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May 12, 2000
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| Monsanto Chemicals FY 2000 net profit at Rs 120.3 million
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| Monsanto Chemicals of India Ltd has reported a net profit of Rs 120.3/- million or the year ended March 31, 2000 as against Rs 108.8 million, in the previous financial year Mar 99, an increase of 10.57%.The annual sales are down by 8.12 % at Rs 1132.10 million as against Rs 1232.10 million in the financial year ending March 1999. Other income for FY 2000 is Rs 12.8 million as against Rs 14.7 million for FY 99. On the equity capital of Rs 20 million the company has reported a basic and diluted EPS of Rs 60.07 per share.
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| VJIL Consulting FY 2000 net profit at Rs. 28.46 million
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| VJIL Consulting Ltd has reported a net profit of Rs. 28.46 million for the year ended March 31, 2000 as against Rs. 15.60 million in FY 99, an increase of 82.45%. The sales are up by 47.38% to Rs. 168.10 million (FY 99 Rs. 114.06 million). Other income is Rs. 1.95 million (MQ 99 Rs.0.70 million). On the paid up equity share capital of Rs. 68.64 million, the company has reported an EPS of Rs. 4.15 in FY 2000.
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| Electrosteel Castings FY 2000 net profit at Rs. 887.20 million, board recommends bonus issue of 1:1
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Electrosteel Castings Ltd has reported a net profit of Rs. 887.20 million for the year ended March 31, 2000 as against Rs. 606.50 million in FY 99. The sales are up by 24.01% at Rs. 5265.30 million (FY 99 Rs. 4245.80 million).
At a meeting held on May 12, 2000, the Board of Directors of the company recommended an issue of bonus shares in the ratio of 1:1. Subject to approval of the shareholders in the Annual General Meeting to be held on July 27, 2000, the bonus shares will be distributed to those shareholders whose names appear in the Register of Members on that day.
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| Dr. Reddy's Laboratories & Gribbles Group in JV for network of diagnostics centres in India
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Dr. Reddy's Laboratories and Gribbles Group of Companies, Wayville, Australia, have signed a MOU to form a joint venture company for establishing a network of 50 pathology laboratories and upto 200 specimen collection centres over the next five years for the first time throughout India. The Gribbles Group is one of Australia's largest privately owned diagnostic laboratory groups.
The venture would enable Dr. Reddy's to provide "innovative, affordable, timely and reliable diagnostic solutions by leveraging on the synergies between pharmaceuticals and diagnostics."
The highly automated laboratories, which will be computer linked to one another and to the main reference laboratory, will be supported by collection centres strategically located to service a wide number of patients. The resulting low Turn Around Time (TAT) for generating results will benefit the physician and the customer.
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| Hikal Chemical Industries proposes 1:1 bonus issue
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At its meeting held on May 12, 2000, the Board of Directors of Hikal Chemical Industries Ltd has proposed:
1.The issue of bonus shares in the proportion of 1:1.
2. An increase in the authorised share capital of the company from Rs. 150 million to Rs. 350 million
3. The issue of equity shares, upto 5% of the equity capital of the company, under the Employee Stock Option Scheme of the company.
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| Insilco FY 2000 net profit up 32.61% at Rs. 61 million
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| Insilco Ltd has reported a net profit of Rs. 61/-million for the year ended March 31, 2000 as against Rs. 46/-million in FY 99. The sales are up by 21.66% to Rs. 556/-million (FY 99 Rs. 457/- million). Other income is Rs. 4/- million (FY 99 Rs. 2 million). On the paid up equity share capital of Rs. 507 million, the company has reported an EPS of Rs. 1.20 for the year ended March 31,2000(FY 99 Rs. 0.90).
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| Birla Kennametal net profit at Rs. 5.19 million in MQ 2000
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| Birla Kennametal Ltd has reported a net profit of Rs. 5.19million for the quarter ended March 31, 2000 as against Rs. 5.61 million in MQ 99. The sales have fallen by 3.94% to Rs. 19.39million(MQ 99 Rs. 20.19 million). Other income is Rs. 1.64 million (MQ 99 Rs. 0.10 million). The profits for the year ended March 31, 2000 are Rs. 0.70 million, as compared to Rs. 0.95 million in the previous financial year, a decrease of 25.84%. The annual sales are 19.46% up at Rs. 48.24 million as against Rs. 40.38 million in the financial year ending March 1999.
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| Badal Exports & Consultants to consider amalgamation of Capricorn Systems
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| At a meeting scheduled on May 19,2000, the Board of Directors of Badal Exports & Consultants Ltd will consider the proposed Scheme of Amalgamation of Capricorn Systems Global Solutions Private Ltd with the company.
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The Board of Directors of Rallis India Ltd has accepted the resignation of the company's Managing Director, Mr. Vijay Rai with effect from May 12, 2000.
A committee of Directors consisting of Board members and headed by the Chairman of the Board has been formed to supervise the operations of the Company and to find a successor at the earliest. The existing management team of Rallis comprising of its divisional chiefs and other senior executives will henceforth report to the Committee till new arrangements are put in place.
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| Subros MQ 2000 net profit at Rs. 50/- million
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| Subros Ltd has reported a net profit of Rs. 50/-million for the quarter ended March 31,2000. The sales are at Rs 1115.90 million in MQ 2000. Other income is Rs. 3.70 million. The profits for the year ended March 31, 2000 are Rs. 151.50 million as compared to Rs. 91.90 million in FY 99, an increase of 64.85%. The annual sales have gone up by 31.95% to Rs. 3746.40 million (FY 99 Rs. 2839.30 million).
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| BSE to link carry forward margin to the movement of BSE Sensex
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| The Bombay Stock Exchange at present collects carry forward margin @ 15% in cash on the value of purchase and sale positions carried forward by members in 'A' group scrips from one settlement to another. It has now been decided by the Margin Committee constituted by the Governing Board of Exchange to make the rates of carry forward margin flexible and link the same to the movement of the BSE Sensex. Accordingly, the range of BSE Sensex and the carry forward margin rates, which would be applicable are given below:
BSE Sensex - C/F Margins
Less than 4500 - 12.5%
4500 - 5250 - 15%
5250 - 6000 - 17.5%
More than 6000 - 20%
The carry forward margins at the above rates would be made applicable only when the BSE Sensex remains above/below the levels indicated above during the last half hour trading period of the last day of settlement and closes above/below the levels indicated above on the same day.
Further, the carry forward margin at the above rates would be applicable on the positions carried forward from the end of the settlement in which the Sensex closes above or below the level suggested above to the next settlement.
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| BSE to resume trading in 9 scrips from May 15
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The BSE will resume trading from May 15, 2000 in the following 9 scrips that it had earlier suspended because of non-compliance of listing requirements regarding intimation of dates of closure of Register of Members/Record Dates to the Exchange.
1. City-Man Clothings (India) Ltd.
2. Electrex (India) Ltd.
3. Fenoplast ltd.
4. Harijay Industries Ltd
5. Model Financial Corporation Ltd.,
6. Musk Exports Marketing Ltd.
7. Saroh Infotech Ltd.
8. Sellaids Publications (Ind) Ltd
9. Signet Fincom Ltd.
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| S.Kumar.Com Ltd to issue 200,000 equity shares to Hughes Network Systems
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The Board of Directors of S.Kumar.com has decided, subject to necessary approvals, to allot 2 lakh equity shares of Rs.10/- each @ US$ 15 per share (approx. Rs.650 per share) to Hughes Network Systems.
The Board has also taken a decision to increase the authorised share capital of the company from Rs.260 million to Rs.500 million.
Additionally, the company is considering issuing 70 lakh equity shares through ADRs/GDRs or in any other manner.
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| Spanco Telesystems & Solutions to issue equity shares on preferential basis
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| The Board of Directors of Spanco Telesystems & Solutions Ltd has decided to issue 2.5 million equity shares on preferential basis in accordance with SEBI Guidelines. The issue is being made for the acquisition of upto 10% of the paid up equity share capital in Compare Infobase Pvt. Ltd. and upto 4% of the paid up equity share capital in Hathway Bhawani Cabletel & Datacom Ltd. on swap basis.
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| Sanra Computers to issue 2.5 million equity shares
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The Board of Directors of Sanra Computers (India) Ltd. has decided to issue a further 2.5 million equity shares of Rs.10/- each to investors at a price not less than that which is stipulated by SEBI Guidelines for Preferential Allotment.
The EGM of the company will be held on June 23, 2000.
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| Shree Acids and Chemicals MQ 2000 net loss at Rs. 25.26 million
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| Shree Acids and Chemicals Ltd has reported a net loss of Rs. 25.26 million for the quarter ended March 31, 2000 as against a loss of Rs. 14.86 million in MQ 99. The sales for MQ 2000 have fallen by 16.52% to Rs. 30.95 million (MQ 99 Rs. 37.08 million). Other income is Rs. 1.21 million (MQ 99 Rs. 0.57 million).
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| Digital Equipment strengthens presence in Europe, opens new office in Geneva
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Digital Equipment (India) Limited, a globally focussed software development and services company, announced on May 12, 2000, the registration of a new branch office in central Geneva. The office, which was registered on April 29, 2000, comes at the heels of the establishment of Digital India's London branch, which marked the first step in the company's foray into the pan-European market. Europe, is the second largest IT services market after USA and Canada, growing at an annual rate of above 10%.
The new office at Geneva would primarily be responsible for the pan-European management of Digital India's operations along with the development of the high growth, high value Swiss market. Additionally, Digital aims to tap the IT requirements of European multinationals as well as service the outsourcing requirements of Compaq's European operations through its latest move.
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| Hathway Bhawani Board to consider preferential allotment
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| The Board of Directors of Hathway Bhawani Cabletel & Datacom Ltd will meet on May 16, 2000 to consider among other matter allotment of shares on preferential basis.
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| Orchid Chemicals net profit at Rs 386 million, sales at Rs 3595 million
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Orchid Chemicals & Pharmaceuticals Ltd has reported a profit of Rs 385.90 million for the year ending March 31,2000 as against Rs 355.37 million in FY 99, an increase of 8.59%. The turnover for the year was Rs 3595.48 million as compared to Rs 3343.50 million for the year ended March 31, 2000. The interest charges for the year was Rs 419.20 million, 31.33% higher than Rs 319.20 million incurred in FY 99. The depreciation was also higher by 56.91% at Rs 263.31 million.
The Bulk Drugs plant acquired from M/s Ajanta Pharma Ltd has commenced Commercial Production during March 2000. A fire incident occurred in one of the production blocks at Alathur Bulk Drug Plant in January, 2000. The company has completed revamping of the said block and normalcy was restored at that plant during the last quarter.
In December 1999 the company had allotted 10,653,192 equity shares to Foreign Investors belonging to the Schroder Ventures Group on private placement basis. Owing to this allotment the equity share capital of the company has gone up to Rs 279.99 million.
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| Jyoti Ltd FY 2000 net profit up by 46.86% at Rs 30.40 million
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Vadodra Based Jyoti Ltd has declared a profit of Rs 30.40 million on a turnover of Rs 1356.60 million for the year ended March 31, 2000. The company had registered a net profit of Rs 20.70 million and a turnover of Rs 1231.10 million in the previous financial year. The other income for the year ended was Rs 11.50 million as against Rs 5.40 million in FY 99.
For the quarter ended March 31, 2000 the company earned a net profit of Rs 19 million as against Rs 17.30 million in MQ 99. The sales for the quarter under consideration were Rs 511 million. The interest & financial charges for the quarter ended March 31, 2000 were significantly higher at Rs 26.80 million as compared to Rs 12.20 million in MQ 99.
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