Global Tele clarifies on news article

With reference to news article appearing in a leading financial daily "Global Tele's VC's still bullish on dotcoms", Global Tele-Systems Ltd, in a communication issued to the BSE, has informed that the information published in the said article is factually incorrect in the following lines in respect of which the Company has clarified as under: 1. Internet Holding (Global) Ltd (IHGL), a 100% subsidiary of the Company, had invested in Internet Architect (India) and Indian Agribusiness Systems a year ago based on their respective business cases. The investments made in these Companies in the current year were in line with the commitments made by IHGL at the time of initial agreement and milestone achievements by these Companies as agreed in the past. These business decisions are based on legal commitments and review of performance of these companies in light of the projections made. 2. The report states that Internet payment gateway (of the Company) is adversely affected by the Reserve Bank of India (RBI) regulations. The Company in the past, on a number of occasions, has clarified that it has no interest in running the payment gateway on its own but acts as back office processor enabling corporates to do on-line transactions. The said position continues and the Company is ready with its payment gateway solutions, which is part of a solution the Company offers. 3. The report carries a sub-title saying that the acquisitions show a negative growth. This caption is misleading and the contents that follows are factually incorrect in many respects . The company position on these is as under. i) The three acquisitions completed by the Company in the year 2000-01 were merger of Global Electronic Commerce Services Ltd (GECS) and acquisition of 100% shareholding of Thermax Systems and Software Ltd (TSSL) and Fine Infotech Ltd (FIL). Out of these, GECS merger in value terms and strategic importance is the largest and most important. The Company has stated that it has made elaborate, timely disclosure explaining the merger, as against the contention of the report that information on revenue, profitability etc was not available. GECS in fact has increase its revenues to Rs 814.80 million in the current year from Rs 430 million in the previous year and the profits have jumped to Rs 146 million in the current year from a loss Rs 49.10 million in the previous year. As against this the report states that the turnover was Rs 204 million only. ii) As regards the other two companies the revenues of FIL have increased from Rs 10.20 million in 1999-00 to Rs 11.60 million in 2000-01 recording a marginal growth. TSSL after the acquisition has been rendering certain back end services to GTL which have helped GTL in strategic areas to render better services to its customers.

Moschip Board allots shares to members of NetMos Tech Inc, USA

The Board of Directors of Moschip Semiconductor Technology Ltd, at its meeting held today (July 05, 2001) has allotted 83,25,770 equity shares of the Company to the members of NetMos Tech. Inc, USA as a consideration for acquiring the Company.

Mascot Systems appoints Gerhard Watzinger as CEO

Mascot Systems Ltd has today (July 5, 2001) announced the appointment of Gerhard Watzinger as its Chief Executive Officer. In line with Mascot's strong customer focus, Gerhard will operate from the Company's principal US office located at Pitsburgh, Pennsylvania, close to the Company's largest market. Gerhard has deep roots in IT consulting, global business development, and offshore business. He has been successful to growing profitable international business organisation having developed competencies in strategizing business, managing people and utilizing growth opportunities. He has several accomplishments to his credit - including delivering business solutions successfully in complex and challenging situations across Europe and U.S. Commenting on his assignment, Gerhard Wartzinger said " With its strong foothold in the US market and foundation in India, Mascot Systems is an impressive player in the global IT services market and I am very excited to help grow the Company to one of the clear leaders in the space. I am particularly impressed with Mascot's strong customer relationships and its agility to respond to its customers needs and the changing IT climate."

HBL Nife Power Systems to set up 2 100% EOUs

HBL Nife Power Systems Ltd has informed BSE that the Board of Directors of the company has approved for setting-up two 100% export oriented units for manufacture of Alkaline batteries and Lead Acid Batteries, as separate divisions in the company.

Digital Equipment Q1 results on July 19, 2001

A meeting of the Board of Directors of Digital Equipment (India) Ltd is scheduled to be held on July 19, 2001 to take on record the Unaudited Financial Results of the Company for the Quarter ended June 30, 2001.

Eveready Inds to sell Pabhoi Tea Estate for Rs 123.10 million

Eveready Industries India Ltd has informed BSE that the company has entered into an agreement for the sale of Pabhoi Tea Estate in Assam to Narsinghpore Tea Co. Pvt. Ltd., 33A, Chowringhee Road, Kolkata - 700 071 for a consideration of Rs.123.10 million.

Stock Net International in strategic tie-up with Artilligence Inc

Artilligence Inc, part of a $500 million global conglomerate, has entered into a strategic tie-up with Stock Net International Ltd. Artilligence Inc, a US based IT Company and has an established client base in US, Germany, Netherlands, Sweden, UK, France, Scandinavia, India, Japan & Indonesia. The Company is involved in software development, consultancy and software products. It has an extensive operational base in US with offices in Philadelphia, Los Angeles, Atlanta, Boca Raton and Mt. Laurel. The Joint Venture with Stock Net International will enable the two Companies to combine forces in the fields of Optical Networking, Software Development, Consultancy and software products. The Companies will also be active in open standards based Systems Integration and Interoperability through their participation in different standards bodies such as the Object Management Group (OMG), World Wide Web Consortium (W3C) and Workflow Management Coalition (WIMC). The Companies also plan to create a Software Lab in India for developing tools for consultancy in optical networking and offshore software development centre. Fully committed to the future in Software Components, the Companies plan to organise a series of technology to help accelerate component-based systems development. Stock Net International will also jointly create and promote ICON, a web based component driven CRM/ERP software for the consulting industry. The product will be launched simultaneously in USA, Europe and India. The two Companies will also offer services in Systems Integration, Knowledge Engineering, Training and Technology Transfer and Knowledge Discovery and Research Studies.

BHEL to supply eco-friendly Advance Class Gas Turbine for Gujarat Project

Bharat Heavy Electricals Ltd has bagged yet another order against stiff competition from leading Indian & International suppliers, for a highly eco-friendly Advance Class Gas Turbine for a power project in Gujarat. As per the order, valued at Rs 2850 million, BHEL will set up the 107 MW Dhuvaran Combined Cycle Power Plant (CCPP) as an IPP of Gujarat State Electricity Corporation Ltd (GSECL), on EPC basis. The CCPP to be set up at Dhuvaran in Anand District of Gujarat is scheduled for completion in 21 months. BHEL's scope for work in the contract envisages manufacture and supply of an Advance Class Gas Turbine (Fr. 6FA); a Steam Turbine and a Heat Recovery Steam Generator (HRSG), besides associated controls and auxiliaries.

BHEL bags prestigious export order from Australia

Bharat Heavy Electricals Ltd (BHEL) has achieved a major breakthrough in Australia by securing a prestigious export order involving three gas turbine generating units for a merchant power project. The order valued at Rs 2800 million, has been placed on BHEL by an Australian subsidiary of AES Corporation, USA for the supply of three numbers state-of-the-art Gas Turbine generating units (124 MW ISO rating each) for Golden Plains power project, located at Stonehaven, about 100 kms South West of Melbourne in Victoria, Australia. Supplies for the project will be completed by July, 2002 in a fast track schedule. This success in the overseas IPP Segment is part of the Company's strategic action plan for sustained growth in its international business. BHEL has been focussing on becoming a sourcing centre for MNCs for loose products and intermediaries, besides laying thrust on project exports. For expanding its reach and visibility in international markets, the Company is utilising major B2B portals in the energy sector, established by global asset management Companies. Significantly, this is the second consecutive export order on BHEL for an independent power plant (IPP) being developed by AES - the Largest IPP developer in the world. The first order was received last year for one Gas Turbine generating unit (124 MW ISO rating) for their Kelantissa project in Sri Lanka. The Australian order firmly establishes the Company's capabilities in meeting stringent performance parameters & time schedules.

Zydus Cadila targets Philippines market

Zydus Cadila has registered 7 products in the Philippines while another 16 in the pipeline and 7 more new molecule dossiers will be submitted by the end of August 2001. The recent developments are in keeping with the group's efforts to build a base for its branded and contract manufacturing business in the Philippines which is a major market in Asia valued at around US$ 1 billion. A delegation form the Bureau of Foods and Drugs (BFAD), the central body in the Philippines responsible for registration, regulatory compliance and monitoring of pharmaceutical products quality is expected to visit India on the 8th of this month. During the visit, the delegation will be visiting Zydus Cadila's state-of-the-art plant at Moraiya. The approval of BFAD could accelerate the process product registration in the Philippines. Approvals from other regulatory bodies in the ASEAN countries are also on the anvil. MD, Mr. Pankaj R. Patel who had led a delegation to the Philippines couple of years ago as the Chairman of the Drugs, Pharmaceuticals and fine chemicals panel of CHEMEXCIL say that the Filipino market has tremendous potential. "Philippines is an ideal spring board to penetrate the ASEAN market. I expect a surge in exports from India over the next two to three years. We are targeting a turnover of US $ 2 million from the Filipino market by 2003-04."

Rajesh Jain appointed additional director of KJMC Financial Services

KJMC Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 30, 2001 has accepted the resignations of Mr. Rajendra Somani and Mr. Sunil Gandhi from the Directorship of the Company. In the same Board meeting, Mr. Rajesh Jain has been appointed as an Additional Director. Further, the Board has proposed to issue secured Non-Convertible Debentures of Rs 30 million @ 13% interest rate for the period of 17 months on private placement basis with any Bank in the near future.

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