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Merger of Bombay Drugs with Strides Arcolab approved by respective Boards

The Board of Directors of Bombay Drugs & Pharmas Ltd. at its meeting held on July 11, 2000 approved the scheme of amalgamation of Bombay Drugs & Pharmas Ltd. with Strides Arcolab Ltd. subject to the approval of the Mumbai High Court, Shareholders, Creditors of the company. The salient features of the scheme are as under 1. The transfer date is April 1, 2000 2. All the assets & liabilities of Bombay Drugs & Pharmas Ltd. as on transfer date will stand transferred to Strides Arcolab Ltd. 3. The exchange ratio is 1 equity share of Stride Arcolab Ltd. for every 20 equity shares of Bombay Drugs & Pharmas Ltd.

Global Trust Bank net profit up by 76.45%, operating income grow 50.58%

Global Trust Bank Ltd has reported a 76.45% growth in the net profits for the quarter ended June 30, 2000. The interest income from operations increased 50.58% from Rs 1.36 billion in JQ 99 to Rs 2.05 billion in JQ 2000. Net profits stood at Rs 371.6 million as against Rs 210.6 million in JQ 99. Other income was Rs 545 million (JQ 99 Rs 464.6 million). The operating expenditure also correspondingly increased from 168.5 million in JQ 99 to Rs 323.9 million in JQ 2000, an increase of 92.23%. Interest expenditure rose 24.06% to Rs 1.52 billion in JQ 2000 from Rs 1.23 billion in JQ 99. The Bank provided Rs 131.7 million for tax, 104% more than what it provided for the same quarter in the previous year. The Bank had deposits of Rs 64.35 billion on June 30, 2000 as against Rs 41.49 billion as on June 30, 1999. The advances as on that date were Rs 33.37 billion (June 30, 1999- Rs 20.54 billion) and the credit like instruments were Rs 11.7 billion (June 30, 1999 - Rs 8.54 billion).

Dr. Reddy's Laboratories Q1 sales up 10% to Rs 1385 million

Dr. Reddy's Laboratories Ltd has announced through a press release that its turnover for the first quarter of FY 2001 stood at Rs 1385 million representing a growth of 10% over the turnover of Rs 1261 million during the corresponding period last year. Finished dosages operations grew 21% from RS 734 million in JQ 99 to Rs 886 million in the same period of FY 2001, the press release added. The international operations in bulk activities and finished dosages have contributed significantly showing a growth of 18% and 81% respectively. Revenues from the domestic finished dosages business increased by 8% from Rs 605 million in the first quarter of 1999-2000 to Rs 653 million in the same period of FY 2001. However, as per ORG the segment grew at 32% with market share at 1.9%. The Company maintained its ranking at 16 as per ORG & 4 as per CMARC (prescription audit). Two of the Company's brands are ranked among the top 30 brands as per ORG. The international finished dosages business grew by 81%. Sales during the first quarter of FY 2001 were at Rs 233 million (Rs 129 million in the same period of FY 2000). Exports to Russia & other Central European markets climbed by 58% to Rs 141 million (Rs 89 million in the first quarter of the previous year). Realization from these markets in the period continued to be good. Finished dosages international business - other than Russia & other Central European markets grew by 119% to Rs 92 million (Rs 42 million in the corresponding period last year). Turnover of the bulk actives business declined by 6% to Rs 473 million during the first quarter of 2000-2001 compared to Rs 501 million during the same period of last year. Due to intense competition, bulk actives India sales dropped by 18% to Rs 274 million (Rs 333 million in the first quarter of FY2000). The decline in sale of domestic bulk actives was partially offset by a growth of 18% in sales of international bulk actives to Rs 199 million during the first quarter of the current financial year against Rs 168 million in the same period of 1999-2000. Sales of diagnostics for the first quarter have remained flat at Rs 26 million in comparison to the same period in the previous year.

Cheminor Drugs Q1 sale decline 5% to Rs 523.5 million

In a press release by the company Cheminor Drugs Ltd has announced to have recorded a sale of Rs 523.5 million for the first quarter ended June 30, 2000 as against Rs 550.25 million during the same period in last year, a decline of 5%. The sale of Ibubrofen, Ranitidine, Dextromethorpan, Doxazosin Mesylate and Sertaline HCL accounted for 67% of the total turnover. Out of the total sales, 67% came from the US and European markets. Sale of domestic bulk activities grew by 14% to Rs 163 million. Celecoxib, a selective Cox 2 inhibitor launched last year, was the major contributor to the growth with sales of Rs 23.9 million in the first quarter. The share of domestic bulk actives in the total turnover was 32%. During the quarter, the company launched Topiramate, an anti-epileptic drug. Exports of bulk actives at Rs 359.2 million fell by 12% compared to Rs 407.5 million during the first quarter of 1999-2000. Exports contributed 68% to the total turnover. Sales to South & Central America and Europe grew by 90% and 10% respectively during the quarter under review. Sales to the US markets declined by 28% resulting in an overall decline in exports of 12%. Sales to the US markets were sluggish due to consolidation of Cheminor's key customer base and certain patent extension issues. On the formulations front, Cheminor launched Fluoxetine capsules in Canada during this period. The company also filed an ANDA in USA enhancing the value of its generics pipeline for the finished dosage market and is close to filing four more.

Vikas WSP posts 67% growth in net profits, sales grow 50%

Guar Gum manufacturer, Vikas WSP Ltd has announced an impressive 67% rise in the net profits and a 50% growth in the turnover for the quarter ended June 30, 2000. The company recorded a net profit of Rs 247.68 million on a sale of Rs 742.93 million in JQ 2000 as against a net profit of Rs 148.35 million recorded on a turnover of Rs 496.22 million in JQ 99. The operating profit of the company at Rs 287.46 million was 58.83% higher compared to Rs 180.99 million the company earned in JQ 99. Depreciation charge increased 36% from Rs 17.23 million in JQ 99 to Rs 23.45 million in JQ 2000. On account of 100% EOU status, the company has not provided for tax. Company is holding export orders in hand for an appropriate value of Rs 634 million. Due to the introduction of early maturing guar seed viz.. Naveen RGC936 and EG365 in the irrigated areas of Sriganganagar and neighboring states of Punjab and Haryana, the company expects to harvest more than double the tonnage of these varieties as compared to last year. Thus Vikas WSP is more than assured of the availability of raw material for its manufacturing needs. Optimism in the Domestic market is now visible with recent trial orders company has received from Godrej Sara Lee Ltd, and Wimco Ltd. Also, recently Reckitt & Colman of India Ltd, has approved Vikas WSP's product for use in their recipe. Company has recently opened a representative office at Beijing, China to increase its market share in the Global market.

LCC Infotech to open training centers in Indonesia

Driven by the global vision and sound policies of founder late Mr. Suresh Lakhotia, LCC Infotech Ltd. is all set to open centers in Jakarta Indonesia. Mrs. Kirti Lakhotia MD LCC Infotech announced that initially there would be one hi-tech centre in the heart of Jakarta but the end of first year the company plans to open 9 such centres. The company has floated a subsidiary PT LCC Infotek with initial capital of 1 million USD in Jakarta to take up operations in Indonesia. Besides training the company will also be involved in procuring software development business for its STP units at Calcutta.

Satyam Computer net profit up by 95%, sales rise 75%

Satyam Computer Services Ltd has announced 94.9 % growth in the net profit and 74.8 % improvement in the sales for the quarter ended June 30, 2000 over the same period in the previous year. The company reported a net profit of Rs 503.68 million on a turnover of Rs 2333.8 million in JQ 2000 as against a net profit of Rs 258.43 million on a turnover of Rs 1335.13 million in JQ 99. Correspondingly the personnel expenditure also increased 65.56% from Rs 516.97 million in JQ 99 to Rs 855.88 million in JQ 2000. Out of the total sales, Rs 2279.15 million was from Export while Rs 54.65 million was from Domestic sales. Other income for the quarter stood at Rs 73.45 million (JQ 99 Rs 32.97 million). The total income increased by Rs 80.9 million and profit before tax by Rs 70.5 million on account of fluctuations in currency exchanges. Depreciation charge for the quarter was also higher at Rs 261.5 million compared to Rs 147.25 million in JQ 99. Similarly interest expenditure for the quarter increased from Rs 93.72 million in JQ 99 to Rs 113.85 million in JQ 2000. The company has realised Rs 1701.25 million (net of transaction costs and tax) through the sale of 347,200 equity shares of Satyam Infoway Ltd to the Government of Singapore Investment Corporation Pte Ltd . The company has treated the same as extraordinary income in the quarterly accounts. After considering the aforesaid extraordinary income the net profit of the company for the quarter is Rs 2204.93 million.

HDFC Q1 net profit up by 20.52%

Housing Development Finance Corporation Ltd. has posted a net profit of Rs 910.90 million for the quarter ended June 30, 2000 as compared to Rs 755.80 million in JQ99.The Total income for JQ 2000 is up by 23.05 % at Rs 5526.80million as compared to Rs 4491.60 million in JQ99. Approvals during the three month period ended June 30, 2000 aggregated to Rs 12059.70 million as compared to Rs 8487.30 million during the corresponding period in the previous year - representing an increase of 42%. Disbursements during this period amounted to Rs 9376.20 million as compared to Rs 6561.80 million during the corresponding period in the previous year - representing an increase of 43%.

HDFC Bank Board to consider investment for ASP Business

The Board of Directors of HDFC Bank Ltd will meet on July 12, 2000 to consider making investment in a new company to be incorporated for carrying out Application Services Provider (ASP) business. The investment is subject to the approval of requisite regulatory approvals.

Schneider Electric to buy Crompton Greaves LTCG division for Rs 760 million

Crompton Greaves Ltd. has informed the BSE that the company has entered into agreement for sale of its Low Tension Control Gear (LTCG) division located at Satpur Nasik to Schneider Electric India Ltd. for a sum of approx Rs 760 million subject to the approval of shareholders, lenders other regulatory approvals and the conditions precedent therein.

Aarti Industries buys-back equity shares at Rs 42/- per share

Aarti Industries Ltd. has informed the BSE that the company has bought back 11,954 equity shares at a price of Rs.42/- per share from the existing equity shareholders of the company. The certificates of these shares have been cancelled and destroyed by the company.

Lockout at Andhra Pradesh Paper Mills factory lifted

The Andhra Pradesh Paper Mills Ltd. has informed the BSE that lock out which was declared in the factory situated at Rajahmundry on July 5, 2000 has been lifted on July 8, 2000

MRF Ltd Board to consider Interim dividend, Q1 results on July 27

The Board of Directors of MRF Ltd will meet on July 27, 2000 to consider the unaudited financial results for the quarter ended June 30, 2000. At the same meeting the Board will also consider declaration of interim dividend for the year ended September 30, 2000. The board has proposed to fix August 17, 2000 as the record date for the purpose of payment of interim dividend and the dividend if paid declared will be paid on or after August 26, 2000.

BSE imposes special margin on 4 scrips

BSE has imposed special margin in the under mentioned scrips as mentioned alongside with effect from Tuesday July 11, 2000. Sr No Scrip Code Scrip Name Margin Per Share (%) 1. 32342 BALWAS E-COM INDIA LTD 25% 2. 80 CAUVERY SOFTWARE ENGG. SYSTEMS LTD 25% 3. 32308 EONOUR SOFTWARE LTD 25% 4. 8976 SPANCO TELESYSTEMS & SOLUTIONS LTD 25%

Sun Infoways Q1 net profit at Rs 35.99 million, sales at Rs 109.36 million

Sun Infoways Ltd (Formerly known as Best Mulyankan Consultants Ltd) has reported a net profit of Rs 35.99 million on an operating income of Rs 109.36 million for the quarter ended June 30, 2000. In the corresponding quarter of the previous year the company had incurred a loss of Rs 6.59 million on a small turnover of Rs 0.7 million. The Company has sourced software development services contracts of US$ 12 million from USA & Australia in cutting edge wireless technologies, E-Com & M-Com solutions. The Board of Directors declared an Interim Dividend of Rs 2 per share for the financial year 2000-2001. The Company is in process of setting up a wireless technology state of art R&D Centre at Delhi.

TV18 launches innovative Employee Stock reward Scheme

Television Eighteen India Ltd (TV18) has announced the launch of its Employee Stock Appreciation Rights Scheme (ESARS). The company claims to have structured an innovative employee-friendly scheme that will promote long term staff participation in the growth of the TV18. The company claims to incorporate the best international practices while rewarding employees. TV18 also claims to be the first in the Indian media industry to promote such wide-ranging employee participation in the company's equity through this reward scheme. The ESARS will involve participation from over 200 current employees-90% of TV18's employees in creative and management positions, covering a wide range of employees in senior, middle and entry levels within the company. The scheme has been devised in a manner that insulates employees against any adverse market fluctuations of the company's stock price to a large extent. This scheme also aims to reward the employees on a progressive basis with quarterly vesting of stock options over a three year period without any lock in period.

Infosys Q1 net profit at Rs 1267.9 million

Infosys Technologies Ltd has posted a 109.19% growth in the net profits and a 108.8% growth in the net sales for the quarter ended June 30, 2000 over the same period in the previous year. The net profits for the quarter ending on June 30, 2000 was Rs 1267.9 million as against Rs 606.1million in JQ 99. The sales for the quarter were Rs 3555.3 million up by Rs 1852.6 million as compared to Rs 1702.7 million in JQ 99. Other income for the quarter was Rs 151.1 million (JQ 99 Rs 137.9 million). The staff costs also increased significantly from Rs 617.4 million in JQ 99 to Rs 1426 million in JQ 2000, an increase of 130.97%. Out of the total sales, Rs 3510.6 million was from Export sales and Rs 44.7 million was from Domestic market. Other income of Rs 151.1 million (Rs 137.9 million) for the quarter includes an amount of Rs 74.2 million (Rs 81.3 million) arising from exchange differences on translation of foreign currency deposits kept abroad, which may be non-recurring. Excluding such exchange differences of Rs 74.2 million (Rs 81.3 million), the profit after tax before extra-ordinary item is Rs 1138.8 million, a 117% increase over the net profit of Rs 524.8 million for the quarter ended June 30,1999. The operating profit at Rs 1527.5 million is 96% higher compared to Rs 779.3 million recorded in the corresponding quarter of the previous year. The interest expenditure at Rs 177.4 million is 90.34% higher against Rs 93.2 million incurred in JQ 99. Depreciation charge has increased 96.78% from Rs 686.1 million in JQ 99 to Rs 1350.1 million in JQ 99. During the quarter ended June 30, 2000, Infosys transferred its intellectual property rights in Onscan - a Web-focussed wireless-enabled notification product, to Onscan Inc., USA, a company incubated by Infosys as part of its ongoing effort to encourage and promote budding entrepreneurs among its employees. The product was transferred for a gross consideration of Rs.89.3 million (US$ 2 million), received as equity, preferred voting and preferred non-voting securities in Onscan Inc. The income out of the transfer of Rs. 54.9 million (net of tax) is treated as an extraordinary item.

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