Reliance shareholders approve buy-back proposal

Reliance Industries Ltd has informed BSE that at the Annual General Meeting of the Company held on June 15, 2001, the shareholders have accorded their approval to the Board of Directors to purchase its own fully paid equity shares of Rs 10 each for an amount not exceeding Rs 11000 million, upto a maximum price of Rs 303 per equity share. The buy-back is to be implemented in one or more tranches, from out of its free reserves and/or the securities premium account and/or the proceeds of an earlier issue of shares other than equity shares made specifically for Buy-back purposes. The Buy back is to be made through the methology of open market purchases in the Stock Exchanges, in such manner as may be prescribed under the Act and the Buy-back regulations, and on such terms and conditions as may be decided by the Board.

Oxford Industries to allot 1.20 million shares on preferential basis

Oxford Industries Ltd has informed BSE that the Company has decided to allot 1.20 million equity shares to members of Laila family constituting 20.19% of the enhanced equity share capital of the Company at a price of Rs 10 per share on preferential basis. Date of proposed acquisition has been fixed at June 22, 2001. After the proposed acquisition, the combined holdings of the Laila family will rise from 1200730 equity shares (25.31%) to 2400730 equity shares (40.39%)

IDBI Bank migrates to Finacle in record time

IDBI Bank Ltd has announced today (June 19, 2001) the Conversion of its entire operating technology platform to "Finacle", a core banking software provided by Infosys. The bank has also implemented Kondor+ - a treasury Front Office Software from Reuters and ITMS treasury back office software from Synergy Login. Achievement of these significant milestones is consistent with IDBI s continued focus to create customer and shareholder value through deployment of superior technology. Entire Finacle rollout was remarkable in the following respects: Smooth Implementation across 53 branches in a record time frame of 5 months. Cross functional team within IDBI Bank supported by technology partners like Infosys, Sun (Enterprise 1000 system) and Wipro (hardware Implementation) Comprehensive training covering almost 100% users completed over last three months. Minimal customer service impact during migration. Customer centric migration No need to issue new account numbers and fresh ATM cards. "Let me compliment my colleagues as well as our technology partners who have made this happen in such a demanding time frame. This firmly sets the launch pad for us to roll our customer acquisition strategy." said Mr Gunit Chadha MD and CEO of IDBI Bank while commenting on this achievement. "In the highly dynamic finance market where rapid time to market advantage can be the deciding factor between winning or losing implementing the solution in the shortest possible time frame is in essence the key challenge. We at Infosys are proud to say we have not only met but also exceed customer expectations by enabling IDBI Bank to go live with Finacle in a record time of 5 months from the date of signing up with us. This justifies the faith that IDBI Bank has reposed in us and establishes our solutions as clear leaders in this space said Girish Vaidya Senior Vice President and Head Banking Business Unit, Infosys Technologies Ltd.

Tata Tea FY-01 net down by 19.59%

Tata Tea Ltd has posted a net profit of Rs 1002.10 million for the year ended March 31, 2001as against Rs 1246.30 million for the previous year. Total Income for the year ended March 31, 2001 is at Rs 8911.60 million as compared to Rs 9744.90 million for the year ended March 31, 2000. The Company has reported that Income from Operations has been affected due to the general over supply of tea in the market, putting pressure on prices. As a consequence of changes in the Insurance Regulations, the Company has discontinued its Marine Insurance Agencies business with effect from June 1, 2001. The financial impact of this discontinuation is negligible. The Directors have recommended payment of dividend at Rs 9 per share of face value of Rs 10 each aggregating to Rs 557.60 million, including Dividend Tax, for the year 2000-01. (Previous year Rs 550.20 million at Rs 10.10 per Share).

Aksh Optifibre Board approves Rs 200 million NCD issue to UTI Bank

Aksh Optifibre Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 15, 2001 has accorded its approval for the issue of 12.75% Non Convertible Debentures of the Face Value of Rs 100,000 each aggregating to Rs 200 million on private placement basis to UTI Bank Ltd. The rating committee of ICRA Ltd has assigned a "MA" (adequate) rating to the issue of this debenture. Further ICRA has also assigned the "A1" Rating for the issue of Commercial papers to the tune of Rs 100 million.

Fire at Natco Pharma's R & D Hyderabad pilot plant

Natco Pharma Ltd has informed BSE that on June 18, 2001 around 2100 Hrs a fire cum explosion occurred in its Research and Development pilot plant unit situated at B-11, Industrial Estate, Sanathnagar, Hyderabad causing damage to plant, machinery & buildings. The Company has also reported that the fixed and current assets of the unit are adequately covered by insurance policies and the Company is preferring a claim on the Concerned insurance Companies.

Hinduja Finance appoints Additional Director

Hinduja Finance Corporation Ltd has informed BSE that the Board of Directors at its meeting held today (June 19, 2001) has appointed Mr Dheeraj G. Hinduja as an Additional Director of the Company .

JK Industries FY-01 net down by 49.34%

J K Industries Ltd has posted a net profit of Rs 165.90 million for the year ended March 31, 2001 as compared to Rs 327.50 million for the previous year. Total Income for the year ended March 31, 2001 is at Rs 11022.10 million as compared to Rs 10891.40 million for the year ended March 31, 2000. Despite slow-down in the economy, which impacted the demand for automobile tyres, in the commercial tyre segment which constitutes 70% of the Rs 10,0000 million in Indian tyre market, the company holds number 1 position in the country. J K Tyre along with Vikrant Tyre further improved the market share to 23% in the truck/bus category. J K Tyres continues to be the dominant player in the passenger car radials and has stepped up its production capacity during the year. The current year will have the benefit of increased production of passenger car radials. J K Industries acheived these results in the wake of reduction in tyre prices during the year on the one hand and increase in input costs, particularly in the petro-based raw materials on the other. The Company has also reported that Sugar Production at 49834 tonnes is higher by 35% over the previous year. The Board has recommended a 20% Equity Dividend for the current year.

Hinduja Finance FY-01 net at Rs 420.66 million

Hinduja Finance Corporation Ltd has posted a net profit of Rs 420.66 million for the year ended March 31, 2001 as compared to Rs 144.04 million for the nine months period ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 617.25 million as compared to Rs 172.50 million for the nine months period ended March 31, 2000. The figures are not comparable as the current year is for twelve months and the previous period was for nine months business. Sales/Income from operations include Software Development of IT Division, Income from dealing in shares and other securities and profit/(loss) on sale of long term investments. The Board of Directors have recommended a dividend of Rs 5 per share subject to the approval of shareholders.

Bharat Gears Q4 net profit at Rs 15.50 million, FY-01 net loss at Rs 22.30 million

Bharat Gears Ltd has reported a net profit of Rs 15.50 million for the quarter ended March 31, 2001 as compared to Rs 21.50 million for the corresponding period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 365.10 million as compared to Rs 402.60 million for the quarter ended March 31, 2000. The Company has reported a net loss of Rs 22.30 million for the year ended March 31, 2001 as compared to a net profit of Rs 31.50 million for the previous year ended March 31, 2000. Total Income for FY-01 is at Rs 1361.30 million as against Rs 1366.30 million for FY-00.

Hinduja Finance to allot shares as per scheme of amalgamation

Hinduja Finance Ltd has informed BSE that the Board of Directors, at its meeting held today (June 19, 2001) has finalised the allotment of shares pursuant to the Scheme of Amalgamation of the following three Companies with Hinduja Finance Ltd. 1. Melody Trading Pvt Ltd. 2. Hinduja Telecom India Ltd. 3. Richman Investrade Private Ltd.

Strike at Nestle's Ponda factory called off

Nestle India Ltd has informed BSE that the strike called by unionised workers of the Company at its Ponda factory has been called off and the Factory has commenced normal operations.

BASF India FY-01 net up by 12.26%

BASF India Ltd has posted a net profit of Rs 224.30 million for the year ended March 31, 2001 as against Rs 199.80 million for the previous year. Total Income for the year ended March31, 2001 is at Rs 3761.30 million as compared to Rs 3370.40 million for the year ended March 31, 2000. The Board of Directors has recommended payment of dividend of 50% (including a special dividend of 10% out of the compensation received on transfer of textile dyes business) on equity shares for the financial year ended 31st March, 2001. The Board has fixed the period from August 21, 2001 to August 30, 2001 as the Book Closure for the purpose of payment of Dividend and AGM. The Annual General Meeting of the Company is scheduled to be held on August 30, 2001.

Bank of Baroda FY-01 results on June 28, 2001

A meeting of the Board of Directors is scheduled to be held on June 28, 2001 to consider the approval and adoption of Bank's accounts for the year ended March 31, 2001. The aforesaid meeting will also consider the proposal for recommendation of Dividend.

IBP Co. Board approves scheme of arrangement

The Board of Directors of IBP Co. Ltd, at its meeting held today (June 19, 2001) has accorded in principle approval for demerger of the Company's 61.80% Investment in the equity capital of its subsidiary, Balmer Lawrie & Co. Ltd pursuant to Section 391 to 394 of the Companies Act, 1956. The demerger is to be effected through a scheme of arrangement to be approved by the Central Government (Department of Company Affairs) in accordance with Section 391-394 of the Companies Act 1956. A new Company (Transferee Company) is to be formed by the Government of India for this purpose.

Fourth Generation Info posts Rs 23.90 million as net profit for FY-01

Fourth Generation Information Systems Ltd has posted a net profit of Rs 23.90 million for the year ended March 31, 2001 as against Rs 3.16 million posted last fiscal. Total Income for the year ended March 31, 2001 is at Rs 149.99 million as compared to Rs 20.17 million for the previous year ended March 31, 2000. The Company has commenced production under the expansion project and the results include income from the same. The Company has made a public issue of 4.75 million equity shares of Rs 10 each during the current financial year and the allotment of shares has been made on December 01, 2000. The Board has recommended a Dividend of 10% on the paid up equity capital of the Company for the current year.

City-Man Clothings to close down its Bangalore garment factory

City-Man Clothings (India) Ltd has informed BSE that , as a result of diversification in the operations of the company, the management of the company has decided to close down the garment factory at No.46/1 papamma Lay Out, Ramamurthy Nagar, Bangalore, Karnataka.

Indian Oil Corpn denies news item

With reference to the news article appearing in a leading financial daily titled "IOC asks ICICI to chalk out HPL investment plan" Indian Oil Corporation Ltd has informed BSE that no such proposal has come up to the Board for consideration.

Gujarat High Court admits Arvind Mills' revamp scheme

The Gujarat High Court has admitted Arvind Mills' Scheme of Arrangement for restructuring debt with its creditors. The court has convened a meeting of the lenders on July 13, 2001. Under the Scheme of Arrangement as per Section 391 of the Companies Act, the High Court has the power to approve of the debt-restructuring plan if 75% of the lenders in value and 51% in number vote in its favour. Once approved by the high court, the scheme shall be binding on the Company as well as all the lenders, including the dissenting lenders. The High Court has also issued injunction restraining Commerzbank and Bank Nova Scotia from processing with a suit filed by them against Arvind Mills in the London High Court. "The advantage of the going through the scheme is that once the scheme is approved by the High Court, it would become on all the parties, including the dissenting lenders. This will put an end to all uncertainties of the Companies" said Jayesh Shah, Chief Financial Officer. Arvind Mills has been carrying out a debt restructuring exercise with its lenders for about a year. It has over Rs 27000 million of Debt. The Company has sent the debt restructuring plan prepared in consultation with the major lenders, to all the Lenders in January 2001 and it has been accepted by over 83% of the lenders in value and over 90% in number. The restructuring plan gives a lender an option of immediate exit at a discount of about 55% or a reschedulement of their existing debt at a reduced rate of interest for a period of 5 to 10 years. The scheme has received an overwhelming response not only to the proposal, but also to its debt buy back plan. The Company has expected to buy back over Rs 7000 million of Debt and sharply reduce its debt equity ratio. It is expected that the interest burden which is about Rs 3200 million, will be halved with retrospective effect from April 01 2000. Commenting on future outlook of the Company, Sanjay Lalbhai, Managing Director said, "With the sharp rise in denim prices, we expect to significantly improve the operating margins. At the same time, the interest cost is likely to reduce dramatically. With the combined impact of these two factors, it is expected that the Company will be back into cash profit in the current year itself." At a recent meeting, the shareholders unanimously approved the issue of equity shares on rights basis amounting to Rs 750 million. The issue is expected to open in early September. The shareholders have also approved the issue of equity warrants to the lenders. Both these are part of the debt restructuring plan of the Company.

Sintex Industries to restructure its Plastics and Textile businesses

Sintex Industries Ltd has informed BSE that the Board of Directors of the company has decided, subject to necessary approvals, to restructure company's existing two businesses i.e. Plastics and Textile by demerging textile business. The Board of Directors has also considered the advise of Werner International, USA, a global management consultant to Textile Industries, appointed for finding out a Joint Venture partner with foreign strategic / industrial partner for textile business, for demerging of textile business.

Zee Telefilms denies news item

With reference to the news article appearing in a leading financial daily titled "Zee Telefilms willing to offload 11 per cent to strategic partner" Zee Telefilms Ltd has informed BSE that the Company is in the process of finalizing its strategic partner but no final decision yet has been taken in this regard. The Company has stated that the news item is incorrect to the extent of that the 11% equity stake is proposed to be offloaded to strategic partner. The Company has further stated that the Company has not taken any decision on restructuring of its joint venture with MGM.

John Fowler buy-back price not to exceed Rs 62.50 per share

The Board of Directors of John Fowler (India) Ltd, at its meeting held on June 18, 2001 has approved the buy-back of 1,59,411 fully paid up equity shares of Rs 10 each or such higher number as may be bought under the provisions of law, upto 4,75,319 equity shares, upto a maximum price of Rs 62.50 per share through open market operations. This is subject to the approval of the shareholders.

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