KSB Pumps Board approves scheme of amalgamation

The Board of Directors of KSB Pumps Ltd at its meeting held today (August 7, 2001) has approved the scheme of amalgamation of its subsidiary, Grade-o-Castings with the company. This is subject to various approvals such as members, High Court and other appropriate authorities. Under the scheme of amalgamation the shareholders of Grade-o-Castings Ltd will get 1 share of KSB Pumps Ltd of Rs 10 fully paid in exchange of 1share Grade-o-Castings Ltd of Rs 100 fully paid.

Ace Software to consider issue of shares/warrants on preferential basis

A meeting of the Board of Directors of Ace Software Exports Ltd will be held on August 18, 2001 to consider issue of equity shares/warrants on preferential basis.

TV 18 Q1 net down by 69.52%

Television Eighteen India Ltd has posted a net profit of Rs 11.25 million for the quarter ended June 30, 2001 as compared to Rs 36.91 million in the corresponding period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 72.48 million as against Rs 95.68 million in JQ 2000.

N A Palkhivala ceases to be a Director of Tisco

Tata Iron & Steel Company Ltd has informed BSE that Mr.N.A Palkhivala had not sought re-election at the AGM held on July 19, 2001on health grounds. He has, therefore, ceased to be a Director of the company w.e.f. July 19,2001.

Govt nominates S K Purkayastha as a Director on IDBI Board

Industrial Development Bank of India has informed BSE that the Govt. of India has nominated Shri S.K.Purkayastha, Additional Secretary (Financial Sector), Ministry of Finance, Dept. of Economic Affairs (Banking Division) as a Director on the Board of IDBI w.e.f August 01, 2001.

Multitech Plast becomes subsidiary of Hi-Tech Plast Containers

Hi-Tech Plast Containers (India) Ltd has informed BSE that the Board of Director of the company has approved the investments by way of purchase of 51% equity share capital of Multitech Plast Container Ltd. (MPCL) The company has acquired 510000 equity shares of Rs.10 each, at a price of Rs.10.40 per share, at an aggregate cost of Rs 5.33 million (including the cost of transfer of shares). With the said acquisition, MPCL has become subsidiary company.

Work resumes at Bhandara Unit of Hindustan Composites

Hindustan Composites Ltd has informed BSE that, normal operations in the Bhandara Unit has been resumed w.e.f August 2, 2001 after reaching an amicable settlement with the workmen.

Fourth Generation Info Board approves issue of equity shares on preferential basis

Fourth Generation Information Systems Ltd has informed BSE that the Board of Directors of the company has approved issue of 1million equity shares of Rs.10 each at a premium not lower than Rs.47 per share on preferential allotment basis to Intra Link Health Systemsa Inc, USA, other Strategic Partners, FIs, or any other individuals, Corporate Bodies.

Zee Telefilms fixes book closure for the purpose of dividend

Zee Telefilms Ltd has fixed September 17, 2001 to September 27, 2001 as the book closure dates for the purpose of AGM and 55% Dividend.

Indian Rayon clarifies on news item

With reference to the news article appearing in a leading daily titled "Talks between Indian Rayon, Tommy Hilfiger Called Off" Indian Rayon & Industries Ltd has informed BSE that no significant progress is made in the matter of any tie up with Tommy Hilfiger. The Company has further informed that it continuously explores different opportunities out of which some culminate into business associations/agreements whereas the rest may not fructify at all.

Sterlite Industries buy-back offer to open on August 13, 2001

Sterlite Industries Ltd has informed BSE that it has announced its intention to buy-back of its equity up to a maximum of 13978139 fully paid-up equity shares of Rs 5 through the open market using the electronic trading facility of the BSE and the NSE. The buy-back will be at a price not exceeding Rs 200 per share. All statutory approvals have been obtained and a public announcement has also been made. The offer will open on August 13, 2001 and close on November 30, 2001 or when SIL has completed buy-back to the extent of 25% of the issued equity shares under the offer, whichever is earlier.

Crompton Greaves clarifies on news item

With reference to news item appearing in a financial daily Crompton Greaves Ltd has informed BSE that the factual position as at date is that the company is not contemplating setting up any Joint Venture in China.

HCL Tech FY-01 net up by 113.50 %

HCL Technologies Ltd has posted a net profit of Rs 4267.90 million for the year ended June 30, 2001 as compared to Rs 1999 million in the corresponding period last fiscal. Total Income has increased from Rs 4516.30 million in FY-2000 to Rs 8325.60 million in the year ended June 30, 2001. The Board has recommended payment of dividend of 50% (Re 1 per share on every share of Rs 2 each) for the year ended June 30, 2001. Outlook for fiscal year ending June 30, 2002. The company is observing the developments in the US economy and has been in constant touch with its customers and partners. The current developments have a positive impact on the company's offshore centric business, which remains a key focus area for HCL Tech. We remain optimistic about our growth in the coming years.

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