CRISIL assigns AA+ rating to Union Bank Proposed Tier II Bond Issue

Union Bank of India has informed BSE that CRISIL has assigned rating of AA+ to the Bank's proposed Tier II capital Bond Issued of Rs 3000 million. Further, CRISIL & ICRA have reaffirmed the rating of AA+ and LAA+ earlier assigned by them to the Bank's Tier II Capital Bond Issues of Rs 1700 million and Rs 1000 million respectively.

Simplex Trading to consider stock split of shares

A meeting of the board of directors of Simplex Trading & Agencies Ltd will be held on January 24, 2003 to consider and approve transfer/sub-division/issue of duplicate shares.

Standard Cables board to consider sale/disposal of undertaking

A meeting of the board of directors of Standard Cables Ltd will be held on January 11, 2003 to take on record unaudited financial results for the quarter ended December 31, 2002 and also to consider, subject to approval of the shareholders, to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking.

Exide Ind Q3 results on Jan 25, 2003

A meeting of the board of directors of Exide Industries Ltd will be held on January 25, 2003 to consider and take on record the unaudited financial results of the Company for the quarter ended December 31, 2002.

Linkhouse Ind Board to consider allotment of shares on preferential basis

A meeting of the board of directors of Linkhouse Industries Ltd is scheduled to be held on January 16, 2003 for allotment of shares on preferential basis.

K Gupta resigns as executive director of Surana Telecom

Surana Telecom Ltd has informed BSE that K K Gupta, executive director of the company, has resigned from the board of directors of the company with effect from December 15, 2002.

TV Subramanian resigns from the board of Maars Software

Maars Software International Ltd has informed BSE that T V Subramanian, director of the company was resigned from the board of directors of the Company

Polyplex Corp Board approves allotment of warrants to Promoters

Polyplex Corporation Ltd has informed BSE that the Board of Directors at its meeting held on Friday have resolved to issue 16,50,000 warrants to promoter group companies, with an option to apply for equal number of equity shares of the Company within 18 months of the issue of Warrants at a price to be determined as per the Guidelines issued by the Securities and Exchange Board of India, in this behalf. The board has also convened an extraordinary general meeting to be held on February 14, 2003 to consider, inter alia, a Special Resolution under Section 81(1-A) of the Companies Act, 1956 to issue aforesaid Warrants.

Goodlass Nerolac Paints Q3 net at Rs 112.50 million

Goodlass Nerolac Paints Ltd has posted a net profit of Rs 112.50 million for the quarter ended December 31, 2002 as compared to Rs 67.30 million for the quarter ended December 31, 2001. Total Income has increased from Rs 1588.70 million in DQ 2001 to Rs 1797.00 million in the quarter ended December 31, 2002.

Goodlass Nerolac board pproves setting up of new manufacturing facility in North India

Goodlass Nerolac Paints Ltd has informed BSE that the board of directors of company at its meeting held on January 10, 2003 has approved the following 1. The setting up of a new manufacturing unit, to be located in North India at an estimated cost of about Rs 700 million 2. The listing of the Company's shares on the National Stock Exchange.

Tanfac Industries Q3 net at Rs 10.27 million

Tanfac Industries has posted a net profit of Rs 10.27 million for the quarter ended December 31, 2002 as compared to Rs 8.12 million for the quarter ended December 31, 2001. Total Income has increased from Rs 150.60 million in DQ 2001 to Rs 186.71 million in the quarter ended December 31, 2002.

BHEL Q3 results on Jan 29, 2003

A meeting of the board of directors of Bharat Heavy Electricals Ltd will be held on January 29, 2003 to consider and take on record the unaudited financial results of the Company for the quarter ended December 31, 2002.

Union Bank launches two new schemes

Union Bank of India has launched two new Schemes viz. NRI Foreign Currency Loans (NRIFCL) & Domestic Resident Foreign Currency Accounts for the benefit of its NRI & FCNR (B) customers.

IDBI clarifies on suit filed by Mardia Chemicals for damages of Rs 21955.50 million

Industrial Development Bank of India (IDBI) has informed BSE that it denies that Mardia Chemicals Ltd (MCL) had filed a civil suit against IDBI for damages of Rs 21955.50 million. IDBI has further informed that MCL, which obtained various credit facilities from IDBI from time to time, failed to repay those facilities. IDBI had initiated recovery proceedings by filing an application in the Debt Recovery Tribunal at Ahmedabad. MCL has filed only a written statement cum counter claim on September 03, 2002 alleging that it had suffered a loss of Rs 21955.50 million on account of inter alia, delayed disbursement of the loan amounts. The proceedings have not yet reached final stages. IDBI has further informed that the action of MCL is intended to pressurize IDBI to withdraw the notice issued by it under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002 (which has since become an Act) and prevent IDBI from proceeding further with its recovery actions. IDBI denies that a mere counter claim, which is quite disappropriate to the claim made by IDBI against MCL in the Debt Recovery Tribunal (Rs 672.70 million) cannot be construed either as actual or potential claim having financial implications on IDBI.

Hindustan Inks denies Speculative Report in Media

With reference to the news article appearing in a leading daily, Hindustan Inks & Resins Ltd has informed BSE the spokesperson of Hindustan Inks and Resins Ltd denied involvement in any manner of the promoters in purchase and speculative activity in the stock of the company. The holding of the promoters has been at 74.4% since end May 2000 and has remained unchanged since then. The company had already communicated earlier denying exit of the promoters from the company. The company spokesman stated that since last three years the company has started focusing itself in the international markets and is now selling its products in more than 50 Countries with the biggest presence in the US. In view of its international exposure and global ambitions, it is always exporting various types of strategic alliances in various countries, but denied having any agreement with any company.

OCL India Board to consider buyback proposal

OCL India Ltd has informed BSE that the Board of Directors at its meeting proposed to be held on January 18, 2003 will consider a proposal of buyback of fully paid up equity shares of this Company.

Sanwaria Agro Oils board approves issue of shares on preferential basis

Sanwaria Agro Oils Ltd has informed BSE that the Board of Directors at its meeting held on January 10, 2003, have decided to offer 1 million Equity shares to Promoters and further 1 million equity shares to FII/OCB's/Mutual Funds/Strategic Investors on Preferential basis at the rate to be decided in consultation with FII/OCB's/Mutual Funds/Strategic Investors, which should preferably above the present Net Assets Value of the Company's Shares, which is around Rs 20. The board of directors further decided that the meeting of the Board of Directors will be held on February 10, 2003 to consider the final terms, rate etc for the preferential issue of the Equity Shares as above.

Sanyo Impex allots reissued shares

Sanyo Impex Ltd has informed BSE that it has allotted the Reissued shares to the following persons: Name of the Allottees----------No of shares allotted Neelam Consultants Pvt.Ltd---------- 100000 Ankur Distributors Pvt.Ltd---------- 155300 Neelam Agarwal---------- 150000 year ended Jan-Dec 2001, a phenomenal growth of 73% over the previous year. Ranbaxy today also announced achieving sales of Rs 10300 million of exports (Ex-India) against an ambitious target of Rs 10000 million, thus registering strong growth of 26%.

Monsanto India shifts part of its packaging activities from Silvassa

Monsanto India Ltd has informed BSE that it has shifted part of its packaging activities for some of its products from Silvassa to a site in Guwahati.

Titan Industries Q3 results on Jan 25, 2003

A meeting of the board of directors of Titan Industries Ltd will be held on January 25, 2003 to consider the Unaudited Financial Results for the third quarter ended on December 31, 2002.

Nayan Kumar Vaishnav - Chairman of ICES Software expires

ICES Software Ltd has informed BSE that the company's Chairman Nayankumar Vaishnav has passed away after a brief illness.

Members of Century Laminating Co approved issuance of guarantee for subsidiary Company

Century Laminating Company Ltd has informed BSE that the following business in its EGM held on December 30, 2002. The consent of the company be and is hereby accorded to the Board of Directors for issuance of guarantee in favour of State Bank of India to secure the facilities of Working Capital and Term Loan assistance totaling to Rs. 217.50 million sanctioned to Merino Panel Products Ltd, a subsidiary of the company.

Lock out lifted at Mananthavady Group of Tea Estate- Kerala of Assambrook

Assambrook Ltd has informed BSE that the lock out at Mananthavady Group of Tea Estate Kerala has been lifted as per settlement arrived at between Union and the Management of the company before the Labour Commissioner.

Siemens Q1 results on Jan 21, 2003

A meeting of the board of directors of Siemens Ltd will be held on January 21, 2003 to consider, inter-alia, the unaudited financial results for the 1st Quarter ended on December 31, 2002.

Hero Honda Q3 net at Rs 1528 million

Hero Honda Motors Ltd has posted a net profit of Rs 1528 million for the quarter ended December 31, 2002 as compared to Rs 1332.20 million for the quarter ended December 31, 2001. Total Income has increased from Rs 12433.40 million in DQ-01 to Rs 13978.20 million in the quarter ended December 31, 2002.

Balaji Telefilms Q3 results on Jan 30, 2003

A meeting of the board of directors of Balaji Telefilms Ltd is scheduled on January 30, 2003 to consider and approve amongst the other items of agenda, the unaudited Financial Results of the Company, for the quarter and nine months ended December 31, 2002.

Jolly Board restarts production of Hardboard at Kanjur Plant

Jolly Board Ltd has restarted the production of Hardboard at its Kanjur Plant. Earlier Jolly Board Ltd had informed BSE that due to labour dispute on Bonus, the manufacture of Hardboard at Kanjur Plant, Mumbai (which accounts for 30%) had been suspended with immediate effect. However manufacture of Softboards was being continued.

Indian Hotels Q3 results on Jan 21, 2003

A meeting of the board of directors of Indian Hotels Company Ltd will be held on January 21, 2003 to consider the unaudited financial results for the quarter ended December 31, 2002.. Special margins will be imposed on the basis of clientwise gross or sale position as indicated below: Code----------Name----------Group----------Sp.Margin (%) (Purchases) 526725---------- SANDESH LTD.---------- B1---------- 25 532177---------- ZIGMA SOFTWARE LTD.---------- B2---------- 25

VisualSoft Technologies Q3 results on Jan 24, 2003

A meeting of the board of directors of VisualSoft Technologies Ltd will be held on January 24, 2003 to consider the unaudited financial results for the quarter ended December 31, 2002.

ITI Q3 results on Jan 17, 2003

A meeting of the board of directors of ITI Ltd will be held on January 17, 2003 to consider the unaudited financial results for the quarter ended December 31, 2002.

Satyam Computer Q3 results on Jan 23, 2003

A meeting of the Board of Directors of Satyam Computer Services Ltd will be held on January 23, 2003 to consider the unaudited financial results for the quarter ended December 31, 2002.

Cipla Q3 results on Jan 18, 2003

A meeting of the board of directors of Cipla Ltd will be held on January 18, 2003 to consider the unaudited financial results for the quarter ended December 31, 2002.

Karnataka Bank fixes record date for rights issue

Karnataka Bank Ltd has fixed the record date as February 8, 2003 for the purpose of taking on record shareholders/beneficial holders of shares who are entitled to receive the rights offer of equity shares in the ratio of 1:2.

IDBI Bank allots equity shares pursuant of exercise of options

The Remuneration Committee of IDBI Bank Ltd has allotted 22650 equity shares of Rs 10 each pursuant to exercise of employee stock options granted to employees.

Infosys posts net profit of Rs 2.56 billion

Infosys Technologies Ltd has posted a net profit of Rs 2.56 billion for the quarter ended December 31, 2002 as compared to Rs 2.06 billion for the quarter ended December 31, 2001. Net Sales have increased from Rs 6.61 billion in DQ 2001 to Rs 9.59 billion in the quarter ended December 31, 2002.

Infosys Tech issues outlook

Infosys Technologies Ltd has issued the following outlook The company expects to earn an income from Software Development Services and Products between Rs 9750 million and Rs 9890 million during the quarter ended March 31, 2003. Earning Per Share expected to be between Rs 39.10 and Rs 39.40 The company expects to earn between Rs 35780 million and Rs 35920 million from Software Development Services and Products during the year ended March 31, 2003. Earnings Per Share expected to be between Rs 144.70 and Rs 145

Infosys Tech announces Q3 results as per GAAP standards

Infosys Technologies Ltd has announced results for the quarter ended December 31, 2002 as per GAAP standards. The figures are in Rs million Net Profit as per Indian GAAP non-consolidated Rs 2563.10 Amortization of deferred stock Composition exp Rs 60.00 Loss in subsidiary- Progeon Ltd Rs 14.20 Gain from forward exchange contracts Rs 33.40 Net Income as Per US GAAP Rs 2522.30 The reasons for difference in net income as per Indian GAAP and US GAAP Amortization of deferred stock Composition exp The company has charged to revenue under US GAAP an amount of Rs 60 million for the quarter ended December 31, 2002 as deferred stock compensation. Loss in subsidiary Under US GAAP, consolidation of all majority owned subsidiaries is mandatory. An amount of Rs 14.20 million were recorded in the US GAAP for DQ-02. Gain on forward exchange/contracts Under Indian GAAP, premium on forward contract is recognized as income or exp over the life of the related contract. Where as under the US GAAP, the same is marked-to-market as on the reporting date. The resultant gain/loss is recognized immediately in the income statement.