Other income helps Tata Chem post a 40.63% rise in FY-01 net profit

Tata Chemicals Ltd has posted a net profit of Rs 1649.50 million for the financial year ended March 31, 2001 as compared to Rs 1172.90 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 17341.10 million as compared to Rs 16588.20 million in FY-2000. Other income has increased from Rs 1392.80 million in FY-00 to Rs 2319.70 million in FY-01 The company has incurred extra ordinary items of Rs 130.30 million in the financial year ended March 31, 2001 as compared to Rs 35.60 million in FY-00.The aforesaid extra-ordinary items was towards Employees Seperation Compensation. The Directors have recommended payment of dividend at Rs 5 per share for face value of Rs 10 each aggregating to Rs 995.30 million including dividend tax for the year 2000-01 (previous year Rs 1002.60 million at Rs 5 per share) Other income for the year ended 31 March 2001 includes investment income of Rs 2205.40 million of the erstwhile Sabras Investment & trading Co Limited (Sabras) the merger of which with the Company became effective from 1 April 2000. Figures are therefore not comparable and have been regrouped wherever necessary.

Britannia FY-01 PAT up by 11.15%

Britannia Industries Ltd has posted a net profit after tax of Rs 588 million for the year ended March 31, 2001 as compared to Rs 509 million last fiscal. Total Income for the year ended March 31, 2001 is at Rs 13545 million as compared to Rs 11857 million for the year ended March 31, 2000. Net Profit for the current year includes Rs million as exceptional items of Rs 117 million out of which Rs 41 million is towards VRS costs (FY-00 Rs 19 million) and Rs 168 million being reversal of previous years' liabilities after consideration of which the net profit for the current year comes to Rs 705 million as compared to Rs 510 million for the previous year after consideration of VRS expenditure. The Company has acquired the trade mark "KWALITY", the chief device and several other trademarks owned by Kwality Biscuits Pvt Ltd of Bangalore along with copyrights and designs in labels and packaging materials for a consideration of Rs 300 million, The Company has also agreed in principle to acquire 49% equity of Kwality Biscuits Pvt Ltd. This transaction is expected completed during financial year 2001/02. The Board of Directors of the Company has recommended a Dividend of 55% i.e. Rs 5.50 per share for the current year.

Emerging Markets Growth Fund acquires 5.33% stake in HDFC

Housing Development Finance Corporation Ltd (HDFC) has informed BSE that Emerging Markets Growth Fund , Inc has informed that pursuant to Sub-Regulation (1) of Regulation 7 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the Company has acquired 64,05,100 equity shares representing 5.33% shareholding in HDFC.

KPENV acquires 11.20% shares of Punjab Anand from Open Market

DSP Merrill Lynch Ltd has informed BSE that pursuant to the Open Offer made by Koninklijke Philips Electronics N.V. (KPENV) to the shareholders of Punjab Anand Lamp Industries Ltd (PALI) on May 28, 2001, KPENV has acquired 1,027,635 shares of PALI representing 11.2% of the paid up equity share capital through open market purchases as permitted under the SEBI (Substantial Acquisition of Shares and Takovers) Regulation 1997. The maximum price paid for shares acquired through open market purchases was Rs 95 per share.

Timex Watches Board approves issue of shares on preferential basis

Timex Watches Ltd has informed BSE that the Board of Directors of the Company, at its meeting held on May 31, 2001 has approved the issue of equity shares upto a maximum of 17 million of nominal value of Rs 10 each equivalent to US $ 4 million to the promoters i.e. Timex Watches B.V. on preferential basis. The price for this preferential allotment is to be determined in accordance with the SEBI guidelines and the preferential issue is subject to necessary approvals in this regard.

ITC grants shares under Stock Options Scheme

ITC Ltd. has informed BSE that the Compensation Committee of the Board of Directors of the Company at its meeting held on May 30, 2001 has granted Options to the eligible employees of the Company including that of the Company's subsidiary companies. This has been granted under the Company's Employee Stock Option Scheme. Further, the Board at its meeting held the same day, also granted Options to the Non-Executive Directors of the Company. A total number of 3,30,119 options have been granted under the said scheme . The Exercise Price for the options granted is Rs 779.95 per Option. The Vesting Period is 1 to 3 years from the date of grant of the Options. The exercise period is to commence from the date of vesting and to expire at the period of five years from the date of grant of options.

GSFC FY-01 results on June 16, 2001

A Meeting of Board of Directors of Gujarat State Fertilizers & Chemicals Ltd is scheduled to be held on June 16, 2001, to consider, approve and take on record the Audited Financial Results of the Company for the year ended March 31, 2001. The aforesaid meeting will also consider recommendation of dividend if any and also decide dates of book closure etc.

TISCO FY-01 PAT up by 88.56%

Tata Iron & Steel Company Ltd has reported a net profit after tax of Rs 8392.80 million as against Rs 4451 million last fiscal. Total Income for the year ended March 31, 2001 is at Rs 68937.50 million as against Rs 61464.70 million for the year ended March 31, 2000. The Board of Directors of the Company has recommended a Dividend of @ 50% i.e.Rs 5 per share for the year ended March 31, 2001. The Profit for the current year includes Extra-Ordinary items amounting to Rs 2858.40 million out of which Rs 2015.20 million being Employee Separation compensation (Rs 1579.90 million for FY-00) and Rs 862 million being provision for power cut costs relating to previous years after which the net profit for the current year stands at Rs 5534.40 million. Similarly, the profits for previous year after considering the said Employee separation compensation and profit on sale of net assets of Cement Division (Rs 1252.60 million) and Profit on sale of long term Investments (Rs 102.20 million) comes to Rs 4225.90 million. The Company has reported that the Pickling Line and the Tandem Cold Rolling Mill, forming the main equipment of the Cold Rolling Mill Complex started operations in August 2000. The commercial sales from the Cold Rolling Mill Complex at Jamshedpur was 338,772 tonnes. The last unit in the complex, Continuous Galvanising Line - II (CGL-II) will be commencing operations on 2nd June 2001. After this unit comes on stream the present modernisation plans of the steel company cold be considered as being largely complete. The following changes were made at the corporate level, with effect from May 1, 2001: Mr B Muthuraman, Managing Director Designate Dr T Mukherjee, Deputy Managing Director (Steel) Mr F A Vandrevala, Deputy Managing Director (New and Allied Businesses) Mr A N Singh, Deputy Managing Director (Corporate Services)

Fall in Other Income reduces Indian Resort Hotels FY-01 net by 43.75%

Indian Resort Hotels Ltd has reported a net profit of Rs 21.94 million for the year ended March 31, 2001 as against Rs 39.01 million for the year ended March 31, 2000. Sales and Operating Income is at Rs 179.91 million in FY-01 as compared to Rs 180.47 million in FY-00. Other Income for the current year is lower at Rs 24.68 million as against Rs 40.22 million in the previous year ended March 31, 2000. The Company has reported that the reduction in the Other Income is due to lower interest rates and lesser investible surplus available consequent to repayment of External commercial borrowings. The Board of Directors of the Company has recommended a Final Dividend of 30% or Rs 3 per equity share of Rs 10 each. (as against an Interim Dividend of 40% or Rs 4 per share declared in the previous year).

Titan Industries FY-01 results on June 27, 2001

A meeting of the Board of Directors of Titan Industries Ltd is scheduled to be held on June 27, 2001 to consider the audited financial results of the Company for the year ended March 31, 2001.

Goldstone Teleservices Board allots shares pursuant to scheme of arrangement

Goldstone Teleservices Ltd (GTSL) has informed BSE that the Board of Directors of the Company has allotted 1,08,38,400 equity shares of Rs 4 each fully paid up to the shareholders of Goldstone Technologies Ltd. (GTL )for consideration other than cash for transferring the Telecom Division and units of GTL to GTSL, with the approval of the scheme of arrangement by the Hon'ble High Court of Andhra Pradesh.

BPCL Marketing Union gives notice for one day token strike

Bharat Petroleum Corporation Ltd has informed BSE that the Unions representing the Marketing Union of the Corporation have given a notice for one day token strike on June 04, 2001 in connection with their demands relating to on going discussions on Long Term Settlement on wages of the Workmen. The strike notice is being conciliated by the appropriate Conciliation Officers of the Government of India. The necessary contingency arrangements have been made to ensure that the Company's business is not effected in case the strike takes place on June 04, 2001.

Infosys clarifies on news item

With reference to the news article appearing in a leading daily titled," Murthy lowers stake, Singapore govt. hikes stake in Infosys Tech" Infosys Technologies Ltd has informed BSE that this information is available at the Company's website and pertains to the declaration of the distribution of share holding of the company as on March 31, 2001 pursuant to Clause 35 of the Listing Agreement. The Company has also clarified that it has not made a press release in respect of the said information.

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