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March 22, 2000

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BSE to shift 922 companies in the 'Z' group with effect from March 27, 2000

BSE to suspend trading in 491 companies from April 2000

The following Companies are holding a meeting for the purpose of recommending interim dividend

1. Todays Writing Products Ltd (March 31, 2000)
2. Universal Starch-Chem Allied Ltd (April 4, 2000)
3. Dalmia Cement (Bharat) Ltd (March 31, 2000)
4. Valson Industries Ltd (March 30,2000)
5. The Tata Power Company Ltd (March 23, 2000)
6. The Andhra Valley Power Supply Company Ltd (March 23,2000)
7. Carbon Everflow Ltd (March 24, 2000)
8. Techno Electric and Engineering Co Ltd (March 25, 2000)0
9. The Tata Hydro-Electric Power Supply Company Ltd (March 23, 2000)
10. Aarti Industries Ltd (March 28, 2000)
11. Tata Yodogawa Ltd (March 28, 2000)
12. Larsen & Toubro Ltd (March 28, 2000)
13. Rasoi Ltd (March 27, 2000)
14. Relaxo Footwears Ltd (March 29, 2000)
15. Plastiblends India Ltd (March 24, 2000)
16. Torrent Pharmaceuticals Ltd (March 27, 2000)
17. Bank of Madura Ltd (March 30, 2000)
18. SKP Securities Ltd (March 27, 2000)
19. Gulf Oil India Ltd (March 30, 2000)
20. REI Agro Ltd (March 31, 2000)

BPL Ltd Interim Dividend at 50 %

The Board of Directors of BPL Ltd at its meeting held today (22/03/2000), has declared an interim dividend at the rate of 50 % (Rs 5/- per share) for the financial year 1999-2000. The Board has fixed May 4, 2000 as the record date for the purpose of the interim dividend.

Apollo Tyres interim dividend at 50%

The Board of Directors at its meeting held on March 22, 2000 has decided to pay an interim dividend of 50%(Rs 5/- per share). The Board has fixed April 25, 2000 as the record date for the aforesaid interim dividend.

Deepak Spinners skips dividend

Deepak Spinners Ltd at its adjourned AGM held today (22/03/2000), decided not to pay any dividend for the year ended June 30, 1999. The members present at the meeting decided not to move the said motion for dividend in view of the clearance of the company's bankers not forthcoming as informed by the chairman of the meeting.

Ravi Leela Dairy Products to consider preferential issue

The Board meeting of Ravi Leela Dairy Products Ltd is scheduled on March 25, 2000 for considering and allotment of equity shares under preferential issue to the promoters. The allotment if made is pursuant to the approval of the shareholders at their Annual General Meeting held on December 27, 1999.

Srei International to consider interim Dividend

The Board of Directors of Srei International Finance Ltd will meet on March 25, 2000 to consider besides other matters, declaration of interim dividend on its equity shares for the year ended March 31, 2000. The Board, at the meeting will also fix a record date for the purpose and also for the purpose of proposed Rights issue of subordinated bonds to the extent of Rs 540 million.

Bharat Forge to reduce financial assets

Board of Directors of Bharat Forge Limited has taken a decision to reduce its portfolio of financial assets. In the past Bharat Forge Limited has reduced its exposure in capital & money market (Rs 1050 million) and divested its stake (60%) in Kalyani Lemmerze (Rs 680 million). In continuation in the current year, Board of Directors of Bharat Forge Ltd has decided to reduce its financial assets by further 900 million. The company expects that this will help it to reduce its borrowings and achieve better returns on capital employed and will ultimately help us to enhance shareholders value.

Ravileela Granites to consider preferential issue

The Board meeting of Ravileela Granites Ltd is scheduled on March 25, 2000 for considering and allotment of equity shares under preferential issue to the promoters. The allotment if made is pursuant to the approval of the shareholders at their Annual General Meeting held on December 27, 1999.

HDFC to take 29.50% stake in HDFC Securities, plans increasing FII limit

The Board of Directors of Housing Development Finance Corporation Ltd (HDFC) at its meeting held today (22/03/2000), has approved investment up to 29.50% of the equity share capital of HDFC Securities Ltd (HSL), a company under incorporation. HSL would be engaged in the business of net-broking and other allied and related activities. Another meeting of the Board of Directors of the company is scheduled on March 27, 2000 to consider besides other matters the following
1. Payment of Interim Dividend to the shareholders
2. Increase the maximum permissible limit of holding of equity shares of the corporation, by FIIs from 30% of the paid up capital of the corporation to 40%.

Carborundum Universal interim dividend at 50 %

The Board of directors of Carborundum Universal Ltd at its meeting held today (22/03/2000) has deceided to pay an interim dividend of 50 % (Rs 5.00/- per share) on the equity shares of Rs 10/- each for the financial year ending March 31, 2000. The Board has fixed April 18, 2000 as thr record date for this purpose.

Ranbaxy to consider second Interim Dividend

A Resolution is being circulated to the Directors of Ranbaxy Laboratories Ltd seeking their approval for payment of second interim dividend for the year ended December 31, 1999.

Parekh Platinium Interim Dividend at 10%

The Board of Directors of Parekh Platinium Ltd at its meeting held today (22/03/2000), has declared an interim dividend at the rate of 10% to the members of the company. The Board has fixed May 20, 2000 as the record date for the purpose of determining eligibility for the payment of the interim dividend.

Modern Home Interim Dividend at 12%

The Board of Directors of Modern Home Credit and Capital Ltd at its meeting held today (22/03/2000) has declared an interim dividend at the rate of 12% on the paid up capital of the company.

Grindwell Norton interim dividend at 35%

The Board of directors of Grindwell Norton Ltd at its meeting held today (22/03/2000) has recommended an interim dividend of 35% (Rs 3.50/- per share) on the equity shares of Rs 10/- each for the year 1999-2000. The Dividend shall be payable to those shareholders whose names appear on the register of members on May 24, 2000.

Cipla interim dividend at 55%

The Board of directors of Cipla Ltd at its meeting held today (22/03/2000) has recommended an interim dividend of 55% (Rs 5.50/- per share).

Bharat Forge interim dividend at 50%

The Board of Directors of Bharat Forge Ltd has recommended an interim dividend of 50% (Rs 5/- per share) at its meeting held on March 22, 2000 and the record date for the same is May 9,2000

Vishwas Steel EGM approves preferential issue to promoters

The members of Vishwas Steels Ltd at their EGM held on March 21, 2000 have approved the issue of up to 2,500,000 equity shares of Rs 10/- each for cash at a premium of Rs 18/- per share. The allotment is to be made to the company's promoters, including their relatives and friends and/or their Associates or Associate Companies. The issue of shares is subject to the applicable SEBI guidelines in this regard.

Gujarat Ambuja cements into strategic partnership with foreign institutional funds

Gujarat Ambuja Cements Ltd has announced that it has entered into a strategic partnership with very high quality and long term foreign institutional funds viz. AIG Asian Institutional Fund II, L P, GIC special Investments Pte Ltd, and the AIG Asian Opportunity Fund .to establish cement business in India with Ambuja Cement India Ltd whose focus is to develop, own and operate cement production facilities in India. In this strategic partnership, Gujarat Ambuja Cements Ltd will own 60% of the share capital of Ambuja Cement India Ltd and the balance of 40% will be owned by the aforesaid foreign institutional funds.

BSE imposes special margin on Bajaj Hirers

The BSE has imposed a special margin on Bajaj Hirers & Lessors Ltd at the rate of 25% with effect from March 22, 2000.

RSR Mohota Spg Interim Dividend at 10%

The Board of Directors of R.S.R.Mohota Spg &Wvg Mills Ltd at its meeting held today (22/03/2000), has decided to pay an interim dividend of Re 1/- per share (10%) for the financial year 1999-2000. The Board has fixed May 16, 2000 as the record date for the purpose of the aforesaid interim dividend.

Ambuja Cement India Ltd buys 93.55% stake in Ambuja Cement Eastern Ltd

Ambuja Cement Eastern Ltd (ACEL) has informed the BSE that M/s Ambuja Cement India Ltd (ACIL) has purchased 166,057,827 equity shares of ACEL constituting 93.55% of the share capital of the company. ACEL has confirmed that the aforesaid shares are the only shares of ACEL as held by ACIL.

MTNL Board approves payment of 20% Interim Dividend

The Board of Directors of Mahanagar Telephone Nigam Ltd at its meeting held on March 21, 2000 has approved the payment of 20% interim dividend on the paid up capital to the shareholders for the year 1999-2000.

Autolec Industries Interim Dividend at 25%

The Board of Directors of Autolec Industries Ltd at its meeting held today (22/03/2000), has decided to pay an interim dividend of Rs 2.50/- per share (25%) for the financial year 1999-2000. The Board has fixed April 20, 2000 as the record date for the purpose of the aforesaid interim dividend.

Alps Industries to buy stake in Interiors.com Pvt Ltd, Alps Texfab Pvt. Ltd

The Board of Directors Alps Industries Ltd has approved the following at its meeting:
1. Investment in Improve Interirors.com Pvt.Ltd. to the extent of Rs.1 crore which may make the above company, subsidiary of the company either wholly owned or otherwise.
2. Investment in Alps Texfab Pvt. Ltd. to the extent of Rs.1 crore which may make the above company, subsidiary of the company.
3. Interim Dividend on 12% Cum.Red.Preference Shares subscribed by IDBI Bank Ltd.on prorata basis.

Tatia Skyline to change name to Ashram Online.com Ltd

Tatia Skyline & Health Farms Ltd has informed the BSE that, at the EGM of the company it has been resolved to change the name of the company from its present name to Ashram Online.com Ltd. The name change is however subject to the availability of the name and its approval by the RoC.

Neuland Lab allots 820,000 shares at US$ 5/- per share

The Allotment committee of Neuland Laboratories Ltd at its meeting held on March 17, 2000 has allotted 820,000 equity shares of Rs 10/- each fully paid up for a consideration of US $ 5/- per share in equivalent Indian Rupees including premium. The allotment has been made to M/s Unipharma Ltd, Republic of Mauritius.

VMF Soft Tech bags orders worth $ 1 million

VMF Soft Tech Ltd has bagged two overseas projects from USA worth $ 1 billion for offshore development. While the first order involves developing a business model for E-Commerce, the other involves designing developing and implementing medical records system with interface to client /server and web based systems for medium to large hospitals and clinics. In the Indian market the Company has launched its finance portal "www.financefundas.com". Another site providing links to India related web sites "ww.indiaweblinks.com" was launched by the company recently.

The Company has bagged an order for design and development on an E-Commerce portal for enabling Import-Export transactions .The Company plans to offer an ESOP to its employees. The Company plans to invest heavily in mobile computing and web based applications incorporating solutions for knowledge management, customer relationship management and supply chain management. The company has recently received a letter of intent for designing of yet another E-Commerce portal site from a NRI. This site is being designed as a mega site for handicrafts exports out of India.

Infosys allots additional equity shares to Bankers Trust Company

The Board of Directors of Infosys Technologies Ltd, through a duly constituted committee of its members, alloted on march 13, 2000 (9250 equity shares) and march 15, 2000 (1650 equity shares) to Bankers Trust Company, the depositary to the company's American Depositary Shares (ADS) program, 11,900 equity shares underlying 23,800 ADSs issuable in connection with the exercise of 23,800 ADS linked options under the company's 1998 option plan. The 1998 Option plan was established concurrent to the company's ADS offering. The exercise price of each option is $17 (as adjusted for the stock split).

With this allotment , the company,s issued share capital stands at 66,150,700 equity shares of par value Rs 5/- per share, including 2,081,900 equity shares underlying 4,163,800 ADSs.

Bajaj Auto plans buy back

The Board of Directors of Bajaj Auto Ltd will meet on March 28, 2000 to consider besides other matters, a proposal for buy back of shares.

RISC

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