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April 6, 2000
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| IDBI Bank signs an agreement with Gemplus and Worldwide Smart Net Consortium |
IDBI Bank Ltd. has informed the BSE that it has signed an agreement with Gemplus, the worlds number one provider of smart card based solutions and Worldwide Smart Net to deliver Multi Application Payment Chip Operating System (Mpcos) smart cards for its India-wide electronic purse roll out. According to Mr. Deepak Mukherjee, MD of IDBI Bank the smart card technology will not only help banks reduce transaction costs materially it will also herald a sea change in the way trade is transacted at the retail level. Mpcos adheres to the Reserve Bank of India (RBI)'s Smars standards for use of smart cards in India by the financial sector.
As a consortium, Gemplus and Worldwide Smart Net Pvt. Ltd. will provide end to end solution for this project including smart cards, backend systems terminal infrastructure and the required software solutions. Worldwide Smart Net Pvt. Ltd. develops and deploys application software to process smart card transactions for merchants, issuers cardholders and acquirers. One of the advantages of using an e-purse card is its speed. The value is deducted from the payee's card at the time of the sale as the monetary value is stored in electronic form. Further as smart cards operate off-line there is no need to invest in expensive telecommunications infrastructure to benefit from the technology.
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| Aftek Infosys MQ 2000 Net Profit up by 158.19 % at Rs 24.75 million
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| Aftek Infosys Ltd has announced a net profit of Rs 24.75 million for the quarter ended March 31, 2000 as against Rs 9.59million in MQ 99. Other income is Rs2.03-million (MQ99 nil). Net sales for the quarter ended March 31, 2000 are Rs 54.52 million as against Rs 32.49 million in MQ 99 representing a growth of 67.78%.
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| Board meetings for interim dividend
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The Board of Directors of the following Companies will meet on the dates mentioned alongside to consider the declaration of interim dividend
1. Monstano Chemicals of India Ltd (April 11,2000)
2. Tata Elxsi Ltd (April 22, 2000)
3. Subhash Projects and Marketing Ltd (April 10, 2000)
4. Sangam India Ltd (April 22, 2000)
5. Texmaco Ltd (April 12, 2000)
6. Bervin Investment & Leasing Ltd (April 22, 2000)
7. Tai Industries Ltd (April 27, 2000)
8. Honda Siel Power Products Ltd (April 14, 2000)
9. Infosys Technologies Ltd ( April 11, 2000)
10. Rajath Leasing & Finance Ltd (April 28, 2000)
11. Refnol Resins & Chemicals Ltd (April 14, 2000)
12. B & A Plantations And Industries Ltd (April 11, 2000)
13. Schenectady-Beck India Ltd (April 10, 2000)
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| NIIT bags order worth US $ 7.4 million |
NIIT Ltd has informed the BSE that it has bagged prestigious order for Internet based learning software from a US company. The order is valued at US $7.4 million. The new e-Learning Solutions order will be executed out of a learning software factory in South Delhi. As a part of this order, NIIT will develop over 100 internet based learning CD-Rom products and over 200 days of e-learning modules. The build plan for internet based learning titles includes areas such as Oracle 8I,Cisco, Windows 2000 and Java while the learning modules build plan will focus on Office 2000, Office 95 and Windows 2000.NIIT would start delivering these products from next quarter. A group of NIIT professionals have visited the client site in the USA to understand the requirements and a customer team is soon visiting India.
NIIT, the Rs 880 crores IT Solutions Corporation, has rapidly transformed itself into an e-business solutions company with over 30% of its revenues coming from the e-commerce and net solutions segment.
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| Corporation Bank to adopt US GAAP |
| Corporation Bank has engaged the services of M/s Deollite Haskins , an international firm of Chartered Accountants for preparing its accounts under US GAAP. The bank is making necessary arrangements for publishing its Accounts under US GAAP from this fiscal itself. During the financial year 1999-2000 the deposits of the bank surged past Rs 14,200 crore mark an annual growth of over 13%. The advances were at a level of around Rs 7800 crores as on March 31, 2000 clocking an impressive growth of 24%. |
| Finance Development acquires 39.69% stake in Aegis Chemicals
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| Aegis Chemical Industries Ltd. has informed BSE that Finance Development Company Ltd. Mauritius has acquired 64,85,560 equity shares representing 39.69% of the total issued subscribed and paid-up capital of the company. |
| Madras Refineries changes name
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| Madras Refineries Ltd. has informed BSE that the name of the company has been changed from Madras Refineries Ltd. (MRL) to Chennai Petroleum Corporation Ltd. (CPCL) effective April 6, 2000. |
| West Coast Paper declares 25% interim dividend
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| The Board of Directors of The West Coast Paper Mills Ltd. at its meeting held today (April 6,2000) has declared an interim dividend of 25%(Rs 2.50 per share) for the financial year 1999-2000.The record date for the aforesaid dividend is May 16, 2000. |
| NIIT board meeting reconvened on April 7, 2000
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| The Board of Directors of NIIT Ltd. has informed the BSE that its board meeting that was to be held on April 5, 2000 to review Employee Stock Option Scheme has been reconvened on April 7, 2000. |
| Pentasoft Technologies Q4 Net Profit up by 345.57 % at Rs 276.70 million |
| Pentasoft Technologies Ltd (Formerly known as Pentafour Communications Ltd) has announced a net profit of Rs 276.70 million for the quarter ended March 31, 2000 as against Rs 62.10 million in MQ 99. The sales are up by 357.79 % at Rs 1207.20 million. Other income is Rs 34.10 million (MQ99 Rs 0.20 million). The profits for the year ended March 31, 2000 are Rs 829.80 million, an increase of 488.51 % over previous year figures of Rs 141 million. The annual sales are 478.40 % up at Rs 4043.60 million as against Rs 69.10 million in financial year ending March 1999. However it is recalled that the results for the two periods are not strictly comparable in view of the acquisition. . The company has successfully completed the private placement of 10 million equity shares of Rs 10/- each at a premium of Rs 798/- per share, towards part payment of purchase consideration of Business software segment from Pentamedia Graphics Ltd (formerly known as Pentafour Software & Exports Ltd). The Board has recommended a final dividend of 50 % for the year ended March 31, 2000. The company has obtained the approval for STP status additionally for its branches at Bangalore, Calcutta, Chandigarh, Coimbatore, Chennai, Mumbai, Secunderabad, and Trivandrum. |
| Corporation Bank declares 20% interim dividend |
| The Board of directors of Corporation Bank at its meeting held on April 6, 2000 has declared an interim dividend of 20% (Rs 2/- per share) for the year 1999-2000. The record date for the aforesaid dividend is May 2, 2000. |
| Shasun Chemicals to enter into licensing agreement with Eastman Chemical |
Shasun Chemicals and Drugs Ltd. (SCDL) and Eastman Chemical Company (ECC) USA are signing the Letter of Intent under which Eastman Chemical Company will license its technology for manufacturing hydroxyprpylmethycellulose phthalate (HPMCP) a pharmaceutical excipient to Shasun. ECC will also explore other possibilities with Shasun as part of their continuing efforts to capitalise not only on their global manufacturing base and product portfolio, but also on their intellectual property via relationship built with signing of this Letter of Intent.
The synergy from the technology would enhance Shasun's capability from producing bulk pharmaceuticals to venture in to the formulation segment of the fine chemicals business. This technical interface will give Shasun the leading edge as the first producer of HCMCP in India and position them as a key player in the Asia Pacific Region.
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| Global Tele-Systems NCDs to be converted into GECSL equity |
Global Tele-Systems Ltd had earlier informed the BSE in December 1999 that a consortium of Investors had subscribed to Secured Non-Convertible Debentures (NCD) of the value of Rs 180 crores of the company carrying an option to convert the underlying proceed into equity shares of Global Electronic Commerce Services Ltd. (GECSL) held by the company.
The company has today informed the BSE today (April 06, 2000) that the said consortium has agreed to exercise the option to convert the debentures into equity shares of GECSL which are currently held by the company. The company has clarified that the underlying share are that of GECSL and not of the company.
As a result of this the profit before tax of the company will increase by around Rs 170 crores which will be in addition to business profits that the company will earn in the financial year 2000-2001.
The Board of Directors of the Global Tele-Systems Ltd. approved the above decision at its meeting held today (April 06, 2000)
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| Choice International enters into contract with Tri-Tac Technologies |
| Choice International Ltd has entered into a contract with M/s Tri-Technologies Pvt Ltd. on April 5, 2000 for the purchase of 'Simple' brand of computer software for financial accounting, pay-roll, portfolio management system sub broking software and purchase of two domain names 'estatebazar.com' and 'simpleindia.com'. The Company has also placed an order to Tri-Tac Technologies Pvt Ltd for suitable modifications and development of these computer softwares and change of brand name from Simple to Choice .The total consideration of these agreements/orders amount to Rs 3.5 million. The subsidiary of the Company Utkristh Finance Ltd has obtained dealership of the Inter-Connected Stock Exchange of India Ltd and the operations of the share broking is expected to commence shortly. |
| Reliance to consider buy-back |
| The Board of Directors of Reliance Industries Ltd will meet on April 12, 2000 to consider buy-back of equity shares of the company.
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| Wisec Global board to meet for forfeiture and re-issue of equity shares
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The Board of Directors of Wisec Global Ltd will meet on April 10, 2000 to forfeit 15,00,000 unlisted shares, for non-payment of calls thereon held by Mr A S Wardekar to whom preferential allotment was made on August 9, 1997. The said shares will be re-issued to various creditors of the company towards settlement of their dues against overdue public deposits, other loan and advances and also to the employees of the company and others against their arrears of salary/fee/remuneration.
The issue of shares to the creditors is proposed to be made at Rs 15/- per share and employees are being offered the said shares at Rs 10/- per share. The shares to be allotted aforesaid shall continue to be under lock in period. The Company is under tremendous pressure from the RBI as well as the Hon'ble Company Law Board to settle its fixed deposits liabilities at the earliest.
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| Khandwala Finances MQ 2000 Net Profit at Rs 77.71million
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Khandwala Finances Ltd has announced a net profit of Rs 77.71 million for the quarter ended March 31, 2000. The sales and income from operations for the quarter are Rs 145.87 million. Other income is Rs 0.58 million. The profits for the year ended March 31, 2000 are Rs 123.07 million. The annual sales/income from operations for the year ending March 31, 2000 are Rs 245.32 million. The company has declared an interim dividend at the rate of 10 % for the financial year 1999-2000.
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| Khandwala Securities MQ 2000 Net Profit up by 1014 % at Rs 354.83 million |
Khandwala Securities Ltd has reported a net profit of Rs 354.83 million for the quarter ended March 31, 2000 as against Rs 31.84 million in MQ 99. The sales and income from operations are up by 570.33 % at Rs 570.33 million. Other income is Rs 41.04 /-million (MQ99 Rs 3.18 /- million). The profits for the year ended March 31, 2000 are Rs 503.07 million, an increase of 1408.10 % over previous year figures of Rs 33.36 million. The annual sales/income from operations are 621.83 % up at Rs 838.06 million as against Rs 116.10 million in financial year ending March 1999. The paid up share capital of the company will be Rs 100.20 million from April 1, 2000 due to the declaration of bonus in the ratio of 1:1. The company has declared an interim dividend of 100 % for the financial year 1999-2000.
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