Geometric Software Board reviews Investment/JV proposal

Geometric Software Solutions Co. Ltd, in a communication to the BSE, has confirmed that the Board of Directors at its meeting held today (May 23, 2001) has reviewed an investment/joint venture proposal and after making the modifications empowered the Managing Director to proceed with the negotiations and finalisation of the terms for moving forward. The Company states that it is in a premature stage to reveal any further details as the negotiations are in a delicate phase and expects negotiations in this regard to be completed within till the next 30-45 days.

Zee Telefilms to induct strategic partner

In a landmark decision, Zee Telefilms Ltd (ZTL) has decided to induct a strategic partner, preferably an international media major, so as to obtain objectives of high growth in the years ahead. ZTL has pioneered the growth of media industry in South Asia over the years and is today the 9th most well known brands in India. Its presence & leadership in diverse content forms and distribution has made it an infotainment powerhouse. ZTL through its several channels delivers Indian culture and content across the entire South Asian Diaspora around the world. Thus far, the growth of ZTL has been spearheaded by an entrepreneurial drive. With its current positioning in the media and entertainment industry, the Company expects that it is now well poised for tapping into a faster pace of growth. With the proposed framework of partnership with a global media major, the Company hopes to grow its market share and leadership not only in South Asia but across the world. With this in mind, the Executive Committee of the Company has decided to invite proposals from a leading international investment/merchant bankers in securing the proposed partnership. The framework of the management structure including the valuation and other related issues are expected to be discussed in consultation with the chosen bankers and potential partners.

Orchid Chemicals allots FCCBs worth USD 20 million to IFC, Washington

Orchid Chemicals & Pharmaceuticals Ltd has allotted Foreign Currency Convertible Bonds (FCCB) to the International Finance Corporation, Washington (IFC) aggregating to USD 20 Million. These Bonds will be converted into equity shares at a price of Rs 220 per share within 18 months. Post-Conversion, IFC's share in the equity of the Company will be 13.5 per cent. IFC will also extend an ECB loan of USD 10 million to Orchid. The funding from IFC would part-finance Orchid's USD 116 million expansion and diversification programme and support Orchid's initiatives to develop the business in differentiated arenas. Apart from a major product-market and higher end cephalosporin and non-cephalosporin products, Orchid's plan envisages a major thrust in formulations and discovery research. The plan also enables a selective entry into the field of bio-technology. This investment is the first ever by IFC, in the whole of the South Asian Pharmaceutical sector. Orchid considers this pioneering participation by IFC endorses the Company's strategic direction and growth aspirations.

United Credit drops buy-back plan for time being

United Credit Ltd has informed BSE that the Board of Directors at its meeting held on May 22, 2001 has decided not to go in for buy-back of equity shares for the time being. This decision is in supercession of the earlier decision taken in the Board Meeting held on April 30, 2001 wherein the Board had in principle decided in favour of buy-back of equity shares of the Company.

Blue Dart Express enters into strategic Alliance with Franch Express

Blue Dart Express Ltd has informed BSE that the Company has signed an exclusive agreement with Franch Express, a leading courier in South India. The agreement covers the Domestic Priority and APEX (Air Packages Express) services of Blue Dart. This alliance will enhance Blue Dart's expansive network across the southern region of the country, especially for the APEX product. With this alliance, Blue Dart Express Ltd has added over 1000 locations to its existing network in the southern region. Mr Gopinath Menon, Senior Vice President-South, said, "As a market leader, we are continuously looking at avenues to increase the depth and width of our services. Customers across more than 1000 locations will now be able to utilise the specialised services offered by the Company." Signing the agreement, Mr. Kannan, President French Express said, "By virtue of its strategic alliance with Franch Express, Blue Dart will have access into every location in the Southern Region, and Franch Express will have a countrywide reach. This alliance will give Franch Express access to Blue Dart's technology and its track-and-trace capability, via the net, to the most remote areas in the South".

Surat Electric FY-01 net up by 26.49%

Surat Electricity Company Ltd has posted a net profit of Rs 181.26 million for the year ended March 31, 2001 as compared to Rs 143.29 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is higher at Rs 6286.32 million as compared to Rs 5762.15 million for the year ended March 31, 2000. The Board of Directors has recommended a Dividend of Rs 3.30 per share (33%) subject to the approval of the shareholders.

Mold-Tek Tech bags US $3 million contract from US based Company

Mold-Tek Technologies Ltd has informed BSE that the Company's I.T.Division has made an initial break through by entering for Production Engineering Services sub-contract for a US based company on May 21, 2001. The contract is valued around US$ 3 million for the IT services to be rendered during the next 3-5 years.

Mphasis bags prestigious "Credit Cards" project from Japan

Mphasis, a leading provider of software, system integration technology and IT enabled services for customer-focused corporation, today (May 23, 2001) announced an agreement with Spectrum Software Inc, USA, to be the software solutions partner for one of the world's largest bankcard processors. Under the agreement, Mphasis Spectrum will translate the client's bankcard-processing platform from English (single byte character set) to Japanese (double byte character site). This would entail developing a base system for the Japanese market in US and ship it to Japan. The Company in association with Spectrum Software Inc, will undertake actual software development at its offshore development center located at Bangalore. The MphasiS-Spectrum office in Norcoss, GA will provide all the project management support and service to ensure the smooth and successful completion of the project. The choice fell on Mphasis-Spectrum because of its demonstrated proficiency in providing cost effective, efficient and quality software products and services successfully for the last 8 years. Mphasis-Spectrum has successfully assisted several major corporations, both large and small, with their software development needs since 1993.

Dewan Housinh Finance FY-01 net up by 13.87%

Dewan Housing Finance Corporation Ltd has reported a net profit of Rs 163.66 million for the year ended March 31, 2001 as compared to Rs 143.72 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 1030.62 million as compared to Rs 909.54 million for the year ended March 31, 2000. The Board of Directors has approved 15% Dividend on equity shares for the current financial year.

Elgi Equipments FY-01 net profit at Rs 56.91 million

Elgi Equipments Ltd has posted a net profit of Rs 56.91 million as compared to Rs 59.22 million in the corresponding period last fiscal. Total Income for the year ended March 31, 2001 is at Rs 1747.53 million as compared to Rs 1559.58 million in the year ended March 31, 2000. The Board has recommended a dividend of 25%(excluding Dividend Tax) for the current year. The Company has incurred Rs 12.91 million as VRS expenditure during the current year as compared to Rs 7.07 million in the year ended March 31, 2000. Actionable claims amounting to Rs 37.18 million have been written off during the current year ended March 31, 2001.

Indian Resort Hotels FY-01 results on June 01, 2001

A meeting of the Board of Directors of Indian Resort Hotels Ltd is scheduled to be held on June 1, 2001 to consider the audited financial results of the Company for the year ended March 31, 2001 and recommendation of Dividend, if any, on the Equity Shares of the Company for the financial year ended March 31, 2001.

Amtek Auto Board approves preferential issue at Rs 350 per share

Amtek Auto Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (May 23, 2001) has approved the issue of 26,57,100 Equity shares of Rs 10 each at a premium of Rs 340 per share to Financial Institutions, Banks, Mutual Funds, etc by way of Preferential offer on firm allotment basis. The aforesaid issue is subject to the approval of the shareholders of the Company at its meeting to be held on June 23, 2001.

Wockhardt and Bayer in co-marketing pact for additional product

Wockhardt Ltd has signed a co-marketing arrangement with Bayer Pharmaceuticals Ltd for an oral antibacterial Cefuroxime axetil in managing some of the critical and commonly encountered infections of the respiratory tract. In this arrangement, Bayer will get from Wockhardt, finished products - Cefuroxime axefile tablets, in 125mg, 250mg and 500mg strengths, to be marketed by Bayer under its brand "FORU". Wockhardt has already lauched its brand of Cefuroxime axetil, both in tablet and suspension forms under the brand name KEFSTAR. Cefuroxime is amongst the best oral anti-infectives available in the country. Its efficacy and safety is already well established and the molecule is a great success in the global market with estimated worldwide sales nearing US$ 1 Billion. In India, Cefuroxime axetil has carved out Rs 800 million in sales with 31% growth. Wockhardt's Chairman, Mr Habil F.Khorakiwala, said, "In our co-marketing agreement with Bayer, we have now added to Bayer's product portfolio, our anti-infective - Cefuroxime axetil. Earlier, we had agreed to market Bayer's oral anti-diabetic acarbose, which has been recently lauched under our brand Asucrose throughout the country. Such collaborative efforts will certainly help both, Bayer and Wockhardt, ensuing a win-win approach."

Vakrangee Software awarded PIS order from Maharashtra government

Vakrangee Softwares Ltd has informed BSE that Information and Technology Dept. of the Govt. of Maharashtra has awarded an unprecedented order for installation of Personnel Information System Software (PIS) an unique state of art, multilingual software developed by the company for payroll, establishment and vigilance functions. The company expects more than 10000 installations and gross revenue of Rs.200 Million from PIS during the current financial year itself.

BSE imposes Special Margin on 2 scrips

BSE has imposed Special Margins of 25 per cent on the under mentioned scrips with effect from today (May 23, 2001). Code Scrip Name Group 32175 INFOTECH ENTERPRISES LTD B1 30551 MONALISA INFOTECH LTD B2

Sun Pharma clarifies on news item

With reference to the news item appearing in the leading financial daily title "Chemist call for boycott of Sun Pharma products" Sun Pharmaceuticals Industries Ltd has informed BSE that the Company and All-India Organisation of Chemist & Druggists (AIOCD) are currently talking on issues which primarily relate to the transfer of brands from Natco Pharma and the treatment of return goods for these brands. The Company has further clarified that it does not expect this to have a material impact on its performance.

Tata Power FY-01 results on June 20, 2001

A meeting of the Board of Directors of Tata Power Company Ltd will be held on June 20, 2001 to consider the final accounts and recommendation of Dividend, if any, for the year ended March 31, 2001.

Russel Credit revises VST Inds Open Offer price to Rs 120 per share

Russel Credit Ltd has revised the offer price to acquire up to 30,88,384 fully paid shares of Rs 10 each, representing 20% of the equity share capital of VST Industries Ltd in accordance with Regulation 20 of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 . Consequent to this revision, the price payable for shares accepted in the competitive bid stands increased to Rs 120 per fully paid up equity share, payable in cash. This public annoucement is being issued in a communication to the BSE by Kotak Mahindra Capital Company for and on behalf of Russel Credit Ltd.

Trigyn Tech FY-01 net loss at Rs 15.54 million due to provisioning for doubtful debts

Trigyn Technologies Ltd has posted a net loss of Rs 15.54 million for the year ended March 31, 2001 as compared to a net profit of Rs 99.68 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is higher at Rs 936.72 million as compared to Rs 696.76 million for the year ended March 31, 2000. The Company has made provision for doubtful debts/advances of Rs 61.52 million during the current year in respect of certain receivables as an abundant caution.

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