Wipro increases stake to 100 per cent in Wipro Spectramind Services

Wipro Ltd has announced on Friday that it has acquired the entire equity holding, owned by Housing Development Finance Corporation Ltd in Wipro Spectramind Services Pvt Ltd for an aggregate consideration of Rs 264 million ($5.5 million). Wipro acquired from Housing Development Finance Corporation Ltd equity shares representing 8% of the outstanding equity shares of Wipro Spectramind Services Pvt Ltd. These equity shares represent approximately 6% of the equity of Wipro Spectramind Services Pvt Ltd on a fully diluted basis. With this transaction, Wipro Spectramind Services Pvt Ltd. is a fully owned subsidiary of Wipro Ltd.

Indian Hotels Company Board to consider a proposal sale of 2 Hotel Properties

Indian Hotels Company Ltd has informed BSE that a meeting of the board of directors is scheduled on January 9, 2003, at which meeting it is, inter alia, proposed to consider an item for sale of 2 hotel properties of the company.

BSES Q3 results preponed to January 18, 2003

A meeting of the board of directors of BSES Ltd will be held on January 18, 2003 to consider and take on record the unaudited financial results for the quarter ended December 31, 2002.

ITC Agarbattis SBU not expected to materially impact the operations of the company

ITC Ltd has informed BSE that marketing of Agarbattis by the company is not expected in the near term to materially impact the operations/performance of the company.

Mahindra & Mahindra Q3 results on January 29, 2003

Mahindra & Mahindra Ltd has informed BSE that a meeting of the board of directors is scheduled on January 29, 2003 to take on record the unaudited financial results (provisional) for the quarter ended December 31, 2002 (Q3).

Ind Swift board meeting on Jan 6, 2003 to approve draft scheme of amalgamation

Ind Swift Ltd has informed BSE that a meeting of the board of directors of the company will be held on January 06, 2003 to approve the draft scheme of amalgamation. Earlier the board of directors at their meeting held on December 18, 2002 as a part of consolidation exercise and to attain business synergies, the company had decided to merge the two of its group companies namely Mukur Pharmaceutical Co. Pvt. Ltd, Swift Formulations Pvt. Ltd with Ind Swift Ltd.

Nahar Exports board to consider issue of decured debentures to ICICI Bank

Nahar Exports Ltd has informed BSE that a meeting of the Board of Directors is scheduled on January 10, 2003 to consider and approve the issue of Secured Debentures to ICICI Bank Ltd, the redemption value of which is Rs 150 million and the period of Debentures is 3 years.

Asian Paints India Q3 results on January 15, 2003

Asian Paints India Ltd has informed BSE that a meeting of the board of directors is scheduled on January 15, 2003 to consider, inter alia, and to take on record the unaudited financial results for the quarter ended December 31, 2002 (Q3).

Opto Circuits forfeits equity shares

The board of directors of Opto Circuits India Ltd at their meeting held on November 30, 2002 forfeited 1,01,100 equity shares for non-payment of allotment monies.

Gujarat NRE Coke to consider issue of bonus shares

A meeting of the board of directors of Gujarat NRE Coke Ltd will be held on January 18, 2003 to transact the following business: 1. To take on record the unaudited financial results for the quarter ended December 31, 2002 2. To consider issue of bonus shares.

R Sankaran appointed as director on the board of Chennai Petroleum Corp

Chennai Petroleum Corporation Ltd has informed BSE that Mr R Sankaran, General Manager (Projects & Development) of the Company has assumed charge of the post of Director (Technical) of the Company with effect from January 01, 2003 in place of Mr M P Srinivasan who has superannuated on December 31, 2002.

Indian Rayon director expires

Indian Rayon and Industries Ltd has informed BSE that Shri Siddhartha Sen, a Director of the Company has expired today following cardiac arrest.

Dr Reddy's launches Ibuprofen in US market

Dr Reddy's Laboratories Ltd on Friday announced that it has commenced shipment of prescription Ibuprofen Tablets 400, 600 and 800 mg to the United States market. Ibuprofen is the first generic product to be marketed under the "Dr Reddy's" label. "The Ibuprofen launch is a significant event in Dr Reddy's endeavor to build a strong and sustainable US generic business. Direct marketing of Ibuprofen Rx is the first step in building our commercial organization in the United States market and exemplifies the fact that we can manage our vertically integrated supply chain," said Mark Hartman, Executive Vice President, Generics, Dr Reddy's.

CRISIL Q3 net at Rs 54.81 million

Credit Rating Information Services of India Ltd (CRISIL) has posted a net profit of Rs 54.81 million for the quarter ended December 31, 2002 (Q3-02) as compared to Rs 54.22 million for the quarter ended December 31, 2001 (Q3-01). Total Income has increased from Rs 165.68 million in Q3-01 to Rs 184.48 million in Q3-02. The consolidated results are as follows: Total income for Q3-02 is at Rs 195.58 million as compared to Rs 172.97 million in Q3-01. Profit after tax for Q3-02 is at Rs 50.16 million as compared to Rs 54.47 million in the corresponding period last fiscal.

Gujarat Borosil Board to seek members' approval for reduction in Share Capital pursuant to BIFR Order

Gujarat Borosil Ltd has informed BSE that the board of directors, at its meeting held today January 3, 2003, has decided to adopt the BIFR order issued on December 23, 2002. As regards direction in this order for reduction of existing capital from Rs 343.10 million to Rs 171.60 million, the Board has decided to reduce the existing paid-up capital from Rs 10 to Rs 5 per share. An extraordinary general meeting of the members of the company has been convened on February 14, 2003 for passing necessary resolution in this regard. The company has further informed that the board of directors at the said meeting has also decided to forfeit 94,500 equity shares of Rs 10 each for non-payment of allotment money upon the said shares. Further Ashok Jain has been appointed as an additional director and whole-time director of the company with effect from January 3, 2003.

HDFC divests its entire stake in Spectramind to Wipro

Housing Development Finance Corporation Ltd has informed BSE that it has divested its entire stake in Spectramind Ltd, Bermuda, for a consideration of Rs 264 million to Wipro Ltd.

ONGC fixes record date for interim dividend

Oil & Natural Gas Corporation Ltd (ONGC) has informed BSE that February 04, 2003 has been fixed as Record Date for determining entitlement of the shareholders for payment of Interim Dividend for the Financial Year 2002-03.

Jammu & Kashmir Bank Q3 results postponed to January 13, 2003

A meeting of the Board of Directors of Jammu & Kashmir Bank Ltd will be held on January 13, 2003 to consider and take on record the Unaudited Financial Results (Provisional) for the quarter ended December 31, 2002.

India Cements Q3 results on Jan 29, 2003

A meeting of the board of directors of India Cements Ltd will be held on January 29, 2003 to consider inter alia, the unaudited financial results for the quarter ended December 31, 2002.

Cellulose & Chemicals director resigns

Cellulose & Chemicals Ltd has informed BSE that the Board of Directors of the company in its meeting held on December 30, 2002 have considered the following matters: 1) Resignation of Mr Balubhai M. Sardhara, Director Finance is accepted. 2) Appointment of an additional Director(s) is postponed sine-die. 3) Arbitration in the matter of Data, Goodwill & Network discussed.

Saurashtra Paper & Board Mills Company Secretary resigns

Saurashtra Paper & Board Mills Ltd has informed BSE that Mr Nalin Ganatra, has resigned as the Company Secretary of the company with effect from January 01, 2003.

G E Shipping Q3 results on January 16, 2003

A meeting of the Board of Directors of Great Eastern Shipping Company Ltd will be held on January 16, 2003 to consider inter-alia the unaudited financial results for the third quarter ended December 31, 2002.

Amtek Auto appoints new company secretary

Amtek Auto Ltd has informed BSE that Kanika Sharma has joined the company as a company secretary in place of Iqneet Qaur.

Cravatex Company Secretary resigns

Cravatex Ltd has informed BSE that Kuldeep R Sharma has ceased to the company secretary of the company with effect from January 01, 2003.

Omni Ax's Software Board allots 77,44,760 equity shares on Preferential Basis

Omni Ax's Software Ltd has informed BSE that the Board of Directors at its meeting held on December 31,2002 has passed the following resolutions: 1) 25,80,800 equity shares be allotted to the shareholders of Elan Integrated Systems Pvt Ltd in exchange of 6,45,200 shares at an exchange ratio of four fully paid up equity shares of Omni Ax's Software Ltd to every holder of one fully paid equity shares of Elan Integrated Systems Pvt Ltd. 2) 25,92,900 equity shares be allotted to the shareholders of R3 Ventures Pvt Ltd in exchange of 8,64,300 shares at an exchange ratio of three fully paid up equity shares of Omni Ax's Software Ltd to every holder of one fully paid equity shares of R3 Ventures Pvt Ltd. 3) 25,71,060 equity shares be allotted to shareholders of Millennium E Soft Solutions Pvt Ltd in exchange of 8,57,020 shares at an exchange ratio of three fully paid up equity shares of Omni Ax's Software Ltd to every holder of one fully paid equity shares of Millennium E Soft Solutions Ltd. The company has further informed that none of the allottees belong to the Promoters Group, Associate, Director, Friend/Relative, FII, OCB etc.

ITPPL makes Open Offer to acquire 27.21% stake in Balwas e-Com India at Rs 2.50 per share

Khandwala Securities Ltd has informed BSE that IT People Private Ltd (ITPPL/Acquirer) has made an open offer to the shareholders of Balwas e-Com India Ltd (BEIL) to acquire 27,71,100 fully paid-up equity shares of face value of Rs 10 at a price of Rs 2.50 per share payable in cash. The proposed open offer represents 27.2118% of the total issued, subscribed and paid-up equity share capital and voting rights of BEIL. The offer is not subject to any minimum level of acceptance. ITPPL has entered into an agreement with the present promoter group on December 27, 2002 to acquire 49,14,570 fully paid up equity shares of the face value of Rs 10 each of BEIL representing 48.2620% of the total issued, subscribed and paid-up equity share capital and voting rights of BEIL at a price of Rs 2.50 per share payable in cash. Pursuant to the above Purchase Agreement dated December 27, 2002, in compliance of Regulations 10 and 12 of the SEBI (SAST) Regulations, 1997, the acquirer is making the Open Offer. ITPPL prior to the above mentioned purchase agreement acquired a total of 14,78,730 fully paid up equity shares of the face value of Rs 10 each of BEIL representing 14.5214% of the total issued, subscribed and paid-up equity share capital and voting rights of BEIL at a price of Rs 2.20 per share on spot delivery contract basis from some of the public shareholders. The specified date is January 22, 2003. The date of opening of the offer is February 17, 2003 The date of closing of the offer is March 19, 2003.

MRF Q1 results on January 29, 2003

MRF Ltd has informed BSE that a meeting of the Board of Directors is scheduled on January 29, 2003 to consider, inter alia, the Unaudited Financial Results of the Company for the quarter ended December 31, 2002 (Q1).

Zee Telefilms clarifies news on pledging of shares

With reference to a news item published in a leading financial daily regarding pledging of shares of Zee Telefilms Ltd by the promoter group, the company has informed BSE that Dalgrada Ltd has approached FIPB for pledging of shares of the company to raise US$ 40 million loan.

Dr Reddys Lab denies news on Pediatric Nimesulide

With reference to a News Item published in a leading financial daily regarding Dr Reddy's Laboratories Ltd pulling out Pediatric Nimesulide, the Company has informed BSE that it has not withdrawn the Pediatric dosage of Nimesulide from the markets and the news is more in the nature of speculation.

Bihar Caustic fixes record date for rights issue

Bihar Caustic & Chemicals Ltd has fixed January 29, 2003 as the record date for the purpose of rights issue in the ratio of two equity shares of Rs 10 each at par on rights basis for every one existing equity share held. The transactions in the equity shares will be held cum-rights basis till January 17, 2003 and ex-rights basis from January 20, 2003.

Raymond Q3 results on January 22, 2003

Raymond Ltd has informed BSE that a meeting of the Board of Directors is scheduled on January 22, 2003 to consider, inter alia, the Unaudited Financial Results of the Company for the third quarter ended December 31, 2002 (Q3).

Hero Honda Motors Q3 results on January 10, 2003

Hero Honda Motors Ltd has informed BSE that a meeting of the Board of Directors is scheduled on January 10, 2003 to consider and take on record the unaudited financial results for the third quarter ended December 31, 2002 (Q3).

Polaris Software Lab clarifies news on new order

With reference to a news item published in a leading financial daily titled "New order may boost Polaris", Polaris Software Lab Ltd has clarified that the news item is neither from the company nor from any of its authorised representatives.

Eonour Tech approves preferential allotment of equity shares and financial instruments

Eonour Technologies Ltd has informed BSE that the Board of Directors at its meeting held on January 02, 2003 has transacted the following business: 1. Passed a Resolution recommending the members to consider and approve the issue of Equity shares / Financial instruments convertible into equity shares, and or warrants with an option to apply for the Equity Shares later and or Financial Instruments exchangeable with equity shares for cash under Preferential allotment basis subject to procedures laid down under SEBI guidelines to: 1) Promoters and its associates group 2) Two other Bodies Corporate in India 3) One Overseas Body Corporate outsiders But not covered by the threshold limit permitted under SEBI (Substantial Acquisition and Takeovers) Regulations 1997 subject to lock in method, with an option to decide upon the terms/time of issue and tranches, to the Board of Directors. 2. The relevant date for pricing the above Preferential Allotment is fixed as December 30, 2002. 3. Passed resolution recommending the members to consider and approve the issue of Global Depository Receipts (GDR) American Depository Receipts (ADRs). 4. Passed resolution recommending the members to consider and approve the issue of Employee Stock Option under ESOS/ESPS scheme to benefit the employees as per SEBI Guidelines. 5. Passed resolution recommending the members to consider and approve the increase of the authorised capital of the company. 6. The Board has decided to call an Extraordinary General Meeting of the members of the Company and authorised the Chairman and Managing Director to fix time and venue of the meeting to consider the items mentioned above.

SEBI permits Abbott India to buyback equity shares

Abbott India Ltd had announced buyback of 9,19,900 fully paid up equity shares of the face value of Rs 10 each from the existing owners of shares of the company through a tender offer at a price of Rs 350 per share. Thereafter pending certain regulatory/policy clarifications from SEBI the timetable for the buyback stood annulled and that the revised time-table would be published in the newspaper prior to the opening of the buyback, after receipt of the required clarifications. SEBI has on December 27, 2002 permitted the Company to proceed with the buyback. The revised time-table for the buyback will be published shortly

HPCL board to consider payment of interim dividend for FY 2002-03

Hindustan Petroleum Corporation Ltd has informed BSE that a meeting of the board of directors of is scheduled on January 30, 2003 which would inter-alia consider a proposal for payment of interim dividend for the financial year 2002-03. The corporation has further informed that it has fixed February 05, 2003 as the record date in respect of register of members and share transfer books of the Corporation to determine the eligibility of shareholders that are entitled to receive interim dividend.