NIIT bags order worth US $ 10.6 million for e-commerce solutions from Macmillan USA

NIIT Ltd. the global e-business solutions corporation has bagged a prestigious US$10.6 million e-knowledge solutions order from Macmillan USA Inc, worlds largest consumer computer book publisher and multimedia content provider. As a part of this project NIIT will create cutting-edge solutions for Macmillan. NIIT will build knowledge products for Macmillan in emerging technologies aimed at IT professionals and end users across the world. NIIT will deliver content based on the three basic styles -Instructor Led Training (ILT), Computer Based Training (CBT) and Web Based Training (WBT) solutions. Commenting on the NIIT-Macmillan relationship Mr. Arvind Thakur President NIIT's Software Business said "NIIT is pleased to create knowledge solutions for Macmillan USA. Expertise of NIIT professionals in creating state-of the art knowledge solutions for diverse audiences at its world class software development facilities backed by strict performance standards will go a long way in creating a mutually beneficial relationship. The project has been awarded to NIIT after extensive discussions and capability assessment. This is the fourth large multi- million dollar order that NIIT has bagged since the beginning of the current fiscal. The other large orders included USD 7-10 million orders from the Malaysian Smart Schools, NETg and leading US publishing house. NIIT's software learning solutions for Macmillan includes creation of Business to Consumer (B2C) e-commerce site that will enable online shoppers to buy Macmillan products on the internet. Value added services like mentoring and learner assessment are an integral part of the two- year project. The NIIT mentoring services will give learners an opportunity to ask personalised feedback by experts on the Internet. The mentoring service from NIIT will include sharing of information between learners and a discussion forum for learners, subject matter experts and application developers. The learner assesssment yet another important component of the project, encompasses pre-assessment and post- assessment tests that will result in generation of a customized learning plan of the individual. The knowledge products will be compliant with latest industry standard products. The e-commerce site and web based knowledge solutions will leverage NIIT's capabilities state-of - the art knowledge.

Sun Infoways Board approves MOU for acquisition of Zap Infotech

Sun Infoways has informed the BSE that at its Board meeting held today i.e 16th August 2000 has approved the M.O.U detailing the acquisition deal with Zap Infotech and has decided on a price of Rs 850/- per equity shares to be issued to promoters of Zap Infotech under SEBI preferential allotment guidelines dated 4th August 1994 or at a price to be arrived at under SEBI preferential allotment of equity shares guidelines dated 4th August 1994 which ever is higher in consideration for above business acquisition. The board has decided to appoint two Leading Consultants to advice on nature type & mix of instruments to be issued and their conversions period if any keeping in view overall consideration and long term implication in the best interest of shareholders and company and also to advice on compliance of acquisition process. The board has also approved the proposal for appointment of a nominee director on the board of company to represent interest of Zap Infotech. As a result of acquisition Sun Infoways would get access to 250 training centres 3SDCs, 1 R&D out post, 2000 strong employees base contracts worth $45 million. This proposal would help the company to synergies & consolidate operations enabling front end linkages such as M Com,VOIP,UMTS application and back end integration of R&D base and Professional manpower facilitating telecom solutions leading to convergence and make the company a significant player in wireless telecom solutions market. The Board has also approved the acquisition of Diginet Technology in all cash dealworth Rs 67.50 million.

Tata Power clarifies on news item

Tata Power Ltd. has informed BSE that the news item appearing in a financial daily on August 10, 2000 regarding the merger of the Tata Hydro Electric Power Supply Ltd. & Andhra Valley Power Supply Ltd. with Tata Power Company Ltd. will attract a capital gain tax of Rs 800/- million is incorrect.

Hoganas Bonus Issue approved

At the Annual General Meeting of Hoganas India Ltd. held today (August 16, 2000) the following resolutions have been passed 1. Approving the Bonus Issue of one new equity share for every one existing equity share held 2. Recommending Final Dividend of 10%(Re 1 per equity share)

Blue Chip issues Bonus Shares in the ratio of 2:5

Blue Chip India Ltd. has informed BSE that the Board of Directors of the company in their meeting held today (August 16, 2000) has approved the issue of Bonus Shares in the ratio of 2:5 (two equity shares for every five equity shares held in the company) to the members whose name appears on the records of the company on a record date to be fixed by the Board of Directors subsequent to approval of the Members in Annual General Meeting scheduled to be held on September 8, 2000.

Kotak Mahindra Board to review net worth

Kotak Mahindra Finance Ltd. has informed BSE that the Board of Directors of the company will be held on August 17,2000 to review the companys net worth for the purpose of meeting the criteria prescribed by Reserve Bank of India for entry into the insurance business.

India Cements Q1 net profit down by 23.79%

India Cements Ltd has posted a net profit of Rs 56.70 million for the quarter ended June 30, 2000 as compared to Rs 74.40 million in the quarter ended June 99. Net sales for the quarter ended June 30, 2000 are higher by 8.04% at Rs 3897.50 million as compared to Rs 3607.30 million in the same period last year. Other income has decreased from Rs 10/- million in JQ 99 to Rs 9.90 million in JQ 2000. Income Tax will be determined & provided for at the end of the year.

Satyam clarifies on newspaper reports

Satyam Computer Services Ltd. has informed BSE that the news item appearing in a financial daily regarding TRW/its subsidiaries investing US$ 50 million and picking up of 5% stake in the company is not correct. Satyam Computer will issue upto $5 million worth of rupee convertible warrants to TRW/its subsidiaries, which would be converted after eighteen months to Satyam stock as per SEBI guidelines.

J K Pharmachem Q3 net loss at Rs 60/- million

J K Pharmachem Ltd has posted a net loss of Rs 60/- million for the quarter ended June 30, 2000 as compared to a net loss of Rs 37.10 million for the same period last year. Net sales for the quarter ended June 30, 2000 are at Rs 196/- million as compared to Rs 208/- million in JQ 99. Other income has risen from Rs 0.60 million in JQ 99 to Rs 1.70 million in the quarter ended June 30, 2000. Prices of Pen-G continue to be at unremunerative levels. Rising prices of furnace oil have further impacted the profitability. Financial Institution has approved debt-restructuring w.e.f. 1.4.2000 which involves part conversion of outstanding debentures into equity and preference Shares and reduction in the rate of interest on the remaining amount. The impact of the restructuring has been incorporated in the quarterly results.

Burroughs Wellcome MD to retire by mutual consent

The Board of Directors of Burroughs Wellcome (India) Ltd, has agreed that Mr.H.R.Khusrokhan, Managing Director will retire by mutual consent on 31.12.2000.

Siemens to acquire stake in VXL Landis, divest stake in Siemens Nixdorf

Siemens Ltd .has informed BSE as under: 1.Company is acquiring 8320000 equity shares (26%) of Rs.10/- each of VXL Landis and Gyr Ltd., Calcutta from Birla VXL Ltd. for a consideration price of Rs.225 million i.e. at a price of approx. Rs.27.05 per share. 2.Company is divesting its stake in Siemens Nixdorf Information Systems Ltd. (SNIL) by transferring its 26% holding of 2450000 equity shares of Rs.10/- each to Siemens Nixdorf Informations Systeme AG, Germany.(SNI AG). SNI AG already holds 74% of the capital of SNIL.

Roofit Industries Board approves issue of equity shares as per SEBI guidelines

The Board of Directors of Roofit Industries Ltd, has approved an issue of not exceeding 0.40 million equity shares of Rs.10/- each on preferential/private placement/public issue basis as per SEBI Guidelines.

Hindustan Breweries to allot equity shares on preferential basis

Hindustan Breweries & Bottling Ltd, is making the preferential allotment of 3 million equity shares of Rs.10/- each to the promoters and associates of the company as per SEBI Guidelines.

Glaxo India MD to retire on Dec 31, 2000

The Board of Directors of Glaxo (India) Ltd. has agreed that, Mr.H.R.Khusrokhan, Managing Director will retire by mutual consent on 31.12.2000.

BSE advises members to continue trading in Vakrangee Softwares

BSE had advised the members not to trade in the equity shares of Vakrangee Softwares Ltd. (Scrip code: 511431 & 11431) with effect from August 14, 2000 until further notice in compliance of the orders of the Court of Munsiff, Sopore, Jammu & Kashmir. Meanwhile, the Company obtained an order dated August 12, 2000 wherein it was clarified that the interim order dated July 8, 2000 was not extended and is not in operation. A copy of the said clarificatory order was served on the Exchange on Sunday, August 13, 2000. In the light of the clarificatory order, it has been decided to advise the members to continue trading in the equity shares of Vakrangee Softwares Ltd. as usual with effect from August 14, 2000.

Money

Rapid Information on Stocks & Corporates

Tell us what you think of this report