With reference to book closure announced earlier from December 13, 2002 to December 16, 2002 (both the days are included), Sunitee Chemicals Ltd has clarified that it was by mistake mentioned that the Board of Directors has decided such Book Closure. However, the Board of Directors has not passed any resolution for the same in the Board Meeting. Hence the Book Closure from December 13, 2002 to December 16, 2002 (both the days are included) stands cancelled.
Rohit M Desai appointed as a Director on the Board of Indian Overseas Bank
Indian Overseas Bank has informed BSE that Government of India appointed Shri Rohit M Desai as a whole time Director (designated as Executive Director) of the bank for the period from November 11, 2002 (date of his taking charge) and upto July 31, 2004 or until further orders.
Mastek clarifies smart cards news item
With reference to a news item published in a leading financial daily titled "Mastek develops smart cards for UK" Mastek Ltd has clarified that it has developed software for the Connexion Card project as part of the overall order bagged by Capita. The value of the order for software development provided by the company was GBP 3-4 mn, which has been successfully executed.
Classic Diamonds fixed Record Date for Bonus Issue
Classic Diamonds India Ltd has informed BSE that the Board of Directors at its meeting held on November 22, 2002 fixed December 23, 2002 as the Record Date for the issue of Bonus Shares at the ratio of 1:1 i.e. 1 bonus share on every existing Equity Share.
Blue Star targets to double turnover in 3 years, launches revolutionary air-conditioning systems
Blue Star Ltd has announced on Friday that it has launched revolutionary central and packaged air-conditioning systems which offer a quantum leap in energy efficiency. Unveiling the range of power saving air-conditioning equipment to the Press, Mr T G S Babu, Executive Director, stated that the systems being launched today set a new standard for energy efficiency. These systems would save upto or even more than 20% power as compared to conventional AC Systems.
In the area of commercial production too, Blue Star has launched innovative products like the Bottle Dispenser cum Refrigerator, Triangular Water Cooler, besides a wide range of energy-efficient commercial refrigeration products from Deep Freezers to Cold Rooms.
Towards consolidation plans, the Company plans to invest Rs 100 million on the Baan ERP, Rs 100 million on the Brand Equity building exercises and Rs 50 million on capacity expansion.
Trandem Scroll Packaged ACs, Remote AC Facility Management System, Cassette AC Systems, Precision Packaged Acs, Sanyo Variable Refrigerant Flow systems (under distribution and service arrangement with Sanyo, Japan) were the Products launched today.
Kirloskar Oil Engines Board to consider draft scheme of merger
Kirloskar Oil Engines Ltd has informed BSE that a meeting of board of director is scheduled on December 03, 2002 to consider draft scheme of merger of Kirloskar Power Company Ltd with the company. Earlier the Board has approved, in principle, the proposal of merger.
Silverline Tech Board approves allotment of Equity Shares to the Depository in respect of GDRs
Silverline Technologies Ltd has informed BSE that the Board of Directors in its meeting held on Friday approved allotment of 600,00,000 underlying Equity Shares of the company, having par value of Rs 10 per share to the Company's Depository, J P Morgan Chase Bank (formerly Morgan Guaranty Trust Company of York) for the purpose of 150,00,000 Global Depository Receipts (GDRs) to be issued and allotted to the purchasers of the company's Global Depository Shares (GDSs), pursuant to approval granted by the members at the Extraordinary General Meeting held on July 17, 2002.
ION Exchange clarifies on news item
With reference to a news item published in a leading financial daily about Joint Venture in China, ION Exchange India Ltd has clarified that company's Managing Director Mr Rajesh Sharma and other executives of the company visited China in the month of August 2002 to attend Water China 2002 exhibition. The company had put up a stall at this exhibition and various enquiries were received.
The company has further clarified that some parties have approached the company with proposals and the same are under consideration of the management. At present discussions and exchange of information are at a preliminary level and no deal has been finalised. Talks being held are of exploratory nature and any concrete development is yet to take place. If the company negotiates and reaches an important stage in striking a deal in the same will be appropriately intimated to all concerned including stock exchanges.
Andrew Yule & Co allots Equity Shares to Central Govt
Andrew Yule & Company Ltd has informed BSE the Board of Directors at its meeting held on November 21, 2002 approved issue and allotment of fresh 2,900,000 Equity Shares of Rs 10 each to the Central Government in the name of the President of India in conversion of the financial assistance of Rs 29,000,000 sanctioned and disbursed to the Company by the Central Government.
Marico ventures into the Skincare Services business with a prototype - Kaya Skin Clinic
Marico Industries Ltd has informed BSE about its venture into the Skincare Services business with an intention of setting up a chain of skin clinics. To be branded Kaya Skin Clinic, every clinic will offer a wide range of effective skin treatments customized for Indian skin types in the ambience of a spa. The first Kaya Skin Clinic will open in Mumbai by the end of 2002 and will be a prototype for future expansion. Based on the learnings gathered through this prototype, Marico will evaluate and crystallize its expansion plans.
Focusing on cosmetic dermatology every Kaya Skin Clinic will offer highly scientific, US FDA approved unisex dermatological procedures. These are targeted to improve the skin's overall performance and result in a visible improvement in the skin appearance and texture. A wide range of safe, effective treatments will be offered under the supervision of experienced in-clinic dermatologists.
Bharat Earth Movers H1 loss at Rs 97.90 mn
Bharat Earth Movers Ltd has posted a net loss of Rs 97.90 million for the half year ended September 30, 2002 as compared to a loss of Rs 145.70 million for the half year ended September 30, 2001. Total Income has increased from Rs 4263.60 million in the half year ended September 30, 2001 to Rs 4489.40 million in the half year ended September 30, 2002.
K S Shetty appointed as a Director on the Board of Syndicate Bank
Syndicate Bank has informed BSE that the Central Government after consultation with the Reserve Bank of India has nominated Shri K S Shetty, General Secretary, Syndicate Bank Officers Association as an Officer Employee Director of the Board of Directors of Syndicate Bank for a further period of three years commencing retrospectively from November 03, 2001 to November 02, 2004 when he will complete total tenure of six years until he ceases to be an officer of Syndicate Bank whichever is earlier.
Innosoft Tech Board approves acquisition of 100 % Equity Capital of Garapati Telefilms
Innosoft Technologies Ltd has informed BSE that the Board of Directors at its meeting held on November 20, 2002 has approved acquisition of 100 % outstanding equity capital of Garapati Tele Films Pvt Ltd consisting of 4496 equity shares of Rs 100 each aggregating Rs 449,600 for cash. Consequent to the acquisition of 100 outstanding equity capital, the other company would become 100 % subsidiary of Innosoft Technologies Ltd and the company would concentrate on the business of production of TV software for various channels.
The board has authorised Prasad Garapati, Managing Director to execute the required documents for giving effect to the said proposal.
L&T clarifies on News Item
With reference to a news item published in a leading financial daily titled "L & T brass on collision with Birlas", Larsen & Toubro Ltd has clarified that in separate meetings held in July and October 2000 the company's board had decided to restructure the cement business into a separate listed entity and induct strategic /financial investor.
As a result of its efforts over the last two years or so the company has recently received certain proposals for investment in the proposed cement entity. The Board has constituted a committee of directors to evaluate and make recommendation to the Board.
The proposal if approved by the Board will be subject to due diligence by the investors. Thereafter the scheme of de-merger including this investment proposal would be placed before the shareholders for approval.
The company has further clarified that it has no further comments to offer at this stage, as the matter is yet to be decided by the committee and the Board and also as the contents of the offer are confidential and commercially sensitive.
Siemens announces FY-02 results
Siemens Ltd has posted a net profit of Rs 865.60 million for the year ended September 30, 2002 as compared to Rs 687.21 million in the year ended September 30, 2001. Total Income has increased from Rs 12094.03 million in FY-01 to Rs 13464.10 million in FY-02.
Siemens Ltd has posted a net profit of Rs 288.27 million for the quarter ended September 30, 2002 as compared to Rs 225.54 million in the quarter ended September 30, 2001. Total Income has increased from Rs 3735.98 million in the SQ-01 to Rs 3946.39 million in SQ-02.
The board of Directors has recommended a Final Dividend of 25 % on Equity Shares for the Financial Year ended on September 30, 2002.
Tata Telecom rolls over Commercial Paper
Tata Telecom Ltd has informed BSE that the Commercial Paper of Rs 200 million issued on August 28, 2002 has been repaid today (November 22, 2002) and fresh Commercial Paper (CP) for Rs 200 million has been issued effective November 22, 2002. The said Commercial Paper has been subscribed by Bank of India with maturity date as February 20, 2003.
The company has further clarified that the aforesaid issuance of CP is not an additional borrowing / increase in debts of the company and working capital demand loan component of fund based limit sanctioned by its consortium bankers has been reduced to the extent of Rs 200 million effective November 22, 2002.
Geometric Software Board allots Equity Shares under ESOP Scheme
Geometric Software Solutions Company Ltd has informed BSE that the Allotment Committee at its meeting held on November 22, 2002 has allotted 9,226 Equity Shares on conversion of Options granted under ESOP Schemes framed by the Company.
HCL Tech and Perot Systems reach amicable resolution on HPS
HCL Technologies Ltd has informed BSE that the company and its joint venture partner Perot Systems Corporation have arrived at an amicable resolution with reference to the management structure of HPS. Accordingly all legal actions initiated earlier by the concerned parties have been withdrawn. Reiterating their commitment to the cause of HPS the board has endorsed its faith in the JV partnership that has endued for more than 6 years and in the executive management team under the leadership of CEO Mr Vineet Nayyar and COO, Mr C P Gurnani.
HPS Chairman Ross Perot Jr said, "We have agreed upon some key structural and operational measures that are designed with just one goal in mind: to capitalize upon and extend the strong track record of customer services and financial success that HPS has achieved. The board has agreed upon measures to clarify and solidify our management structure which would enable the company to grow robustly both in revenues and profitability.
Max India announces sale of Pharmaceutical Division
Max India Ltd has informed BSE that the Business Transfer Agreement has been executed between the company and Jubilant Organosys Ltd for sale of company's Pharmaceutical Division to Jubilant Organosys on November 20, 2002. A committee of the Board constituted for the aforesaid purpose took note of the same in its meeting held on November 21, 2002. The consideration for the sale of said Division has been finally agreed at Rs 631.10 million.
Aftek Infosys announces Book Closure for the purpose of AGM
Aftek Infosys Ltd has informed BSE about Book Closure from December 24, 2002 to December 30, 2002 (both days inclusive) for the purpose of Annual General Meeting.
Arlem Breweries fixes Record Date for allotment of Preference Shares of Aurangabad Breweries as per scheme of Amalgamation
BSE has informed its members that pursuant to the scheme of Amalgamation of Arlem Breweries Ltd (the company) with Aurangabad Breweries Ltd (presently unlisted company), the company has fixed December 24, 2002 as record date for allotment of one 12.5% Redeemable Non-Cumulative Preference Share of Rs 10 each of Aurangabad Breweries Ltd for every one fully paid up existing equity of Rs 10 each held in the company.
Birla Technologies becomes a 100% subsidiary of PSI Data Systems
PSI Data Systems Ltd has informed BSE that in February 2002 it had acquired 99.91% stake (9,791,350 equity shares) in Birla Technologies Ltd. Further it has acquired the balance 0.09% stake (9,000 equity shares) in the said company. With this acquisition, Birla Technologies Ltd has now become a 100% subsidiary of PSI Data Systems Ltd.
K Madhu resigns as MD from the Board of NCL Seccolor
NCL Seccolor Ltd has informed BSE that Sri K Madhu has resigned as the Managing Director of the Company due to personal reasons and the same has been accepted by the Board of Directors of the company at its meeting held on October 21, 2002.
Further the Board has delegated all the powers of the Managing Director to Sri K A Reddy, the Executive Director of the Company.
Silverline Tech Board to consider issue and allotment of Equity Shares to the Depository in respect of GDRs
Silverline Technologies Ltd has informed BSE that a meeting of the Board of Directors is scheduled today (November 22, 2002) to issue and allot the underlying Equity Shares to the Depository in respect of the Global Depository Receipts (GDRs) to be issued and allotted to the purchasers of the company's Global Depository Shares (GDSs), pursuant to approval granted by the members at the Extraordinary General Meeting held on July 17, 2002.
