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May 17, 2000
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| Tisco FY 2000 Net Profit up by 59% at Rs 4991 million |
| Tata Iron & Steel Co. Ltd has announced a net profit (before extraordinary items & tax) of Rs 4991/- million for the year ended March 31, 2000 as against Rs 3138.70 million in FY 99. The revenues are up by 9.82 % at Rs 68908.70 million. The net profit after extraordinary items and taxes is Rs 4225.90 million as compared to Rs 2822.30 million earned in the previous financial year. The operating profit stood at Rs 12331.40 million (FY 99 Rs 9366.50 million). The interest charges were 19% higher at Rs 3599.60 million over Rs 3015.60 million incurred in FY 99. The company has earned an extraordinary profit of Rs 1252.60 million on sale of net assets of its cement division and Rs 102.20 million on sale of long-term investments. The Employee Separation charges for the year were Rs 1579.90 million as against Rs 1154.60 million in FY 99. The cold rolling mill at Jamshedpur has been completed within a record time of 26 months, two months ahead of schedule and within budget. Trial runs commenced on 24th April 2000. |
| Goodlass Nerolac 1999-2000 Net Profit up by 17.43 % at Rs 299.80 million
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| Goodlass Nerolac Paints Ltd has recorded a net profit of Rs 299.80 million
for the financial year ended March 31, 2000 as against Rs 255.30 million in FY 99. The sales are up by 16.46 % at Rs 5261.90 million. The Gross sales for the current year showed a growth of 15% over the previous year which includes pigment sales as well. The paint sale growth is about 19%. Other income is Rs 86.60 million (FY 99 Rs 78.10 million). The Depreciation for the year is 28.87% higher at Rs 121.40 million as compared to Rs 94.20 million in FY 99. The interest charges are lower at Rs 80.90 million (Rs
99.60 million). The company has reported a basic and diluted EPS of Rs 19.59 as compared to Rs 16.68 declared for the previous financial year. The Board recommended that interim dividend of 65% declared at the Board meeting held on March 10, 2000, be taken as final dividend for the year 1999-2000. |
| Framatome Connectors to acquire balance stake in OCL Interconnection |
| Framatome Connectors OEN Ltd has informed the BSE that it already owns 51% of the paid up capital of OCL Interconnection Systems Ltd which is engaged in the cable harnessing business. Now Framatome Connectors OEN Ltd proposes to acquire the remaining 49% of the paid up capital from Interface Connectronics Pvt. Ltd at Rs 1.86 million. |
| Zuari Industries accepts offer of Ciments Francais, to transfer cement division in a separate company |
| At its meeting of the Board of Directors (BOD) of Zuari Industries Ltd held today May 17, 2000 the Committee of the BOD accepted the binding offer of Ciments Francais (CF) an Italcementi (ITCF) group company, based on the Enterprise Value of Rs 7400 million for the cement business. The company will enter into a 50:50 joint venture agreement with ITCF for the cement business which will be carried out in a separate company called Zuari Cement Ltd (ZCL) and which has already been incorporated. Assets and Liabilities of cement division will be transferred to the joint venture viz ZCL company subject to all requisite approvals. |
| United Phosphorus FY 2000 Net Profit at Rs 345.24 million |
| United Phosphorus Ltd has announced a net profit of Rs 345.24 million for the year ended March 31, 2000 as against Rs 339.05 million in FY 99. The sales are up by 1.26 % at Rs 5513.15 million for the year ended March 31, 2000 as compared to Rs 544.43 for FY 99. Other income is Rs 253.83 million (FY99 Rs 233.03 million). |
| EZ- Comm Trade MQ 2000 Net Profit at Rs 2.13 million |
| EZ- Comm Trade Technologies Ltd (formely known as Asia Threads Ltd) has announced a net profit of Rs 2.13 million for the quarter ended March 31, 2000 as against Rs 0.02 million in MQ 99. The sales are down by 84.94% at Rs 6.90 million. The profits for the year ended March 31, 2000 are Rs 4.10 million, as compared to Rs 0.07 million in the previous financial year. The annual sales are down by 78.60 % at Rs 10.09 million as against Rs 47.13 million in the financial year ending March 1999. |
| Special Margin imposed on Amtek Auto |
| The BSE has imposed Special Margin on Amtek Auto Ltd @ 25% w.e.f May 17, 2000 |
| Vinyl Chemicals Net Loss at Rs 19.80 million |
Vinyl Chemicals (India) Ltd has announced a net loss of Rs 19.80 million for the year ended March 31, 2000 as against a profit of Rs 42.10 million in FY 99. The sales for FY 2000 are down by 5.22% at Rs 810.90 million. Other income is Rs 11.10 million (FY99 Rs 9.20 million).
The Company has incurred loss mainly due to depressed price of VAM in international market, very high increase in price of Ethylene, an important raw materials and loss of production due to plant closure for 69 days.
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| Pidilite Industries FY 2000 Net Profit up by 27.43 % at Rs 475.70 million |
Pidilite Industries Ltd has announced a net profit of Rs 475.70 million for the year ended March 31, 2000 as against Rs 373.70 million in FY 99. The sales for FY 2000 are up by 17.42 % at Rs 3875.60 million as compared to Rs 3300.70 million for FY 99. Other income is Rs 83.10 million (FY99 Rs 64.20 million
The company has acquired M SEAL & Mr. FIXIT brands from Mahindra Engineering & chemical Products Ltd. in March, 2000. The Company has also started sale under M SEAL brand.
In terms of the orders of the High Court of Judicature at Bombay P.G.P. Engineering Works Ltd. & Pidilite Finance Ltd., (both wholly owned subsidiaries of the Company) & Nebula Chemicals Ltd. amalgamated with the Company effective from 01.04.99. Accounts of these Companies for the financial year 1999-2000 have been incorporated in the above results & hence figures for the current year are not comparable with previous years figures.
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| Escorts denies news paper reports |
Escorts Ltd. has informed the BSE that the news item appearing in Financial Express dated May 16, 2000 was not released by the company and the statement of the company's official appearing in the news item has been misquoted.
The news item mentioned that the Escorts group was planning to sell off 24 percent stake in Escorts Yamaha Motor Ltd (EYML) the motorcycle making joint venture to its Japanese partner Yamaha Motor Company (YMC).
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