Reliance Petro to issue GDRs to existing shareholders Dividend

Reliance Petroleum Ltd has proposed to sponsor a Global Depository Programme against shares held by its shareholders. The Board of Directors of RPL at its meeting held on March 15, 2001 had decided to sponsor a GDR programme in terms of the recent provisions issued by the RBI notification dated March 02, 2001 and Press Note dated April 16, 2001 issued by the Ministry of Finance permitting an Indian Company to sponsor an issue of Global Depository Receipts (GDRs), overseas depository, against shares held by its shareholders at a price to be determined by the Lead Manager. Reliance Industries Ltd, RPL's main promoter and major shareholder which controls 64% equity in RPL has expressed its intention to participate in the Programme and bring down its shareholding from 64% to 51%. If the shareholders wish to participate to this programme, then they should respond to this offer between May 19, 2001 to June 02, 2001. Summary of the programme The GDR programme being sponsored by RPL contemplates the deposit of the equity shares in one or more GDRs facilities for the purpose of offering GDRs in one or more offerings. The size, timing and offering price of the GDR offerings have not been determined and will be determined by the Lead Managers in consultation with the company at the time of the applicable GDR offerings. Terms & Conditions Eligibility to participate All shareholders who hold fully paid up equity shares of RPL which are free from lien, charge and encumbrance of any kind whatsoever, are entitled to respond to this Programme. As the equity shares of RPL are traded in the compulsory demat mode, shareholders wishing to participate in this programme should forward their equity shares in demat form only and no equity shares in physical from would be accepted by the Company. Minimum Lot A minimum lot of 100 equity shares of RPL will have to be tendered by the participating shareholders. Option to specify price while tendering shares The sale price would be the rupee equivalent of the offer price converted by the banker and payable in rupees. Shareholders have the option to indicate the minimum price at which they are willing to sell their equity shares as a part of the GDR programme or opt for price discovered through GDR book building ie "Cut-Off Price". The equity shares tendered at a price equal to or below the cut-off price will be eligible to be considered for the sale. The size, timing and pricing for the GDR Offering, in one or more offerings as may be appropriate, will be determined by the Lead Managers in consultation with the Company, and will be binding on shareholders participating in the programme. Time period The Shareholders responding to this Programme are required to keep their Equity Shares deposited with the Escrow Agent (Karvy Consultants Ltd has been appointed for this purpose) till March 31, 2002. If the GDR programme, in one or more offerings as may be appropriate, is completed before that date, payment and/or delivery of Equity Shares will be made by the Bankers/Escrow Agent. If the GDR programme has not been competed on or before that date, the Company would instruct the Escrow Agent to credit the DP accounts of respective shareholders with the Balance Equity Shares. Shareholders will not be entitled to sell/pledge/transfer or otherwise dispose off or deal with RPL Equity Shares tendered in this programme, until such time as the Equity Shares are credited back to their DP accounts. Based on the total number of equity shares offered under the programme, the company and the lead managers will proceed to complete GDR offerings in the international capital markets, in one or more offerings as may be appropriate, to be listed on the Luxembourg stock exchange (or such other stock exchange as the company may decide) subject to receipt of necessary approvals and subject to appropriate market conditions. The equity shares will be accepted from each shareholder on a proportionate basis in the ratio of the total number of equity shares sold in each offering to the total number of equity shares tendered by all shareholders. In the event of the aggregate number of the equity shares tendered by all shareholders is equal to the total number of Equity shares offered through the programme, in such offerings as may be appropriate, then the entire quantity of Equity Shares tendered by all shareholders will be accepted. In the event of the aggregate number of the equity shares tendered by all the shareholders exceeds the total number of equity shares offered through the various offerings of the GDR programme, as may be appropriate, then the equity shares will be accepted from each shareholder only on a proportionate basis, in the ratio of number of Equity Shares sold under the programme to the total number of equity shares tendered by all shareholders and the excess equity shares after the last offering will be returned on proportionate basis to all shareholders. The decision of the Company in this regard will be final and binding on all shareholders.

ITC Hotels FY-01 net up by 6.02%, Board recommends 10% Dividend

ITC Hotels Ltd has reported a net profit of Rs 126.90 million for the year ended March 31, 2001 as compared to Rs 119.70 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is higher at Rs 1347.40 million as compared to Rs 1311.10 million for the year ended March 31, 2000. The Board of Directors at its meeting held today (May 18, 2001) has decided to recommend to the shareholders at the AGM of the Company scheduled to be held on August 17, 2001, payment of Dividend for the financial year ended March 31, 2001, of Re 1 per share on 3,02,16,492 Equity Shares of Rs 10 each. The Proposed Dividend, if declared, will be paid on or after September 05, 2001 to those shareholders entitled thereto and whose names appear on the register of members of the Company on August 17, 2001. The Register of Members of the Company will be closed from August 01, 2001 to August 17, 2001, both days inclusive.

Glenmark Pharma FY-01 net profit down by 21.17%

Glenmark Pharmaceuticals Ltd has reported a fall in net profit from Rs 216.78 million in the year ended March 31, 2000 to Rs 170.89 million in the year ended March 31, 2001. Net Sales posted by the company is at Rs 1671.67 million for the financial year ended March 31,2001 as compared to Rs 1340.60 million in the corresponding period last fiscal. The Board of Directors has recommended a dividend of 40% (previous year 80%, of which 40% was special dividend) for the year ended March 31,2001, subject to the approval of shareholders.

Nirma to raise funds through debt instruments

The Board of Directors of Nirma Ltd at its meeting held today (May 18, 2001) has decided to borrow by way of issuance of Commercial Papers and/or other short term debt instrument like Floating Rate Non Convertible Debentures, Non-Convertible Debentures etc in one or more tranches. The maximum limit for this amount to be raised along with the amount already raised has been fixed at Rs 3500 million.

Gesco Corp Board appoints Kotak Mahindra as Merchant Bankers in relation to scheme of arrangement

The Board of Directors of Gesco Corporation Ltd at a meeting held today (May 18, 2001) has decided to appoint M/s Kotak Mahindra Capital Company, Merchant Bankers, as advisors, M/s Amarchand & Mangaldas & Suresh A Shroff & Co. as legal advisors, M/s Kalyaniwalla & Mistry, Chartered Accountants, and M/s N M Raiji & Co., Chartered Accountants as valuers in connection with the Scheme of Arrangement between Gesco and Mahindra Realty & Infrastructure Developers Ltd, and prepare and submit a draft Scheme and Valuation Report.

Ion Exchange to call EGM to seek members approval on preferential issue

Ion Exchange (India) Ltd has informed BSE that at the meeting of the Board of Directors of the Company held today (May 18, 2001), it has been decided to convene an Extra-Ordinary General Meeting of the Company on June 26, 2001 for the purpose of considering the issue of 1.50 million Equity Shares/Warrants to promoters/bodies corporate, etc on preferential basis.

Soundcraft Inds appoints new Additional Director

Soundcraft Industries Ltd has informed BSE that Mr. Vijay Mohanlal Jain, a qualified Chartered Accountant has been appointed as an Additional Director of the Company to hold the office to the ensuing Annual General Meeting. The said appointment has been made at a meeting of the Board of Directors held on May 08, 2001.

IndusInd Bank Q4 net loss at Rs 218.90 million, FY-01 net profit down by 27.72%

IndusInd Bank Ltd has posted a net loss of Rs 218.90 million for the quarter ended March 31, 2001 as compared to a net profit of Rs 50.10 million for the quarter ended March 31, 2000. Total Income for the quarter ended March 31, 2001 is at Rs 2426.70 million as compared to Rs 2292.20 million in the corresponding period last fiscal. The Company has reported a fall in net profit from Rs 560.90 million in the year ended March 31, 2000 to Rs 405.40 million in the year ended March 31, 2001. Total Income posted by the Company is at Rs 8452.70 million in the financial year ended March 31, 2001 as compared to Rs 7822.20 million in the corresponding period last fiscal. The Board of Directors of the Company has recommended a dividend of 13% (previous year 12.5%) for the year ended March 31, 2001.

Britannia Industries FY-01 results on June 01, 2001

A meeting of the Board of Directors of Britannia Industries Ltd is scheduled to be held on June 01, 2001 to consider and approve the accounts of the Company for the year ended March 31, 2001 and also recommend to the members of the Company the payment of Dividend, if any, on the Company's Equity Share Capital for the year ended March 31, 2001.

Pentasoft Tech ties up with Shanghai Industrial Holdings

Pentasoft Technologies Ltd (PSTL) today (May 18, 2001) has signed a joint venture agreement with Shanghai Industrial Holdings Ltd (SIHL), China to promote software education and development, multimedia production and broadband technology in China. Lazard India were the financial advisors to Pentasoft for this transaction. SIHL, a publicly listed company in Hong Kong and a constituent stock of the Hang Seng Index has a turnover and shareholders' attributable profits during the year 2000 amounting to HK$ 2.96 billion and HK$ 1.14 billion respectively. A conglomerate with investment in several Shanghai's pillar industries, SIHL has stepped up its investment in IT areas in recent years. Last July, SIHL acquired 20% of Shanghai Information Investment (SII), specialising in investments on Shanghai's IT infrastructure and value added services, with Government endorsement. Among the landmark projects owned and operated by SII are Shanghai Cable TV, CablePlus Services and Broadband Fibre Network. SIHL also took 11% equity interest in one of the largest IC foundaries in Shanghai, which is expected to employ state-of-the -art semiconductor technologies. Mr. V Chandrasekaran, Chairman, Pentasoft, stated that the joint venture was a part of the planned expansion of operations in the Far East. PSTL has formed a joint venture company in association with SIHL in Hong Kong and China, he added.

Vanavil Dyes Q4 net down by 14.93%, FY-01 net up by 4.95%

Vanavil Dyes and Chemicals Ltd has posted a net profit of Rs 10.78 million for the quarter ended March 31, 2001 as compared to Rs 12.67 million in the same period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 158.14 million as compared to Rs 198.74 million in the quarter ended March 31, 2000. The Company has reported a net profit of Rs 44.81 million for the year ended March 31, 2001 as compared to Rs 42.70 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 672.09 million as against Rs 667.34 million for the year ended March 31, 2000. The Board of Directors has recommended a Dividend of 40% for the current financial year.

ITC Bhadra posts Rs 348.93 million as net profit for FY-01

ITC Bhadrachalam Paperboards Ltd has posted a net profit of Rs 348.93 million for the year ended March 31, 2001 as against a net loss of Rs 321.23 million in the corresponding period last fiscal. Total Income for the year ended March 31, 2001 is at Rs 5471.19 million as compared to Rs 4055.36 million for the year ended March 31, 2000. Other Income for the current year includes i) capital gain of Rs 42.80 million on sale/redemption of investments and ii) liquidated damages aggregating Rs 49.50 million from contractors/suppliers. The Company has also reported that there was a fire incident, on March 22, 2001 at the Companys mill at Bhadrachalam, in the power generating equipment area. The production facilities were made operational during the period 24th to 31st March 2001. The equipment (turbo generator) is expected to be fully functional by end-May, 2001. The restoration cost is estimated at Rs 50 million, which is partly recoverable from the Insurer. The loss on account of production stoppage, and other costs, is estimated at Rs 22.50 million (Rs 17.90 million upto 31.3.2001).

BPCL acquires 33.33% stake in VI eTrans Private Ltd

Bharat Petroleum Corporation Ltd has informed BSE that the Corporation has invested Rs 10,00,000 in the equity share capital of VI eTrans Private Ltd representing 33.33% of issued and subscribed capital of the said Company. VI eTrans Private Ltd is engaged in providing logistics support systems for Indian surface transport industry and its users with the help of electronic and physical infrastructure and web based systems. The Tracking stations would be installed at BPCL Retail Outlets across the Country. This investment would enable BPCL to provide an excellent value added service to its customers.

Monsanto Board to consider issue of Bonus Shares

Monsanto India Ltd has informed the BSE that the meeting of the Board of Directors of the Company will be held on May 22, 2001 to consider the recommendation for issue of Bonus Shares. The aforesaid meeting will also consider adoption of accounts for as at March 31, 2001 and recommend Dividend, if any.

TV 18 clarifies on news item

With reference to a news item appearing in a leading financial daily titled "Is the deal between Sony and TV 18 off?" Television Eighteen India Ltd, in a communication to the BSE has stated that the existing contract with SET India Ltd for distribution and advertising sales of the CNBC India channel is in fully operation. Further the Company has also stated that the two Companies are in the final stages of their negotiations over the exercise of a 20% equity option by SET in CNBC India.

Thomas Cook Holdings announces increased responsibilities for Ashwin Kakkar

Ashwini Kakkar, CEO & MD, Thomas Cook (India) Ltd, will now assume an added responsibility of leading the Thomas Cook operations in Egypt. While announcing this reorganisation, Alan Stewart, CEO Thomas Cook Holdings said, "Over the past four years Ashwini Kakkar has done an excellent job in developing our business in India and across the Indian Ocean Region. I am delighted he is taking on the additional responsibility for providing leadership to our Egyptian travel business. Our international operations are important businesses to the company and the Thomas Cook name and reputation in India and Egypt is extremely strong. I have every confidence that we will continue to strengthen our businesses in these two markets."

Nirma FY-01 net up by 6.67%, Net Sales up by 41.02%

Nirma Ltd has reported a net profit of Rs 2497.10 million for the year ended March 31, 2001 as compared to Rs 2341 million in the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is higher at Rs 20643.70 million as compared to Rs 14900.70 million in the corresponding period last fiscal. The Board of Directors has recommended a Dividend of 35% i.e. Rs 3.50 per share for the year 2000-01, subject to the approval by the members of the Company.

Gujarat Ambuja Cem Board approves issue of shares at Rs 225 per share

Gujarat Ambuja Cements Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (May 18, 2001) has approved the following issue of Equity Shares and Warrants to Affinity Investments Ltd, an Affiliate of Warburg Pincus Equity Partners L.P., subject to the approval of the shareholders. :- 1. 8 million Equity shares at a price of Rs 225 per share 2. 8 million Warrants, each Warrant convertible into one equity share at a price of Rs 225 per share at the option of the Investor at any time before September 30, 2002.

Top Media Entertainment fixes record date for stock split

Top Media Entertainment Ltd has fixed June 12, 2001 as the record date for the purpose of stock split of existing equity shares - from every one existing equity share of Rs 10 each into ten equity shares of Re 1 each.

UTI Bank fixes Book Closure

UTI Bank Ltd has informed BSE that the Register of Members and the Share Transfer Books of the Bank will remain closed from June 20, 2001 to June 30, 2001 for the purpose of the Seventh Annual General Meeting of the Bank and for the payment of dividend declared, if any. The AGM is scheduled to be held on June 30, 2001.

Ind-Swift Lab FY-01 net up by 40.68%

Ind-Swift Laboratories Ltd has posted a net profit of Rs 41.52 million in the year ended March 31, 2001 as compared to Rs 29.51 million in the year ended March 31, 2000. Total income reported for the financial year ended March 31, 2001 is at Rs 927.26 million as compared to Rs 691.25 million in the corresponding period last fiscal.

Infoquest Software fixes record date for Stock Split

Infoquest Software Exports Ltd has fixed June 12, 2001 as the record date for the purpose of Stock Split of existing equity shares - from every one existing equity share of Rs 10 each into ten equity shares of Re 1 each.

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