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Non-recurring other income pushes up Escorts Ltd Q1 net profit by 188.64%

Escorts Ltd has reported a net profit of Rs 889 million for the quarter ended June 30, 2000 as against Rs 308 million reported in same quarter of the previous year. Net sales for the quarter were 16.97% lower at Rs 2689 million compared to Rs 3238 million recorded in JQ 99. The interest expenditure for the quarter was Rs 131.9 million an increase of 59.49% compared to Rs 82.7 million incurred in JQ 99. The company provided Rs 270 million (JQ 99 Rs 85 million) for tax, an increase of 217.65%. The company earned a non-recurring other income of Rs 1051.2 million during the quarter. This non-recurring income represents profit on sale of 64,80,000 equity shares of Escorts Yamaha Motors Ltd by the company during the quarter ended June 30, 2000.

High Court sanctions Amalgamation Scheme of TTK Biomed and TTK Healthcare

The high Court of Mumbai, has today (July 20, 2000) sanctioned the scheme of Amalgamation between TTK Biomed Ltd and TTK Healthcare Ltd.

LMW Q1 net profit rise 148%, sales up by 6%, acquires Cots and Aprons

Lakshmi Machine Works Ltd has reported a net profit growth of 147.96% and a 46% growth in the sales in quarter ended June 30, 2000 over the corresponding period of the previous year. The company reported a net profit of Rs 51.42 million on a turnover of Rs 1123.77 million for the quarter ended June 30, 2000. The company had earned a net profit of Rs 20.74 million on a turnover of Rs 769.65 million in the quarter ended June 30, 1999. Other income for the quarter ended June 30, 2000 was Rs 57.44 million as against Rs 20.63 million in JQ 99. The interest expenditure increased 90.74% from Rs 27.6 million in JQ 99 to Rs 52.65 million. Tax provided for the quarter was Rs 22.5 million (JQ 99 Rs 10.2 million). The company has acquired Cots and Aprons & Powder Coating facilities with effect from April 1, 2000.

Insilco Ltd Q1 net profit at Rs 21 million, sales up by 69.47%

Insilco Ltd has reported a net profit of Rs 21 million for the quarter ended June 30, 2000 as against Rs 8 million reported in the same quarter of the last quarter. The net sales for the quarter stood at Rs 161 million, reflecting a growth of 69.47% over Rs 95 million recorded in JQ 99. The depreciation charge for the quarter was Rs 23 million (JQ 99 Rs 15 million).

Archies Greetings Q1 net profit down by 15.67%, sales down by 1.86%

Archies Greetings & Gifts Ltd has posted a net profit of Rs 16.77 million for the quarter ended June 30, 2000 as compared to Rs 19.89 million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are marginally down by 1.86% at Rs 112.85 million as compared to Rs 115/- million for the quarter ended June 30, 99. Other income for the quarter ended June 30, 2000 is at Rs 1.65 million as against Rs 1.32 million in JQ 99. The company is in the process of implementing a complete change in the distribution and retail network and during the transitory period quarterly figures would not be comparable The company has entered into E-commerce activities through its subsidiary Archies Online.Com Ltd and has launched a vertical portal www.archiesonline.com for online shopping. The company has added 14 franchisees during this quarter taking the total tally to 447.

NALCO net profit rises 73.44%, sales up by 18.47%

National Aluminium Company Ltd has reported a net profit of Rs 1.28 billion for the quarter ended June 30, 2000 reflecting a growth of 73.44% over Rs 737.1 million reported in the same quarter of the previous fiscal. The net sales for the quarter improved 18.47% from Rs 4.28 billion in JQ 99 to Rs 5.07 billion in JQ 2000. The other income for the quarter was Rs 322.5 million as against Rs 279 million in JQ 99.

UTI Bank Q1 net profit up by 152.19%, interest income up by 56.98%

UTI Bank Ltd has posted a net profit of Rs 160.90 million for the quarter ended June 30, 2000 as compared to Rs 63.80 million for JQ 99. The interest earned has increased from Rs 1075.40 million in JQ 99 to Rs 1688.20 million in the quarter ended June 30, 2000. Other income of Rs 297.50 million for the quarter ended June 30, 2000 represents non-interest income earned from letters of credit, guarantees, services, forex & securities.

Grasim clarifies on newspaper reports regarding sale of Raipur cement unit

Grasim Industries Ltd has issued a clarification to the BSE regarding a news item appearing in a financial daily headlined as "Grasim shelves Raipur cement unit sale". With reference to its earlier statement to the BSE issued on March 22, 2000 it has clarified that the Board of Directors of the company has not considered the sale of its Raipur cement unit. In the previous statement to the BSE the company had stated that any such proposal for divestment of a business would have to be first considered by the Board of Directors. No such divestment proposal is under consideration and therefore no Board meeting of the company is proposed for working on such proposal.

Indal Q1 net profit up by 45.86%, sales up by 27.15%

Indian Aluminium Company Ltd has posted a net profit of Rs 255.70 million for the quarter ended June 30, 2000 as compared to Rs 175.30 million for JQ 99. The net sales for the quarter ended June 30, 2000 are up by 27.15 % at Rs 2833.70 million as compared to Rs 2228.60 million for JQ 99.Other income has fallen from Rs 21.50 million in JQ 99 to Rs 11.30 million in JQ 2000. Hindalco Industries Limited acquired a majority ownership of 54.62% in the Company from Alcan Aluminium Ltd. Canada. It acquired an additional 20% stake pursuant to the open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Hindalcos holding now stands at 74.62% of the Companys paid up share capital.

ICICI Bank Q1 net profit nearly doubles, Interest income up by 42.55%, add 225,000 new customers

ICICI Bank Ltd has reported a net profit of Rs 401.4 million for the quarter ended June 30, 2000, which is nearly double of Rs 202.5 million that was reported in the same period of the previous year. the interest income was 42.55% higher at Rs 2835.6 million as against Rs 1989.2 million in JQ 99. Other income also increased 34.15% from Rs 232.8 million in JQ 99 to Rs 312.3 million in JQ 2000. The interest expenditure increased 23.23% from Rs 1608.3 million to Rs 1981.9 million in JQ 2000. The total deposits as on June 30, 2000 stood at Rs 87.4 billion as against Rs 59.54 billion as on June 30, 1999. During the quarter, backed by its increased net worth, the bank reshuffled the composition of its deposits by gradually liquidating its higher-cost deposits leading to an improvement in interest rate spreads. The Banks capital adequacy ratio stood at 19.24% of the risk-weighted assets on June 30, 2000. The ratio of net non-performing assets to total customer assets remained more or less unchanged at 1.16% on June 30, 2000 as against 1.14% as on March 31, 2000. During the first quarter the bank added 225,000 new customer accounts including about 100,000 savings accounts and ended the quarter with 875,000 accounts. The number of savings account stood at 400,000. The number of accounts of NRI's increased to about 28,000 and that of internet banking customers increased during the quarter from 110,000 to 155,000. The retail deposits at Rs 36.63 billion constituted 42% of the total deposits of the bank. During the quarter, the bank crossed two milestones by opening more than 100 offices and installing more than 200 Automated Teller Machines (ATMs). During the first quarter, the Bank expanded its distribution network by opening 4 branches and installing 33 additional work-site and off-site ATMs. As at June 30, 2000, the Bank's physical network consisted of 85 branches and 16 extension counters. The Bank had 208 ATMs - the largest network of ATMs in the country - spread across 49 centres in 17 States and Union Territories. This physical distribution network is complemented by other technology driven delivery channels such as web-enabled kiosks, call centres, mobile phones and the Internet.

MICO announces 5 day working for its Bangalore plant

Motor Industries Company Ltd has informed the Bombay Stock Exchange that it has decided to introduce a 5 day working week in its Bangalore plant with immediate effect. This step has been taken by the company in view of Low demand from its customers in the tractor and commercial vehicle industry.

Esab India posts Rs 34.1 million net profit for Q1, sales up by 71.67%

Business restructuring and rationalisation programmes conducted during the last year have started yielding results for Esab India Ltd, which are reflected in substantial increase in sales and profit for the quarter ended June 30, 2000. The company recorded a net profit of Rs 34.1 million for the quarter as against a loss of Rs 12.5 million incurred in the same quarter of the previous year. the net sales improved 71.67% from Rs 237.2 million in JQ 99 to Rs 407.2 million in JQ 2000. Other income for the quarter ended June 2000 was Rs 4.3 million as against Rs 2.7 million in JQ 99. The voluntary seperation cost of Rs 10.7 million was written off during the quarter ended June 30, 2000 as against Rs 1.8 million in JQ 99. However as a result of the change in the accounting policy of charging off voluntary separation compensation and related payments in the year in which it is incurred, effected during the fourth quarter of the previous year, the voluntary separation compensation figure for the first quarter is not wholly comparable with the same for the corresponding period of the previous year.

Sierra Optima Q1 net profit up by 87.85%

Sierra Optima Ltd has posted a net profit of Rs 22.30 million for the quarter ended June 30, 2000 as compared to Rs 11.87 million for JQ 99.The net sales for the quarter ended June 30, 2000 are up by 75.45% at Rs 73.89 million as compared to Rs 42.11 million in the quarter ended June 30, 99. Other income has fallen from Rs 0.13 million in JQ 99 to Rs 0.46 million in the quarter ended June 30,2000

Reliance Industries net profit rises 20%, sales up by 72.4%

Reliance Industries Ltd has reported a net profit of Rs 6.12 billion for the quarter ended June 30, 2000 as against Rs 5.1 billion in JQ 99, representing a growth of 20%. The sales for the quarter was Rs 66.15 billion, 72.4% higher compared to Rs 38.37 billion recorded in the same period in the previous year. The other income for the quarter fell 48% from Rs 1.5 billion in JQ 99 to Rs 780 million in JQ 2000. The depreciation for the quarter increased 57% from Rs 2.07 billion in JQ 99 to Rs 3.25 billion in JQ 2000. The interest expenditure rose 62.84% from Rs 1.83 billion in JQ 99 to Rs 2.98 billion in JQ 2000. The Company had revalued its Plant and Machinery located at Patalganga and Naroda during the financial year 1997-98. Consequent to the revaluation, there is an additional charge for depreciation of Rs 670 million (US $ 15 million) for the quarter ended June 30, 2000. An equivalent amount has been withdrawn from General Reserve and thus this has no impact on profit for the quarter.

Matsushita Television JQ net profit at Rs 2.4 million, sales rise 74.32%

Matsushita Television & Audio India Ltd has posted a net profit of Rs 2.40 million as compared to a loss of Rs 12.40 million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are at Rs 456.90 million as compared to Rs 262.10 million for the quarter ended June 30, 1999.

Hindustan Construction Co. bags new order of Rs 1632.8 million

Hindustan Construction Co. Ltd has informed the BSE that the company has secured a work order of Rs 1632.8 million from Muncipal Corporation of Brihanmumbai, for Construction of Tunnel from Bhandup Complex to Malad Hill Reservior and further upto Charkop, Sahfts and Allied works. As per the conditions of the Tender documents, the work has to be completed within a period of 72 months from the date of commencement.

Infosys Technologies in strategic technology partnership with Delphis Bank, Mauritius

Infosys Technologies Ltd (Infosys) today (July 20, 2000) announced that it has established a strategic technology partnership with The Delphis Bank Limited, one of the leading commercial banks in Mauritius. The Bank will revamp its existing Information Technology infrastructure with 'Finacle' (Trademark), Infosys' new generation enterprise banking solution. Delphis Bank will deploy 'Finacle' (Trademark) the web enabled new generation enterprise banking solution and comprehensive treasury system from Infosys. In the next phase, the Bank will deploy BankAway, the powerfull e-Commerce platform from Infosys to offer Internet banking services. Infosys has also announced that it will provide local support to all customer banks in Mauritius. Says Mr.V.K.Ramphul, Managing Director of the Delphis Bank, "Infosys being an IT leader and having successfully deployed its solutions at three banks in Mauritius, was the obvious choice as the strategic technology partner". 'Finacle' (Trademark) is a centralized and integrated corporate, retail and trade finance solution that is designed to extend the bank's reach to the entire enterprise in a seamless manner- from the front office to the back office. It leverages Web technology to enable the bank to integrate with surround Web applications, thus creating a powerful bankers desktop. The solution is multi-currency, multi-lingual, multi-platform and workflow enabled. "Presently 3 out of the 10 commercial banks in Mauritius - South East Asian Bank, Indian Ocean International Bank & Bank of Baroda - use Infosys' Enterprise Banking Solutions. With Delphis Bank tying up with Infosys, Infosys has clearly emerged as the banking solution provider of choice in the Mauritius market," said Mr. Rakesh Singh, International Sales Manager - East Africa for Infosys. The Delphis Bank Limited has shown impressive growth since its inception in Mauritius in 1991 & established itself among the leading banks in Mauritius. It is the 4th largest bank in terms of profitability, among the ten commercial banks in Mauritius, as on 31st December, 1999 with an asset base of over Rs. 4.6 Billion. The Bank took over the ex-Union Bank in January 1997 & two branches of Barclays Bank PLC at Mahebourg & Chemin Grenier in January 1998.

Jindal Vijaynagar Q1 sales double, net profit at Rs 253.91 million

Jindal Vijaynagar Steel Ltd (JVSL) has reported a 110.18% increase in the net sales for the quarter ended June 30, 2000. The company recorded a net profit of Rs 253.91 million as against a loss of Rs 253.15 million in JQ 99. The net sales for the quarter were Rs 3881.2 million as against Rs 1846.64 million reported for the same period in the previous year. The depreciation charge for the quarter was 14.44% higher at Rs 203.11 million as against Rs 177.48 million in JQ 99. The interest expenditure increased 38.53% from Rs 361.89 million in JQ 99 to Rs 501.33 million in JQ 2000. JVSL has successfully commissioned the Steel making and caster operations of integrated steel plant. Commercial production of these plants is yet to start. The above mentioned figures are from results in which interest and depreciation relating to these plants have not been charged. They will be charged to revenue account on commencement of commercial production.

Wipro clarifies on news item appeared in Business Standard

In a statement issued to the BSE, Wipro Ltd has clarified that the company did not issue the press release on the subject 'Wipro, GE call off hi-tech pact talks' as reported in Business Standard dated July 19, 2000.The company stated the factual position is under: 1. Being a global IT Services Provider, Wipro has ongoing talks with several potential customers including GE for new business. Only when the terms of any new business are agreeable to both parties will a new contract be signed. 2. Wipro's ongoing relationship with GE for software development continues. 3. There is no truth in any technology transfer for stock options 4. Wipro has a joint venture company called Wipro GE Medical Systems Ltd for medical equipment and services.This joint venture has strong potential and continues to grow.

BSE imposes special margin on Magan Industries

BSE has imposed special margin in the under mentioned scrip with effect from Thursday July 20, 2000. Sr No Scrip Code Scrip Name Scrip Group Special Margin Per Share (%) 1. 30411 MAGAN INDUSTRIES LTD B2 25%

Jay Shree Tea buys-back 1.23 million equity shares at Rs 120/- per share

Jay Shree Tea & Industries Ltd. has informed the BSE that the company has bought back 12,30,000 Equity Shares at a price of Rs.120/- per share from the existing equity shareholders of the company. The certificates of these shares have been cancelled and destroyed by the company.

Electrolux Kelvinator suspends operations at Shahjahanpur factory

Electrolux Kelvinator Ltd. has informed BSE that, the company has temporarily suspended the operations at the Shahajahanpur factory due to some labour problem. The company hopes to restart the operations in the near future.

Aarti Drugs Board approves foray into e-education

The Board of Directors of Aarti Drugs Ltd has approved a proposal to enter into e-commerce venture in the field of education. The Board took the above decision at its meeting held on July 19, 2000. In this connection the company has proposed to acquire a stake in a joint venture company being formed by Mr Sameer Sankhe and his associate. Mr. Sameer Sankhe and his associate are professionals having experience in the said field.

Orchid Chemicals enters into JV with Cambridge Chemicals. U.K.

Orchid Chemicals & Pharmaceuticals Ltd (Orchid) has entered into a joint venture with M/s. Cambridge Chemicals International Limited in United Kingdom to distribute the company's nutreceuticals products in United Kingdom. The company has floated a company named as Orchid Nutricare Limited for the purpose. Orchid has 65% equity stake in the Company. Orchid's R&D has developed for the first time in the world through chemicals pathway a novel nutraceutical product for the advanced world markets. This product is marketed as dietary supplement and has good market potential in the US. Orchid has established dedicated facilities to manufacture the product in bulk form and as tablets. The company has also setup a new nutraceutical formulation plant in Alathur Industrial complex. The Company has proposed to set up a new manufacturing facility for non-cephalosporin formulations in Chennai to meet the growing demand from the non-regulated markets.

Dewan Housing Q1 net up by 9.37%

Dewan Housing Finance Corporation Ltd has posted a net profit of Rs 42.36 million for the quarter ended June 30, 2000 as compared to Rs 38.73 million for the quarter ended June 30, 99.The total income for the quarter ended June 30 , 2000 is higher by 5.67% at Rs 233.27 million as compared to Rs 220.75 million for the quarter ended June 30, 99. The interest expended has risen from Rs 164.94 million in the quarter ended June 30, 99 to Rs 169.76 million in the quarter ended June 30, 2000.

Ballarpur Industries Board to consider issue of Bonds worth Rs 1500 million

The Board of Directors of Ballarpur Industries Ltd will meet on July 21, 2000 to consider and approved among other matters the issue of Bonds upto Rs 1500 million. At the same meeting the Board will also approve the text of advertisement inviting the fixed deposits from the public. The Board will also consider and approve the issue of non-convertible debentures on private placement basis. Agenda at the meeting includes consideration and appointment of an occupier for A P Rayons Unit at Kamlapuram and to co-opt Dr. Cherif Sedky on the Board of the company. The Board will also consider, approve and allot shares in terms of the Scheme of Arrangement and Reorganisation between Ballarpur Industries Ltd and APR Packaging Ltd and APR Ltd. The Board will consider and approve the Annual Accounts for the year ended June 30, 2000 at the meeting.

Varun Shipping Q1 PBT up by 208%, sales rise 10.59%

Varun Shipping Company Ltd has reported a net profit of Rs 14.3 million for the first quarter FY 2000-01 ended June 30, 2000 as against Rs 5.02 million in JQ 99, a growth of 185%. The sales for the period increased 10.59% from Rs 427.81 million in JQ 99 to Rs 473.12 million in JQ 2000. The depreciation charge for the quarter was Rs 99.02 million compared to Rs 91.43 million in JQ 99. The Profit before providing Rs 1.17 million as tax was 208.35% higher at Rs 15.48 million as against Rs 5.02 million in JQ 99.

Maars Software Q2 net profit up by 21.62%, sales rise 53.3%

Chennai based Maars Software International Ltd has recorded a net profit of Rs 42.7 million for the quarter ended June 30, 2000 reflecting a growth of 21.62% compared to Rs 35.11 million recorded in quarter ended June 99. The sales for the quarter improved 53.34% from Rs 140.55 million in JQ 99 to Rs 215.53 million in JQ 2000. The company's staff expenses increased 83.08% from Rs 59.63 million in JQ 99 to Rs 109.18 million in JQ 2000. Depreciation at Rs 9.8 million includes annualised charges for prior periods on account of accelerated rate on certain assets due to change in accounting policy. For the same period in the previous year the company charged Rs 4.29 million for depreciation.

Elder Pharmaceuticals Q1 net profit up by 61.65%

Elder Pharmaceuticals Ltd has posted a net profit of Rs 11.24 million for the quarter ended June 30, 2000 as compared to Rs 6.95 million for the quarter ended June 30, 99. The total income has risen from Rs 321.59 million in JQ 99 to Rs 383.87 million in the quarter ended June 30,2000. Equity Share Capital has increased from Rs 61.14 million in the quarter ended June 30, 99 to Rs 108.10 million in the quarter ended June 30, 2000 on account of Public Issue. Civil construction plans for the expansion projects are in the process of finalization.

Moser Baer Q1 net profit rise 365.75%, sales up by 154.71%

Moser Baer India Ltd has reported a net profit growth of 365.75% and a 154.71% growth in the sales for the quarter ended June 20, 2000. The company recorded a net profit of Rs 307.44 million on a turnover of Rs 703.01 million. The other income for the quarter was Rs 12.58 million as against Rs 2.5 million in JQ 99. The company earned a net profit of Rs 66.01 million on a turnover of Rs 276 million in the same quarter of the previous year. The interest expenditure for the quarter was Rs 57.03 million, 375.25% higher compared to Rs 12 million in JQ 99. Similarly the depreciation charge for the quarter was also 267.87 higher at Rs 57.02 million (JQ 99 Rs 15.5 million). During the quarter, the Company completed implementation of the manufacturing capacity of Phase-1 of its Recordable Optical Media project. Simultaneously, it began implementation of Phase-II, which is expected to be completed in May/ June, 2001. During the quarter, Moser Baer issued 8,708,457 Equity Shares of Rs. 10/- each at a premium of Rs 327/- per share to International Finance Corporation, Bloom Investments Ltd. (BIL), Ealing Investments Ltd. (EIL) and Randall Investments Ltd (RIL) on preferential basis. BIL, EIL & RIL are affiliates of the E M Warburg, Pincus & Co.

LCC Infotech Q1 net profit at Rs 40.66 million

LCC Infotech Ltd has posted a net profit of Rs 40.66 million for the quarter ended June 30,2000 as compared to Rs 22.24 million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are up 196.96% at Rs 250.75 million as against Rs 84.44 million in JQ 99. The other income has risen from Rs 0.063 million in JQ 99 to Rs 1.55 million in the quarter ended June 30,2000. The Company has entered into major tie-ups in the field of education in the previous accounting year with Adobe, Novell, Microsoft & Linux.

Thomas Cook Board decides to buys TCI shares worth Rs 1200 million, to invest 400,000 Pounds in Srilanka

The Board of Directors of Thomas Cook (India) Ltd has decided to buy 1,576,692 equity shares of Travel Corporation (India) Ltd at an amount of Rs 1200 million. The acquisition is however subject to the approval of the shareholders as per the provisions of Companies Act, 1965 (Section 372 A). The Board has also decided to acquire the business of Thomas Cook Overseas Ltd, U.K.'s branch in Sri Lanka for a total investment of 400,000 pounds or equivalent thereof. The EGM of the company is scheduled on August 28, 2000 to approve the aforesaid items. The Board took the above decisions at its meting held in London on July 19, 2000.

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