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| HCL Infosystems issues corrigendum for issue price of options |
| HCL Infosystems Ltd., has informed BSE that the exercise price for its stock options will be Rs 289 per share and not Rs 290 as intimated earlier. The exercise price of Rs 289 is the closing price of the shares of the company on August 10, 2000 on NSE, the exchange which recorded the highest volume amongst all exchanges on that day. |
| Roofit FY 2000 net up 86.88%, 1:1 bonus proposed |
Roofit Industries Ltd. has reported net profit of Rs 370.4 million for the year ended June 30, 2000, an increase of 86.88% as compared to profit of Rs 198.2 million for the year ended June 30, 1999. Net sales for FY 2000 stood at Rs 3211.2 million, an increase of 74.86% over net sales of Rs 1836.4 million in FY 1999. Other income for FY 2000 stood at Rs 3.4 million as compared to Rs 12.8 million in FY 1999.
The Board of Directors of the company has recommended final dividend of 10% (Re 1/- per share). The total dividend including an interim dividend of 25% (Rs 2.5 per share) will be 35% (Rs 3.5 per share). The Board has also recommended a bonus issue in the ratio 1:1. The Board has approved an issue of not exceeding 0.4 million equity shares of Rs 10/- each on preferential/ private placement/ public issue basis as per SEBI guidelines.
For the quarter ended June 30, 2000 the company reported a net profit of Rs 131.5 million, an increase of 61.55% over the corresponding quarter of the previous year. Sales for Q4 2000 stood at Rs 1231.9 million, an increase of 99.72% over sales of Rs 616.8 million in Q4 1999. Other income in Q4 2000 stood at Rs 0.2 million as compared to Rs 9.9 million in Q4 1999.
The AGM of the company will be held on October 4, 2000. |
| ADF Foods appoints additional directors |
| ADF Foods Ltd has informed BSE that in the Board meeting held on August 10, 2000 it was decided to appoint Shri D. E. Udwadia, Shri Nipun Shah, Shri Yasir Varawala and Shri Vikram Munshi as Additional Directors. |
| P M Rao appointed MD of Ventura Textiles |
| Ventura Textiles Corporation Ltd. has informed BSE that Mr. P M Rao has been appointed as Managing Director of the Company with effect from July 1, 2000. This follows the resignation of Dr. Surinder Kapur, from the post of MD and Mr. R P Kapur from the post of Director. |
| Talbros Automotive declares 22% dividend |
| Talbros Automotive Components Ltd. has informed BSE that the Board of Directors of the company in a meeting held on August 11, 2000 has declared a 22% dividend for the year ended March 31, 2000 on the entire paid up share capital of Rs 16.4 million. The Board has ratified the dates of the Book closure from September 11, 2000 to September 15, 2000 (both days inclusive). The AGM of the company has been postponed from September 15, 2000 to September 20, 2000. |
| Gramophone Co VRS gets good response |
| Gramophone Company of India Ltd. has informed BSE that the recently introduced VRS in the company, which closed on July 24, 2000, has met with a favourable response. 213 employees have opted for the VRS. |
| Heavy rains disrupt work at Hindustan Construction's sites in H. P. and Bhutan |
Hindustan Construction Company Ltd. has informed BSE that work at its Nathpa Jhakri Joint Venture (NJJV) site in Himachal Pradesh and Tata C1 and C4 projects in Bhutan has been disrupted due to heavy rains. At the NJJV site there has been no loss of life and initial assessments indicate only minor damage to site installations. However considerable portions of the NH-22 have been severely damaged. This will disrupt supplies to the site and the progress of work is likely to be partially affected for about a month.
Works at two project sites of the company at Bhutan viz. Tata Hydroelectric Projects - Package C1 and C4 have come to a halt in the face of very heavy rains and floods. There has been no loss of life. The exact extent of damages is being assessed. The main National Highway between Thimpu and Phuentsholing, which provides access to the two sites, is damaged at several locations. Works at these sites will be restarted in phases and normalcy is expected to return in six to eight weeks. |
| BHEL to consider dividend |
| Bharat Heavy Electricals Ltd. has informed BSE that the Board of Directors of the company will meet on August 21, 2000 to recommend dividend on equity shares. |
| Infosys to grant 215,000 stock options and 37,000 ADR linked options |
Infosys Technologies Ltd has informed BSE that the Board of Directors of the company in a meeting on August 10, 2000 has approved the following:
1) To grant an aggregate of 215,000 stock options to eligible employees as determined by the Compensation committee, under the Company's 1999 stock options plan at an exercise price for each of the options equalling 100% of the Fair Market Value of the Company's Equity Shares (determined in accordance with the 1999 stock option plan) as on August 10, 2000.
2) To grant an aggregate of 37000 ADR linked Stock options to eligible employees as determined by the compensation committee, under the Company's 1998 Stock Option Plan at an exercise price for each of the options equalling 100% of the Fair Market Value of the Company's ADRs (determined in accordance with the 1998 Stock Option Plan) as on August 10, 2000.
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| ABB Alstom denies merger news |
| ABB Alstom Power India Ltd. has denied that it plans to merge with Alstom, as reported by a leading financial daily on August 11, 2000. In a statement issued to BSE, the company has stated that " this information was not issued by the Company Management and there is no authenticity to the facts contained therein. Therefore the news item should be treated as a rumour." |
| Tata Sons to increase stake in Andhra Valley and Tata Hydro |
| Tata Sons Ltd. has informed BSE that it intends to acquire shares of The Andra Valley Power Supply Company Ltd. and The Tata Hydro-Electric Power Supply Company Ltd. at the prevailing market prices from other existing promoters of the respective companies. |
| Kulkarni Power Tools to pay 15% dividend |
| Kulkarni Power Tools Ltd. has informed BSE that the Board of Directors of the company in their meeting held on July 30, 2000 has recommended a 15% dividend on equity shares for the year ended March 31, 2000. The AGM of the company will be held on September 30, 2000. The Share Transfer Books and Register of Members will be closed from September 25, 2000 to September 30, 2000 (both days inclusive) for the purpose of payment of dividend. |
| Kanthal India Q1 loss at Rs 5.45 million |
Kanthal India Ltd has reported a net loss of Rs 5.45 million for the quarter ended June 30, 2000. Loss for the quarter ended June 30, 1999 stood at Rs 2.24 million. Net sales for Q1 2000 stood at Rs 45.91 million as compared to Rs 40.55 million in Q1 1999 an increase of 13.22 %. Other income for Q1 2000 stood at Rs 3.35 million as compared to Rs 2.44 million in the previous year.
The company has stated that results for Q1 2000 include an extraordinary cost of Rs 0.6 million incurred on account of Voluntary Retirement Benefits offered to its employees and also a one time contingency to the tune of Rs 1.8 million.
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| Tata Infotech Q1 loss at Rs 8.9 million |
| Tata Infotech Ltd. has reported a net loss of Rs 8.9 million for the quarter ended June 30, 2000. Profit for the quarter ended June 30, 1999 was at Rs 92.9 million. Income from operations in Q1 2000 stood at Rs 1088.3 million an increase of 9.58 % as compared to Rs 993.2 million in Q1 1999. Other income in Q1 2000 stood at Rs 12.5 million as compared to Rs 21.9 million in FY 1999. The company has stated that the various measures undertaken by it to improve its performance are likely to have a major impact only later in the financial year. |
| Cholamandalam Investment FY 2000 net at Rs 182.5 million |
Cholamandalam Investment and Finance Company Ltd. has reported a net profit of Rs 182.5 million for the year ended June 30, 2000. Profit for the year ended June 30, 1999 was at Rs 182 million. Income from operations in FY 2000 stood at Rs 1613.8 million an increase of 12.15 % as compared to Rs 1439 million in FY 1999. Other income in FY 2000 stood at Rs 0.8 million as compared to Rs 0.5 million in FY 1999. Provisions and other charges have increased by 106.75%, from Rs 60.7 million in FY 1999 to Rs 125.5 million in FY 2000
The company had paid an interim dividend of 45%, equivalent to total dividend in the previous year. The Board of Directors of the company has not recommended any final dividend. |
| Bhagyanagar Metals to buyback shares at Rs 80 |
| Bhagyanagar Metals Ltd has filed a draft offer document with SEBI for buyback of its equity shares. The company has adopted Tender Offer method and the offer will be lead managed by SBI Capital Markets. The price of the offer has been fixed at Rs 80 per share and the specified date is August 29, 2000. The offer is for 0.75 million equity shares of face value Rs 10/- each, representing 9.97% of the paid up equity capital of the company. |
| HMT Q1 2000 net loss increases by 2.96% |
HMT Ltd has reported net loss of Rs 709.1 million for the quarter ended June 30, 2000, as compared to Rs 688.7 million in the quarter ended June 30, 1999. Net sales for Q1 2000 stood at Rs 1338.2 million an increase of 8.71% as compared to net sales of Rs 1231 million reported in Q1 1999. Other income for Q1 2000 stood at Rs 89.5 million as compared to Rs 86.6 million in Q1 1999.
HMT plans to implement a turnaround plan, which will result in formation of wholly owned subsidiaries for Machine Tools, Watches and Srinagar Watch Factory. |
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