Colour Chem Q1 net up by 6.60%

Colour Chem Ltd has reported a net profit of Rs 46.80 million for the quarter ended June 30, 2001 as against Rs 43.90 million in the corresponding period last fiscal. The Company has been able to increase its sales marginally to Rs 797.70 million during the first quarter of 2001-02 as compared to Rs 779.90 million for the same quarter of the preceding year despite the marked economic slowdown in the country. Other Income is at Rs 40.40 million in JQ 2001 as against Rs 40.20 million in JQ 2000. The Company has reported that the life science intermediates business showed distinct signs of revival, improving its sales over corresponding period in the previous year. The textile chemicals business also continued its bullish trend. This encouraging performance was however offset by a decline in the pigments business which faced difficult conditions in both the local and export markets. The profit before tax for the period April to June 2001 grew by more than 7% to Rs 60.40 million from Rs 56.20 million in the corresponding period of the previous year. The Company is keeping a strict vigil over all costs in improving its operational efficiencies.

Godrej Consumer Products JQ 2001 Sales up by 35%, PBT at Rs 138 million

Godrej Consumer Products Ltd has registered a net profit (PBT) of Rs 138 million for the quarter ended June 30, 2001. Gross Profit (PBIDT) for the period is at Rs 176 million. The net profit for the quarter ended June 30, 2001 is at Rs 91.70 million The Company has reported sales turnover growth of 35% to Rs 1404 million as against Rs 1039 million (Sales of the Consumer Products Division of the former Godrej Soaps Ltd) for the same period last year. The sales of Godrej brands grew by 26% to Rs 1049 million as against Rs 833 million for the corresponding period last year. Announcing the results, Mr. Adi Godrej, Chairman, said "These results confirm our belief in the benefits of the demerger. Godrej Consumer Products Ltd is poised to both the top line and bottom-line for the new company. The Strategic restructuring initiatives taken up are shown strong results. The year will see greater focus on brand building and sales growth. We are undertaking a number of business initiatives to improve performance and enhance shareholder value." During the quarter ended June 30, 2001 GCPL sales grew ahead of industry, which had a negative growth. GCPL growth in the soaps sector was helped by lower operating costs, which helped improve products margins, which were, in turn, ploughed back into consumer offers and trade promotions to grow volumes. During the quarter the Contract manufacturing business showed growth of 72% as against the same period last year. Hair Colour products grew 27% by value with Godrej Powder hair Dye sachet helping GCPL to increase rural market penetration and becoming the largest selling hair dye in the rural Indian market (Market share of 32%).Colour Soft Liquid Hair Colour range has also shown strong growth with the addition of a fourth color variant. The recently launched Godrej Kesh Kala has shown good progress. With focus on the Personal Hair and Fabric Care market segments GCPL is poised to launch various new innovative products in these segments through its strategic Innovation Funnel process. Exports during the period ended June 30, 2001 registered a growth of 167%. Godrej Fairglow soap and cream have received encouraging response from markets like Malaysia, Singapore, Sri Lanka and some countries in the African continent. The brand is to be soon introduced in Indonesia and Maldives together with other Godrej brands. Plans are also afoot to foray into the South American markets. GCPL is a result of the demerger of the consumer products division of the former Godrej Soaps Ltd. With effect from April 01, 2001, Godrej Soaps Ltd has been renamed as Godrej Industries Ltd.

BPCL Q1 net up by 18.82%

Bharat Petroleum Corporation Ltd has posted a net profit of Rs 2229 million for the quarter ended June 30, 2001 as against Rs 1876 million for the same period last fiscal. Net Sales is down by 6.14%, from Rs 108097 million in JQ 2000 to Rs 101463 million in the current quarter ended June 30, 2001. Other Income is at Rs 356 million in the quarter ended June 30, 2001 as compared to Rs 340 million in the quarter ended June 30, 2000. Depreciation for the quarter has decreased to Rs 712 million from Rs 2245 million mainly due to lower procurement of LPG Cylinders (Rs 102.83 million as compared to Rs 1668.10 million in the corresponding quarter of the previous year). The cylinders have been depreciated at 100% in line with previous years. Higher interest of Rs 721 million for the current quarter (Rs 492 million in JQ 2000) is mainly due to increased borrowings to meet enhanced working capital requirement consequent to increase in prices of crude oil.

SKF Bearings Q2 net up by 54.28%

SKF Bearing India Ltd has posted a net profit of Rs 54 million for the quarter ended June 30,2001 as compared to Rs 35 million for the quarter ended June 30,2000.Total Income stood at Rs 907 million in JQ-01 as against Rs 914 million in JQ-00.

Apollo Tyres Q1 net down by 29.54%

Apollo Tyres Ltd has posted a net profit of Rs 91.10 million for the quarter ended June 30, 2001 as against Rs 129.30 million for the quarter ended June 30, 2000. Net Sales is higher by 33.74%, from Rs 2762.50 million in JQ 2000 to Rs 3694.70 million in JQ 2001. Other Income is at Rs 7 million in the quarter ended June 30, 2001 as against Rs 7.80 million in the quarter ended June 30, 2000. Interest expenditure is at Rs 154 million in JQ 2001 as against Rs 130 million in JQ 2000.

Moschip Semiconductor Q1 net loss at Rs 6.102 million

The Board of Directors of Moschip Semiconductor Technology Ltd today (July 26, 2001) considered and have taken on record the results for the first quarter ended June 30, 2001 wherein the Turnover for the first quarter was Rs 2.342 million and the Other Income amounted Rs 0.895 million. The Net Loss, after providing for a total expenditure of Rs 4.88 million, Rs 0.012 million towards interest and Rs 2.098 million towards depreciation was Rs 6.102 million. The comparative figures for the corresponding three months period figures have not been provided since the Company has not commenced commercial operations and has not prepared profit and loss account for the corresponding period in the previous year. This was in sharp contrast to the turnover of Rs 19.616 million and the net profit of Rs 3.21 million in 2000-01. The turnover of Rs 19.616 million was due to a contract for US$ 4,25,000 from NetMos Technology Inc, USA for development of intellectual property. Moschip has acquired this Company in a stock swap deal, which was finally concluded on July 05, 2001. NetMos has now become a wholly owned subsidiary of MosChip. The loss during the first quarter is primarily because the products of MosChip are still in the development stage and the entire developmental costs are being written off. It is important to understand that the development cycle of chips ranges from 12 months to 18 months. Moreover, a company needs to go to the market with a basket of products before it is taken seriously. A single product by itself cannot excite the distributors and customers. The company is working on 6 new products and these will be ready to hit the market over the next six months. The investment that is going into development of these products will start yielding results during the next financial year. The acquisition of NetMos is a major milestone for the company. It will now be able to piggy back its products along with those of NetMos. There is no denying that these are tough times for the global semiconductor market. The price volatility of the products has always meant low inventories in the industry. The uncertainty in minds of the customers and distributors only worsens this problem. The opinion about the recovery prospectus is divided but it is generally believed that the downturn is expected to reverse sometime early next calendar year.

Ravalgaon Sugar Q1 net up by 13.42%

Ravalgaon Sugar Farm Ltd has posted a net profit of Rs 14.985 million for the quarter ended June 30, 2001 as against Rs 13.211 million for the same quarter last fiscal. Net Sales is at Rs 248.916 million for the quarter ended June 30, 2001 as compared to Rs 287.422 million for the quarter ended June 30, 2000. Other Income for the quarter ended June 30, 2001 is at Rs 2.142 million as against Rs 4.43 million for the same quarter last fiscal. Interest Cost is at Rs 18.46 million in JQ 2001 as against Rs 14.84 million in JQ 2000.

Ciba Specialty Q1 net up by 17.07%

Ciba Speciality Chemicals (India) Ltd has posted a net profit of Rs 48 million for the quarter ended June 30, 2001 as against Rs 41 million in the same period last year. Total Income for the quarter ended June 30, 2001 is at Rs 1448 million as against Rs 1298 million for the quarter ended June 30, 2000. The results for the current quarter are not comparable with the results of the same period of the previous year because of the divestment of the Polymers Division effective June 01, 2000, and amalgamation of Indo Swiss Textile Chemicals Limited and Pigment Specialities India Limited effective April 01, 2000, pursuant to the Scheme of Amalgamation sanctioned by the Honorable Bomaby High Court vide its Order dated March 14, 2001. Other income for the current quarter includes Rs 18.30 million dividend receivable from Diamond Dye-Chem Limited, a subsidiary Company (Previous quarter Rs nil).

Ipca Laboratories Q1 net down by 0.61%

Ipca Laboratories Ltd has posted a net profit of Rs 81.30 million for the quarter ended June 30, 2001 as compared to Rs 81.80 million for the quarter ended June 30,2000.Total Income has increased from 859.80 million in JQ-00 to Rs 1053.40 million in JQ-01. Interest expenditure has increased from Rs 38.80 million in JQ 2000 to Rs 43.80 million in JQ 2001.

Venky's Q1 net profit up by 192.18%

Venky's (India) Ltd has posted a net profit of Rs 18.70 million for the quarter ended June 30, 2001 as compared to Rs 6.40 million for the quarter ended June 30, 2000. Net Sales for the quarter ended June 30, 2001 is at Rs 553.10 million as compared to Rs 489.50 million for the quarter ended June 30, 2000. Other Income for JQ 2001 is at Rs 2.90 million as against Rs 3 million for JQ 2000. Most of the divisions of the company like Hatchery, Poultry Feed, SPF Eggs, Animal Health Products have improved their performance over the previous year. Barring unforeseen circumstances, the Company expects to report a decent growth during remaining months of the current year. The Company plans to launch a range of Venkys processed chicken products over the next few months. The Company continues to invest in upgrading production facilities of Venkys processed chicken products and in consolidating marketing and distribution network.

SSI to allot shares under stock options scheme

SSI Ltd has informed BSE that the Compensation & Benefits Committee has decided to allot 56,550 Stock Options under Employee Stock Option Scheme (ESOS) representing 56550 Equity Shares of the Company and 13,02,670 GDS-Linked Stock Options representing 1,30,267 Equity shares of the Company under Employee Equity Option Plan (EEOP) to the eligible employees of its 100% subsidiary, M/s Albion Orion company, LIC, Delaware, USA, now known as M/s SSIT North America Inc. The grant date for the above is fixed as July 18, 2001. These Options have a vesting period of 3 years from the date of grant and can be exercised over the next 48 to 84 months from the date of vesting.

Brooktrout and Hughes Software collaborate in Wireless Data

Brooktrout Technology Inc, a leading provider of innovative hardware and software platforms that enable applications for the Net Network, has announced today (July 26, 2001) that it has collaborated with Hughes Software Systems (HSS), specialists in convergent network software, to simplify the development of wireless network solutions utilizing 2.5G, the industry's next generation wireless data technology. As a result of this collaboration, original equipment manufacturers (OEMs) building 2.5G/GPRS wireless infrastructure elements, such as Serving Gateway Support Nodes (SGSN) and Base Station Controller enhancements for General Packet Radio Service (GPRS) services, will reduce development cost and time to market. "By partnering with Brooktrout, we have extended our emphasis on providing our customers with integrated solutions to reduce their time to develop," says M.Mohapatra, Executive vice President and Chief Operating Officer, HSS. "We have seen a strong commitment from Brooktrout in the GPRS space and look forward to future collaborations in wireless data." The collaboration combines Brooktrout Technology's Netaccess Series network interface boards with HSS Gb protocol stack, providing OEM developers with a proven solution for back haul functions that carry packet data between the Base Station Controller and the GPRS Gateway. For SGSN solutions, developers utilize Brooktrout's Netaccess frame relay interface, which is the standard protocol between the SGSN and the Base Station Controller (BSC) in 2.5G networks.

Dabur India Q1 net up by 23.07%

Dabur India Ltd has posted a net profit of Rs 88 million for the quarter ended June 30, 2001 as against Rs 71.50 million in the same period last year. Total Income for the quarter ended June 30, 2001 is at Rs 2505 million as compared to Rs 2492.90 million for the quarter ended June 30, 2000. The Company has reported that the FMCG business of the company (which accounts for approximately 70% of the total business) recorded a growth of 5.6% during the quarter. There was a slow down in the ethical business due to poor season.

LIC Housing Q1 net up by 20.61%

LIC Housing Finance Ltd has posted a net profit of Rs 255.10 million as against Rs 211.50 million in the same period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 1956.90 million as compared to Rs 1702.90 million for the quarter ended June 30, 2000.

ICI India Q1 PAT up by 31.02%

ICI India Ltd has posted a profit after tax of Rs 58.70 million for the quarter ended June 30, 2001 as against Rs 44.80 million in the same period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 1600.80 million as against Rs 1903.50 million for the quarter ended June 30, 2000. Polyurethanes business of the Company has been sold to Huntsman International (India) Private Ltd on March 31, 2001, and the Motor and Industrial Paints business has been transferred to Berger Auto and Industrial Coatings Ltd, a joint venture with Berger Paints India Ltd on May 1, 2001. Hence figures for the quarter are not comparable with those of the corresponding period previous year. Exceptional Items for the current quarter amounting to Rs 11.60 million include charge in respect of expenditure on Voluntary Retirement Scheme and costs of restructuring at Rishra site. Exceptional items of Rs 94 million for the quarter ended June 30, 2000 comprises profit from disposal of residential flats (Rs 114 million) at Mumbai offset by provision for Voluntary Retirement Scheme. The net profit after consideration of exceptional items comes to Rs 47 million in JQ 2001 as against Rs 138.80 million for the quarter ended June 30, 2000. The Company has acquired a majority stake in Quest International India Ltd, a joint venture with Quest International BV and Hindustan Lever Ltd, for a consideration of Rs 1520 million. The acquisition was completed on June 29, 2001.

BHEL posts Rs 1251.80 million as net loss in Q1

Bharat Heavy Electricals Ltd has posted a net loss of Rs 1251.80 million for the quarter ended June 30, 2001 as against a net profit of Rs 20.20 million posted in the same period last fiscal. Net Sales/Income from operations for the quarter ended June 30, 2001 is Rs 8880.60 million as compared to Rs 8541.70 for the quarter ended June 30, 2000. Other Income for the quarter ended June 30, 2001 is at Rs 331.80 million as compared to Rs 271.40 million for the quarter ended June 30, 2000. Interest Expenditure has increased from Rs 25 million in JQ 2000 to Rs 200 million in JQ 2001. The Company has reported that the first quarter performance of the current year has been affected due to change in product mix compared to first quarter of previous year. However it is expected to improve during the remaining period of the year which will witness a balanced product mix. The performance has also been affected as compared to the last year due to increase in staff cost & DRE of VRS. However the impact of this is expected to get evened out over a higher quantum of production in the balance period of the year. Based on the current status of completion of orders on hand the outlook for the year appears to be better.

Mirc Electronics Q1 net down by 42.29%

Mirc Electronics Ltd has posted a net profit of Rs 24.70 million for the quarter ended June 30, 2001 as compared to Rs 42.80 million for the quarter ended June 30, 2000. Net Sales in JQ 2001 is down marginally at Rs 1248.30 million as against Rs 1271.20 million in JQ 2000. Other Income for the quarter ended June 30, 2001 is at Rs 3.60 million as compared to Rs 0.40 million for the quarter ended June 30, 2000. Interest Cost has increased from Rs 40.50 million in JQ 2000 to Rs 46 million in JQ 2001.

Cummins India Q1 net down by 19.35%

Cummins India Ltd has posted a net profit of Rs 163.54 million for the quarter ended June 30, 2001 as against Rs 202.79 million for the quarter ended June 30, 2000. Total Income for the quarter ended June 30, 2001 is at Rs 1901.75 million as against Rs 1989.24 million for the quarter ended June 30, 2000. The Board of Directors of the Company has recommended a Dividend of 65% for the year ended March 31, 2001. Interest expenditure has declined from Rs 5.38 million in JQ 2000 to Rs 3.28 million in JQ 2001.

Thomas Cook Q2 net down by 15.71%

Thomas Cook (India) Ltd has posted a net profit of Rs 24.56 million for the quarter ended June 30, 2001 as against Rs 29.14 million in the same period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 232.31 million as against Rs 207.95 million for the quarter ended June 30, 2000. Interest Expenditure has fallen from Rs 7.26 million in JQ 2000 to Rs 0.76 million in JQ 2001. An amount of Rs 2.88 million has been amortised as start up costs in the quarter ended June 30, 2001 as against Rs 4.32 million in the quarter ended June 30, 2000.

VST Industries Q1 net rises 35.12% to Rs 70.40 million

VST Industries Ltd has posted a net profit of Rs 70.40 million for the quarter ended June 30, 2001 as against 52.10 million for the corresponding period last fiscal. Net Sales for the quarter ended June 30, 2001 is at Rs 724.50 million as compared to Rs 613.10 million for the quarter ended June 30, 2000. Other Income for the quarter ended June 30, 2001 is at Rs 4.70 million as against Rs 3.50 million for the quarter ended June 30, 2000.

Cipla Q1 net up by 14.46%, Net Sales up by 23.20%

Cipla Ltd has posted a net profit of Rs 444 million for the quarter ended June 30, 2001 as against Rs 387.90 million for the quarter ended June 30, 2000. Net Sales has risen from Rs 2417.90 million in JQ 2000 to Rs 2978.90 million in the current quarter ended June 30, 2001. Other Income for the quarter ended June 30, 2001 is at Rs 61.20 million as against Rs 75.80 million in the quarter ended June 30, 2000. The Directors of the Company at their meeting held today (July 26, 2001) has recommended payment of Final Dividend of Rs 4.50 per equity share of Rs 10 each for the year 2000-01 amounting to Rs 269.88 million.

Tata Chemicals posts Rs 131.90 million as net profit in Q1

Tata Chemicals Ltd has posted a net profit of Rs 131.90 million for the quarter ended June 30, 2001 as compared to a net loss of Rs 37.60 million for the quarter ended June 30, 2000. Net Sales for the quarter ended June 30, 2001 is lower at Rs 2914.20 million as against Rs 3265.50 million in the quarter ended June 30, 2000. Other Income is at Rs 37.50 million in JQ 2001 as against Rs 36.70 million in JQ 2000. The net profit/loss for the quarter has been arrived after consideration of Extra-ordinary expenses being Employee Separation Compensation amounting to Rs 35.80 in the quarter ended June 30, 2001 (Rs 32.30 million in JQ 2000) Interest Expenditure has declined by 33.25%, from Rs 470 million in JQ 2000 to Rs 313.70 million in JQ 2001.

Gujarat Gas Q2 PAT up by 4.94%

Gujarat Gas Company Ltd has posted a profit after tax (before prior period adjustments) of Rs 161.32 million as against Rs 153.72 million for the same period last fiscal. Net Sales for the quarter ended June 30, 2001 is higher at Rs 888.46 million as against Rs 697.31 million in the quarter ended June 30, 2000. Other Income is at Rs 45.78 million in JQ 2001 as against Rs 27 million in JQ 2000. Prior Period items Rs 11.10 million being Provision for Tax of earlier years written back has been adjusted in the net profit of the current quarter (Prior period items in JQ 2000 -Rs 6.19 million) after which the net profit comes to Rs 172.42 million as against Rs 147.53 million in the quarter ended June 30, 2000.

Schenectady-Beck Director resigns

Schenectady-Beck India Ltd has informed BSE that Mr. M A Nazareth has resigned as Director of the Company with effect from July 20, 2001.

Rhone Poulenc Q1 net up by 18.17%

Rhone Poulenc (India) Ltd has posted a net profit of Rs 83.90 million for the quarter ended June 30, 2001 as compared to Rs 71 million for the quarter ended June 30, 2000. Net Sales is marginally higher at Rs 713 million in JQ 2001 as against Rs 700.10 million in JQ 2000. Other Income for the quarter ended June 30, 2001 is at Rs 24.90 million as against Rs 21.10 million for the quarter ended June 30, 2000. The net profit for the current quarter has been arrived after considering extraordinary income of Rs 0.40 million being profit on sale of long term investment. The Voluntary Retirement Scheme announced by the Company in July 2001 has been accepted by almost all employees at its Bhandup factory.

GE Shipping Q1 net up by 27.16%

Great Eastern Shipping Co. Ltd has posted a net profit of Rs 617 million for the quarter ended June 30, 2001 as against Rs 485.20 million for the quarter ended June 30, 2000. Total Income for the quarter ended June 30, 2001 is at Rs 3428.30 million as against Rs 2682.50 million for the quarter ended June 30, 2000. The Company has made provision of Rs 46.20 million in the current quarter towards 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. The net profit for the current quarter has been arrived after considering the deferred tax liability. The Company has bought back and extinguished 18,74,719 equity shares during the current quarter thereby reducing the paid-up equity share capital to Rs 2159.00 million. During the current quarter the company has acquired two 1996 built double hull product carriers at the aggregate cost of US $ 47 million.

Crompton Greaves enters into agreement for divestment of 28.75% stake in CG Glass

Crompton Greaves Ltd has informed the BSE that the company has today (July 26, 2001) entered into an agreement for divestment of its entire shareholding of 28.75% comprising 51,82,243 shares of Rs 10 each in CG Glass Ltd (CGG), at a price of Rs 13.75 per share to Royal Philips Electronics NV Netherlands on the terms and conditions contained in the said agreement.

Kochi Refineries Board allots shares as per scheme of amalgamation

Kochi Refineries Ltd has informed the BSE that the Board of Directors of the Company at its meeting held on July 25,2001 has allotted 3,00,000 equity shares of Rs 10 each as per the Scheme of Amalgamation of Cochin Refineries Balmer Lawrie Ltd with the company

Bank of Baroda Q1 net profit up by 20.31%

Bank of Baroda has posted a net profit of Rs 1826.10 million for the quarter ended June 30, 2001 as against Rs 1517.80 million for the same period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 16773.60 million as against Rs 15540 million for the quarter ended June 30, 2000. The working results for the quarter ended June 30, 2001 have been arrived at after considering provision for NPAs, taxes and contingencies including pro-rata gratuity, pension, leave encashment, benefit of employee etc. on an estimated basis. Payments to & Provision for employees for the quarter ended June 30, 2001 includes a prorata amount of Rs 437.50 million written off towards Voluntary Retirement Scheme expenditure in accordance with RBI guidelines.

Nicholas Piramal Q1 PAT up by 10.85%

Nicholas Piramal India Ltd has posted a profit after tax of Rs 168.50 million for the quarter ended June 30, 2001 as against Rs 152 million for the corresponding period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 1296.40 million as against Rs 1232.30 million for the quarter ended June 30, 2000. Extraordinary items amounting to Rs 26.60 million being VRS expenditure has been adjusted in the net profit for the current quarter after consideration of which the net profit comes to Rs 141.70 million as against Rs 152 million in the quarter ended June 30, 2000.

Orchid Chemicals Q1 net down by 21.47%

Orchid Chemicals & Pharmaceuticals Ltd has reported a net profit of Rs 72.18 million for the quarter ended June 30, 2001 as against Rs 91.90 million in the same period last year. Total Income for the quarter ended June 30, 2001 is higher at Rs 888.92 million as against Rs 881.76 million for the quarter ended June 30, 2000.

Hinduja Finance Q1 net at Rs 102.07 million

Hinduja Finance Corporation Ltd has posted a net profit of Rs 102.07 million for the quarter ended June 30, 2001 as against Rs 160.97 million in the same period last fiscal. Total Income for the quarter ended June 30, 2001 is at Rs 146.88 million (Rs 217.90 million in JQ 2000), 72% of which was contributed by the Company's Information Technology (IT) operations. The Company has reported that the net profit for these two quarters are not comparable as the mergers of Hinduja Telecom India Ltd, Melody Trading Pvt. Ltd and Richman Investrade Pvt. Ltd were effective only from August 31, 2000. Merger of these three Companies has resulted in the Company acquiring valuable Media and Telecommunication assets. The Company has also commissioned a state-of-the-art brand new 52,000 square feet off-shore development center at Bangalore having a capacity to offer over 600 seats for business process outsourcing operations (Customer Interaction Services / Call Centers, Back Office Processing). This had led to a 106% increase in the staff cost (from Rs 14.301 million to Rs 29.439 million) and a higher depreciation expense of Rs 6.829 million in the quarter as compared to Rs 0.905 million in the corresponding quarter of the previous year. The center is connected with a 1 mbps dedicated fibre optic link to USA and has high end computing and telecommunication facilities.

Century Textiles Q1 net rises 83.68% to Rs 122.70 million

Century Textiles and Industries Ltd has posted a 83.68% growth in Q1 net profit from Rs 66.80 million in the quarter ended June 30, 2000 to Rs 122.70 million in the current quarter ended June 30, 2001. Net Sales have risen by 11.64% and stood at Rs 6219.70 million in the current quarter as against Rs 5571.10 million in the quarter ended June 30, 2000. Other Income is at Rs 126.50 million in JQ 2001 as against Rs 141.20 million in JQ 2000. Depreciation charges increased from Rs 177.20 million in JQ 2000 to Rs 381.10 million in JQ 2001. The Company has reported that the profitability during the quarter April/June 2001 has considerably improved as compared to the corresponding period of last year mainly because of better performance of Cement Division. The performance of the Rayon Division has also improved. However, due to adverse conditions in export and domestic markets and higher cotton prices during April/June 2001, the performance of Textile Division has been adversely affected. The Production in the Textile division has been reported to be reduced by about 18% in accordance with fall in demand in the domestic and export markets.

SAIL Q1 results on July 31, 2001

A meeting of the Board of Directors of Steel Authority of India Ltd is scheduled to be held on July 31, 2001 to consider and take on record the Unaudited Financial Results of the Company for the quarter ended June 30, 2001.

Blue Dart Express Board approves FII investment upto 49%

Blue Dart Express Ltd has informed BSE that the Board of Directors of the company at their meeting held on July 24, 2001 has approved the investment by FIIs upto a ceiling of 49% of the paid up equity of the company, subject to approval by shareholders of the company. The Board has also approved the forfeiture of 52,700 equity shares of Rs.10 each (issued and allotted in term of the prospectus dated 04/08/1994) on account of the non payment of Allotment money and/or First & Final Call money by those defaulting shareholders who failed to make outstanding payment on their shares despite serving several reminders and final notice of forfeiture.

Tata Coffee to invest Rs 260 million towards 34.20% stake in Barista Coffee

Tata Coffee Ltd has informed BSE that the Board of Directors of the company at its meeting held on July 25, 2001 has unanimously approved an investment of a sum of Rs 260 million towards subscription of 34.20% of the issued and paid up capital of Barista Coffee Company Ltd., a company belonging to the Turner Morrison Group, engaged in the business of establishing and running /operating speciality coffee retail chain. The investment is however, subject to necessary statutory approvals /clearances being obtained by the company and Barista Coffee Company Ltd.

SWIL Board to consider allotment of Debentures/Preference shares

SWIL Ltd has informed BSE that in the meeting of the Board of Directors of the company conveyed on July 30, 2001 following matters will be considered. 1. Allotment of Optionally fully Convertible Debentures sanctioned by financial institutions on private placement basis. 2. Allotment of Cumulative Optionally Convertible Redeemable Participation Preference Shares on private placement basis to the financial institutions/banks.

High Court approves Polar Industries' scheme of amalgamation

Polar Industries Ltd has informed BSE that Hon'ble Court at Kolkata has sanctioned the scheme of amalgamation of Polar Fan Industries Ltd., with the company with transfer date April 1, 2001 and effective date July 24, 2001.

Indo Gulf Q1 results on July 31, 2001

A meeting of the Board of Indo Gulf Corporation Ltd is scheduled to be held on July 31, 2001 to consider and take on record the Unaudited Financial Results of the Company for the quarter ended June 30, 2001.

Royal Philips Elec to acquire 46.8% stake in CG Glass - to make open offer

Royal Philips Electronics N.V. (Philips) of the Netherlands, has entered into agreements with Crompton Greaves Ltd and CDC Group Plc., the Promoters of CG Glass Ltd. to acquire their entire stake in the Company. Under the agreements, Philips will buy the 28.8% shareholding of Crompton Greaves Ltd. and the 18% shareholding of CDG Group Plc. in CG Glass Ltd. at a price of Rs 13.75 per share. Consequently in terms of SEBI Takeover Code, Philips will make an open offer for the entire balance outstanding equity shares comprising of 53.2% of total equity of CG Glass from the existing public shareholders at a price of Rs 13.75 per share which, if subscribed fully, will enhance its holding to 100% in CG Glass Ltd and lead to the delisting of the Company. The offer price of Rs 13.75 per share is at a premium of 52.8% over the closing price of CG Glass at the Bombay Stock Exchange on July 25, 2001 and at a premium of 77% over the six-month average price. The financial advisors to this transaction for Philips are DSP Lynch Ltd. The open offer is scheduled to commence from August 28, 2001 and will close on September 26, 2001. The purchase of shares from the Promoters and the open offer are subject to necessary statutory approvals. CG Glass Ltd., which produces glass shells, tubular sheets and glass tubing, sells a substantial portion of its output to Philips India's lighting division. The Company was incorporated in 1992 as a joint venture between Crompton Greaves Ltd. and CDC Group plc and commenced production in 1996. Explaining the rationale for the acquisition Mr.S.Venkataramani, Senior Vice President, Lighting Division, Philips India Ltd said, "India is an important strategic market for Philips. The acquisition of CG Glass facilitates our backward integration and enables the lighting business to take advantage of efficiencies in the supply-chain. We will have sufficient capacity in place to ensure throughput, enhance our customer focus and improve our market position. We are one of the largest customers of CG Glass and will continue to use a substantial portion of its production for captive consumption."

R Jagannath re-designated as Deputy MD of Ashok Leyland

Ashok Leyland Ltd has informed BSE that at the Meeting of the Board of Directors held on July 24, 2001, Mr. R Jagannath, Wholetime Director has been re-designated as Deputy Managing Director.

Godrej Foods Board to consider restructuring proposal

A meeting of the Board of Directors of Godrej Foods Ltd (GFL) is scheduled to be held on July 28, 2001 to consider a proposal to restructure GFL by demerging its manufacturing business into Godrej Industries Ltd.

State Bank of Mysore Q1 net up by 55.03%

State Bank of Mysore has posted a Net Profit of Rs 193.48 million for the quarter ended June 2001 as compared to Rs 124.80 million for the quarter ended June 30,2000.Total Income increased from Rs 2513.85 million in JQ-00 to Rs 2847.04 million in JQ-01. The working results for the quarter ended June 30 2001 hve been arrived at after considering provisions for NPAs, Standard Assets, Gratuity, Bonus, Pension, Income Tax, Depreciation on Investments on an estimated basis.

Bayer (India) Q2 net down by 35.89%

Bayer (India) Ltd has posted a net profit of Rs 22.50 million for the quarter ended June 30, 2001 as against Rs 35.10 million for the quarter ended June 30, 2000. Total Income for the quarter ended June 30, 2001 is lower at Rs 1764.70 million as against Rs 1796 million for the quarter ended June 30, 2000. The current quarter figures are not comparable with those of previous period on account of transfer of Pharmaceuticals to Bayer Pharmaceuticals Ltd with effect from July 27, 2001.

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