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| Tata Power clarifies on news item |
| With reference to news item appearing in a financial daily "TEC to buy Guj PowerGen for Rs 2000 crores" Tata Power Co Ltd has informed BSE that Tata Electric Companies have submitted a bid proposal for the purchase of shares of Gujarat Power Gen Energy Corporation Ltd. The company has also stated that the acceptance of the proposal has not been finalisied and therefore it would be premature to comment on this speculative item. |
| Hindustan Construction secures work order worth Rs 532.30 million |
| Hindustan Construction Co.Ltd has secured a work order for Rs 532.30 million from Municipal Corporation of Greater Mumbai for construction of Ghatkopar High Level Tunnel to be executed jointly with M/s. McNally International Inc.Canada. |
| Other income helps Hughes Software Q2 net profit grow by 79.75% |
Hughes Software Systems Ltd has posted a net profit of Rs 131.40 million for the quarter ended September 30, 2000 as compared to Rs 73.10 million for the same period last year. Net sales have increased from Rs 239.80 million in SQ 99 to Rs 444/- million in the quarter ended September 30, 2000. Other income has also increased from Rs 8.50 million in SQ 99 to Rs 32.50 million in the quarter ended September 30, 2000
Trading in the shares of the company had been made compulsory in dematerialised form for all Investors with effect from June 26,2000.
The shareholders of the company had approved the 2-for-1 split of equity shares in the Annual General Meeting held on August 02,2000.The Board of Directors had fixed September 29,2000 as the record Date for determining the shareholders eligible for stock split.
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| Great Eastern Shipping to consider buy-back |
| A meeting of the Board of Directors of Great Eastern Shipping Company Ltd has been scheduled on October 31, 2000 to consider the proposal of buy-back of the company's equity shares. |
| Indian Hotels Company Q2 net profit up by 4.26% |
| Indian Hotels Company Ltd has posted a net profit of Rs 185.80 million for the quarter ended September 30, 2000 as compared to Rs 178.20 million for the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 are at Rs 1429.40 million as compared to Rs 1231.20 million in the quarter ended September 30, 99. Other income has decreased from Rs 101/- million in SQ 99 to Rs 63.90 million in the quarter ended September 30, 2000. |
| Tata Power Q2 net profit at Rs 668.10 million, High Court approves merger of Andhra Valley,Tata Hydro with the company |
Tata Power Co Ltd has posted a net profit of Rs 668.10 million for the quarter ended September 30, 2000 as compared to Rs 650.70 million in SQ 99. Net sales for the quarter ended September 30, 2000 are at Rs 4663.20 million in the quarter ended as compared to Rs 3217.80 million in SQ 99. Other income for the quarter ended September 30, 2000 is at Rs 563.20 million as compared to Rs 588.50 million in SQ 99.
By orders dated 18th October 2000,the High Court of Judicature at Bombay has sanctioned the Scheme of Amalgamation of the The Andhra Valley Power Supply Co Ltd and Tata Hydro-Electric Power Supply Co Ltd with Tata Power Supply Co Ltd.Certified copies of the Orders are awaited.
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| Renaissance Estates to acquire 45% of Gesco Corporation through open offer |
| Renaissance Estates Ltd. (the Acquirers) are making an Unconditional Cash Offer to all the equity shareholders of GESCO CORPORATION LIMITED whose names appear on the Register of Members as on 21st October, 2000 (hereinafter referred to as "Specified Date") to purchase 1,29,42,100 Fully paid-up Equity Shares of GESCO CORPORATION LIMITED of Rs.10/- each, representing 45% of the issued equity share capital of GESCO CORPORATION LIMITED at price of Rs.23/- per fully paid up equity share. The company has not fixed any Record Date for the abovementioned purpose. |
| Gujarat Gas Q3 net profit up by 26.85% |
| Gujarat Gas Company Ltd has posted a net profit of Rs 127.61million in the quarter ended September 30, 2000 as compared to Rs 100.60 million for the quarter ended September 30, 99. Net sales for SQ 2000 are at Rs 759.75 million as compared to Rs 602/- million in SQ 99. Other income has decreased from Rs 42.21 million in SQ 99 to Rs 38.08 million in the quarter ended September 30, 2000. |
| Archies Greetings Q2 net profit down by 5.64% |
Archies Greetings and Gifts Ltd has posted a net profit of Rs 50.88 million as compared to Rs 53.92 million in the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 are at Rs 179.65 million as compared to Rs 191.21 million in the quarter ended September 30, 99. Other income for the quarter ended September 30, 2000 is at Rs 1.87 million as compared to Rs 1.82 million in the quarter ended September 30, 99.
The company is in the process of implementation a complete change in the distribution and retail network and during the transitory period, quarterly figures would not be comparable.
The company has added 21 franchicees during the quarter taking the total tally to 468(including 21 company owned/managed outlets)
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| Ashok Leyland to consider buy-back |
| A meeting of the Board of Directors of Ashok Leyland Ltd is scheduled to be held on October 24, 2000 to consider buy-back of equity shares of the company. |
| ICICI Bank Q2 net profit up by 26.03% |
ICICI Bank Ltd has posted a net profit of Rs 300.60 million in the quarter ended September 30, 2000 as compared to Rs 238.50 million for the quarter ended September 30, 99. Interest earned for the quarter ended September 30, 2000 is at Rs 2873.40 million as compared to Rs 1886.60 million in SQ 99. Other income for SQ 2000 is at Rs 341.20 million as compared to Rs 317.10 million in SQ 99.
ICICI Bank's successful customer acquisition strategy has increased retail customer accounts to 12,45,000 from 6,37,000 at March 31, 2000. Savings Bank accounts have gone up to 5,73,000 from 2,92,000 and NRI accounts to 40,000 from 23,500 at March 31,2000 ICICI Bank is now the face of ICICI group and there is seamless cross-selling of group products to corporates and to retail segment covering life-cycle of individuals.
ICICI Bank, which pioneered Internet Banking in India, has seen a staggering 150 per cent increase in Internet customers from 1,10,000 as on March 31, 2000 to 2,75,000 as on September 30, 2000. This sharp increase was facilitated by significant enhancements in the product portfolio offered through Infinity, the internet banking platform of the Bank.
As part of its Clicks and Bricks strategy, ICICI Bank has developed multiple access channels comprising lean brick and mortar branches, ATMs, call centers and Internet banking. The branch network including extension counters presently covers 102 locations across India. ICICI Bank is India's largest ATM provider with 311 ATMS. ICICI Bank has added call centers at 10 cities during the six-month period ended September 30, 2000. The call centers currently handle 7, 000 calls a day. |
| SmithKline Beecham Consumer HealthCare Sept quarter net profit up by 8.27% |
| SmithKline Beecham Consumer HealthCare has posted a net profit of Rs 302.30 million in the quarter ended September 30, 2000 as compared to Rs 279.20 million in the quarter ended September 30, 99. Net sales have increased from Rs 1960/- million in SQ 99 to Rs 2376.10 million in SQ 2000. Other income has increased from Rs 49.80 million in SQ 99 to Rs 53.70 million in the quarter ended September 30, 2000. |
| Indian Rayon Q2 net profit up by 60.62% |
Indian Rayon Ltd has posted a net profit of Rs 164/- million in the quarter ended September 30, 2000 as compared to Rs 102.10 million for the quarter ended September 30, 99. Net sales have increased from Rs 2525.80 million in SQ 99 to Rs 3634.30 million in the quarter ended September 30, 2000. Other income for the quarter ended September 30, 2000 is at Rs 67.50 million as compared to Rs 134.90 million in the quarter ended September 30, 99.
Madura Garments was acquired by the Company as a going concern with effect from 1st January 2000 and therefore the figures of the current period are strictly not comparable with the previous period. |
| Wartsila Q3 net up by 204.16% |
Wartsila Nsd India Ltd has posted a net profit of Rs 73/- million for the quarter ended September 30, 2000 as compared to Rs 24/- million in SQ 99. Net sales have increased from Rs 707/-million in SQ 99 to Rs 1183/- million in the quarter ended September 30, 2000. Other income for the quarter ended September 30, 2000 is at Rs 2/- million as compared to nil in SQ 99.
The Companys order book as on 30.09.2000 for Power Plants was Rs.1469 million as against Rs.1023 million as on 30.09.1999.
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E Merck India Ltd has posted a net profit of Rs 118.36 million for the quarter ended September 30, 2000 as compared to Rs 72.72 million in the same period last year. Net sales for the quarter ended September 30, 2000 are at Rs 867.02 million as compared to Rs 744.30 million in SQ 99. Othe income has increased from Rs 15.89 million in SQ 99 to Rs 16.91 million in the quarter ended September 30, 2000.
Interest expenditure has fallen from Rs 6.57 million in SQ 99 to Rs 3.73 million in the quarter ended September 30, 2000. All the long-term borrowings have been repaid now. The Companys plants both at Taloja and Goa are performing well at the viable level. |
| Khyati Multimedia to issue equity shares on preferential basis |
| The Board of Khyati Multimedia Entertainment Ltd. has decided to issue 22,70,000 equity shares of Rs.10/- each at a premium of Rs.23/- per share to Directors, Promoters, relatives, friends, business associates or any other person or persons, companies, corporate bodies, MFs, Institutional investors, NRIs, FIIs, OCBs or any one or more of them or any number of individuals or group of investors on preferential basis. |
| India Cements Q2 results on October 31, 2000 |
| A meeting of the Board Committee of India Cements Ltd will be held on October 31, 2000 to consider the unaudited financial results for the quarter ending September 30, 2000. |
| Gati Corporation Q1 net profit up by 18.79% |
Gati Corporation Ltd has posted a net profit of Rs 24.17 million in the quarter ended September 30, 2000 as compared to Rs 20.34 million in the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 are at Rs 577.15 million as compared to Rs 415.59 million in the quarter ended September 30, 99. Other income for the quarter ended September 30, 2000 is at Rs 0.86 million as compared to Rs 0.15 million in SQ 99.
Gati has tied up with NIIT to implement GATI @ web project, which will dramatically change the complexion of express business in the country for the first time, an express business will be implementing ERP and CRM through Oracle Application. This will bring the customer and GATI together to cut down costs and improve the standard of the cargo industry with real time customer service and online customer complaint resolution.
Automatic Call distribution center technology has already been installed at NINE Regional Offices using Nortell systems. This will help the customer to get in touch with GATI customer service instantly through a call free # 1600-33-4284 (GATI). This toll free concept is functional in 72 towns where the call will be free to the customer and GATI will pay the charges. |
| Polaris Software to fight litigation with Data Inc in court |
| The branch office of Polaris Software Lab Ltd at New Jersey USA was served with the notice of the application filed by M/s Data Inc USA in the Chancery Court at New Jersey, USA on October 12,2000 and the company has been authorised to file the replies within 35 days from the date of service of summons.The company has decided to fight this litigation through lawyers in the said court. |
| Polaris Software Q2 net profit up by 15.55% |
Polaris Software Lab Ltd has posted a net profit of Rs 140.32 million for the quarter ended September 30, 2000 as compared to Rs 121.42 million in the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 are up by 84.27% at Rs 629.60 million as compared to Rs 341.66 million in the quarter ended September 30, 2000. Other income has fallen from Rs 95.94 million in SQ 99 to Rs 14.68 million in the quarter ended September 30, 2000.
The Company has received the necessary approvals for the closure of its wholly owned subsidiary in the USA and its consequent merger with the company. The Company is in the process of completing the necessary formalities to give effect to this.
The Company has implemented its Employee Stock Option Scheme (ESOP) effective July 2000. Consequently the above financials have taken into account the charge amounting to Rs.6.30 million arising out of the implementation of the Scheme.
The Company has utilised a sum of Rs.336.80 million out of the proceeds of its Initial Public Offer towards projects completed and under implementation. Work towards setting up a new development centre of 200,000 sq.feet at Chennai and 90,000 sq.feet at Gurgaon has commenced. |
| Shyam Telecom Q2 net profit at Rs 50.55 million |
Shyam Telecom Ltd has posted a net profit of Rs 50.54 million for the quarter ended September 30, 2000 as compared to Rs 5.29 million in the same period last year. Net sales have increased from Rs 129.01million in SQ 99 to Rs 500.46 million in the quarter ended September 30, 2000. Other income for the quarter ended September 30, 2000 is at Rs 8.90 million as compared to Rs 0.98 million in the quarter ended September 30, 99.
The wholly owned subsidiary Shyam Telelink Ltd has commercially launched its basic telephony services giving a new voice to Rajasthan. |
| L&T takes major step towards cement demerger |
At its Board meeting held on October 18, 2000, L&T's investment bankers, DSP Merrill Lynch and JP Morgan, presented to the Board their broad recommendations on the demerger plan having the principal objective of enhancing L&T shareholder value. L&T's Board had earlier approved the demerger of cement business and directed the management to come up with a detailed structure for the cement company.
The Board approved the broad recommendations of the investment bankers, including the following key points:
L&T's Cement business would be demerged into L&T Cement Limited (LTCL) which would be a listed company.
As a part of the demerger, the shareholders of L&T would receive shares in LTCL, which would be around 25% of the share capital of LTCL
Consider a proposal to merge L&T' subsidiary Narmada Cement Company Limited with LTCL, subject to approval of Board and shareholders of NCCL
L&T would invite a strategic/financial partner in LTCL.
The strategic partner would reach a level of equal shareholding with L&T through a combination of secondary purchases and infusion of capital in LTCL over a period of time.
The focus of the entire plan would be to unlock maximum value for L&T shareholders, and meet capital requirements of LTCL for growth.
While accepting the recommendations of the investment bankers, the Board authorized the management to expeditiously take all necessary actions in this regard.
This is a significant milestone in putting to effect the previously announced demerger plan for L&T's cement business. |
| Roofit Industries Q1 net profit up by 29.78% |
Roofit Industries Ltd has posted a net profit of Rs 93.70 million for the quarter ended September 30, 2000 as compared to Rs 72.20 million in the same period last year. Net sales have improved from Rs 596.20 million in SQ 99 to Rs 903.60 million in the quarter ended September 30, 2000. Other income for the quarter ended September 30, 2000 is at Rs 1.50 million as compared to Rs 1.70 million in SQ 99.
The company has commenced production of Quick'n' Easy Plaster at Ratnagiri in the first week of October 2000. The Pune & Chennai plants will be commissioned in 2000-01 at a project cost of Rs 730 million. |
| Trigyn to enable M-commerce in Australia signs agreement with Egility |
Trigyn Technologies Ltd today (October 18, 2000) announced that it had identified Australia as an area of focus for its M-commerce products and solutions. To this end, Trigyn has appointed Egility Ltd of Australia to be its value added reseller for its eVector product range for the Australia and New Zealand region. An agreement to this effect was signed today by Suresh Rajpal, President, and CEO of Trigyn Technologies and Adesh Goel, Ceo of Egility Ltd.
The signing of the agreement between Trigyn and Egility was witnessed by the Austalian Minister for Trade, The Hon'ble Mark Vaile, Member of the Parliament as a part of Inaid-Autralia Trade and Investment conference hosted by FICCI in New Delhi today. The Ministers office stated that the signing of the agreement between Trigyn and Egility is an example of growing co-operation between India and Australia in the field of Infromation Technology. The Trade Minister is pleased to be witness to the signing of the IT agreement, as a part of the Indian leg of the eight day trade mission involving India, Egypt and South Africa.
Under the agreement signed between the two companies Elgility will market and provide impelementation services for the eVector and other eBusiness solutions form Trigyn Technologies in Australia and New Zealand. The eVector solution is a leading middleware platform that allows rapid data mining from various existing systems and real time re-purposing of the content /transaction on multiple platforms. |
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