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May 22, 2000
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| Kalyani Brakes FY 2000 Net Profit at Rs 84 million
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| Kalyani Brakes Ltd. has announced a net profit of Rs 84/- million for the year ended March 31, 2000 as against Rs 13/- million in FY 99. The sales for FY 2000 are up by 37.08 % at Rs 1512 million as against Rs 1103 million in FY99.Other income for FY 2000 is Rs 26 million (FY 99 Rs 23 million). The tax provision has increased from Rs 2 million in FY 99 to Rs 10 million in FY 2000.
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| Roplas MQ 2000 Net Loss at Rs 3.02 million
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| Roplas (India) Ltd. has announced a net loss of Rs 3.02 million for the quarter ended March 31, 2000 as against a net loss of Rs 1.61 million in MQ 99. The sales for MQ 2000 are down by 55.30 % at Rs 13.60 million. Other income is Rs 9.26 million (MQ 99 Rs 2.86 million). The net loss for the year ended March 31, 2000 is Rs 21.96 million, as compared to a net loss of Rs 2.71 million in the previous financial year. The annual sales are 20.71 % down at Rs 91.04 million as against Rs 114.82 million in the financial year ending March 1999.
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| BILT's Board approves hiving off the AAC unit at Palwal, Dr. Cherif Sekdy resigns from Directorship
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At its Board Meeting held today (May 22, 2000) the Board of Directors of Ballarpur Industries Ltd (BILT) has approved the proposal for hiving off the company's AAC unit at Palwal.
In the said meeting the Board also noted the resignation of Dr Cherif Sedky from the directorship of the company w.e.f May 2, 2000.
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| Telco to consider Equity Stock Option Scheme on May 29, 2000
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| The Board of Directors of Tata Engineering & Locomotive Co. Ltd will meet on May 29, 2000 to consider amongst other matter an item on Employee Stock Option Scheme.
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| Srei International FY 2000 Net Profit up by 15.27 % at Rs 94.55 million
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| Srei International Finance Ltd. has announced a net profit of Rs 94.55 million for the year ended March 31, 2000 as against Rs 82.03 million in FY 99. The income from operations for FY 2000 is up by 48.93 % at Rs 1487.33 million as against Rs 998.68 million for FY 99.
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| Polaris Software announces signing of MoU with Data Inc., USA for a strategic acquisition
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The Chennai based Polaris Software Lab Ltd has announced the signing of a memorandum of understanding with New Jersey based Data Inc. (www.dataincusa.com) for a strategic acquisition.
Data Inc. headquartered in New Jersey, USA is focused on developing software for the banking, financial services and insurance industries. Data Inc., established in 1983, commenced its operations from New Jersey and eventually spread its reach to UK and India. The consideration for this acquisition which has been coordinated by UBS Warburg is for a value of USD 21 million and is subject to due diligence of KPMG.
"This acquisition is a convergence of two corporates and is a pedestal to create an Indian MNC which would deliver the best software solutions worldwide" said Mr Arun Jain, Chairman & Managing Director, Polaris Software Lab Ltd.
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| Siro Plast MQ 2000 Net Loss at Rs 2.50 million
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| Siro Plast Ltd. has announced a net loss of Rs 2.50 million for the quarter ended March 31, 2000 as against a loss Rs 0.50 million in MQ 99. The sales for MQ 2000 are down by 13.49 % at Rs 24.73 million. Other income is Rs 1.93 million (MQ 99 Rs 2.58 million). The profits for the year ended March 31, 2000 are Rs 9.37 million, as compared to Rs 5.07 million in the previous financial year. The annual sales are 3.72 % down at Rs 89.50 million as against Rs 92.96 million in the financial year ending March 1999.
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| ITC Agro Tech net profit at Rs 1 million for March 2000 quarter
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ITC Agro Tech has announced a net profit of Rs 1 million for the quarter ended March 31, 2000 as against a loss of Rs 112 million in MQ 99. The sales for MQ 2000 are down by 52.31 % at Rs 931 million. Other income is Rs 19 million (MQ 99 Rs 4/- million). The loss for the year ended March 31, 2000 is at Rs 98 million, as compared to a loss of Rs 136 million in the previous financial year. The annual sales are 41.13 % down at Rs 5085 million as against Rs 8638 million in the financial year ending March 1999.Other income for FY 2000 is Rs 55 million (FY 99 Rs 27) million.
The turnover of the company has shown a decline compared to the previous year due to curtailment of trading activities during the second half of the year and a significant fall in vegetable oil prices.
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| V S Sundararajan steps down from Pentamedia Board
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| As a part of the Corporate Governance, Pentamedia Graphics Ltd has decided that the Chief Executive Officer should have a reasonable tenure of 5 years for giving seamless direction to its activities and achieving the desired results. Mr V S Sundararajan, Director & CEO (US Subsidiary) who is 55 years old can continue in the Executive role only for 3 years as per the company's policy. Since the company's policy cannot be changed to accommodate anyone, Mr Sundararajan has opted to step down from the Board of Directors of Pentamedia Graphics Ltd.
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| Silverline Technologies files application with SEC for US ADS offering
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Silverline Technologies Ltd, an Indian provider of information technology services announced today (May 22, 2000) that it has publicly filed a registration statement with the Securities and Exchange Commission (SEC) for a U S ADS offering. The offering is expected to close in the second half of June. The offering will consist of up to $125 million of Silverline equity shares in the form of American Depository Shares.
The proceeds of the offering will be used by Silverline for capital expenditure consisting primarily of the build -out of its existing facilities, working capital, expansion of its sales and marketing efforts, potential acquisitions and other general corporate purposes.
The offering will be underwritten in the United States and Canada by a syndicate led by Salomon Smith Barney, ABN AMRO Rothschild and Jefferies & Company Inc and outside the United States and Canada by a syndicate of international underwriters led by Salomon Smith Barney International, ABN AMRO Rothschild and Credit Lyonnais S. A.
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| Vanavil Dyes net profit slides 24.42%, sales dip 8% |
Vanavil Dyes and Chemicals Ltd recorded a 24.42% drop in net profits for the year ending March 31, 2000. The profits for the year are Rs 42.70 million as against Rs 56.50 million in the previous financial year. The sales are 7.98% lower at Rs 637.37 million as compared to Rs 692.64 million in FY 99. The other income is Rs 29.91 million (FY 99 Rs 18.97 million). The tax provided during the year is lower at Rs 10/- million (FY 99 Rs 12.54 million).
For the quarter ending March 31, 2000 the company recorded a profit of Rs 12.67 million on a turnover of Rs 186.39 million as against Rs 13.93 million and Rs 186.76 million respectively recorded in the corresponding quarter of the last financial year. The gross profit has declined from Rs 24.19 million in MQ 99 to Rs 23.58 million in MQ 2000.
The Board of Directors of the company had approved the payment of 40% interim dividend and was paid on April 29, 2000. The Board has not recommended any further dividend for the financial year 1999-2000.
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| Omax Autos revenue rises 49%, Cash EPS at Rs 48.57, net profit up by 78%
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| Omax Autos Ltd has registered a 48.77 % rise in the sales and income from operations during the year 1999-2000. The sales (including sales tax Rs 88.60 million) and income from operations stood at Rs 1876.60 million as against Rs 1261.40 million (sales tax Rs 58.70 million) in FY 99. The profits are 78 % higher at 62.30 million as compared to Rs 35/- million earned in FY 99. The PBT is 64.77 % higher at Rs 89.80 million (FY 99 Rs 54.50 million). The company has provided Rs 27.50 million for taxation, Rs 8/- million more than what was provided last year. The company has changed its depreciation policy in respect of certain assets. This change has resulted in a higher depreciation and consequently the profits for the year 2000 are lower by Rs 30.10 million. The Board of Directors has recommended a final dividend of 10% over and above the 35% interim dividend declared earlier. Thus the total dividend for the year is 45%.
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| Balaji Amines net profit rises 48%, sales up by 8% |
| Balaji Amines Ltd has recorded a net profit of Rs 12.80 million on a turnover of Rs 259.68 million for the year ended March 31, 2000. The profit and sales figures for the previous year stood at Rs 7.49 million and Rs 239.68 million respectively. There was a change in accounting policy for valuation of inventories due to which the profits for the current year are higher by Rs 1.76 million. Had this change not been made the profits would have stood at Rs 11.04 million representing a 47.49% increase over last years profits of Rs 7.49 million. The other income for the year was Rs 3.02 million (FY 99 Rs 1.43 million). On the equity share capital of Rs 29.84 million the EPS for the year come out to Rs 4.27 and the Cash earnings per share is Rs 7.98. |
| Lakhanpal National FY 2000 Net Profit declines 16%, turnover marginally higher at Rs 1930 million |
| Lakhanpal National Ltd has announced a net profit of Rs 71.30 million for the year ended March 31, 2000 as against Rs 85/- million in FY 99. The sales for the year 2000 are marginally up 5.54 % at Rs 1929.70 million. Other income is Rs 14.50 million (FY 99 Rs 19.80 million). The company has earned an interest income of Rs 6.10 million as against an interest expenditure of Rs 3.60 million for the last financial year. The Board has declared an interim dividend of 35% for the year 1999-2000. |
| Goldstone Technologies bags orders worth Rs 14 million |
| Goldstone Technologies Ltd has bagged couple of orders worth Rs.14 million based on Internet technologies. |
| Eupharma Laboratories allots equity shares on private/preferential basis |
| The Board of Directors of Eupharma Laboratories Ltd. have allotted 10000000 equity shares of Rs.10/- each at a premium of Rs.7/- per share to various applicants on private placement/preferential basis. |
| Deepak Nitrite to acquire majority stake in Aryan Pesticides |
| The Board of Directors of Deepak Nitrite Ltd has considered the proposal of acquisition of majority stake in equity capital of Aryan Pesticides Ltd. (APL). It was decided to enter into an agreement with the promoters of APL to acquire 34,57,300 equity shares of Rs.10/- each, representing 68.76% of the outstanding equity share capital of APL, at a price of Rs.15/- per share. |
| Operations at Apollo Tyres Vadodara Plant resumed |
| Apollo Tyres Ltd has informed the BSE that after detailed deliberations with company's workmen, they have arrived at an agreement and accordingly operations at company's Vadodara Plant have resumed from May 19, 2000. |
| Multi-Arc to allot equity shares to Jem Fiscal at Rs 25/- per share |
| Multi-Arc India Ltd has proposed to issue/allot 4,00,000 Equity shares to Jem Fiscal Ltd. The equity shares of Rs 10/- each will be allotted at a premium of Rs 15/- per share. The aforesaid allotment is proposed to be made against the share application monies received from Jem Fiscal on May 26, 2000. The allotment if made will be in accordance with the approval of the shareholders given at the EGM held on April 29, 2000. |
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