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| Wipro to set up Software Facility in Navi Mumbai |
Wipro Ltd has acquired two properties from CIDCO in Navi Mumbai to set up state-of-the-art Software development facilities. Wipro will recruit 3000 software professionals within the next 24 months, to start operations from Navi Mumbai.
With a planned investment of about Rs 50 crores in Navi Mumbai, and Rs.30 crore for Software development facility in Pune where work has already begun, Wipro hopes to capitalise on the vast pool of Software talent available in Western India.
Wipro has acquired 3 acres of land opposite the Vashi Railway Station and 150,000sq. ft. in the commercial complex over the Belapur Railway Station. Wipro currently has 1.5million sq. ft. of built up area that houses over 8000 Software professionals in Bangalore,Hyderabad Chennai Pune and Gurgaon.
Added Mr Banerjee Chief Executive Operations and Staffing Wipro Technologies "We are extremely pleased with the infrastructure provided by CIDCO in Navi Mumbai. Wipro will build world class facilities here inclusive of hi-tech communication links, a library and virtual learning centre, recreational facilities and cafeteria for the professionals developing hi-tech software."
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| Lupin Laboratories to set up plant for manufacturing Cephalosporin in India |
Lupin Laboratories Ltd. had established a wholly owned subsidiary Lupin Holdings SA at Luxembourg which entered into a 50-50% step down joint venture in the name of Ceff International Corporation with Mova Pharmaceuticals, Puetro Rico for manufacturing oral Cephalosporin in finished dosage form. Lupin Holdings investment in the joint venture was US $5.1million.
Lupin Laboratories Ltd is now in the process of setting up its own manufacturing plant for oral Cephalosporin formulations in India at Mandideep. Lupin has already received US FDA approval for its injectable Cephalosporin Bulk facility and UK MCA approval for both, bulk as well as formulation injectable Cephalosporin facility. The company has already started marketing one of these products in European markets, which has been well accepted. The company is now gearing up to enter the advanced markets of Europe and Americas, directly for the export of its Formulations manufactured in India thus availing the advantage of lower cost of manufacturing. Exports of Formulations directly from India would also result higher exports for the country because of value addition.
The Board of Directors of the company therefore,at its meeting held today (September 28, 2000) subject to the approval from Reserve Bank of India and such other approvals as may be required, consented for the withdrawal of the entire investment made by Lupin Holding SA, Luxembourg in the said joint venture for a total consideration of US $5 million, US $3 million to be received immediately and the balance by February 2001. The Board in turn also decided to wind up the company's said subsidary.
The Board of Directors as part of the company's on going restructuring programme also decided to wind up the company's subsidiaries in Russia and South Africa namely Lupin Pragati Ltd. and Lupin Laboratories South Africa Pvt Ltd. respectively.
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| Ashima & Cone Mills USA to make structural changes in alliance |
Ashima Ltd. has informed BSE that after two years Group Ashima & Cone Mills USA have mutually decided to make a major structural change in terms of technical and commercial relationship between the two groups.
From October 1, 2000 Group Ashima has decided to market its products through its own marketing network established in Europe USA and other Far Eastern countries which was the Cone territory as per the earlier alliance understanding. Ashima will not avail of any technical services from Cone Mills in the future. The products will be marketed as Ashima products through out the world as per the international specifications asked by the customers .Cone Mills will maintain and continue their equity investment (approximately 8%) in Group Ashima flagship company Ashima Ltd.
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| Ashima FY 2000 net profit at Rs 163.07 million |
Ashima Ltd. has posted a net profit of Rs 163.07 million for the year ended June 30, 2000 as compared to Rs 152.99 million in the same period last year. Net sales for the year ended June 30, 2000 are at Rs 3160.64 million as compared to Rs 2959.28 million for FY 99. Other income for FY 2000 is at Rs 42.49 million as compared to Rs 44.17 million in FY 99.
The company has successfully completed all its expansion cum modernisation projects pertaining to Ring Can Spinning Yarn Dyed Shirting and Captive Power Plant. The respective plants have commenced production.
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| D'Silva to vacate position of MD of Whirlpool wef Jan 1, 2001 |
Whirlpool of India Ltd. has informed BSE that the present Chairman & Managing Director Mr Garrick D'Silva will vacate the position of Managing Director of the company with effect from January 1, 2001.However Mr D'Silva will continue as Chairman of the company.
Under an Authority vested in Whirlpool Corporation US vide Article 122 of the Articles of Association of the company the said Corporation has nominated for elevation Mr Raj Jain (presently a Whole-time Director) as Managing Director of the company with effect from January 1, 2001.
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| India Steamship to issue shares on preferential basis |
| The Board of Directors of India Steamship Company Ltd. has decided to issue 2,90,00,000 ordinary shares of Rs 10/- each aggregating to Rs 290/- million on preferential basis to Zuari Investments Ltd. a company belonging to the same group i.e. K K Birla Group and has decided to convene an Extraordinary General Meeting on November 10, 2000 for this purpose. This issue shall be governed by SEBI guidelines on preferential issues and SEBI Regulations 1997 as amended from time to time and shall be in compliance with all other statutory formalities. |
| Blue Chip India fixes record date for Bonus Issue |
| The Board of Directors of the Company of Blue Chip India Ltd. at its meeting held on September 28, 2000 has fixed the Record Date as December 16, 2000 for issue of Bonus Shares in the ratio 2:5. The company has obtained necessary approval from the shareholders of the company for issue of bonus shares in their AGM on September 8, 2000. |
| Hindustan Inks to raise Rs 250 million |
The Board of Directors of Hindustan Inks and Resins Ltd. at its meeting held today (September 28, 2000) has resolved to:
1. Issue 2,50,000 Redeemable Cumulative Preference Shares of Rs 100 each at a premium of Rs 900 per share at a coupon rate not exceeding 95% of the face value aggregating to Rs 250 million on private placement basis
2. Appoint Mr Shivram Angne as an Additional Director of the company and also employ him as a Whole-time Director for a period of five years effective September 28, 2000 subject to the members approval at the general meeting. |
| Binani Industries to consider restructuring of zinc business |
| A meeting of the Board of Directors of Binani Industries Ltd. is scheduled to be held on October 3, 2000 to consider the restructuring of the Zinc business of the company. |
| Valueline Securities to consider stock split |
Valueline Securities (India) Ltd. has informed BSE that a meeting of the Board of Directors of the company will be held on September 29, 2000 to consider inter-alia the following matters:
1. To consider sub-division of equity shares of Rs 10/- each into two equity shares of Rs 5/- each in the capital of the company.
2. To consider the issue of equity shares on preferential basis. |
| Tata Chemicals to exit detergent business |
Tata Chemicals Ltd has informed BSE that the company has come to the conclusion that it should exit from detergent business. The company is in discussion with potential buyers for the business and expects to exit from the detergents business during December quarter.
The company is looking at its costs very closely with a view to achieving cost competitiveness more so in the context of further liberalisation. The businesses of the company are being reviewed and the company is considering various options which could lend support and strength to its main businesses. |
| Sterlite Industries denies news item |
| With reference to the news item appearing in a financial daily dated September 28,2000 indicating that Sterlite Industries (India) Ltd has submitted a fresh bid for Pennar Aluminium Co Ltd Sterlite Industries has informed BSE that the company has not made any fresh bid for Pennar Aluminium and the quote attributed to the company is factually incorrect. |
| BSE imposes special margin on 4 scrips |
BSE has imposed Special Margin in the under mentioned scrip as mentioned alongside with effect from Thursday, September 28, 2000.
Sr No Scrip Code Scrip Name Scrip Group Special Margin(%)
1. 31670 CLASSIC BIOTECH & EXPORTS LTD B2 25
2. 32363 COMP-U-LEARN TECH INDIA LTD B2 25
3. 32306 COMPUDYNE WINFOSYSTEMS LTD B2 25
4. 12028 SHONKH TECHNOLOGIES INTERNATIONAL LTD B2 25
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| ITC Hotels appoints Sudhakar Kulkarni as Additional Director |
| ITC Hotels Ltd has informed BSE that Mr. Sudhakar Kulkarni was appointed as an Additional Director of the company with effect from August 25, 2000. |
| Kwality Dairy to issue convertible preference shares |
| The Board of Directors of Kwality Dairy (India) Ltd. has decided to issue convertible preference shares to the promoters of the company i.e. Kwality Ice Creams (I) Ltd. and its associates on preferential/private placement basis. |
| Alok Textile to forfeit equity shares |
| Alok Textile Industries Ltd has informed BSE that at the meeting of share transfer committee held on 30.08.2000 it was decided to forfeit those equity shares of the company (constituting around 0.22% of the paid up capital of the company) on which allotment money of Rs.10/- per share (Rs.5/-) towards face value and Rs.5/- towards premium) was not received within the specified time. |
| BPCL recommends bonus issue in the ratio of 1:1 |
The Board of Bharat Petroleum Corporation Ltd at its meeting held on September 28, 2000 has recommended issue of fully paid one bonus equity share for one existing equity share held, by way of capitalisation of Rs 1500 million of free reserves.
The Board has also decided to enhance the authorised capital of the company from Rs 2000 million divided into 200 million equity shares of Rs 10/- each to Rs 3000 million divided into 300 million equity shares of Rs 10/- each. |
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