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May 19, 2000
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| Reliance Power Venture to acquire 20% in BSES at Rs 234/- per share via open offer
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Reliance Power Ventures Ltd (RPVL), a wholly owned subsidiary of Reliance industries Ltd (RIL) is set to acquire 20% equity stake in BSES at a price of Rs 234/- each fully paid up equity share. RPVL proposes to acquire 2,75,45,133 equity shares of BSES (representing 20% of the voting capital of the company) by making an open offer to the existing shareholders of the company. JM Morgan Stanley Ltd has been appointed as the manager to the offer who has filed the dra
ft of open offer on behalf of RPVL with the BSE.
The acquisition will be funded by the acquirer's internal accruals or by way of financial assistance in the form of Capital/debt/guarantees from Banks/FIs and/or other parties.
RPVL currently holds (along with persons acting in concert) 2,04,15,897 equity shares in BSES representing 14.62% of the subscribed and fully paid up share capital of BSES. With the acquisition of the aforementioned 20% equity, the stake of RPVL in BSES will go up to 34.62%.
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| Tube Investments 1999-2000 net profit rises 56%, turnover up by 45% |
Tube Investments of India Ltd has recorded a turnover of Rs 9799.30 million for the year ended March 31, 2000 as against Rs 6773.50 million in FY 99. The profits for the year are 55.79% higher at Rs 328.40 million as against Rs 210.80 million earned in the last financial year. The other income stood at Rs 505 million (Rs 463.60 million). The PBT for the year is 92.28% higher at Rs 413.40 million (FY 99 Rs 215/- million). The depreciation charges for the year is 295.80 million, 33.06% higher than Rs 222.30 million charged in FY 99.
However there has been a change in the method of valuation of Inventories during the year (in accordance with the revised mandatory Accounting standard (AS 2) ), due to which profit before tax for the year is higher by Rs 23.33 million. Similarly the depreciation policy regarding certain machinery has changed during the year due to which depreciation is higher and Profits before tax are lower by Rs 19.76 million. Rolls and Tools already issued which were hiteherto amortised over the useful life of the asset were fully written off during the year. Consequent to the Change in accounting policy, the profit before tax for the year is lower by Rs 16.94 million.
The company's project to manufacture Door Frames for Hyundai's Accent Model cars was commissioned in January 2000 and regular supplies have commenced. |
| In2Cable.com calls off discussions to form Internet JV with Pacific Internet |
| In2Cable.com (India) Pvt. Ltd a subsidiary of Hinduja Finance Corporation Ltd has discontinued discussions to form a joint venture with Pacific Internet Ltd, Singapore, to provide narrowband/ broadband internet access services. The negotiations were discontinued, as the parties could not agree on Key terms of the joint venture. |
| Lupin Chemicals Q3 net profit up by 52%, Nine months net profit down 41% |
Lupin Chemicals Ltd has reported a 52% rise in the net profits for the quarter ended April 30, 2000 over the quarter ended April 1999. The profits for the quarter ended April 30, 2000 were Rs 25.61 million as against Rs 16.88 million in the corresponding quarter of the last financial year. The sales were 7.95% higher at Rs 248.59 million (Rs 230.28 million). The PBDIT for the quarter is 12.02% higher at RS 74.26 million as against Rs 66.29 million in quarter ended April 30, 1999.
In contrast to the quarterly results the net profit for the nine months ended on April 30, 2000 were 41.41% lower at Rs 50.75 million as compared to Rs 86.61 million in the same period of the last year. The sales for the nine months stood at Rs 756.93 million and the PBDIT was Rs 218.52 million as against Rs 787/- million and Rs 237.97 million for the nine months ended April 30, 1999.
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| ITC Bhadra Paper trims losses by 63%, operating profit up by 286% |
| The paper major ITC Bhadrachalam paperboards Ltd has reduced its losses (before taxation & extraordinary items) by 63.45% from Rs 878.88 million in FY 99 (March 31, 1999) to Rs 321.23 million in FY 2000 (March 31, 2000). The gross operating profit for the year is 285.51% higher at Rs 775.74 million as against Rs 201.22 million in FY 99. The sales are 42.65% higher at Rs 4438.50 million as against Rs 3111.54 million in the last financial year. The other income is Rs 132.50 million as compared to Rs 102/- million in FY 99. The net loss after tax and extraordinary items is Rs 321.23 million (FY 99 Rs 979.24 million). The interest & finance charges for the year include a one time charge of Rs 132.10 million towards premium on foreclosure of loan accounts with Financial Institutions and Banks and premature redemption of debentures, as part of the company's programme for substitution of high cost debt carrying debt with debt carrying low rates of interest. |
| ETC Networks to allot 1.5 million shares at Rs 200 each on preferential basis |
| The Board of Directors of ETC Networks Ltd (Formerly Beehive Trading & Exports Ltd) will meet today (May 19, 2000) to consider allotment of 1.5 million equity shares of Rs 10/- each at a premium of Rs 190/- per share on preferential basis. The aggregate amount to be raised from the issue would be Rs 300 million. The proposed allotment is in accordance with the resolution passed at the EGM of the company held on April 18, 2000. |
| Novartis Board to consider transfer of Crop Protection business and Seed business |
| The Board of Directors of Novartis India Ltd will meet on May 30, 2000 to consider audited annual accounts of the company for the financial year ended March 31, 2000. The other agenda for the meeting is to approve the scheme of Arrangement for transfer of Agribusiness of the company consisting of Crop Protection Chemicals and Seeds business. |
| Timex Watches to consider preferential issue to promoters |
| The Board of Directors of Timex Watches Ltd is scheduled to meet on May 25, 2000 for approval of the audited annual accounts for the year ending March 31, 2000. The company has informed BSE that at the same meeting the Board will also consider the issue of equity shares on preferential basis to the promoters of the company. |
| Mindteck Rights issue revised, 1 for 4 shares held at Rs 100/- each |
The Board of Directors of Mindteck (India) Ltd at its meeting held on May 18, 2000 has decided to revise the structure of the proposed rights issue to the shareholders in the following manner :
Issue size of Rs 12.5 million equity shares of Rs 10/- each at a premium of Rs 90/- each in the ratio of one equity share for every four shares held by the shareholders on the record date. The record date is yet to be determined.
At the meeting the Board also appointed a sub-committee for the purpose of appraising potential corporate mergers and/or acquisitions.
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| Rico Auto MQ 2000 Net Profit up by 196.15% at Rs 46.20 million |
Rico Auto Industries Ltd. has announced a net profit of Rs 46.20 million for the quarter ended March 31, 2000 as against Rs 15.60 million in MQ 99. The sales are up by 129.25 % at Rs 801/-million. Other income is Rs 2.20 million (MQ99 Rs 8.60 million). The profits for the year ended March 31, 2000 are Rs 132.10 million, as compared to Rs 58.20 million in the previous financial year. The annual sales for FY 2000 are 75.19% up at Rs 2200 million (as against Rs 1255.80 million in FY99)
The Board of Directors of Rico Auto Ltd has recommended a final dividend @10% on the paid up equity share capital of the company for the financial year 1999-2000 thereby making the total dividend 60% including 50% interim dividend already paid.
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| Deepak Fertilisers FY 2000 Net Profit up by 7.31% at Rs 583.34 million |
| Deepak Fertilisers & Petrochemicals Ltd has announced a net profit of Rs 583.34 million for the year ended March 31, 2000 as against Rs 543.61 million in FY 99. The sales are up by 14.85 % at Rs 5856.24 million as compared to Rs 5099.22 million in FY 99. Net Sales include trading operations of Rs 2041.80 million for the year ended March 31, 2000 as compared to Rs 1642.70 million in FY 99. Other income is Rs 113.44 million (FY99 Rs 118.70 million). |
| Deepak Nitrite FY 2000 Net Profit at Rs 113.03 million |
| Deepak Nitrite Ltd has announced a net profit of Rs 113.03 million for the year ended March 31, 2000 as against Rs 112.20 million in FY 99. The sales are up by 8.92 % at Rs 1741.18 million for FY 2000 as compared to Rs 1598.54 million in FY 99. Other income is Rs 33.98million (FY99 Rs 30.63 million). |
| Chemplast Sanmar Ltd FY 2000 Net Profit up by 6.24 % at Rs 301.50 million |
| Chemplast Sanmar Ltd has announced a net profit of Rs 301.50 million for the year ended March 31, 2000 as against Rs 283.80 million in FY 99. The sales are down by 3.04 % at Rs 3681/- million for FY 2000 as against Rs 3796.30 million for FY 99. Other income is Rs 60.90 million (FY99 Rs 64.50million). On the equity capital of Rs 351.80 million the company has reported a basic and diluted EPS of Rs 7.10 for FY 2000. |
| Manali Petro to consider amalgamation of Spic Organics |
| The Board of Directors of Manali Petrochemical Ltd will meet on May 26, 2000 to consider a proposal containing scheme of amalgamation of Spic Organics Ltd with the company. |
| ITC Hotels FY 2000 Net Profit at Rs 119.70 million |
| ITC Hotels Ltd has announced a net profit of Rs 119.70 million for the year ended March 31, 2000 as against Rs 119.70 million in FY 99 showing no growth in profits. The sales are up by 7.55 % at Rs 1301/- million for the year ended March 2000 as compared to Rs 1209.70 million for FY 99. Other income is Rs 10.10 million (FY99 Rs 8.70/- million). On the equity capital of Rs 302.10 million the company has reported an EPS of Rs 3.96. |
| Can Fin Homes MQ 2000 Net Profit down by 21.70 % at Rs 33.55 million |
| Can Fin Homes Ltd. has announced a net profit of Rs 33.55 million for the quarter ended March 31, 2000 as against Rs 42.85 million in MQ 99. The sales are up by 4.74 % at Rs 293.22 million. Other income is Rs 3.68 million (MQ99 Rs 0.64 million). The profits for the year ended March 31, 2000 are Rs 147.90 million, as compared to Rs 147.13 million in the previous financial year. The annual sales are 4.21 % up at Rs 1129.70 million as against Rs 1084.08 million in the financial year ending March 1999. |
| Neuland Laboratories FY 2000 Net Profit up by 51.25 % at Rs 29.04 million |
| Neuland Laboratories Ltd. has announced a net profit of Rs 29.04 million for the year ended March 31, 2000 as against Rs 19.20 million in FY 99. The annual sales are up by 17.70 % at Rs 776.60 million for FY 2000 as against Rs 659.82 million in FY99. Other income is Rs 3.03 million (FY99 Rs 3.93 million). |
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