Sri Vasavi Inds Board allots shares on preferential basis

Sri Vasavi Industries Ltd has informed BSE that the Board of Directors of the company has allotted on preferential allotment basis 5 million equity shares of Rs.10/- each at a premium of Rs.20/- per share to Sri Vasavi Holdings & Investments Ltd.

Top Cassettes fixes record date for stock split

Top Cassettes Ltd has informed the BSE that the Company has fixed June 30,2001 as the record date for the purpose of splitting of the stock in the ratio 1:10. The splitting of shares will result in the face value of its shares into the shares of nominal value of Rs 1/- each.

Subex Systems to acquire assets of overseas Company

The Board of Directors of Subex Systems Ltd at its meeting held today (May 26, 2001) has approved the acquisition of assets of M/s. Magardi Inc, Canada. The acquisition comprises primary software products like "Out Smart" and "Incharge". "Out Smart" is a Fraud Management System for wireline operations and will complement "Ranger", the Fraud Management System product of Subex in the wireless operations. "Incharge" is a billing verification product for use by Telecom Carriers. The total consideration for acquisition is around Canadian $ 3 million and 3% of the outstanding shares of Subex Systems on a fully diluted basis. The consideration is payable in installments over the next nine months. The total shares to be issued is 2,20,382 equity share of Rs 10 each fully paid, at a price to be determined as per the SEBI guidelines and is subject to the approval from the members of the Company, Reserve Bank of India and Foreign Investment Promotion Board. The acquisition, a first of its kind, of "Software Products" by Indian Company, will help the Company to be focussed and niche player in the Fraud Management Systems in the global market. The product is expected to complement and enhance the sales of the existing product line of Subex.

Neyveli Lignite Corp workers resort to strike

Neyveli Lignite Corporation Ltd has informed BSE that the non-executive employees of the company have resorted to strike from 22.00 hrs on May 22, 2001 onwards in support of their demand for wage revision. The management of the company has already commenced negotiations with the trade union leaders and it is expected that normalcy would be restored soon.

Sarita Software Board allots shares on preferential basis

Sarita Software & Industries Ltd has informed BSE that the Board of Directors of the Company has allotted on preferential allotment basis 5 million equity shares of Rs.10/- each at a premium of Rs.30/- per share to Sri Vasavi Holdings & Investments Ltd.

GKN Driveshafts Dharuhera Plant workmen on illegal strike

GKN Driveshafts (India) Ltd has informed BSE that the workmen of the Company's Dharuhera Plant (Plot No.34 & 35, Industrial Area, Dharuhera(Rewari) have gone on illegal strike. The Company's production supervisory staff and other executives of the company are taking care of all production activities. Accordingly, supplies to customers have not affected adversely as on date and is not expected to be affected in near future. Further, the Company has also informed that it has sufficient stock of finished goods to cater the customer's demand.

CARE downgrades Dharani Finance' FD programme

Dharani Finance Ltd has informed BSE that CARE has downgraded the rating assigned to the Fixed Deposit programme of the Company from CARE BB- (FD) (BB-) to CARE B (FD) (B).

Thomas Cook introduces online air ticket auctions

In a path-breaking move, Thomas Cook (India) Ltd has informed BSE that the Company has brought for the Indian traveller, the first ever airline ticket auctions by a Travel Company. Starting May 23, 2001 Thomas Cook (India) Ltd has been auctioning business and economy class tickets on Alitalia airline on bidorbuyindia.com, a premier auction site. On offer are a range of exciting European destinations including London, on all Alitalia's six, weekly departures, ex-Mumbai, for specific dates in May and June. The bids start at Rs 25000 and Rs 55000 for economy and business class tickets respectively. An attractive add-on to every business class ticket is a free onboard duty free shopping voucher valued at approximately US $25. The auction is one of several customer-led initiatives being undertaken by thomascook.co.in, the Internet division of Thomas Cook. Thomascook.co.in has teamed up with bidorbuy.com (in which it has an equity stake) to bring travellers a state of the art platform for travel auctions. Besides air tickets, thomascook.co.in will also be auctioning domestic and international holidays packages. Enthusiastic about the new initiative, Ashwin Kakkar, Thomas Cook (India) Ltd's CEO and MD, says "Wait and watch, the best is yet to come! This is just one more prong in our customer-centric strategy. Online commerce and dynamic pricing are being driven by customer demand, and as a customer-led organization we have chosen to respond by giving customers access to our products through a wide variety of channels and purchase mechanisms."

AFT Industries FY-01 net profit down by 67.21%

AFT Industries Ltd has reported a net profit of Rs 46.40 million for the year ended March 31, 2001 as against Rs 141.50 million last fiscal. Net sales for FY-01 is Rs 904.30 million as against Rs 959.20 million for FY-00. Other Income has declined from Rs 66 million for the FY-00 to Rs 54.70 million for the current financial year. The Board has recommended dividend of 50% for the year 2000-01. The Company has reported that Unfavourable market condition due to general economic situation and increased cost of production which has resulted in lower profit.

Deepak Fertilisers FY-01 PAT up by 28.71%

Deepak Fertilisers and Petrochemicals Corporation Ltd has posted a profit after tax (before extra-ordinary items) of Rs 690.27 million for the year ended March 31, 2001 as against Rs 536.65 million in the corresponding period last fiscal. Total Income for the year ended March 31, 2001 is at Rs 4899.88 million as compared to Rs 5969.67 million for the year ended March 31, 2000. The Board of Directors of the Company has recommended a Dividend of 25% (Previous Year 20%) for the year ended March 31, 2001 amounting to Rs 205.81 million. Extraordinary items for the year ended 31st March, 2001 represent provision of Rs 42.605 million made towards unrealised insurance claim and Rs. 27.70 million towards rollback of interest concessions by Financial Institutions and Banks after consideration of which the net profit for the current year ended March 31, 2001 stands at Rs 627.04 million

Money

Rapid Information on Stocks & Corporates

Tell us what you think of this report