Indian Oil FY-01 net up by 11.33%

Indian Oil Corporation Ltd has posted a net profit of Rs 27203.30 million for the year ended March 31, 2001 as compared to Rs 24434 million for the corresponding previous year. Total Income for the year ended March 31, 2001 is at Rs 1195838 million as compared to Rs 963705.80 million for the year ended March 31, 2000. Interest expenditure is higher at Rs 16737.90 million in FY-01 as against Rs 10060.10 million incurred in FY-00. The Board of Directors has recommended a dividend @ 95% amounting to Rs 7397.40 million for the year 2000-01 as against 75% (Rs 5840.10 million) during 1999-00.

Transport Corporation net up by 15.98%

Transport Corporation of India Ltd has reported net profit of Rs 75.50 million for year ended March 31, 2001 as against Rs 65.10 million for the last fiscal. Total income stood at Rs 4989.20 million for FY-01 against Rs 4356.70 million FY-00. The Board of Directors of the Company has recommended Dividend @ 18%. On the capital raised during the year, Dividend is payable on pro-rata basis in accordance with the terms of the issue.

Shipping Corpn announces 25% Interim Dividend

The Board of Directors of the Shipping Corporation of India Ltd at its meeting held today (June 14, 2001) has declared an Interim Dividend of 25% on the equity capital for the year ended March 31, 2001

Videocon International clarifies on news item

With reference to news item appearing in a financial daily Videocon International Ltd has informed BSE that the company does not hold any shares in Samsung India Electroncis Ltd. The shares are held by Reasonable Computer Solutions Pvt Ltd, a Videocon Group Company. The proposed dis-investment will not have any direct financial implication for Videocon International Ltd.

Chadhas resign as Whole Time Directors of TRC Financial Services

TRC Financial Services Ltd informed BSE that Mr. Manu Chadha & Mr. Sumant Chadha both Whole Time Directors of the company have resigned from the post of Whole Time Directors of the Company with effect from June 12, 2001. However, they will continue as Directors of the Company.

Bombay Dyeing buy-back price not to exceed Rs 60 per share

Bombay Dyeing & Manufacturing Co Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (June 14, 2001) has decided, subject to the approval of the members in the ensuing Annual General Meeting proposed to be held on the 23rd July, 2001 and such other approvals as may be necessary in connection therewith, to buy-back from the shareholders of the company from open market through Stock Exchanges, the fully paid equity shares of the Company of the face value of Rs. 10 each, up to a limit of 25% of the total existing share capital of the Company i.e. up to limit of 1,02,50,457 equity shares at a price not exceeding Rs. 60 per equity share.

Shree Rama Multi-Tech plans operations in China

Shree Rama Multi-Tech Ltd is planning to set up a joint venture in China. The company has already set up a liaison office in China and is seeking out partners for its joint venture project. It has also appointed a leading consulting firm to carry out an exhaustive market survey for plastic laminated tubes in China. To meet the growing demand for its products, the company embarked on a major expansion at an outlay of Rs. 3060 million. Nearly 80% of the project has been completed and the company expects to complete the total project on schedule without any cost overrun. On completion of the project, the company will double its capacity of plastic laminated tubes and other specialty packaging products. With a well established base of blue-chip customers like Hindustan Lever, Nirma, Dabur, Emami, Kodak, Pepsi, Amul, etc. and a growing order book, the Company is also scouting for suitable acquisitions in India to ramp up its capacity and products offerings.

ICICI clarifies on news article

With reference to the news article appearing in a leading financial daily titled " Commerzbank hauls ICICI, Arvind Mills top brass to court over $75m loan" ICICI Ltd has informed BSE that Commerzbank had filed a criminal compliant against Arvind Mills and ICICI and few of their directors and officers on June 6, 2001 before the Court of the Metropolitan Magistrate at Ahmedabad under Sections 409, 421, and 424 read with Section 120B of the Indian Penal Code. No amount has been claimed in the compliant. In this regard, the Company has clarified that the transactions forming the basis of the aforesaid criminal compliant are the same as those forming the subject matter of the claim filed by Comemrzbank (and another) in the High Court of Justice (Chancery Division) at London, the details and implications of which have already been disclosed in the Notes forming part of the accounts in their Annual Report 2000-2001,as well as in their Prospectus dated May 29, 2001 for the public issue of unsecured redeemable bonds in the nature of debentures aggregating Rs 400 crore (with a right to retain oversubscription upto Rs 400 crore), under the heading "Risk Factors" "Outstanding Litigation/Criminal Prosecution, Defaults and Material Developments" and "Auditors Report-Annexure A- Notes to Statement of Assets and Liabilities."

Britannia buy-back price not to exceed Rs 750 per share

Britannia Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (June 14, 2001) has decided, subject to the approval of the members, in the ensuing Annual General Meeting proposed to be held on 28 July, 2001 and such other approvals as may be necessary in connection therewith, to buy back from the shareholders of the Company from the open market through the Stock Exchanges, the fully paid equity shares of the Company of the face value of Rs 10 each, upto a maximum of 10,00,000 equity shares (1 million) and out flow not exceeding Rs 550 million (Rupees Five Hundred and Fifty Million) and at a price not exceeding Rs 750 (Rupees Seven Hundred and fifty) per equity share.

Himachal clarifies on news article

With reference to the news article appearing in a leading financial daily titled "HFCL rumours" Himachal Futuristic Communications Ltd has informed BSE that they are just market rumours. The Company has however confirmed that the Company has orders of more than 700 crores (approx) to be executed in next six to eight months time.

Rallis India clarifies on news item

With reference to the news article appearing in a leading financial daily titled "Rallis plans to sell 9 lakh sq ft Mumbai realty" Rallis India Ltd has informed BSE that the Company is considering the proposal of its non-performing assets/properties, Andheri being one such property. The Company has further clarified that the Company has been weighing various options and no final decision has been reached in this regard.

Production to be curtailed for 3 days at M & M's Kandivali Tractor plant

Mahindra & Mahindra Ltd has informed BSE that in order to regulate production in response to seasonal market demand and for better inventory management, production at the Company's Kandivali Tractor Plant will be curtailed by three days during the week June 18, 2001 to June 23, 2001. The Company has further informed that Employees who are not required to be present for the 3 days from June 20, 2001 to June 22, 2001 will be paid wages as usual.

Wockhardt adopts R & D as its main object

The Board of Directors of Wockhardt Ltd has felt it necessary that greater emphasis of the Company be laid on Research & Development and the main object of the company be modified to this effect. This is pursuant to its recently held AGM on June 8, 2001, where the shareholders of the Company had unanimously approved the inclusion of Research & Development as one of the main objects of the Company. The Board of Directors had recommended this as Wockhardt has been carrying out multi-disciplinary R&D activities in Biotechnology, New Chemical Entities, Novel Drug Delivery Systems and other allied areas. Wockhardt has a dedicated state-of-the-art Research Centre employing nearly 300 research scientists. Wockhardt is strategically aiming to increase its global presence through R & D derived products. Wockhardt Ltd, being a research and technology focused pharma Company, the company invested nearly 7.2% of its sales in R&D accounting for over Rs 400 million in R&D spending during the last year. The uniqueness of Wockhardt's R&D lies in the fact that Wockhardt has been an 'early bird' in the field of biotechnology research, initiating this research way back in the 1990's. Wockhardt now has full-fledged biotechnology research unit, with capabilities of gene cloning, construction of production strains, expression of proteins in all major systems (yeast, bacterial and mammalian cells) and their purification and pharmaceutical formulation. This comprehensive approach makes Wockhardt's Biotechnology Research highly productive in producing the new products of recombinant nature, required in both domestic and global markets.

VST Industries Board in favour of increase in BAT's stake

The Board of Directors of VST Industries Ltd met in Hyderabad on June 14, 2001 to consider the communication from BAT, which has sought the Board's support for hiking its stake in the Company as a prerequisite for applying to FIBP. The Board took the view that the same could be considered favourably and passed a resolution accordingly.

GE Shipping fixes Book Closure

Great Eastern Shipping Co. Ltd has informed BSE that the Register of Members and the Share Transfer Books of the Company are to remain closed from July 14, 2001 to July 26, 2001 (both days inclusive) for the purpose of deciding entitlement of members who will be entitled for Dividend @ 2.75 per equity share of Rs 10 each. The Annual General Meeting of the Company is scheduled to be held on July 26, 2001.

Neyveli Lignite FY-01 net up by 86.46%

Neyveli Lignite Corporation Ltd has posted a net profit of Rs 7281 million for the year ended March 31, 2001 as compared to Rs 3904.90 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 23705.40 million as compared to Rs 16285.80 million for the year ended March 31, 2000. Net Sales/Income from operations of year ended March 31, 2001 includes Rs 2876.62 million relating to previous periods due to power tariff revision for TPS-I concluded during the year. The Company has reported that the increase in consumption of stores and spares for the year ended March 31, 2001 is due to Change in Accounting Policy to fall in line with the Accounting Standard resulted in decrease in profit for the year ended 31.03.2001 amounted to Rs 1294.270 million. The Board of Directors has recommended a dividend of 10% subject to approval of shareholders.

Sesa Goa appoints new Director

Sesa Goa Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (June 14, 2001) has appointed Mr. H Nishio as a Director of the Company in the casual vacancy caused by the resignation of Mr Y Takagi, Director of the Company. The Board has also fixed the period from August 7, 2001 to August 9, 2001 for the Dividend @ Rs 3 per share (i.e.30%) declared by the Board at the said meeting.

Silverline Tech to seek members approval for issue of warrants at AGM

The Board of Directors of Silverline Technologies Ltd, at its meeting held today (June 14, 2001) has decided to seek the approval of the members of the Company at the Annual General Meeting to be held on July 09, 2001 for the following matters: 1. Issue of preferential basis 10,000,000 warrants convertible into equity shares at an exchange ratio of one to one basis at a price of Rs 157 per share (determined in terms of the preferential allotment guidelines of SEBI) to Subra Mauritius Ltd a promoter Group Company incorporated in Mauritius. 2. Issue 1,000,000 ADR Linked Stock Options to the employees of the subsidiaries of the Company under a suitable ADR linked option plan. 3. Issue of Unsecured Optionally Convertible Debentures of US $ 10,000,000 to the creditors of Sera Nova, a wholly owned subsidiary (WOS), in exchange for promissory notes held by the Creditors in the WOS. 4. In line with the strategic expansion plans of the Company's business in the US, acquisition of CTC Corp and its subsidiaries (CTC), through an issue of upto 4,500,000 ADRs of the Company (subject to regulatory approvals. The business of CTC mainly consists of staff supplementation, e-solutions and training. The training services are being provided as an active education center for New Jersey Institute of Technology (NJIT). The company also provides systems integration, software design and developments and technical support services to business, government and industry. The company is a leading solution provider in B2B, e-commerce and CRM domains. CTC also has a division that custom designs IRV/CTI solution in partnership with Ayaya (Formerly Enterprise Networks Group of Lucent Technologies) This division also provides e-solutions including application management (internet portals and system integration).

Sesa Goa Q4 net at Rs 117.35 million FY-01 net at Rs 183.10 million

Sesa Goa Ltd has posted a net profit of Rs 117.35 million for the quarter ended March 31, 2001 as compared to a net loss of Rs 20.19 million for the quarter ended March 31, 2000. Total Income for the quarter ended March 31, 2001 is at Rs 1034.36 million as against Rs 774.95 million in MQ 2000. The net profit for the year ended March 31, 2001 is at Rs 183.10 million as compared to Rs 72.30 million in the corresponding period last fiscal. Total Income for the year ended March 31, 2001 is at Rs 2894.92 million as compared to Rs 2462.05 million in FY-00. The company had written back Rs 13.11 million as excess provision for tax during FY-00. The Board has declared a dividend of Rs 3 per equity share. The employees of the Company resorted to a work stoppage adversely effecting the normal activities of the Company for about three weeks during April/May 2001.

John Fowler Board to consider buy-back of equity shares

A meeting of the Board of Directors of John Fowler (India) Ltd is scheduled to be held on June 18, 2001 to consider buy-back of equity shares.

ICI India fixes book closure for the purpose of AGM

ICI India Ltd has informed BSE that the Register of Members and Share Transfer Books of the Company relating to equity shares of the Company shall remain closed from July 19, 2001 to July 26, 2001, both days inclusive for the purpose of the 47th Annual General Meeting in respect of the year ended March 31, 2001.

Kale Consultants posts Rs 67.31 million as net loss for FY-01

Kale Consultants Ltd has posted a net loss of Rs 67.31 million for the year ended March 31, 2001 as compared to a net profit of Rs 86.24 million for the corresponding previous year. Total Income for the year ended March 31, 2001 is at Rs 350.82 million as compared to Rs 304.35 million for the year ended March 31, 2000. Interest Expenditure is higher at Rs 11.46 million in FY-01 as against Rs 5.56 million in FY-00. In view of loss, the Board has decided not to recommend dividend. The Company has made necessary provisions on a conservative basis for potential loss on investments as well as doubtful debts. The Company has decided to close down its domestic subsidiary, Kale Software International Ltd, which was not doing any business for last few years. This has no impact on financial results of the company. The Company signed a multi-million dollar contract in April 2001, with Asiana Airlines of South Korea for its cargo products and services. During the year, the Company commissioned its state of the art development facility at MIDC, Andheri and the Company has also restructured its operations into three Strategic Business Units (SBU s), namely Airlines, Banking and Projects & Services during the year.

Hoechst Marion clarifies news item

With reference to the news article in a leading financial daily titled "I-T draws first blood, pulls up Roussel for over-invoicing" Hoechst Marion Roussel Ltd, the subsidiary of Aventis Pharma has informed BSE that the news report refers to a routine tax assessment matter that related to the past, even prior to the formation of Hoechst Marion Roussel in its present form. As the matter is pending adjudication before the appellate authorities, the company does not consider it appropriate to make a public comment on the subject. The Company believes that the article reproduces unsubstantiated and irrelevant allegations. The matter, at its present stage, is subject to intra-party confidentiality between the company and the Income-Tax department. The company is therefore surprised at the matter being reported in public domain. The Company further clarified that it follows internationally practiced and accepted transfer pricing policies that are also expected to be incorporated in the country and is confident that this will be established during the normal judicial proceedings that are presently ongoing.

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