Trident Alco-Chem Q4 net loss at Rs 1.42 million, FY 2000 net loss at Rs 10.27 million

Trident Alco-Chem Ltd has reported a net loss of Rs 1.42 million in the quarter ended December 31, 2000 as against a net loss of Rs 3.46 million in the same period last fiscal. Total Income for the quarter ended December 31, 2000 is at Rs 135.17 million as against Rs 60.64 million in the quarter ended December 31, 99. For the year ended December 31, 2000, the Company has reported a net loss of Rs 10.27 million as against a net loss of Rs 15.53 million in the year ended December 31, 99. Total Income for the year ended December 31, 2000 is at Rs 376.87 million as compared to Rs 145.96 million in the year ended December 31, 99. The Company has reported that it has set up the facilities for the manufacture of Ibuprofen with a capacity of 600 tpa and commenced the production with effect from September 30, 2001.

Intron Board to consider amalgamation with Electrolux Kelvinator

A meeting of the Board of Directors of the Intron Ltd is scheduled to be held on March 23, 2001 to consider the amalgamation of the Company and Electrolux India Ltd with Electrolux Kelvinator Ltd. The amalgamation has been proposed with a view to derive synergies in Operations, optimize overall performance and evolve stronger financial structure for future growth and expansion. The Board will also consider the approval of the draft scheme of amalgamation with or without modifications. The aforesaid meeting is to also consider the Audited Financial Results of the Company for the 15 months period ended December 31, 2000.

Deepak Spinners Board allots 6 lakh shares on preferential basis

Deepak Spinners Ltd has informed BSE that the Board of Directors of the Company has allotted 6,00,000 equity shares on Rs 10 each on preferential basis to promoters & Associates at par. In a communication to the BSE issued on March 14, 2001, Deepak Spinners Ltd had intimated the exchange that the Board at its meeting held on the same date had allotted 60,00,000 equity shares of Rs 10 each. The Company has now stated that there has been a typographical error on its part, on account of which the number of shares allotted had been mentioned as 60,00,000 (Sixty lakhs) in place of actual 6,00,000 (6 lakhs).

Bajaj Electricals announces 11% Dividend on privately placed preference shares

The Board of Directors of Bajaj Electricals Ltd at its meeting held today (March 15, 2001) has declared a Dividend of 11% on 10 million 11% Cumulative Redeemable Preference Shares of Rs.10 each issued on private placement basis.

CyberTech Systems to initiate process of amalgamation of Cyber Tech Info

The Board of Directors of CyberTech Systems and Software Ltd at its meeting held today (March 15, 2001) has decided to initiate the process of amalgamation of CyberTech Information and Systems Ltd with the Company. The latter is the 100% wholly owned subsidiary of the Company.

Wartsila India fixes Book Closure for the payment of Dividend

Wartsila India Ltd has informed BSE that the Company has fixed the period from May 31, 2001 to June 06, 2001 as the Book Closure Period for the purpose of Annual General Meeting and Dividend. The Board of Directors of the Company has recommended a Dividend of 40% i.e. Rs 4 per Equity share of Rs 10 each at its meeting held on February 27, 2001. The 15th Annual General Meeting has been convened on June 06, 2001 to consider amongst others, the payment of Dividend as recommended by the Board.

Electrolux Kelvinator Board to meet on March 23, 2001 to consider amalgamation of Electrolux India and Intron Ltd

A meeting of the Board of Directors of Electrolux Kelvinator Ltd is scheduled to be held on March 23, 2001 to consider the amalgamation of Electrolux India Ltd and Intron Ltd with the Company. The proposed amalgamation is with a view to derive the synergies of operations, optimize overall performance and evolve a stronger financial structure for future growth and expansion and also approve the draft the Scheme of Amalgamation with or with modifications. The aforesaid Board meeting will also consider the Audited Financial Results of the Company for the 15 months period ended December 31, 2000.

Sonata Software Board approves preferential issue to Franklin Templeton

Sonata Software Ltd and Franklin Templeton Group of USA today (March 15, 2001) announced their plans to progress their business relationship to a new high. As a part of its strategic initiative to leverage technology to build the firm's growing global investment management business, Franklin Templeton has proposed to invest in 5,152,506 shares of Sonata Software Ltd.for a total consideration of Rs.275.10 million. Sonata has been delivering e-business solutions to the Franklin Templeton group in the past one year. The Board of Directors of the Company, at its meeting held today (March 15, 2001) has approved the aforesaid issue of 5,152,506 equity shares on preferential basis to the US based Company. The issue is subject to the approval of the shareholders. The price for the preferential issue has been fixed at Rs 53.40 per share. The price has been fixed in accordance with the SEBI guidelines in relation to the preferential issues. The Board has also decided to convene an EGM of the Shareholders of the Company on April 14, 2001 to approve the issue of fresh equity shares. This issue will give Franklin Templeton, a strategic stake of 4.90% of expanded equity of the Company. Speaking after the meeting, Mr. B.Ramaswamy, President and Managing Director, Sonata Software Ltd, said "Franklin's investment in Sonata is clearly in line with Sonata's strategy of building long term relationships with the customers and would ensure that Sonata plays a significant role in enhancing the business goals of its customers. Further, the association with a key customer like Franklin will help us in leveraging the domain expertise gained in development and deployment of mission critical applications to other global corporations in this domain."

United Breweries clarifies on news item

With reference to the news item appearing in a leading financial daily, "UB in Rs 20-cr deal to buy 75% in Mangalore Breweries", United Breweries Ltd has informed BSE that the Company has not acquired any shareholding interest directly in United Breweries & Distilleries Ltd. It has further stated that, the wholly owned subsidiary of the Company, United Breweries (Holdings) Ltd has entered into an agreement to invest in Mangalore Breweries & Distilleries Ltd.

Skyline Leather Inds to be wound up

Skyline Leather Industries Ltd has informed BSE that the BIFR has ordered the winding up of the Company in terms of Sec 20(1) of the Sick Industrial Companies Act, 1985.

ICICI to divest stake in ICICI Bank

ICICI Ltd, in a press release issued today (March 15, 2001) has informed BSE that it intends to reduce its holdings in ICICI Bank to about 47% from its present holdings of 50.60%. This would result in ICICI Bank ceasing to be a subsidiary of the ICICI. ICICI Bank would then be consolidated as per the equity method of accounting of ICICI's US GAAP consolidated financial statements. At the time of granting the banking license to ICICI Bank, the Reserve Bank of India (RBI) had specified that ICICI would have to reduce its holding in ICICI Bank to 40% over a period of time. ICICI has reduced its holding in ICICI Bank over a period of time from 100.0% to 55.59% as a result of the offer for sale by ICICI in 1997, issue of American Depositary Shares (ADS) by the Bank in 2000 and the merger of Bank of Madura with ICICI Bank. As a result of the above, ICICI Bank has a diversified shareholder base with about 120,000 shareholders. ICICI had been in discussions with the RBI to determine whether and to what extent ICICI may be required to further reduce its interest in ICICI Bank. The RBI has reiterated its requirement of reduction of ICICI's holding in ICICI bank vide its letter dated Februaty 08, 2001 and advised ICICI to draw up a firm plan for dilution of ICICI's stake. One of the alternatives for complying with this requirement is for ICICI Bank to issue fresh equity capital to dilute ICICI's holding in ICICI Bank. However, as ICICI Bank currently has a healthy capital adequacy ratio of 14.6% (following the US$ 175 million ADS issue), it does not require fresh capital. Hence, ICICI has decided to divest a part of its existing holding in ICICI Bank. After carefully evaluating various options, ICICI has drawn out a plan whereby it would reduce its stake in two stages. ICICI has on March 15, 2001 sold 10,992,000 equity shares, representing 4.99% of ICICI Bank's equity capital, to Prudential Assurance Company Limited, a sub-account of Prudential Portfolio Managers Limited, an FII registered with the Securities and Exchange Board of India. The sale of 4.99% shareholding to Prudential Assurance Company Limited was carried out on the National Stock Exchange at an average price of Rs 170, which is at a premium of about 13% to the average closing share price of last six months and a premium of about 4% to the average closing share price of the last three days. ICICI has realized gross capital gain of Rs 1.73 billion from this transaction. ICICI has requested the RBI to permit completion of the balance dilution by the end of 2001-2001. There would be no change in ICICI Group's long-term strategy of operating as a virtual universal bank offering a comprehensive range of financial products and services to wholesale and retail segments. ICICI will continue to work closely with ICICI Bank, strictly within the existing regulations and guidelines, to maximise group synergies.

Centrum Finance fixes April 17, 2001 as record date for Bonus issue

BSE has informed members of the exchange that Centrum Finance Ltd has fixed April 17, 2001 as the Record Date for the purpose of Bonus Issue. The transactions in the aforesaid shares will be on Cum-Bonus basis upto March 23, 2001 and Ex-Bonus basis with effect from March 26, 2001. Two Bonus shares will be issued for every one existing equity share held

Schenectady-Beck Board approves amalgamation of Schenectady India

The Board of Directors of Schenectady-Beck India Ltd. has approved a scheme of amalgamation of Schenectady India Ltd. (SIL) with the Company. As per the scheme, one equity share of Schenectady-Beck India Ltd will be allotted for every twenty equity shares of SIL held.

Infosys expands strategic relationship with Aetna

Infosys Technologies Ltd has announced today (March 15, 2001) its plans to double the size of the Infosys team working with Aetna Inc. to 500 by the end of this year. Aetna Inc. is a leading health and related benefits organisation. Infosys began its relationship with Aetna in 1999. Working as a virtual extension of the Aetna IT team, Infosys provides consulting, software services, and support to Aetna. Building on the achievements of this relationship, the initial targets of the Infosys team for Aetna of 250 people have been doubled to 500 people by the end of 2001. The key to the success of the relationship is the integration of processes across various levels of both organizations from consistent program management and collaborative quality assurance to synchronizing human resource training programs, all aimed at creating this virtual team. "It has been very satisfying for Infosys to play a significant role in the fulfillment of Aetna's corporate goals and objectives, not just their IT ones," commented Shobha Meera, Vice President of Business Development for Infosys. "Aetna's team has been both highly responsive and very aggressive in their drive toward innovation, making for an ideal partnership for Infosys," commented Mohan Shekar, Infosys Vice President of Delivery Systems. He further commented, "In fact, the Aetna team is the fastest growing dedicated customer team in Infosys."

UTI Bank denies news article

With reference to news article appeared in a leading financial daily titled "UTI Bank threatens to pull out of deal" UTI Bank Ltd, in a communication to the BSE has stated that the Bank has not threatened to pull out of the merger deal. The Bank has stated that no meeting has taken place on March 13, 2001 between Dr. P.J.Nayak, CMD of the Bank and Shri Shridhar Subasri, Executive Director of Global Trust Bank, as reported in the news article. The Bank has also clarified that there are no differences between the Banks i.e. UTI Bank and Global Trust Bank on the issue of a fresh valuation.

Arindom Mukherjee takes charge as MD of Andrew Yule

Andrew Yule & Company Ltd has informed BSE that the Dept. of Heavy Industry, Govt. of India has appointed Shri Arindom Mukherjee as Chairman and Managing Director of the company. Shri Mukherjee has assumed the charge of the post with effect from February 15, 2001.

Godrej Soaps fixes record date for entitled shareholders for demerger

Godrej Soaps Ltd has informed BSE that the Company has fixed May 03, 2001 as the record date for determining the names of shareholders who would be entitled to receive equity shares of face value Rs 4 in Godrej Consumer Products Ltd and shares of face value Rs 6 in Godrej Soaps Ltd.(which will be renamed as Godrej Industries Ltd) in exchange for the equity shares of the face value of Rs 10 each in the Company. This is consequent to the demerger of Consumer Products division of the Company into a separate Company viz Godrej Consumer Products Ltd.

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