Shyam Telecom Q1 results on July 30, 2001

A meeting of the Board of Directors of Shyam Telecom Ltd is scheduled to be held on July 30, 2001 to consider and take on record the Unaudited Quarterly Financial Results (Provisional) for the quarter ended June 30, 2001 amongst other businesses.

State Bank of Travancore Q1 net up by 15.23%

State Bank of Travancore has posted a net profit of Rs 228.34 million for the quarter ended June 30, 2001 as against Rs 198.16 million for the quarter ended June 30, 2000. Total Income for the quarter ended June 30, 2001 is at Rs 3828.87 million as compared to Rs 3511.82 million for the quarter ended June 30, 2000. The working results for the quarter ended June 30, 2001 have been arrived at after considering provisions for NPAs, Bonus, Gratuity, Pension, Income Tax, Wealth Tax and other usual and necessary provisions on an estimated basis.

TISCO Q1 PAT down by 56.15%

Tata Iron & Steel Company Ltd has posted a profit after tax of Rs 652.90 million for the quarter ended June 30, 2001 as against Rs 1488.90 million for the corresponding period last fiscal. Net Sales for the quarter ended June 30, 2001 is at Rs 14046.40 million as compared to Rs 15209.80 million for the quarter ended June 30, 2000. Other Income for JQ 2001 is lower at Rs 58.90 million as against Rs 155.30 million in JQ 2000. Extra-Ordinary items amounting to Rs 563.40 million (Rs 474.90 million in JQ 2000-01) being Employee Separation Compensation costs and Rs 115.80 million being profit on sale of long term investments have been considered in the profits of the current quarter after which the net profit comes to Rs 205.30 million as against Rs 1014 million for the quarter ended June 30, 2000. The sales in the first quarter of this year were lower than that of the first quarter of last year, reflecting the general slowdown in the domestic economy. Further, exports of Indian Steel has been restricted due to trade actions taken by the USA and other countries. Also the first quarter witnessed the lowest flat products prices in the international price cycle which has impacted on domestic flat products prices. As a result, these were much lower than the prices prevailing in the first quarter of the previous year. The Company has reported that the financial results of the first quarter of the year reflect the combined effect of these two factors. Trial run of Continuous Galvanising Line (CGLII) of Cold Rolling Complex at Jamshedpur has commenced on June 2, 2001.

Gillette India H1 results on July 30, 2001

A meeting of the Board of Directors of Gillette India Ltd will be held on July 30, 2001 to take on record the Unaudited Financial Results of the Company for the half year ended June 30, 2001.

Jindal Steel Q1 results on July 24, 2001

A meeting of the Board of Directors of Jindal Steel & Power Ltd will be held on July 24, 2001 to consider, among other items of business, taking on record the unaudited financial results of the Company for the quarter ended June 30, 2001.

Apollo Tyres Q1 results on July 26, 2001

The meeting of the Board of Directors of Apollo Tyres Ltd is scheduled to be held on July 26, 2001 for the consideration of Un-audited Financial Results for the quarter ended June 30, 2001.

MTNL Board recommends 45% Dividend

The Board of Directors of Mahanagar Telephone Nigam Ltd at its meeting held today (July 18, 2001) has recommended payment of Dividend @ 45% on the paid up equity capital of the Company subject to the shareholders approval in the Annual General Meeting.

Mastek and Deloitte Consulting form Global Joint Venture

Mastek Ltd has announced today (July 18, 2001) a joint venture with Deloitte Consulting that will offer India-based software services in areas such as application developments, systems implementation/integration, and Information Technology outsourcing services. The JV is a strategic move by Deloittee Consulting that will allow the firm to offer its clients around the world custom software development that is faster, more economical, and of very high quality. Deloitte Consulting is one of the world's leading consulting firms, providing services in all aspects of enterprise transformation, from strategy and processes to information technology and human resources. Based in Mumbai, India, and listed on the Bombay Stock Exchange, Mastek Ltd develops and markets software, and offers systems integration services and solutions in areas such as e-Business, CRM and enterprise applications . The JV with Mastek is the first offshore delivery relationship of its kind ever undertaken by Deloitte Consulting. It will be based in Mumbai, India and will officially launch its operation in July 2001. It is anticipated that the JV will leverage complementary capabilities of both firms to deliver exceptional value to its clients. While Mastek will contribute delivery, operations and infrastructure support, Deloitte Consulting will contribute its project management expertise, functional knowledge and worldwide client relationships. The JV's service will be delivered as part of the broader Deloitte Consulting Services to its global clients across the financial services, telecommunications, manufacturing, consumer business, energy, healthcare, and public sector industry sectors. Mastek and Deloitte Consulting will have equivalent ownership of the JV, while the Board of the Joint Venture Company will consist of senior principals from Deloitte Consulting and founder directors of Mastek. One of the Deloitte Consulting principals on the JV board, Raj Joshi will be the CEO of the JV. Also to strengthen this relationship, Mastek intends to invite the CEO of the JV to join the Mastek Board.

Indian Hotels to restructure Airline Catering Business

In a communication issued to BSE, Indian Hotels Company Ltd (IHCL) has informed that the Board of Directors at their meeting held today (July 18, 2001) has considered a proposal to restructure the Airline Catering Business of the Company. The Company has further informed that it is in negotiations with Singapore Airport Terminal Services Ltd (SATS) to form a new joint venture company which will handle the air catering business of the Company. It is proposed that the company will be a 51:49 joint venture between IHCL and SATS, a subsidiary of Singapore Airlines listed on the Singapore Exchange. SATS is a major provider of inflight catering and ground handling services in Asia. It has over 50 years of experience in this business, and a presence in 8 Asian airports through several joint ventures. Its inflight meal catering facilities in Singapore have a daily output of over 60000 inflight meals per day. The Taj Group, which today handles approximately 38000 meals per day in India, already has a successful joint venture with SATS in Chennai. The Taj Group's air catering business consists of air catering units and airport restaurant/lounge businesses in major cities throughout India. The Taj Group has approximately 55% market share in this business. The purpose of the alliance is to enhance to even higher global standards, the Taj Group's air catering business. The new company will also be in a position to exploit the growth opportunities presented by the liberalization of the aviation sector and the increasing expansion and upgradation of India's commercial aviation facilities. SATS's participation will give the Company access to expertise in technology, process design and training and development. The transaction is subject to the parties agreement on detailed terms, approvals of the Board of Directors and /or shareholders of each of the Taj Group Companies and SATS, all necessary regulatory, shareholder and other approvals, satisfactory results of due diligence, and execution of final legal documentation by all relevant parties.

L&T Q1 net at Rs 650.70 million

Larsen & Toubro Ltd has posted a profit of Rs 650.70 million for the quarter ended June 30, 2001 as compared to Rs 188.80 million for the quarter ended June 30, 2000. Net Sales have increased from Rs 16633.60 million in JQ 2000 to Rs 18309.70 million in the quarter ended June 30, 2001. Other income for the quarter ended June 30, 2001 is at Rs 456.70 million as compared to Rs 326.10 million in the quarter ended June 30, 2000. In the quarter ended June 30, 2001, the Company has made provision of Rs 80.00 million towards estimated deferred tax liability in accordance with the new Accounting Standard Accounting for Taxes on Income (As-22) issued by the Institute of Chartered Accountants of India and made mandatorily applicable from the current financial year.

Colgate Board announces Special Dividend of Rs 4.75 per share

The Board of Directors of Colgate Palmolive (India) Ltd at its meeting held today (July 18, 2001) has decided to recommend a Special Dividend of Rs 4.75 per share, subject to the approval by the shareholders. In concluding this decision, the Board considered the Company's long history of rewarding its loyal shareholders in the past via bonus shares issues, which is not feasible at this time given the current level of capitalization. Therefore, given the available surplus accumulated from previous years' and the healthy cash position of the Company, the Directors have recommended payment of one-time cash dividend out of undistributed profits of the previous financial years, subject to the shareholders approval at the forthcoming Annual General Meeting of the Company to be held on August 29, 2001, for payment on or about September 03, 2001. The total outflow to the company will be Rs 1121.90 million as Dividend and Rs 114.40 million as Dividend Tax. After this payment, the Company expects to have Rs 19.60 million carried forward as "Reserves" and in excess of Rs 900 million as investible cash. The Special Dividend of Rs 4.75 per share recommended from prior years' accumulated profits and the Final Dividend of Rs 3.50 per share recommended from profits for the year ended March 31, 2001 if approved by the shareholders will mean that the shareholders on the Register of Members of the Company @ August 29, 2001 will receive a total of Rs 8.25 per share.

Ingersoll Rand Q1 results on July 23, 2001

A meeting of the Board of Directors of Ingersoll Rand (India) Ltd is scheduled to be held on July 23, 2001 to take on record the Unaudited Financial Results of the Company for the quarter ended June 30, 2001.

Madras Cements Q1 results on July 31, 2001

A meeting of the Board of Directors of Madras Cements Ltd is scheduled to be held on July 31, 2001 to consider the Unaudited Financial Results of the Company for the quarter ended June 30, 2001.

Varun Shipping Q1 net up by 73.66%

Varun Shipping Company Ltd has posted a net profit of Rs 24.83 million for the quarter ended June 30, 2001 as against Rs 14.30 million for the corresponding previous period. Total Income for the quarter ended June 30, 2001 is at Rs 537.86 million as against Rs 474.72 million for the quarter ended June 30, 2000. The Company has reported that the management is actively evaluating various proposals for ship acquisition as a part of the expansion programme and shall finalise the same as soon as suitable ships are identified.

Fourth Generation Info Board to consider preferential issue, Q1 results on July 27, 2001

A meeting of the Board of Directors of Fourth Generation Information Systems Ltd is scheduled to be held on Friday, the July 27, 2001 to consider the following matters: 1. To consider the issue of 1million Equity Shares of Rs 10 each at a premium of not less that Rs 47 per share on Preferential Allotment Basis to M/s Intra Link Health Systems Inc, USA, other strategic investors, Financial Institutions etc., 2. To consider interalia the un-audited financial results for the quarter ended June 30, 2001. 3. To consider any other matter brought before the Board with the prior permission of the Chairman of the Board.

Mukta Arts contracts Domestic Theatrical Rights of Yaadein for Rs 84.40 million

Mukta Arts Ltd has informed BSE that for the Company has contracted the Domestic Theatrical rights of "Yaadein" with various Distributors in their respective territories (except Bombay) for a total amount of Rs 84.40 million. However, Bombay Territory will be distributed by Mukta Movies Distributors (a Division of Mukta Arts Ltd).

Subex Systems denies magazine cover story article

With reference to the cover story appearing in the latest issue of a financial magazine, Subex Systems Ltd, in a communication issued to the BSE, has strongly denied that the Company is looking out for a buyer. The Company is indeed looking out for strategic acquisitions and alliances, which is evident in its recent acquisition of the Canadian firm, Magardi, Inc. The Company has categorically stated that at no point during the discussions has Mr. V Balaji Bhat, one of the Company Directors, talked of a possible sell out. Moreover, Subex has also informed that the growth rate projections quoted in the write up are wrong and have not been ascertained either from Mr Bhat or any other source within the Company. The Company therefore believes that it has been grossly misquoted in the issue and it would be initiating action against the publication, shortly.

Dewan Housing Finance clarifies on news article

With reference to a news article appearing in a leading financial daily, Dewan Housing Finance Corporation Ltd has informed BSE that the Company has proposed a Corporate Agency tie-up with Birla Sunlife Insurance Company for distribution of Life Insurance Products. The proposed agency will be taken by the designated subsidiary christened as DHFL Insurance Services Ltd with a nominal capital of Rs 50 million. The Company will hold more than 51% in the subsidiary and the balance will be held by individuals/other including corporate bodies. The Corporate Agency agreement has not yet been signed. All norms of the relevant statutory authorities will be strictly adhered to in execution of the agreement as well as in business operations. The Company has also clarified that there is no partnership of any nature as have appeared in certain section of the press.

Megasoft Board to conduct due diligence for acquisition of Vector Consulting Inc

Megasoft Ltd has informed BSE that the Board of Directors of the Company has discussed the proposal for acquisition of an overseas company in USA subject to compliance of the required statutory formalities in detail and has decided unanimously to take further steps for acquiring Vector Consulting Inc. Also, the Directors decided to take necessary steps for appointing one of the Internationally renowned Valuation / Accounting firm for conducting the due diligence of records and operations of that Company and also to make necessary applications to Statutory authorities concerned including ROC, Stock Exchanges, RBI, STPI, Income-tax for obtaining the necessary approvals in this regard for due consideration. Vector Consulting Inc., with turnover of over USD 10 million in the year 2000 and head-quartered at Atlanta having its regional offices in New York, Washington DC and Chicago, is proposed to be acquired. Vector Consulting established in 1990 specialises in Systems Integration, Custom Application Design and Development and Contract Programming. Their clientele includes large Fortune 1000 companies like UPS, Unisys, MCI, Fluor Daniel, Central Carolina Bank, and they are the preferred MBE vendor for companies like United Parcel Service, GE, American Express and Delta Air Lines. The acquisition will enhance the Company's reach in some of the various segments like Banking, Financial Services, Pharmaceuticals, Telecommunications and Transportation. This acquisition will also enable Vector's clients to use Megasoft's offshore capabilities in India and thereby derive benefits of competitive pricing.

Himatsingka Seide Q1 net up by 8.61%

Himatsingka Seide Ltd has posted a net profit of Rs 94.60 million on an increased turnover of Rs 288.30 million for the quarter ended June 30, 2001 as against a net profit of Rs 87.10 million (JQ 2000-01 Turnover Rs 280.40 million). Other Income is at Rs 4.40 million in JQ 2001 as against Rs 5.80 million in JQ 2000. The Company has reported that during July 2001, the weaving capacity has been enhanced to 2.25 million metres, as compared to 1.90 million metres as on March 31, 2001. Also, the Company's first two velvet looms have also been installed in July, 2001. Further capacity is expected to be added gradually.

Syndicate Bank Q1 net up by 3.55%

Syndicate Bank has posted a net profit of Rs 738 million for the quarter ended June 30, 2001 as against Rs 712.70 million for the corresponding period last year. Total Income for the quarter ended June 30, 2001 is at Rs 7648 million as compared to Rs 7602.90 million for the quarter ended June 30, 2000. VRS expenses to the extent of Rs 425.80 million, being an extraordinary item has been charged during the current quarter. An amount of Rs 375.70 million being the full liability of leave encashment in respect of the employees, whose applications are accepted this year, has been accounted for on "pay as you go" method. The working results for quarter ended June 30, 2001 have been arrived at after considering provisions for Bad and Doubtful Debts, Pension, Gratuity, Income Tax and other usual and necessary provisions on an estimated basis.

E.Merck Q2 net up by 10.16%

E.Merck (India) Ltd has posted a net profit of Rs 125.15 million for the quarter ended June 30, 2001 as compared to Rs 113.61 million for the quarter ended June 30, 2000. Net Sales have risen from Rs 791.44 million in JQ 2000 to Rs 881.10 million in JQ 2001. Other Income is at Rs 38.16 million in the quarter ended June 2001 as compared to Rs 18.09 million in JQ 2000. The implementation of SAP, an ERP package is in progress and is likely to be completed by the middle of next year. Total pharma sales are at Rs 541.15 million for the quarter ended June 30, 2001 as compared to Rs 521.86 million in JQ 2000. Total chemical sales were at Rs 339.95 million for the quarter ended June 30, 2001 as compared to Rs 269.58 million in JQ 2000. An Interim Dividend of Rs 3 per share for the year 2001 amounting to Rs 50.58 million was declared at the Board meeting held on June 27, 2001.

BSE imposes Special Margin of 25% on 2 scrips

BSE has informed the members of the exchange that Special Margin of 25% in the under mentioned scrips has been imposed with effect from today (July 18,2001). Code Name Group 26506 SYSTEMATIX CORPORATE SERVICES LTD B2 23049 RINKI PETROCHEMICALS AND INDUSTRIES LTD B2

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