Hughes Tele.Com FY-01 net loss at Rs 2087.92 million, Telecom Revenues rise 118.17%

Hughes Tele.Com (India) Ltd has posted a net loss of Rs 2087.92 million in the year ended March 31, 2001 as against a net loss of Rs 2701.43 million in the same period last year. Total Income for the year ended March 31, 2001 is at Rs 1950.16 million as compared to Rs 670.10 million in the year ended March 31, 2000. Other Income for the year ended March 31, 2001 includes refund of Operations Support Fees of Rs 169.84 million and earnings of Rs 324 million on short term investments of surplus funds, which are non-recurring. The Company has reported that during the current year, the Company commenced commercial operations of additional exchanges for its Broad band network at Mumbai, Pune, Nasik and Panaji. In a press release issued to the BSE, Prakash Bajpai, President & CEO of the Company said "The project is progressing as per the plan and the Company continues to rapidly buildout its fiber optic and broadband microwave networks. The Company has approx. 75,000 subscriber lines at present, as compared to 22,000 lines as at March 2000, and is now providing telecommunication services in 6 cities - Mumbai, Navi Mumbai, Pune, Nasik, Nagpur and Panaji (Goa). Services in 4 more cities - Kolhapur, Sangli, Aurangabad and Ahmednagar are expected to commence shortly. The Company has, for the first time in India, launched a broadband wireless service in Mumbai. Broadband wireless enables rapid 'last-mile' connectivity to the customer's premises in highly congested and difficult-to-wire areas, and is a fast and economical way to extend the benefits of our fiber network."

IDBI FY-01 results on May 28, 2001

A meeting of the Board of Directors of Industrial Development Bank of India will be held on May 28, 2001 for considering the audited financial accounts as on March 31, 2001 and for declaring dividend, if any, for the year ended March 31, 2001.

Tinplate FY-01 net loss at Rs 183.22 million

Tinplate Company of India Ltd has posted a net loss of Rs 183.22 million in the year ended March 31, 2001 as compared to a net loss of Rs 107.14 million in the year ended March 31, 2000. Total Income reported for the financial year ended March 31, 2001 is at Rs 1723.90 million as compared to Rs 1153.81 million in the corresponding period last year. The State Electricity Boards have imposed additional fuel surcharge (on purchase of power) retrospectively with effect from 1995-96 in two successive notifications within one year causing a burden of Rs 155.248 million and a further increase announced in April 2001 impacting Rs 24.10 million in 2000-01 which had to be fully provided for, although the legality of this imposition is being examined.

Ramco Systems in strategic alliance with BEML

Ramco Systems Ltd and Bharat Earth Movers Ltd (BEML), Bangalore today (May 17, 2001) have signed a strategic Memorandum of Understanding (MoU). The MoU aims at combining and synergising the expertise of Ramco Systems and the domain knowledge of BEML in the implementation and support of Ramco e.Applcations in India and the Asia-Pacific region. Mr. Lakshmi Narasimhan (Mohan). President, Ramco Systems inked the agreement with Dr K Aprameyan, Chairman and Managing Director, BEML. The MoU will enable BEML to be Ramco's Implementation Partner, to integrate third party CAD/CAM software to Ramco e.Applications solution and provide professional services. On the occasion, Mr Lakshmi Narasimhan, President, Ramco Systems, said "We are happy to have BEML as our key implementation partner in areas where they have excellent domain expertise. We look forward to an exciting and mutually beneficial relationship in the years ahead."

Arvind Remedies Q4 net down by 7.85%, FY-01 net up by 45.54%

Arvind Remedies Ltd has reported a fall in net profit from Rs 6.41 million in the quarter ended March 31, 2000 to Rs 5.90 million in the current quarter ended March 31, 2001. Total income posted by the Company in the quarter ended March 31, 2001 is at Rs 224.62 million as compared to Rs 173.21 million in the corresponding period last fiscal. The Company has posted a net profit of Rs 36.72 million in the year ended March 31, 2001 as compared to Rs 25.23 million in the corresponding period last fiscal. Total Income reported is at Rs 846.39 million for the financial year ended March 31, 2001 as compared to Rs 512.82 million in the financial year ended March 31, 2000.

EIH FY-01 results on May 29, 2001

A meeting of the Board of Directors of EIH Ltd is scheduled to be held on May 29, 2001 to consider the Accounts of the Company for the year ended March 31, 2001 and also recommend Dividend, if any.

Hindustan Zinc FY-01 results on May 30, 2001

Hindustan Zinc Ltd has informed BSE that the meeting of the Board of Directors for consideration and adoption of Annual Accounts of the Company for the year ended March 31, 2001 is scheduled to be held on May 30, 2001 at New Delhi.

Trading in Satyam Computers on NYSE begins

Satyam Computer Services Ltd has informed BSE that the Company has begun trading on New York Stock Exchange on May 15, 2001 under the symbol 'SAY'. A registration statement on Form F-1 relating to the offer of American Depository Shares by Company has been declared effective by the Securities and Exchange Commission on May 14, 2001. Merrill Lynch & Co. is the managing underwriter for this primary offering. The price to the public per ADS was US $ 9.71 and company offered 14.5 million ADSs to investors (excluding a 15% greenshoe option). Each ADS represent two equity shares of the company.

UTI Bank denies news item

With reference to a news article titled 'DCB seen talking equity placement with UTI Bank', appearing in a leading financial daily, UTI Bank Ltd has stated that there is no truth in the proposition that Development Credit Bank (DCB) has sounded out the Bank for an equity stake. The Bank further stated that utilisation of ATM network by other banks is a matter, which is under discussion. However, there has been no specific proposal from DCB in this context. As regards to cross selling of products, the Bank has stated that there has been no discussion between DCB and the Bank.

Textool FY-01 net loss at Rs 121.68 million

Textool Company Ltd has posted a net loss of Rs 121.68 million in the year ended March 31, 2001 as compared to a net loss of Rs 151.33 million in the year ended march 31, 2000. Total Income reported for the financial year ended March 31, 2001 is at Rs 834.11 million as compared to Rs 924.34 million in the corresponding period last fiscal. The results for the period ended March 31, 2001 are inclusive of the Cots & Aprons, Powder Paints, Wind Energy and Yarn Processing Divisions. The current year figures pertain only to Machinery and Textiles Divisions. Hence the Company has reported that the figures are not strictly comparable.

Sterlite Optical denies news item

With reference to a news article appearing in a leading financial daily titled "Sterlite Optical rides high on huge volumes" stating that the Company is likely to win a large order from a leading IT player, Sterlite Optical Technologies Ltd, in a communication to the BSE, has stated that these are speculative market rumours. The Company has further added that it was not the Company practice to either confirm or deny such speculative rumours, and that the Company practice is to keep all its constituents adequately informed of any major developments which has pricing implications.

SAIL FY-01 results on May 28, 2001

Steel Authority of India Ltd has informed BSE that the meeting of the Board of Directors of the Company to adopt audited accounts of the Company for the year ended March 31, 2001 will be held on May 28, 2001 at New Delhi.

Sri Chakra Remedies fixes record date for amalgamation with Aurobindo Pharma

Sri Chakra Remedies Ltd has fixed June 12, 2001 as the Record Date for the purpose of scheme of Amalgamation of the Company with Aurobindo Pharma Ltd. As per the scheme, three equity shares of Rs.10 each of Aurobindo Pharma Ltd, will be allotted for every one hundred existing equity shares of Rs.10 each of Sri Chakra Remedies Ltd., held. There will be no dealings in the scrip with effect from May 28, 2001

Tata Tea to publish FY-01 results by June 30, 2001

Tata Tea Ltd has informed BSE that the Company will publish the audited financial results for the year ended March 31, 2001within three months from the end of the financial year i.e. within June 30, 2001. Therefore, Company will not publish unaudited financial results for the quarter ended March 31, 2001.

Madras Cements FY-01results on June 6, 2001

Madras Cements Ltd has informed BSE that a Meeting of the Board of Director of the Company will be held at Chennai on June 06, 2001 to consider the audited annual accounts for the year ended March 31, 2001 and to recommend dividend.

ADC Selects Hughes Software and Kshema for Strategic Alliance in India

ADC a leading global supplier of fiber optics, network equipment, software and integration services for broadband, multiservice networks, has selected Hughes Software Systems (HSS), and Kshema Technologies, one of India's fastest growing solutions companies, in a strategic software alliance. After reviewing several software companies in India, ADC named Hughes Software Systems and Kshema Technologies as the best companies suited to provide software services. "ADC is excited to further strengthen its presence in India and to enter into closer relationships with both Kshema and HSS," said Michael Day, vice president at ADC. "Our relationship with both companies has enhanced ADC's product development activities and has added depth in software technology. We look forward to a long and productive associations in India." Operating through a wholly owned subsidiary under the Software Technology park India (STPI) umbrella in India, ADC will channel projects to both the companies. STPI is the designation used by local India government to encourage software development. Presently, ADC plans to set up its research and development base in India over the next two years to take advantage of the efficiency and the software engineering talent that is currently available. Since last year, HSS and Kshema Technologies have been working with ADC's product and service organizations to support various development projects. The development activity covers technology areas like broadband access, network management and enhanced services. "HSS is sharply focused on cutting edge communication software for the convergence and next generation networks markets," said Arun Kumar, president and managing director for Hughes Systems. "We are excited about this relationships as HSS focus areas are highly synergistic with ADC's growth drivers of broadband access, network management and voice over packet solutions. Apart from setting up a state of the art dedicated development facility for ADC, HSS would also be a preferred vendor to ADC for its voice-over-packet products and convergence technologies. "We are greatly honored to be associated with ADC and are very enthusiastic about our relationship with this major telecom," said Anant Koppar, president and CEO for Kshema Technologies. "Kshema's telecom focus and expertise in voice, data, wireless, and broadband access is bound to add huge value to this alliance. This consolidates our leadership position in the converging communication industry."

Wipro Board approves merger of Wipro Net

Wipro Ltd has today (May 17, 2001) announced that its Board of Directors has approved the merger of its subsidiary Wipro Net Ltd, with Wipro Ltd, effective April 1, 2001. The merger is subject to the approval of Karnataka High Court, Shareholders and Creditors of both companies. Commenting on the rationale for the merger of Wipro Net Ltd with Wipro Ltd Mr. Azim Premji, the Chairman of Wipro Ltd said "the merger of Wipro Net Ltd with Wipro Ltd enables us to synergies the customer offerings under one management. In addition, it will allow us to offer the specialized telecom skills available within Wipro Net and Wipro Ltd to our customers in both the domestic and Asia Pacific markets." Mr. Suresh Vaswani, President of Wipro Infotech, the Indian IT Services and Products business unit of Wipro Ltd will be responsible for Wipro Net after the reorganization. He noted "the communication of the capabilities of Wipro and Wipto Net opens us exciting opportunities. The Consolidation of Wipro's IT products, services and solutions offerings with the communication services offering of Wipro Net enables us to offer a unique value proposition to our customers." The merger of Wipro Net will not result in a material change to Wipro Ltd's financial statements under US GAAP or Indian GAAP.

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