SKF Bearings to issue Rights & Debentures aggregating Rs 880 million

At the meeting of the Committee of Directors of SKF Bearings India Ltd held today (July 12, 2001) the Committee has reviewed the Companys three year plan and evaluated various options for the funding the company's future operations and growth. The Directors have accordingly decided to come out with a simultaneous and unlinked rights issue of Equity Shares and Non-Convertible debentures with a warrant option (NCDs with a warrant) aggregating about Rs. 880 million. Equity shares aggregating to about Rs. 500 million will be issued to the existing shareholders on rights basis. Non-Convertible Debentures aggregating to about Rs. 380 million will also be issued to the existing equity shareholders on right basis. The terms of the issuance including pricing, rights ratio, coupon rate and the warrant exercise price will be determined in due course. The Committee also decided to authorise the Managing Director to take necessary steps including closure of the share transfer register of the Company to determine the rights of the Equity Shareholders.

Otis Elevator clarifies on news article

With reference to a news article appearing in a leading financial daily titled "Small investors seek to contest Otis open offer" Otis Elevator (India) Ltd, in a communication issued to the BSE has informed that the Company's review of the news article indicates two areas of question 1) the offer price for the shares of the Company as made by Otis Mauritius Ltd, the acquirer to the open offer 2) the results of the first quarter as announced by the Company. In response to the first issue, the Company has emphasized that this offer to the shareholders has not been made by Otis Elevator Company (India) Ltd, but by Otis Mauritius Ltd as the "Acquirer". The price per share offered is the prerogative of the Acquirer and not a decision of Otis India. This offer is consistent with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and in any event a matter to be regulated by Securities and Exchange Board of India. In response to the allegation that Otis India has adopted a change in the accounting practice to depress the profits in the first quarter, the Company has totally denied such allegation. The Company has reported that the results of the Company for the first quarter were significantly lower than the same period last year due to changes in its field proposal pertaining to the physical closure of a contract. This decision to change the field process has been taken by Otis India's management team in January 2001 as part of its efforts to improve the receivables position. The Company has also stated that it is committed to providing the greatest shareholder value while adhering to the highest ethical standards. Ultimately, the Company has stated that the choice of whether or not to tender the shares in response to the offer made by Otis Mauritius is that of the shareholders of the Company.

Nirma Q1 results on July 28, 2001

A meeting of the Board of Directors of Nirma Ltd is scheduled to be held on July 28, 2001 to consider and take on record the Unaudited Financial Results of the Company for the quarter ended June 30, 2001.

Infosys certifies partner for Offering Service

Infosys' Banking Business Unit has announced today (July 12, 2001) the certification of its Chennai based services partner, Telesis Technologies Ltd. With this certification, Telesis Technologies will be able to independently conduct training and implementation of Infosys' core banking solution - Finacle. This certification comes to Telesis after a thorough and rigorious evaluation process conducted during on-site implementations over a period of two years since the time of its association with Infosys. While Telesis will be able to independently impart training and implementation of Finacle to Infosys customers, this certification will enable Infosys to extend its services to more Banks through the qualified partner. "Demand for Finacle related services are growing rapidly and we are pleased to know that Telesis has qualified as a certified services partner. We are going places with Finacle and I am confident that Telesis has the wherewithal to deliver customer demands on Finacle services. The certification of partners like Telesis will provide us with greater capacity to service a much larger pool of customers" said Mr Haragopal, AVP and Head, Professional Service Group, Banking Business Unit, Infosys Technologies Ltd.

Saregama India Q1 results on July 19, 2001

A meeting of the Board of Directors of Saregama India Ltd is scheduled to be held on July 19, 2001 to consider and take on record the Unaudited Financial Results of the Company for the quarter ended June 30, 2001. The aforesaid meeting will consider and approve draft Annual Accounts for the year 2000-2001 and the question of recommendation of Dividend, if any.

Cadbury India Q2 PAT up by 23.10%

Cadbury India Ltd has posted a profit after tax of Rs 87.90 million for the quarter ended June 17, 2001 as compared to Rs 71.40 million for the corresponding period last fiscal. Net Sales are higher by 10.65%, from Rs 1070.80 million in JQ 2000 to Rs 1184.90 million in JQ 2001. Other Income for the current quarter ended June 17, 2001 is at Rs 21.90 million as compared to Rs 4.10 million for the quarter ended June 17, 2000. Prior Period items amounting to Rs 7.20 million being Tax adjustment of earlier years has been considered in the profits for the current quarter (Rs 14.70 million in JQ 2000) after consideration of which the net profit for the current quarter comes to Rs 94.60 million as against Rs 86.10 million for the corresponding period last fiscal.

Mastek Q4 net down by 57.40%, FY-01 net down by 50.59%

Mastek Ltd has posted a net profit of Rs 47.20 million for the quarter ended June 30, 2001 as compared to Rs 110.80 million for the quarter ended June 30, 2000. Total Income for the quarter ended June 30, 2001 is at Rs 202.90 million as against Rs 269.20 million for the quarter ended June 30, 2000. The Company has posted a lower net profit of Rs 145.40 million for the year ended June 30, 2001 as against Rs 294.30 million for the previous year. Total Income for the current year is at Rs 856.20 million as compared to Rs 963.10 million for the previous year ended June 30, 2000. Commenting on the performance, Ashank Desai, Chairman & Managing Director said, "The year that has gone by was a challenging one with mixed fortunes, many successes and quite a few disappointments. At the end of it, we are seeing early successes of our strategy to penetrate the Fortune 1000 accounts. Yet longer sales cycle, which are still lengthening due to the US slowdown has been impacting our efforts. We saw encouraging results and growth in Europe and Japan, but US results were disappointing. We had quite a few successful achievements that have strengthened our offshore delivering capabilities and a few technical alliances. In this quarter, we are happy to see upturn in business and profitability compared to the previous quarter. However, we are cautiously optimistic about the future."

Rhone Poulenc Q1 results on July 26, 2001

A meeting of the Board of Directors of Rhone-Poulenc (India) Ltd is scheduled to be held on July 26, 2001 to consider the unaudited financial results of the Company for the first quarter ended June 30, 2001.

Indo Rama Synthetics Q1 net up by 133.09%

Indo Rama Synthetics (India) Ltd has posted a net profit of Rs 191.60 million for the quarter ended June 30, 2001 as compared to Rs 82.20 million for the corresponding period last fiscal. Net Sales are higher at Rs 4612.60 million as compared to Rs 4295.20 million for the quarter ended June 30, 2000. Other Income is at Rs 19 million in JQ 2001 as against Rs 34.60 million in JQ 2000.

ABB Q2 results on July 24, 2001

A meeting of the Board of Directors of Asea Brown Boveri Ltd is scheduled to be held on July 24, 2001 to take on record the Unaudited Financial Results of the Company for the Second Quarter ended June 30, 2001.

Mascon Global Board to review merger of Maars Software

In a communication issued to the BSE, Mascon Global Ltd has informed that a meeting of the Board of Directors of the Company will be held on July 18, 2001 to review the proposed merger of MAARS Software International Ltd with the Company.

G E Shipping Q1 results on July 26, 2001

A meeting of the Board of Directors of Great Eastern Shipping Company Ltd is scheduled to be held on July 26, 2001 to consider the unaudited financial results (provisional) for the first quarter ended June 30, 2001.

Bombay Dyeing Q1 results on July 23, 2001

A meeting of the Board of Directors of Bombay Dyeing & Manufacturing Co. Ltd is scheduled to be held on July 23, 2001 to consider and take on record the Unaudited Financial Results (provisional) for the quarter ended June 30, 2001.

Trent Q1 results on July 24, 2001

A meeting of the Board of Directors of Trent Ltd is scheduled to be held on July 24, 2001 to take on record the Unaudited Financial Results of the Company for the quarter ended June 30, 2001.

Sonata Software Q1 net at Rs 79.53 million

Sonata Software Ltd has posted a net profit of 79.63 million for the quarter ended June 30, 2001 as compared to Rs 79.17 million for the quarter ended June 30, 2000. Net Sales are at Rs 242.82 million for the quarter ended June 30, 2001 as compared to Rs 397.89 million for the quarter ended June 30, 2000. Other Income for JQ 2001 is at Rs 14.89 million as against Rs 9.51 million for JQ 2000. Pursuant to the transfer of the Indian business of Sonata to Sonata Information Technology Ltd (SITL) effective from July 1, 2000, the figures of Sonata for the quarter ended 30th June, 2001 comprises of results of the International business only and are not comparable with those of the corresponding quarter of the last year. During the current quarter, the Company has invested Rs 9.144 million for purchase of 1,25,000 equity shares in the capital of Offshore Digital Services Inc., USA (ODSI), whereby ODSI has become a subsidiary of Sonata with effect from April 9, 2001. Announcing the results, Mr B. Ramaswamy, President & Managing Director of Sonata said, " In view of the slowdown in the U.S. market the company has adopted a three pronged strategy - Increased focus in Europe, revamping of offerings and thrust on enterprise solutions. The first strategy has started showing results in as much as 39% of the revenue in the current quarter came from Europe as compared to 20% in the same quarter last year and 25% in Q4 of FY- 01. Revamping of offering and the thrust on enterprise solutions will show positive results in the next couple of quarters.

Thermax Q1 results on July 25, 2001

A meeting of the Board of Directors of Thermax Ltd is scheduled to be held on July 25, 2001 to take on record the unaudited financial results of the Company for the quarter ended June 30, 2001.

Maars Software Board to review merger proposal

A meeting of the Board of Directors of Maars Software International Ltd is proposed to be held on July 18, 2001 to review the proposed merger of the Company with Mascon Global Ltd.

ACC Q1 net at Rs 439.50 million

Associated Cement Companies Ltd has posted a net profit of Rs 439.50 million for the quarter ended June 30, 2001 as against a net loss of Rs 95 million for the corresponding period last year. Net Sales for the quarter ended June 30, 2001 is at Rs 7350.30 million as compared to Rs 6428.70 million for the quarter ended June 30, 2000. Other Income for JQ 2001 is at Rs 92.10 million as compared to Rs 93 million for JQ 2000. The Company has made provision for contingencies to the extent of Rs 20 million in JQ 2001which has been shown as extra-ordinary items. The Company has also made Rs 277 million as provision for deferred tax million for the current quarter ended June 30, 2001. The Company has reported that the new project at Wadi which has the largest kiln in the country is under stabilisation. Construction of 15MW Thermal Power Plant each at Chanda and Madukkarai Cement Works is progressing as per plans.

Nicholas Piramal Q1 results on July 26, 2001

A meeting of the Board of Directors of Nicholas Piramal India Ltd is scheduled to be held on July 26, 2001 to consider and take on record the Unaudited Financial Results of the Company for first quarter ended June 30, 2001.

Veejay Lakshmi Engineering spinning unit resumes operations

Veejay Lakshmi Engineering Works Ltd has informed BSE that, Spinning Unit under lease from M/s.Kongarar Cotton & Synthetics Ltd. which was on consequential layoff from May 29, 2001 has resumed operations from July 4, 2001.

Motherson Sumi Systems Board approves merger of its 100% subsidiary

Motherson Sumi Systems Ltd has informed BSE that the Board of Directors of the company has approved the merger of Motherson Sumi Electric Wires Ltd., a 100% subsidiary of the company engaged in the manufacture of auto wires with the company w.e.f. April 1, 2001, subject to necessary approvals.

Hughes Tele.com announces its first ever Cash Operating Profit, Total Income up 105.84%

Hughes Tele.com (India) Ltd has reported financial results for the current years 1st Quarter (April-June) ending 30th June 2001 wherein the Company's Total income increased by 105.84% to Rs 629.27 million as compared to Rs 305.70 million while Telecom Service revenues increased 82% to Rs 545.20 million as compared to Rs 300.10 million during the corresponding period in the previous year. The Company earned a Cash Operating profit of Rs 20.53 million for the quarter ended 30th June 01 (profit before other income, finance and treasury charges, depreciation and write-offs) as compared to a Cash Operating loss of Rs 50.10 million during the corresponding period in the previous year. The net loss declined by 22% to Rs 303.30 million as compared to Rs 387.90 million during the corresponding period in the previous year. Prakash Bajpai, President & CEO of HTIL said, "We are happy to report our first Cash Operating profit, a major milestone in the life of all telecom projects worldwide. We are on the target to reach 200,000 subscriber lines by end of March 2002. The Company continues to rapidly buildout its broadband fiber optic network and currently serves over 85,000 subscriber lines in 8 cities - Mumbai, Navi Mumbai, Pune, Nasik, Nagpur, Panji (Goa), Kolhapur and Ahmednagar. Services in 2 more cities - Sangli and Aurangabad are expected to commence shortly. We expect to shortly launch our premier ISP services to meet the needs of our broadband customers. With our broadband network base, our ISP customers will be able to get a superior quality and faster access speeds as compared to the services currently available in the market." Hughes Tele.com is following a Fibre-To-The-Business (FTTB) strategy by laying fibre optic cable right up to the premises of its business customers giving them close to unlimited band width. Hughes Tele.com will shortly offer Advance Intelligent Network Services, such as Calling card services, Premium rate services and Freephone services. In addition of its strong product offerings in the conventional voice telephony services Hughes Tele.com provides a full suite of broadband services focused on communication-intensive customers. The Hughes suite of broadband Digital Data services includes secure Internet access, Managed Data Network services and Managed Leased line services. Hughes Tele.com is the first service provider to provide network based Audio Conference services in India and intends to provide Web Based Application Services in the near future. Hughes Tele.com recently launched a broadband PMP (point-to-multi-point) service in Mumbai. This technology enables rapid 'last-mile' connectivity to the customer's premises in highly congested and difficult-to-wire areas, and is a fast and economical way to extend the benefits of its broadband network to these areas.

Glaxo India Q2 results on July 27, 2001

A meeting of the Board of Directors of Glaxo India Ltd is scheduled to be held on July 27, 2001 to consider amongst other things, approval of unaudited financial results for the quarter ended June 30, 2001.

HFCL clarifies on news item

With reference to the news article appearing in a leading financial daily titled " HFCL not keen on cellular foray, to focus on equipment business" Himachal Futuristic Communications Ltd has informed BSE that one of its subsidiary Companies was planning to enter cellular business but subsequently did not participate in bids invited by DoT for Cellular Business.

ICICI to enhance international presence

The Board of Directors of ICICI Ltd at its recent meeting held a detailed discussion on ICICI Group's international strategy decided that the present time is opportune for an enhanced international presence. ICICI Group's preliminary strategy for growth in international business would be based on leveraging home country links and technology competencies in financial services to enter new geographies. The critical strengths, which can be leveraged to create value, include strong relationships with domestic corporates, established domain expertise in technology for financial services and existing NRI business. In view of its importance the Board desired an exclusive managerial focus at the level of a Board member. Accordingly, the ICICI Board has decided that Mrs. Lalita Gupte take over the responsibility for ICICI Group's international business as Joint Managing Director and Chief Operating Officer-International Business.

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