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| APR Limited shares' delisted after restructuring |
APR Limited has informed BSE that the scheme of Arrangement and Reorganisation between Ballarpur Industries Ltd, APR Ltd. and APR Packaging Ltd., as sanctioned by the High Courts of Andhra Pradesh and Mumbai (Nagpur Bench) and also reduction of capital of APR Ltd. as confirmed by the High Court of Andhra Pradesh has become effective.
Under the terms of the Scheme, the shares of the company stand delisted from all Stock Exchanges and the shares of the company have become non -tradable securities simultaneously along with the reduction of capital of the company having become effective on August 11, 2000 pursuant to the order of the high court of Andhra Pradesh. |
| BSE to resume trading in 7 scrips |
BSE had advised its members not to deal in the below mentioned scrips as the companies had not complied with listing requirements. Trading in these scrips will be resumed from 14/08/2000.
CODE COMPANY NAME
3675 Agarwal Holdings Ltd.
12332 Dolphin International Ltd.
31750 Encore Software Ltd.
6016 Jalgaon Re-Rolling Industries Ltd.
13355 Marmagoa Steels Ltd.
31366 Overseas Finlease Ltd.
31701 Shri Sainath Proteins Ltd.
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| SBI hikes Lending & Deposit Rates |
| State Bank of India has informed BSE that it has decided to increase Bank's term deposit rates by 50 basis points across all maturities. The Bank has also decided to increase its Prime Lending Rate (PLR) to 12% p.a. from the present level of 11.25% p.a. and MTLR (State Bank Medium Term Lending Rate) to 12% p.a. from present level of 11.50% p.a. These changes will be effective from August 12, 2000. |
| Mastek Board proposes final dividend, stock-split |
| The Board of Directors of Mastek Ltd. at its meeting held on August 12, 2000 has proposed a final dividend of 10%. (Re1/-per share). The Board of Directors has proposed a stock split in the proportion of 1:2. The par value of Mastek Ltd. share consequent to the proposed split would be Rs 5/- per equity share. |
| BSE set to launch Basket Trading System |
| The need of trading in a basket of scrips (forming part of a popular index like BSE Sensex) was felt by investors who wish to link risk exposure of their portfolio only to the extent of the Sensex movements.
With a view to provide investors with this facility of creating Sensex-linked portfolios and also to create a linkage of market prices of the underlying securities of Sensex in the cash segment and futures on Sensex, the stock exchange will launch basket trading on the BSE On-line Trading -- BOLT -- system from Monday, August 14, 2000.
In the basket trading system, investors would be able to buy/ sell all 30 scrips of the Sensex in the proportion of current weights in the Sensex, at one go. Investors need not calculate the quantity of Sensex scrips to be bought or sold for creating Sensex-linked portfolios and this function would be performed by the system.
Moreover, through the system, arbitrageurs would be able to take advantage of price differences in the underlying securities of Sensex and futures on the Sensex by simultaneous buying and selling of baskets, covering Sensex scrips and Sensex Futures. This would have the balancing impact on the prices in both cash and futures markets.
The system would, thus meet the needs of investors and provide new business opportunities to investors and market participants. This would also boost the volumes and depth in the cash and futures markets. |
| W.S. Industries to dispose off its Power Control Division |
| The board of directors of W S Industries (India) Ltd has decided to dispose off the company's power control division at Bangalore, subject to necessary approvals.
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| Mansarovar Paper's factory sealed |
| Mansarovar Paper & Industries Ltd has informed the BSE that, the tehsildar has sealed the factory premises at Najibabad in connection with the recovery of sales tax. |
| High court approves transfer of Oriental's Carbon Black business |
Oriental Carbon and Chemicals Ltd has informed the BSE that the Calcutta high court has approved the transfer of the company's Carbon Black business to its subsidiary Posh Investments Ltd. The transfer will be with effect from October 1, 2000.
At a meeting of the board of directors on August 11, 2000, it was also decided to sell PIL, after it is vested with the Carbon Black business, to Continental Carbon Company of USA, subject to necessary statutory approvals. Continental Carbon will also assume the liabilities related to the business. The total transaction value will be approximately USD 20 million.
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| Kumbh Finance diversifies into entertainment business |
| Kumbh Finance Ltd. has informed BSE that it plans to provide content to television channels. The company currently provides five television serials for the ETC channel. The company has also appointed B B Mukerjee as film and serials director and Shailen Shah as additional director. |
| Kochi Refineries recommends 1:1 bonus issue
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| At its board meeting held on August 12, 2000, the board of directors of Kochi Refineries Ltd has recommended a bonus issue of equity shares in the ratio of 1:1 (every one share for one share held). Shareholders whose names will appear on the register of members on September 27, 2000 are eligible to receive the bonus shares. |
| Workers of Gujarat Automotive Gears on strike
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| The workers of Gujarat Automotive Gears Ltd. have gone on strike from July 19, 2000 for an increase in wages at their factory situated at Kalali, Baroda.
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