RBI approves appointments of Executive Directors on Board of ICICI Bank

ICICI Bank Ltd has informed BSE that the Reserve Bank of India has approved the appointments of the Executive Directors namely Smt Chanda D.Kochhar and Dr. Nachiket Mor appointed by the Board of Directors of the Bank at its meeting held on March 23, 2001. The approval has been granted today (May 29, 2001). The Bank will now be seeking the approval of its members for the appointments of the Directors at their Seventh Annual General Meeting scheduled to be held on June 11, 2001 at Vadodara.

L&T Q4 net up by 61.10%, FY-01 net down by 7.77%

Larsen & Toubro Ltd has posted a net profit of Rs 2504 million for the quarter ended March 31, 2001 as compared to Rs 1554.30 million in the corresponding period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 25714.60 million as compared to Rs 24853.80 million in MQ 2000. The company has posted a net profit of Rs 3150.60 million for the year ended March 31, 2001 as compared to Rs 3416.30 million in FY-00. Total Income for the year ended March 31, 2001 is at Rs 80350.90 million as compared to Rs 75991.10 million in the year ended March 31, 2000. The Directors has recommended a dividend of 65% (Rs 6.50 per share) on 24,85,45,098 and pro rata dividend of 37.9% (Rs 3.79 per share) in respect of 1,04,318 shares allotted effective Sept 01, 2000 under Employee Stock Option Scheme.

Novartis granted exclusive rights for commercialisation of insulin sensitiser from Dr Reddy's

Novartis Pharma AG and Dr.Reddy's Laboratories Ltd announced today (May 29, 2001) that they have entered a licensing agreement for a novel anti-diabetes agent. Under terms of the agreement, Dr. Reddy's will grant Novartis worldwide exclusive rights to development and commercialisation of their insulin sensitiser DRF4158 in type 2 diabetes, in return for up to USD55 million in upfront and milestone payments for specific clinical and regulatory endpoints, as well as royalties. Dr.Reddy's will have co-promotion rights for DRF 4158 in India. The agreement is subject to regulatory clearance in the United States. Type 2 or non-insulin dependent affects about 120-140 million people world-wide and is a serious disease with increasing numbers of people being afflicted in both first and developing world countries. Dr. Reddy's compound, DRF 4158, belongs to a new class of anti-diabetic drugs called insulin sensitisers, and is a second-generation dual acting peroxisome proliferator activated receptor (PPAR) alpha and gamma agonist for the potential treatment of Type 2 diabetes, diabetic dyslipidemia, hypertension and obesity. DRF 4158 is currently in preclinical evaluation, prior to its entry into clinical trails in humans. "The licensing agreement with Dr Reddy's gives Novartis an excellent opportunity to work with one of India's premier pharmaceutical research groups. DRF 4158 is an important addition to our preclinical pipeline in the metabolic diseases area, and contributes and insulin sensitising compound to further strengthen our portfolio of drugs for diabetes, " said Dr Joerg Reinhardt, Head of Development, Novartis Pharma AG. Commenting on the agreement, Drl Anji Reddy, Chairman of Dr.Reddy's said " This is a significant event in the evolution of Dr. Reddy's as a research based pharmaceutical company. We are thrilled to be partnering with Novartis, a Company I personally admire."

Aksh Optifibre to expand its existing capacity

Aksh Optifibre has informed the BSE that the Company is planning to expand its capacities from 82,038 km to 2,10,000 km, fibre capacity from 14,50,000 fkm to 53,00,000 fkm and FRP capacity from 3,00,000 km to 10,00,000 by March 2002. Further the fibre tower of 650,000 fkm has been recently been commissioned while another fibre tower of 650,000 fkm is in the process of being installed. The company has recently set up the worlds largest FRP manufacturing facility at Ringus, Rajasthan.

EIH Ltd FY-01 net up by 30.84%, Net Sales up by 13.29%

EIH Ltd has posted a net profit of Rs 948.20 million for the year ended March 31, 2001 as compared to Rs 724.70 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is higher at Rs 5189.30 million as against Rs 4663.20 million for the year ended March 31, 2000. The Board of Directors of the Company has recommended a Dividend of Rs 6 per share (60%) as against Rs 5 per share (50%) in the previous year.

Alkyl Amines posts Rs 84.30 million as net loss for FY-01

Alkyl Amines Chemicals Ltd has posted a net loss of Rs 84.30 million for the year ended March 31, 2001 as compared to a net profit of Rs 76.30 million last fiscal. Total Income for the year ended March 31, 2001 is at Rs 724.30 million as compared to Rs 746.50 million for the year ended March 31, 2000. Interest Expenditure has risen from Rs 56.70 million in FY-00 to Rs 105.90 million in FY-01. The results for the financial year ended March 31, 2001 were adversely affected because of: (a) Lower price realisation on finished products; (b) rise in input costs like methanol, amonia etc; and (c) increased depreciation and interest costs after completion of expansion projects. The Company has reported that with effect from March 14, 2001 the company has (alongwith Mr Amit Mehta & Associates) has acquired controlling stake in Diamines and Chemicals Ltd, Gujarat.

Shasun Chemicals FY-01 net down by 49.85%

Shasun Chemicals and Drugs Ltd has posted a net profit of Rs 102.60 million for the year ended March 31, 2001 as compared to Rs 204.60 million last fiscal. Total Income for the year ended March 31, 2001 is at Rs 1734.40 million as compared to Rs 1771 million for the year ended March 31, 2000. The Interest Expenditure has increased from Rs 68.30 million in FY-00 to Rs 73.30 million in FY-01. The Board of Directors of the Company has recommended a dividend of Rs 3 per equity share.

Finolex Industries Q3 net up by 185.97%

Finolex Industries Ltd has reported a net profit of Rs 73.27 million for the quarter ended April 30, 2001 as against Rs 25.62 million for the corresponding period last fiscal. Total Income for the quarter ended April 30, 2001 is higher at Rs 1967.39 million as compared to Rs 1765.81 million for the quarter ended April 30, 2000. The Company has informed that it has bought back till May 28, 2001, 1999,710 equity shares of Rs 10 each for an aggregate consideration of Rs 45.58 million. Of these, the Company has extinguished 881,589 equity shares.

Skanska AB make open offer to the shareholders of Kvaerner Cementation at Rs 151 per share

Skanska AB, a Company registered under the laws of Sweden having its Registered Office at Klarabergsviadukten 90, Box 1195, SE-111 91 Stockholm, Sweden and Cementation Company Ltd, a Company registered under the laws of England, having its Registered office at Maple Cross House, Denham Way, Maple Cross, Rickmnasworth, Hertfordshire WD3 9AS, are making an Offer to the public shareholders of Kvaerner Cementation India Ltd (KCIL), to acquire 16,40,943 fully paid equity shares of KCIL, representing 35.62% and being the balance paid up equity shares of KCIL at a price of Rs 151 per equity share payable in cash. All the shares pursuant to the offer are to be acquired by Cementation only. The offer is not conditional on minimum level of acceptances. The Specified Date (for the purpose of determining the names of shareholders to whom the Letter of offer would be sent) has been fixed at June 08, 2001. The Offer will open on July 12, 2001 and will close on August 10, 2001. This Public Announcement is being issued by Jardine Fleming India Securities Ltd on behalf of Skanska AB, pursuant to and in compliance with, the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto.

Bhartiya International clarifies on news item

With reference to the news item appearing in the leading financial daily titled "Bhartiya plans to buy out Italian brand" Bhartiya International Ltd has informed BSE that the plans mentioned in the news item is nothing new and have also been stated even in the last annual report. The Company has denied that Mr Snehdeep Aggarwal, his family and friends are holding 49% stake in the Company. In this regard, the Company has informed that Mr Snehdeep Aggarwal is holding 19% (approx) & holding of Mr Aggarwal & his relatives is 22% (approx).

IDBI withdraws its Nominee Director from ACC Board

Associated Cement Companies Ltd (ACC) has informed BSE that Industrial Development Bank of India (IDBI) vide its letter dated May 08, 2001 in terms of provisions of the Loan Agreement dated June 03, 1993 entered into between IDBI and ACC has withdrawn the nomination of Mr. J.N.Godbole from the Company's Board of Directors with effect from May 15, 2001. The said letter of IDBI has been taken on record by the ACC Board at its meeting held on May 25, 2001.

Neyveli Lignite non-executive employees resume work

Neyveli Lignite Corporation Ltd has informed BSE that the non-executive employees of the Company have withdrawn their strike and have resumed duty. The Company had earlier informed that the non-executive employees of the Company had resorted to strike from 22.00 hrs on May 22, 2001 onwards in support of their demand for wage revision.

Tata Infotech denies news item

With reference to the news article appearing in a leading financial daily on the likely merger between Tata Consultancy Services (TCS) and Tata Infotech Ltd, Tata Infotech Ltd has informed BSE that there is no ongoing discussions or plans for a merger of the two entities. The Company has further clarified that while the two entities work together, as well as with other IT entities in the Tata Group, on projects and create synergies for each other and their clients, there is no plans to merge any of them in the foreseeable future.

Balrampur Chini Board approves delisting from Delhi & UP exchanges

Balrampur Chini Mills Ltd has informed BSE that the Board of Directors of the company has approved the delisting of company's equity shares from Delhi and U.P. Stock Exchanges due to lack of trading volume. This is however, subject to necessary approvals.

BSE imposes 25% Special Margin on Jain Studios

BSE has informed members of the exchange that Special Margin of 25% has been imposed on the under mentioned scrip with effect from today (May 29, 2001). Code Scrip Name Group 32033 JAIN STUDIOS LTD B1

SBI Home Finance Q4 net loss at Rs 54.30 million, FY-01 net loss at Rs 217 million

SBI Home Finance Ltd has reported a net loss of Rs 54.30 million for the quarter ended March 31, 2001 as compared to a net loss of Rs 70.80 million for the same period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 104.20 million as against Rs 128.20 million for the quarter ended March 31, 2000. Net Loss for the year ended March 31, 2001 is at Rs 217 million as against a net loss of Rs 245.30 million for the year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 401.6 million as against Rs 534.60 million for the year ended March 31, 2000. The Company has also informed that Shri K.M.Mistry has ceased to be a Director on the Board of the Company with effect from the close of business on May 28, 2001.

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