Bajaj Electricals FY-01 net up by 104.31%

Bajaj Electricals Ltd has posted a net profit of Rs 28.40 million for the year ended March 31, 2001 as compared to Rs 13.90 million reported last fiscal. Total Income for the year ended March 31, 2001 is at Rs 3937.40 million as compared to Rs 3494.40 million for the previous year ended March 31, 2000. Interest Expenditure has risen from 80.70 million in FY-00 to Rs 132.90 million in FY-01. The Board of Directors of the Company has recommended a Dividend of Rs 1.50 per equity share of Rs 10 each.

Jaiprakash Industries FY-01 net up by 143.29%, Net Sales up by 28.86%

Jaiprakash Industries Ltd has reported a net profit of Rs 987.50 million for the year ended March 31, 2001 as against Rs 405.90 million for the previous year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 17319.30 million as compared to Rs 13495.30 million for the year ended March 31, 2000. In pursuance of the scheme of arrangement sanctioned by the Hon'ble High Court of Judicature at Allahabad vide Orders dt. February 27, 2001, the Cement Business of the Company has been hived off to Jaypee Rewa Cement Ltd, its wholly owned subsidiary with effect from April 01, 2001. The order of the Hon'ble High Court has been taken on record by the Registrar of Companies, Kanpur on March 15, 2001 and all formalities relating to the hive off have been completed. An appeal has been filed against the order by one of the shareholders which is pending.

JL Morison FY-01 net up by 34.29%

J.L.Morison (India) Ltd has posted a net profit of Rs 18.80 million for the year ended March 31, 2001 as compared to Rs 14 million posted last fiscal. Total Income for the year ended March 31, 2001 is at Rs 509.20 million as compared to Rs 412.10 million for the previous year ended March 31, 2000. The Board of Directors have recommended a Dividend of 25% on the paid up equity share capital of the Company for the year ended 31.03.2001.

Bharat Bijlee Q4 net profit at Rs 46.20 million, FY-01 net profit at Rs 6.30 million

Bharat Bijlee Ltd has posted a net profit of Rs 46.20 million for the quarter ended March 31, 2001 as compared to a net profit of Rs 11.90 million in the corresponding period last year. Total Income for the quarter ended March 31,2001 is at Rs 584.40 million as compared to Rs 484.40 million in the quarter ended March 31, 2000. Net Profit for the year ended March 31, 2001 stood at Rs 6.30 million as compared to a net loss of Rs 35.50 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 1561.70 million as against Rs 1362.80 million in the year ended March 31, 2000. The Company has reported that poor levels and avoidable cost increases have continued to affect margins on sales. The Board of Directors of the Company has not recommended any payment of Dividend for the current year in the absence of adequate profit and prevalent business conditions.

Bombay Dyeing Board to consider Buy-back proposal

A meeting of the Board of Directors of Bombay Dyeing & Mfg.Co. Ltd is scheduled to be held on June 14, 2001 to consider the proposal for buy back of the Company's equity shares.

Britannia Board to consider Buy-back proposal

Britannia Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on June 14, 2001 to consider a proposal for buy-back of the Company's equity shares.

Syngenta India posts Rs 107 million as net profit for FY-01

Syngenta India Ltd has posted a net profit of Rs 107 million for the accounting year ended March 31, 2001. Net Sales for the year ended March 31, 2001 is at Rs 3563 million and the Other Income for the same period is at Rs 236 million. The Board of Directors has recommended a Dividend of 20% for the current year. The Company has reported that the Agribusiness Undertaking comprising the Crop protection & Seeds businesses of Novartis India Limited vested in the Company from 1st April, 2000 pursuant to the order dated 12th October, 2000 passed by the Bombay High Court Sanctioning the Scheme of Arrangement between Novartis India Limited and the Company. Since the business was part of Novartis India Ltd during the previous year comparable figure/information is not available. Staff cost includes Rs 34.6 million towards Voluntary Retirement.

Wockhardt launches innovative ESOP Scheme

Wockhardt Ltd has launched an innovative and attractive Employee Stock Option Scheme (ESOP). This was announced at the company's Annual General Meeting (AGM) on June 8, 2001 at Mumbai, and received unanimous approval from the shareholders. Wockhardt has launched its ESOP scheme with the objective to reward and retain its top performing employees ultimately leading to creation of stronger bondage with the organisation, and a more dynamic performance with greater efficiency, effectiveness and productivity. This has been initiated for over 175 employees in senior and middle management levels; with about 200,000 shares being allotted. The ESOP will not exceed 3% of the Company's paid-up share capital. Commenting on the Employee Stock Option scheme, Wockhardt's Chairman Mr. Habil F.Khorakiwala said, "We are happy to announce ESOP with three attractive schemes, which have been formulated by a special Compensation Committee. This scheme is out endeavour to recognise and reward our employees, whose commitment and professionalism have made Wockhardt the company it is today. It gives the employees and incentive to share in the benefits of the Company's collective success and also encourages them to view the company from a shareholder's perspective for consistently better performance." The ESOP scheme envisages the grant of options to the employees at a specified price. Each share is considered as one option. The Company's Compensation Committee has proposed three schemes for its ESOP namely Value Shares Option, Growth Shares Option and Super Value Shares Option, having a vesting period ranging from 1 to 6 years.

Mastek clarifies on news item

With reference to the news item appearing in a leading financial daily titled "Comeback kid" Mastek Ltd has informed BSE that the Company has not made any futuristic statements about its performance for the current quarter nor for any future period. Further the Company has denied making any statement of losing any client in the U.S. due to the U.S. slow-down, the question of making of ranking a statement on getting back any client does not arise.

Corporation Bank and LIC join hands in Strategic Alliance

Corporation Bank and Life Insurance Corporation of India, one of the largest financial institutions of the country have entered into a Memorandum of Understanding (MOU) for strategic alliance. The arrangement had been approved by the respective Boards on June 6, 2001. The MOU to this effect was signed by Sri K Cherian Varghese, CMD of Corporation Bank and Sri G N Bajpai, Chairman of LIC of India. Currently, Life Insurance Corporation of India has a stake of 12.3% in the paid up capital of Corporation Bank. The Bank has further offered an additional equity on private placement basis to LIC so as to raise its stake upto 27% of the issued capital, subject to necessary approvals from regulatory authorities, Govt of India and shareholders of the Bank. The price for this private placement will be as per SEBI formula or on the basis of the average price recommended by two independent and reputed valuers or may be determined by any other manner as per mutual agreement. This strategic alliance between an insurance giant and a leading public sector bank is the first of its kind and will have far reaching effect in the financial sector. This alliance is likely to provide tremendous business opportunities to both parties. Corporation Bank would undertake distribution of life insurance products, especially bank assurance products designed by LIC. After obtaining of the required permission/regulatory compliance, etc the Bank would become a Corporate Agent and tap the vast customer base of the Bank in selling the life products and increase its fee based income. LIC would consider providing group insurance cover the account holders of the Bank. LIC would consider providing group insurance cover to the account holders of the Bank. LIC has also agreed to provide space in their premises for housing the Branches/Extension Counters/ATMs of the Bank. This is expected to tremendously enhance the reach of Corporation Bank and the Bank is expected to have access to the business from policy holders/staff/agents of LIC. Besides availing normal banking services from the Bank, LIC will avail the specialised services of the Payment Processing Centre of the Bank at Bangalore in effecting payments on account of annuity/pension/claims etc. LIC has also agreed to consider investing upto Rs 500 million in the equity of Corpbank Securities Ltd., a wholly owned subsidiary of the Bank. LIC will bid for Govt securities through Corpbank Securities. LIC has offered a stake to Corporation Bank in the former's proposed Information Technology venture.

Tips Industries CMD purchases 70,000 equity shares of the Company

Tips Industries Ltd has informed BSE that Mr.Kumar S. Taurani, Chairman & MD of the company has purchased 70,000 equity shares of the company. The acquired shares represents 0.58% of the total equity capital of the company. After this purchase, his total holding has raised to 21,07,383 aggregating to 17.54% of the share capital of the company.

Apollo Hospitals Q4 net up by 15.72%, FY-01 net up by 10.24%

Apollo Hospitals Enterprises Ltd has posted a net profit of Rs 100.10 million for the quarter ended March 31, 2001 as against Rs 86.50 million for the corresponding period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 884.70 million as compared to Rs 787.90 million for the quarter ended March 31, 2000. Net Profit for the current year ended March 31, 2001 is higher at Rs 306.80 million as compared to Rs 278.30 million reported by the Company last fiscal. Total Income for the year ended March 31, 2001 is at Rs 3225.80 million as against Rs 2789 million for the previous year ended March 31, 2000. The Board of Directors of the Company has recommended a Dividend of 25% on the equity shares and 10% on the Outstanding Cumulative Redeemable Preference Shares for the current year. The Annual General Meeting of the Company is scheduled to be held on September 17, 2001.

Wipro clarifies on news article

With reference to a news article appeared in a leading financial daily titled "Wipro close to acquiring US-based Sapient" Wipro Ltd, in a communication to the BSE has stated that in line with the Company's strategy for growth, the Company is always in dialogue with various Companies and investment bankers for acquisition/alliance/partnerships. The Company has also stated that nothing in this regard has been finalised till date.

Extra-Ordinary income helps Birla Global Finance post net profit of Rs 88.20 million in FY-01

Birla Global Finance Ltd has posted a net profit of Rs 88.20 million for the year ended March 31, 2001 as compared to Rs 348.20 million for the previous period ended March 31, 2000 comprising of eighteen months. The Company has during the year hived off its retail finance business to its subsidiary, Birla Global Asset Finance Company Ltd (BGAFCL) ( formerly BGFL Finance 7 Investments Ltd ) effective 30th March, 2001 as a going concern on a slump sale basis for total consideration of Rs.2481.10 million. The said consideration includes a sum of Rs 460 million towards Business & Commercial Brand Equity as valued by an independent expert valuer and has been credited in the Profit & Loss Account as an extraordinary Income. The Company, has during the year, on fulfillment of stipulated conditions under the agreement, received the final tranche of Goodwill amount of Rs 129.20 million from Sunlife Assurance Company of Canada and credited the same to Profit & Loss Account as an Extra-Ordinary Item. Similarly the net profit for the eighteen months ended March 31, 2000 has been arrived after considering the receipt towards goodwill Rs 404.50 million and profit of sale of retail distribution business Rs 36.70 million. Total Income for the year ended March 31, 2001 is at Rs 602.40 million as compared to Rs 1354.70 million for the eighteen months ended March 31, 2000. The Board has recommended a dividend of 15% on equity shares of Rs10 each .

Money

Rapid Information on Stocks & Corporates

Tell us what you think of this report