Coates of India Board accords no objection to proposal of parent Company for enhancement in shareholding
Coates of India Ltd has informed BSE that the Board of Directors, at its meeting held today (July 31, 2002) have accorded the Company's "No-Objection" to the proposal of the Parent Company - DIC Asia Pacific Pte. Ltd., Singapore, for enhancement of shareholding in the Company from existing 59.42% to 69.42% through acquisition of shares from existing public shareholders through a negotiated deal of purchase from open market (subject to a limit of 10%), such acquisition being subject to obtaining necessary approvals of the secretariat of Industrial Assistance, Ministry of Industry, RBI and other applicable statutory authorities.
Borax Morarji Board approves issue of rights shares
Borax Morarji Ltd has informed BSE that at the meeting of the Board of Directors of the Company held today (July 31, 2002) the Board decided to issue rights equity shares, subject to the approval of the shareholders and consents from the statutory bodies, in the ratio of 1 fully paid up equity share of Rs 10/- at a premium of Rs 3/- for every 2 fully paid up equity shares of Rs 10/- each in respect of the 30,13,132 equity shares of the Company.
BPL Q1 net down by 76.88%
BPL Ltd has posted a net profit of Rs 23.60 million for the quarter ended June 30, 2002 as compared to Rs 102.10 million for the quarter ended June 30, 2001. Total Income for the quarter ended June 30, 2002 is at Rs 2113
million for JQ-02.
Bombay Dyeing Board approves strategic alliance with Proline
The Board of Directors of Bombay Dyeing & Manufacturing Company Ltd have approved a proposal, to have a strategic alliance with Proline India Ltd. Pursuant to this arrangement Bombay Dyeing will transfer its readymade garment facility activity to Proline and also participate in the equity share capital of Proline to the extent of 51%. Bombay Dyeing expects to become a major player in the apparel industry by combining its distribution strength and financial resources with experience and skills of Batra group, the promoters of Proline.
UTI Bank Board approves issue of unsecured redeemable non-convertible debentures
UTI Bank Ltd has informed BSE that at the meeting of the Board of Directors of the Bank held today (July 31, 2002) the following decisions were taken:
Mr Ajeet Prasad, Nominee of Unit Trust of India has been appointed as an Additional Director of the Bank in place of Mr M Damodaran who has resigned w e f July 10, 2002.
The term of office of Mr Shardul Shroff has expired on July 25, 2002. He has accordingly ceased to be a Director of the Bank from that date.
The Board has approved a proposal to issue unsecured redeemable non convertible debentures on private placement basis aggregating upto Rs 2000 million in one or more tranches as the Bank's Tier-II capital.
ICICI Bank fixes Book Closure Date for AGM
ICICI Bank has informed BSE that the Register of members and the share transfer books of the Bank will remain closed from September 06, 2002 to September 16, 2002 (both days inclusive) for the purpose of annual general meeting scheduled to be held on September 16, 2002.
Century Textiles and Industries to seek shareholders approval for adjusting deferred tax against securities premium account
Century Textiles & Industries Ltd has informed BSE that the at the Board Meeting of the Company held on July 31, 2002 the Board has decided to convene an EGM of the shareholders of the company in the month of September 2002 for the purpose of taking their permission for debiting deferred tax liability provided and/or to be provided by the Company in terms of accounting standard -22 ie 'Accounting for taxes on income' issued by the ICAI to securities premium account instead of general reserve subject to permission of Hon'ble Mumbai High Court to be obtained under the applicable provisions of the Companies Act, 1956.
Update on Arvind Mills quarter ended June 2002 results
Arvind Mills Ltd -- Managing Director, Mr Sanjay Lalbhai speaking on the Company's financial performance, , said, "Having completed the financial restructuring we are happy to have performed admirably in this quarter. The revival in the denim industry has been one of the major factors for the good performance. We have also taken several sustainable initiatives in terms of product innovations, value engineering and product improvements which are likely to protect the operating performance to a large extent should the denim cycle turn against the company".
Sterlite Optical Q1 net loss at Rs 140.90 million
Sterlite Optical Technologies Ltd has posted a net loss of Rs 140.90 million for the quarter ended June 30, 2002 as compared to a net profit of Rs 676.80 million for the quarter ended June 30, 2001. Total Income (net of excise) has decreased from Rs 1739 million in the quarter ended June 30, 2001 to Rs 238.40 million in the quarter ended June 30, 2002.
L&T Q1 net down by 31.42%
Larsen & Toubro Ltd has posted a net profit of Rs 446.20 million for the quarter ended June 30, 2002 as compared to Rs 650.70 million for the quarter ended June 30, 2001. Total Income has increased from Rs 18763.90 million in the quarter ended June 30, 2001 to Rs 21584.20 million in the quarter ended June 30, 2002.
Cheviot Company Board approves sale of investment in Elite India
Cheviot Company Ltd has informed BSE that the Board of Directors of the Company at their meeting held on July 30, 2002 have decided that the Company do sell its entire investments in subsidiary Company namely, Elite India Ltd to its other promoters and their PACs as and by way of inter se transfer of shares under the provisions of SEBI (SAST) Regulations, 1997.
The Company has further informed that effective steps are being taken by the Company to implement the said decision of the Board and after such implementation, Elite India Ltd would cease to be subsidiary of the Company.
Gillette Q2 net profit at Rs 42.90 million
Gillette India Ltd has posted a net profit of Rs 42.90 million for the quarter ended June 30, 2002 as compared to a net loss of Rs 9.70 million for the quarter ended June 30, 2001. Total Income (Net of Excise) has increased from Rs 1065.20 million in the quarter ended June 30, 2001 to Rs 1133.20 million in the quarter ended June 30, 2002.
Mr C R Dua was appointed as an Additional Director of with immediate effect.
BPCL Q1 net up by 9.91%
Bharat Petroleum Corporation Ltd has posted a net profit of Rs 2450 million for the quarter ended June 30, 2002 as compared to Rs 2229 million for the quarter ended June 30, 2001. Total Income has increased from Rs 101819 million in the quarter ended June 30, 2001 to Rs 111406 million in the quarter ended June 30, 2002.
During the quarter, the Refinery processed 1.88 million tonnes as compared to 2.18 million tonnes of crude in the corresponding period of the previous year. The lower throughput is due to planned shutdown for maintenance in April 2002.
Market sales during April - June 2002 was marginally lower at 4.89 million tonnes as against 4.98 million tonnes during the corresponding period of the previous year. The decrease was mainly in Naphtha sale to Industrial customers offset by increase in sales of retail products.
Aurobindo Pharma Q1 net up by 33.89%
Aurobindo Pharma Ltd has posted a net profit of Rs 150.90 million for the quarter ended June 30, 2002 as compared to Rs 112.70 million for the quarter ended June 30, 2001. Total Income has increased from Rs 1899.60 million in the quarter ended June 30, 2001 to Rs 2504.20 million in the quarter ended June 30, 2002.
Solitaire Machine Tools Board approves buy-back
The Board of Directors of Solitaire Machine Tools Ltd at its meeting held on July 31, 2002 have unanimously resolved to implement special resolution dated June 29, 2002 passed by the shareholders of the company through postal ballot with regard to the buy-back of shares by the company to the extent specified in the aforesaid special resolution as described below:
Maximum amount proposed to be utilizied for buy-back of shares shall not exceed Rs 9.50 million
The Company shall buy-back its equity shares upto 1187500 amounting to 25% of total paid up capital of the company.
The maximum offer price for the buyback of shares shall not be exceeding Rs 8 per share.
The buy-back of shares of shares shall be from the open market/secondary market using Stock Exchange mechanism of The Stock Exchange Mumbai.
The offer of buy-back of shares shall remain open for the period of one year from the date of special resolution ie June 29, 2002 to June 29, 2003 (both days inclusive).
ACC allots shares against exercise of stock options
Associated Cements Companies Ltd has informed BSE that at the meeting of the shareholders/Investors grievance committee of the Board held on July 24, 2002, 11,000 shares were allotted against exercise of stock options granted to employees under the Employees Stock Options Plan 2000, and 860 shares were allotted from Shares kept in abeyance at the time of rights issue 1999.
Consequently, the paid up share capital of the Company has increased from 17,08,23,985 share as on June 10, 2002 to 17,08,35,845 shares of Rs 10/- each as of date.
Titan Industries Q1 net loss at Rs 100.20 million
Titan Industries Ltd has posted a net loss of Rs 100.20 million for the quarter ended June 30, 2002 as compared to a net loss of Rs 146.10 million for the quarter ended June 30, 2001. Total Income (net of excise) has increased from Rs 887.20 million in the quarter ended June 30, 2001 to Rs 997 million in the quarter ended June 30, 2002.
Hindalco issues outlook
Hindalco Industries Ltd Chairman Mr Kumara Mangalam Birla, briefly highlighted the market trends in the aluminium sector and going forward, the outlook for the company. Said Mr Birla "while early this year, the US economy appeared to be on track, its ensuing slow pace and the stock market crashes have severely eroded consumer confidence. Europe and Japan, which seemed to be positioned on the growth trajectory, reflect weak trends currently. The continued strong growth in Asia may not be able to totally offset these reverses.
On the other hand, the Chinese Governments forward looking fiscal policies its renewed emphasis on the infrastructure and power sectors, should boost the demand for aluminium even as China increases its capacities. China now transits from being a net importer to a net exporter, and this is an aspect we have to factor. The demand from the South East Asian countries, who are now on the road to recovery may nurture growth.
Closer to home, the outlook for aluminium is positive, predicted on heightened economic activity. The ongoing thrust by the Government on the infrastructure and power sectors, the increasing use of aluminium as an eco-friendly metal in the white goods category besides the automobile and consumer durable segments, should spur the demand for aluminium.
While these are encouraging signs, WTO pose a major challenge which our Company has to face and I am pleased to inform you that we are working towards meeting it upfront.
Hindalco's predominance in the aluminium sector as the single largest integrated and amongst the lowest cost producers, endows it with an edge"
In his view the restructuring of Hindalco into a major non ferrous metals powerhouse, the brownfield expansion the economies of scale the outcome of ongoing process innovations at the plant, coupled with project rocket 2K and the extended ERP system will stand the Company in good stead.
"To enhance shareholder value, going forward, we will pursue both organic and inorganic growth and be open to participating in opportunities emanating from the Government's proposals to divest in Companies in the aluminium sector. Such acquisitions will be done by us only after a thorough review at a price which we believe will lead to value creation" concluded Mr Birla
Britannia Q1 net up by 15.43%
Britannia Industries Ltd has posted a net profit of Rs 187 million for the quarter ended June 30, 2002 as compared to Rs 162 million for the quarter ended June 30, 2001. Total Income has decreased from Rs 3506 million in the quarter ended June 30, 2001 to Rs 3276 million in the quarter ended June 30, 2002.
Net sales and other financials for the quarter are not strictly comparable as previous years figures include numbers for dairy business which has been transferred effective March 27,2002 to Britannia New Zealand Foods Pvt. Ltd. a Joint venture with Fonterra Group, New Zealand. On a comparable basis net sales have increased by 6%.
Rolta Q2 net down by 16.89%
Rolta Ltd has posted a net profit of Rs 251.25 million for the quarter ended June 30, 2002 as compared to Rs 302.32 million for the quarter ended June 30, 2001. Total Income has decreased from Rs 770.10 million in the quarter ended June 30, 2001 to Rs 691.44 million in the quarter ended June 30, 2002.
ICICI Bank Q1 net at Rs 2529 million
ICICI Bank Ltd has posted a net profit of Rs 2529 million for the quarter ended June 30, 2002 while the same was Rs 652.50 million in the quarter ended June 30, 2001. Total Income for JQ-02 is at Rs 28330.70 million while the same was Rs 5954.9 million in the quarter ended June 30, 2001.
The results for Q1 2003 include the results of erstwhile ICICI Ltd with its subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd amalgamated with the Bank w.e.f. March 30, 2002. The financials for the quarter are therefore not comparable with earlier periods.
Indian Oil Corporation Q1 net up by 12.72%
Indian Oil Corporation Ltd has posted a net profit of Rs 6249.89 million for the quarter ended June 30, 2002 as compared to Rs 5544.43 million for the quarter ended June 30, 2001. Total Income has decreased from Rs 302849.93 million in the quarter ended June 30, 2001 to Rs 285755.96 million in the quarter ended June 30, 2002.
Raymond Q1 net profit at Rs 43.10 million
Raymond Ltd has posted a net profit of Rs 43.10 million for the quarter ended June 30, 2002 as compared to a net loss of Rs 46.40 million for the quarter ended June 30, 2001. Total Income (net of excise) has increased from Rs 1073.90 million in the quarter ended June 30, 2001 to Rs 1473.40 million in the quarter ended June 30, 2002.
RIL announces change in management structure
Reliance Industries Ltd has informed BSE that Board at its meeting unanimously elected Mr Mukesh D Ambani as Chairman & Managing Director and Mr Anil D Ambani as Vice-Chairman & Managing Director of the Company.
Finolex Cables Q1 net down by 9.43%
Finolex Cables Ltd has posted a net profit of Rs 91.20 million for the quarter ended June 30, 2002 as compared to Rs 100.70 million for the quarter ended June 30, 2001. Net Sales (Net of Excise) have decreased from Rs 1067.90 million in the quarter ended June 30, 2001 to Rs 952.70 million in the quarter ended June 30, 2002.
Trigyn spins in eVector
Trigyn Technologies Ltd has informed BSE that as part of the overall Trigyn Group restructuring strategy/plan, they have spun in 'eVector back into the Company.
The entire exercise of the restructuring has been initiated and it is expected that the entire process will be completed over the next 12-16 weeks.
With this action, the losses of eVector which contributed a major portion of losses for Trigyn on a consolidated basis, are being eliminated. The costs for maintaining the product and supporting the existing client base are significantly lower than the maintainance/support revenues post spin-in.
The effect of this action will be reflected in the financials for the current fiscal, ending on March 31, 2003. We would also like to inform that the action will also result in reversing the entire losses attributable to eVector until March 31,2002 as well as until the closing in the current fiscal. The exact accounting treatment is being discussed with the Company's statutory auditors.
Once this action is completed, Trigyn Group shall have a total of 8 corporate entities in the group including Trigyn Technologies Ltd, of which 6 will be operating entities and two special purpose vehicles. Further action to refine the corporate structure to provide case of understanding to the shareholder and reduce overhead costs is being undertaken.
Hindalco Q1 net down by 12.97%
Hindalco Industries Ltd has posted a net profit of Rs 1402 million for the quarter ended June 30, 2002 as compared to Rs 1611 million for the quarter ended June 30, 2001. Total Income has increased from Rs 5816 million in the quarter ended June 30, 2001 to Rs 6175 million in the quarter ended June 30, 2002.
Max India Board meeting for Q1 results re-convened on July 31, 2002
Max India Ltd has informed BSE that the Board meeting held on July 30, 2002 has been adjourned and has been reconvened on July 31, 2002. The items relating to approval of annual accounts for FY-02, financial results for the quarter ended June 30, 2002 and declaration of dividend if any shall be taken up in the re-convened meeting.
Tata Chem Q1 net up by 157.85%
Tata Chemicals Ltd has posted a net profit of Rs 340.10 million for the quarter ended June 30, 2002 as compared to Rs 131.90 million for the quarter ended June 30, 2001. Total Income has increased from Rs 2951.70 million in the quarter ended June 30, 2001 to Rs 3698.80 million in the quarter ended June 30, 2002.
The drought conditions prevailing in many parts of northern India may have an adverse impact on the demand for fertilisers for the remaining part of the year.
Arvind Mills Q1 net at Rs 255.80 million
Arvind Mills Ltd has posted a net profit of Rs 255.80 million for the quarter ended June 30, 2002 as compared to a net loss of Rs 678.80 million for JQ-01. The total income has increased from Rs 3327.80 million for quarter ended June 30, 2001 to Rs 3552.60 million for quarter ended June 30, 2002.
Reliance Industries Q1 net up 16.50%
Reliance Industries Ltd has posted a net profit of Rs 7200 million for the quarter ended June 30, 2002 as compared to Rs 6180 million for the quarter ended June 30, 2001. Total Income (net of excise) has increased from Rs 58830 million in the quarter ended June 30, 2001 to Rs 59400 million in the quarter ended June 30, 2002.
The consolidated results are as follows:
The net profit for the quarter ended June 30, 2002 is at Rs 9910 million as compared to Rs 8600 million in JQ-01.
Century Textiles Q1 net down by 69.51%
Century Textiles & Industries Ltd has posted a net profit of Rs 37.40 million for the quarter ended June 30, 2002 as compared to Rs 122.70 million for the quarter ended June 30, 2001. Total Income has decreased from Rs 6056.70 million in the quarter ended June 30, 2001 to Rs 5556.50 million in the quarter ended June 30, 2002
The profitability of the company during the quarter April/June 2002 has been adversely affected due to lower cement prices.
RPG Life Sciences suspends operations at Pune facility of HAL
RPG Life Sciences Ltd has informed BSE that an unfortunate accident took place on the morning of July 30, 2002 at one of the small pharmaceutical manufacturing units of the Pune facility of Hindustan Antibiotics Ltd (HAL), currently on manufacturing lease agreement to RPG Life Sciences Ltd (RPGLS), which affected the technicians operating the equipment therein. The same was immediately taken to the nearest hospital, in Pimpri.
While all operations at the facility have been suspended by the Company temporarily, a high powered team comprising of senior management and technical experts from RPGLS are on the location, to analyse the cause of the accident and provided support and relief. The facility of HAL, located at Pimpri, accident and provide support and relief. This facility of HAL, located at Pimpri, is also shared by other pharmaceutical manufacturing Companies.
Reliance Petro Q1 net up by 5.26%
Reliance Petroleum Ltd has posted a net profit of Rs 4800 million for the quarter ended June 30, 2002 as compared to Rs 4560 million for the quarter ended June 30, 2001. Total Income has increased from Rs 88890 million in the quarter ended June 30, 2001 to Rs 95700 million in the quarter ended June 30, 2002.
Infotech Enterprises fixes record date for bonus issue
BSE has informed the members of the exchange that Infotech Enterprises Ltd has fixed August 23, 2002 as the record date for the purpose of issue of one Bonus share for every one existing equity share held.
Transactions in the above mentioned equity shares will be on cum bonus basis upto August 20, 2002 and ex-bonus basis from August 21, 2002.
e-Serve International Q1 net up by 202.71%
e-Serve International Ltd has posted a net profit of Rs 55.70 million for the quarter ended June 30, 2002 as compared to Rs 18.40 million for the quarter ended June 30, 2001. The total income has increased from Rs 378.20 million in JQ-01 to Rs 593.60 million in JQ-02.
Madura Coats not to proceed with buy back
The Board of Directors of Madura Coats Ltd at its meeting held on Tuesday has decided, in view of the open offer by J&P Coats Ltd UK, to not proceed further on its earlier Board Resolution dated February 19, 2002 authorising the company to buy-back Rs 14,71,000 equity shares of Rs 10 each at a price of Rs 27.
TVS Electronics clarifies on news item
With reference to news item appearing in a leading financial daily TVS Electronics Ltd has informed BSE that the Board has not considered any proposal for merger of eTechnology with itself. In the news article it has been mentioned that TVS-e Technology Ltd is a 100% subsidiary of Sundaram-Clayton Ltd. This is not factual and is incorrect.
Kamat Hotels India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 27, 2002 decided to issue and allot following securities to the promoters on preferential allotment basis: -
1) Redeemable Cumulative Non-Convertible Preference Shares of Rs.10 each aggregating to
Rs 8,93,95,000.
2) Unsecured Non-Convertible Redeemable Debentures of Rs.100 each aggregating to Rs.4,27,00,000.
Cyber Tech Systems allots shares under ESOP
The Board of Directors of CyberTech Systems & Software Ltd at its meting held on July 30, 2002 allotted 100 equity shares of the company to Employees/Directors pursuant to their exercising the Stock Options granted to them under the Employees Stock Option Plan (ESOP) of the company.
Amtek Auto to consider issue of bonus shares
The Board of Directors of Amtek Auto Ltd will meet on August 03, 2002 to consider the following business:
Issue of Bonus shares
Increase in remuneration of Managing Director
Any other business incidental to the above
Pioneer Overseas Finance to seek shareholders approval for amalgamation
Pioneer Overseas Finance Ltd has informed BSE that as per order of the High Court of Madras a meeting of the shareholders of the Company is proposed to be convened on August 16, 2002 in respect of amalgamation of M/s. Shrilekha Hire Purchase Finance Ltd, Secunderabad with the Company.
Tamilnadu Petro to consider private placement of debentures
A meeting of the Board of Directors of Tamilnadu Petroproducts Ltd is scheduled to be held on August 02, 2002 to consider inter alia the issue of debentures on private placement basis aggregating Rs 1000 million with Financial Institutions/Banks/Mutual Funds.
Vaibhav Gems Board recommends dividend
Vaibhav Gems Ltd has informed BSE that the Board of Directors of the Company at their meeting held today (July 30, 2002) have approved the accounts for the year ended March 31, 2002 and have recommended dividend at the rate of 27.50% (Rs 2.75 per share) on 52,80,300 equity shares of the Company aggregating Rs 14520825 subject to deduction of tax at source.
Vakrangee Softwares Board approves issue/offer of equity shares on rights/preferential basis
Vakrangee Softwares Ltd has informed BSE that the Board at their meeting held on July 27, 2002 have decided to issue/offer equity shares and/or convertible debentures and/or any other financial instruments with or without detachable / non detachable warrant or warrants on rights and/or preferential basis for an aggregate amount not exceeding Rs.90 million of face value of shares.
IFB Industries Board approves rights issue
IFB Industries Ltd has informed BSE that the Board of Directors of the company at its meeting held on July 29, 2002 has decided as follows:-
1) Rights issue of equity shares of Rs.10/- each at par in proportion of one equity share for every four existing equity shares held.
2) Preferential issue of 15,00,000 equity shares of Rs.10/- each at par to the Indian Promoter (individual and bodies corporate) belonging to the Promoter's group.
3) Preferential issue of 62,40,000 equity shares of Rs.10/- each at par to the IDBI in lieu of and against conversion of part of the rupee loans to the extent of Rs.62.40 million taken by the company from IDBI from time to time.
High Court of Andhra Pradesh/Bombay approve scheme of merger IDL Industries
IDL Industries Ltd has informed BSE that the High Courts of Andhra Pradesh and Bombay have approved the merger and the detailed orders for filing with the Registrar of Companies of the states of Andhra Pradesh and Maharashtra are expected shortly. Soon after receipt of these orders and consideration of the same by the Board of the Company they will the filed with the Registrar of Companies.
Earlier the Company had informed BSE that the Board of Directors at their meeting approved in principle a proposal for the merger of Gulf Oil India Ltd with the Company. The exchange ratio approved by the Board involves the issue of one equity share of IDL Industries Ltd for every two shares of Gulf Oil India Ltd
Delhi High Court directs customs dept to issue NOC to Royal Airways
Royal Airways Ltd has informed BSE that the company was issued a No Objection Certificate (NOC) to resume its Airline operations. However the Ministry of Civil Aviation, while granting the NOC had imposed a major condition that the company will reach settlement with Government creditors including Customs before the import of aircrafts is allowed. The company had already reached settlement with all other government creditors and with regard to settlement with Customs, a writ was pending before the Hon'ble High Court of Delhi.
The Hon'ble High Court of Delhi on July 30, 2002 has directed the customs department that on fulfillment of certain conditions by the company, a NOC should be issued within two weeks stating that the Customs Department has no objection to the restart of Airline operations of the company.
Tele Data Informatics forfeits 900 equity shares
BSE has informed the members of the exchange that Tele Data Informatics Ltd has forfeited 900 equity shares due to non-payment of allotment/call monies.
