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L&T Board approves demerger of the cement business

The Board of Directors of Larsen & Toubro Ltd. has accepted the recommendations of Boston Consulting Group and has demerged the cement business. The Board has also approved appointment of an investment banker to assist and advise the management on 1. Issues relating to strategic/financial partner or capital market -related transaction if any and helping in negotiations 2. Other matters relating to the financial structure of the de-merged company

Zee Telefilms declares 55% dividend

The Board of Directors of Zee Telefilms Ltd at its meeting held on July 4, 2000 has recommended a payment of dividend of 55% on its paid up capital for the financial year 1999-2000.

Global Tele-Systems to consider ESOS

The Board of Directors of Global Tele-Systems Ltd. will meet on July 7, 2000 to consider and approve allotment of upto 35,000 equity shares of Rs 10/- each for cash at a premium in terms of the Employee Stock Option Scheme(ESOS) of the company upon exercise of right of option for conversion of warrants issued under the said scheme into equity shares.

Sri Vishnu Cement FY 2000 net loss at Rs 72.30 million

Sri Vishnu Cement Ltd has posted a net loss of Rs 72.30 million for the year ended March 31, 2000 as compared to a profit of Rs 14.80 million in FY 99. The total income for FY 2000 is down by 4.92% at Rs 1395.90 million India Cements Limited with its subsidiary have acquired over 94% of the paid up equity of the Company. Consequently, there is a change in the management of the Company from October 27, 1999.

Niskalp Investments to acquire 100% of Tata Share Registry

At its Board Meeting held today July 4, 2000 the Board of Directors of Tata Finance Ltd. has decided that its subsidiary Niskalp Investments & Trading Company Ltd. will acquire 100% shareholding of Tata Share Registry Ltd (TSRL)i.e. 2,53,510 equity shares having a face value of Rs 100/- each aggregating Rs 253.51 lacs TSRL an unlisted company registered as Category 1 Registrar with SEBI servicing over 4 million shareholders across the country. Besides handling the share registry function of various corporates MNC's and public sector undertakings TRSL also handles the administration of fixed deposit portfolio of a few Tata companies and services the investors of the Tata Mutual Fund.

Hotel Leelaventure allots 8 million equity shares on preferential basis to promoters

The Board of Directors of Hotel Leelaventure Ltd allotted 8,047,400 equity shares of the company to the promoters of the company viz. Leela Scottish Lace Ltd. The said shares were allotted at a premium of Rs 21/- per share. The allotment made by the Board on June 28, 2000 is in pursuance of the approval given by the shareholders at the EGM held on March 29, 2000. The company had earlier allotted 15,630,000 equity shares of Rs 10/- each at a premium of Rs 21/- per share on April 06, 2000 to the same promoters.

ITIL EGM on July 31 to seek approval to raise up to Rs 3 billion

A meeting of the Board of Directors of Information Technology (India) Ltd was held today (July 04, 2000) at New Delhi. The Board decided the following subject to the approval of the members of the company. 1. To convene an EGM of the company for obtaining the approval of shareholders to privately place equity shares of RS 5/- each up to an amount not exceeding Rs 3 billion in accordance with the SEBI guidelines and other laws. 2. To obtain the approval of the shareholders at the EGM to shift the Registered office from the existing address at Sultanpur (UP) to another location in Lucknow (UP).

Camlin Ltd net profit decline 15%, sales rise 10.59%

Camlin Ltd has announced a net profit of Rs 19.73 million for the year ended March 31, 2000. The gross turnover for the year was 10.59% higher at Rs 1605.11 million as against Rs 1451.44 million in FY 99. Gross profit for the year was Rs 44.45 million (FY 99 Rs 46.06 million).

NIIT Board approves hike in FII Investment limit

The Board of Directors of NIIT Ltd at its meeting held today (July 04, 2000), has decided to enhance the limit of investment in equity shares of the company, by Foreign Institutional Investors under portfolio scheme, from the present limit of 30% to an aggregate of 40% of the issued & paid up share capital of the company. The decision of the Board is however subject to approval of the members.

MRPL provides clarification on newspaper reports

With reference to an article published in a financial daily, Mangalore Refinery and Petrochemicals Ltd (MRPL) has given a clarification to the BSE. In the clarification the company has confirmed that Government of Karnataka had last week approved tax incentives to MRPL for the expansion of its refining capacity from the existing 3 MMTPA to 9 MMTPA. The quantum of tax incentives can be availed up to Rs 2.5 billion p.a. for a period of 14 years with the overal1 ceiling of Rs 29.52 billion. In addition Entry Tax on crude oil, which is presently 2%, will also be waived for a period of 14 years on crude purchases related to expanded capacity. MRPL can achieve increase in output from existing 9 million tonnes by debottlenecking. However, the company has clarified that currently it does not plan to increase the capacity to 18 million tonnes. MRPL is participating as a equity shareholder in the cross country multi product pipeline from Mangalore to Bangalore via Hassar. The estimated cost of this project is Rs 6.67 billion and the company expects to complete it by the year 2001-2002.

Bata India lifts lockout at Bangalore factory, Employees expected to resume

Bata India has informed that the lockout at its Peenya factory located at Bangalore has been lifted w.e.f July 03, 2000. The company expects its employees to resume their duties as per the company's notice and abide by the long term settlement which is effective up to August 31, 2001. The company had earlier informed about the lockout w.e.f. March 3, 2000.

Atlas Copco-Chicago Pneumatic swap ratio to decide on 12th July

In a notice given to the BSE, Atlas Copco (India) Ltd has informed that the Board of Directors of the company will meet on July 12, 2000 to consider the scheme of amalgamation of Atlas Copco (India) Ltd and Chicago Pneumatic India Ltd. The Board will approve the swap ratio at the same meeting. At the meeting the Board will also consider the unaudited financial results of the company for the quarter ended June 30, 2000. In a similar notice to the BSE, Chicago Pneumatic India Ltd has also informed about a similar meeting to be conducted on the same day by its Board of Directors to consider the same agenda.

Polyplex -Flex Industries MoU comes to an end

In absence of the requisite approvals the Memorandum of Understanding between Polyplex Corporation Ltd and Flex Industries Ltd has come to an end. Polyplex had earlier intimated the BSE that both the companies had entered into a MoU for consolidating their polyester film business in a separate entity. Polyplex is now exploring alternative options to acquire additional capacity in India.

Oswal Agro Mills posts net loss of Rs 239.44 million

Oswal Agro Mills Ltd has posted a net loss of Rs 239.44 million for the year ended March 31, 2000 as against a profit of Rs 130.6 million earned in the previous year. The sales for the year was 38.51% lower at Rs 2217.86 million compared to Rs 3606.91 million in FY 99. Other income also fell 50.48% from Rs 423.16 million in FY 99 to Rs 209.54 million in FY 2000. Interest expenditure for the year was 75.67% lower at Rs 3.33 million in FY 99 as against Rs 13.67 million in FY 2000. Depreciation for the year rose 67.71% to Rs 313.56 million (FY 99 Rs 186.96 million). Operations at the Petro-Chemicals unit at Chembur (Mumbai) were suspended for the entire year 1999-2000 as it has become commercially unviable to run the said unit. It is recalled that a lockout was declared at the said plant during December 1998.

ATN Telefilms to allot ten million shares at Rs 15/- each

The Board of Directors of ATN Telefilms Ltd has approved the allotment of ten million equity shares of Rs.10/- each at a premium of Rs.5/- per share allotted on preferential basis in terms of SEBI Guidelines.

BSE imposes special margin on Axis Capital and Orbit Airfreight

The BSE has imposed a special margin at the rate of 25% on the following scrips with effect from July 04, 2000. Sr No Scrip Code Scrip Name Scrip Group Special Margin Per share (%) 1. 31278 AXIS CAPITAL MARKETS (INDIA) LTD B2 25% 2. 32091 ORBIT AIRFREIGHT LTD B2 25%

Master Chemicals base price changed to Rs 17/- per share

The BSE has changed the base price of MASTER CHEMCIALS LIMITED (Scrip Code No. 6867) to Rs 17/- per share and the normal filter of 8% will be made applicable on this base price. This base price is for Tuesday, July 14, 2000. The price of Rs 17/- is taken as the base price in view of an unconditional cash offer to the equity share holders of MASTER CHEMICALS LTD by SAHARA INDIA CORPORATION LTD and SAHARA INDIA INVESTMENT CORPORATION LTD to purchase 49,000 equity shares of MASTER CHEMCIALS LTD of Rs 10/- each at a price of Rs 17/- per equity share. The said shares represent 20% of the issued equity capital of the company.

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