from Monday. The rates of sspecial margins have been revised keeping in view the closing price of the scrip on the last day of the settlement. Members are hereby informed that special margins will be imposed on the basis of memberwise gross purchase or sales position (clientwise net) as indicated below:
Code----------Name----------Group----------Per Share(Purchase)(%)----------Per Share(Sale)(%)
524665----------ADD LIFE PHARMA----------B2----------25
530707---------- AFTEK INFOSYS---------- B1---------- 25
532311---------- AMEX INFORMATION----------B2----------25
532259----------APAR INDUSTRIES----------B2----------25
531823----------ARVIND REMEDY----------B1----------25
532161---------- BAFFIN ENGINEER---------- B2---------- 25
500048---------- BHARAT EARTH MO---------- B1---------- 25
532113---------- BRIJLAXMI LE---------- B2---------- 25
506390---------- COLOUR CHEM ---------- B1---------- 25
508814---------- COSMO FILMS---------- B2---------- 25
532419---------- D LINK INDIA---------- B1---------- 25
532099---------- DATABASE FIN---------- B2---------- 25
532365---------- DYNACON SYSTEM---------- B2--------------------------------------------25
509028---------- E SERVE IN---------- B1---------- 25
532417---------- E STAR INFOTECH---------- B2---------- 25
505200---------- EICHER MOTOR---------- B1---------- 25
500128---------- ELECTROSTEEL CA---------- B1---------- 25
500627---------- ESSAR STEEL ---------- B1---------- 25
506156---------- ETC NETWORKS---------- B2 25
512127---------- ETP CORPORATION---------- B2----------------------------------------25
511744----------FCGL INDUSTRIES----------B2----------------------------------------25
532326---------- FORTUNE INFO---------- B2---------- 25
531399---------- G G AUTOMATIVE---------- B2---------- 50
500655---------- GARWARE POLY---------- B2---------- 25
506109---------- GENESYS INTER---------- B1---------- 25
503699---------- GEODESIC INF---------- B2---------- 25
532312---------- GEOMETRIC SOFT---------- B1---------- 25
507732---------- GODAVARI FERT---------- B2---------- 25
526729---------- GOLDIAM INT.---------- B1---------- 25
532439---------- GOLDSTONE TELE---------- B2---------- 25
530663---------- GOYAL ASSOCIATE---------- B2---------- 25
532129---------- HEXAWARE---------- B1---------- 25
500185---------- HIND CONSTRUC---------- B1---------- 25
524652---------- IND SWIFT ---------- B1---------- 25
500207---------- INDO RAMA SYN---------- B1---------- 25
532010---------- INDOTECH CAPITA---------- B2---------- 25
524494---------- IPCA LABORATOR---------- B1---------- 25
507480---------- ISHWAR MEDI ---------- B2---------------------------------------- 25
531816---------- IT MICROSYSTEM ---------- B2---------- 25
530773---------- IVRCL INFRA---------- B1---------- 25
506943---------- J B CHEMICALS---------- B1---------- 25
500107---------- JINDAL IRON---------- B1---------- 25
532256---------- JINDAL STRIPS---------- B1---------- 25
532283---------- KASHYAP RADIANT---------- B2---------------------------------------- 25
517471---------- KTL INFOSYS---------- B2---------- 25
532275---------- LANDMARC LEISUR---------- B1---------- 25
500266---------- MAH. SCOOTER---------- B1---------- 25
500265---------- MAHARASHTA SEAM---------- B1---------- 50
502157---------- MANGALAM CEMENT---------- B2---------- 25
524794---------- MATRIX LABS---------- B2---------- 25
512267---------- MEDIA MATRIX---------- B2---------- 25
531417 ---------- MEGA CORPORATIO---------- B2---------------------------------------- 25
524101---------- NALCO CHEMICAL---------- B1---------- 25
504112---------- NELCO---------- B1---------- 25
531209---------- NUCLEUS SOFTWAR---------- B1---------- 25
532091---------- ORBIT MULTI---------- B2---------- 50
532114---------- PAN PACKAGING---------- B2---------- 25
531492---------- PENTA COMMUN---------- B1---------------------------------------- 25
524051---------- POLYPLEX---------- B2---------- 25
522205---------- PRAJ INDUSTRIES---------- B2---------- 25
531611---------- PRRANETA INDS---------- B2---------- 50
500346---------- PUNJAB COMM---------- B1---------- 25
524230---------- RASHTRIYA CHEM---------- B1---------- 25
513583---------- S B & T ---------- B1---------- 25
500370---------- SALORA INTER---------- B1---------- 25
531488---------- SANYO IMPEX---------- B2---------- 25
511218---------- SHRIRAM TRANS---------- B2---------- 25
523083---------- SOMPLET---------- B2---------- 25
512531---------- STATE TRADING---------- B1---------- 25
532348 ---------- SUBEX SYSTEM ---------- B1---------- 25
504290---------- TATA INFOTEC---------- B1---------- 25
500463---------- TATA TELECOM---------- B1---------- 25
531554---------- TOP TELEMEDIA---------- B2---------------------------------------- 25
531659---------- TRANSNAT SEC---------- B2---------- 25
500423---------- TVS ELECTRONICS---------- B1---------- 25
500464---------- UCAL FUEL SYST---------- B1---------- 25
531790---------- UNIVERSAL MEDIA---------- B2---------------------------------------- 25
532156---------- VAIBHAV GEMS ---------- B1---------- 25
524802---------- VERONICA LABS---------- B2 ---------- 25
532214---------- VISUAL SOFTWARE---------- B1---------- 25
511246---------- WHITE LION ASIA---------- B2---------- 25-----------------------------------25
504067---------- ZENSTAR TECHNOL---------- B1---------- 25
Wartsila Corp & Wartsila Tech make open offer to acquire upto 11.50% equity of Wartsila India at Rs 120 per share
DSP Merrill Lynch Ltd has informed BSE that Wartsila Corporation (Wartsila Corp/Acquirer) a Company registered under the laws of Finland, alongwith Wartsila Technology Oy Ab (Wartsila Technology) a Company incorporated under the laws of Finland as Persons Acting in Concert (PAC) is making a voluntary offer to the public shareholders of Wartsila India Ltd (Target Company) to acquire upto 1383894 fully paid up equity shares of Rs 10 each representing 11.50% of the paid up equity share capital and being the balance outstanding equity share capital of Wartsila India at a price of Rs 120 per share payable in cash. The offer is not conditional on any minimum level of acceptances.
Wartsila Corp holds 7013008 (58.3%) equity shares of Wartsila India and Wartsila Technology holds 36,37,300 (30.2%) equity shares of Wartsila India totally aggregating to 10,850,308 equity shares representing 88.50% of the paid up capital of Wartsila India as on the date of this public announcement.
Wartsila Corp had acquired 4385090 shares of Wartsila India during the period of 12 months prior to the date of this PA in the open offers made by it for Wartsila India at Rs 120 per share vide PA dated September 03, 2001 and PA dated April 18, 2002. Of the aforesaid, Wartsila Corp has acquired 322548 shares in the last six months at a price of Rs 120 per share. Additionally Wartsila Corp has acquired 127916 shares of Wartsila India by open market purchases in the last six months at a price not exceeding Rs 120 per share.
If pursuant to this Offer and /or acquisition of Shares from the open market or through negotiation or otherwise, the public shareholding falls to 10% or below of voting capital of Wartsila India, then in terms of Regulation 21(3) of SEBI (SAST) Regulations, Wartsila Corp will make an Offer to buy out the remaining outstanding equity Shares remaining with the shareholders in accordance with the guidelines specified by SEBI in respect of Delisting of Securities.
The specified date of the offer is October 18, 2002.
The offer will open on November 22, 2002.
The date of closing the offer is December 21, 2002.
