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May 25, 2000
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| Sambandam Spinning FY 2000 net profit at Rs 11/- million |
| Sambandam Spinning Mills Ltd has reported a net profit of Rs 11/- million for the financial year ended March 31, 2000 as compared to a net profit of Rs 10.53 million for FY 99.The sales for FY 2000 are down by 2.69% at Rs 646.05 million. Other income is Rs 2.01 million (FY 99 Rs 1.46 million). |
| Kandagiri Spinning FY 2000 net profit at Rs 10.44 million |
| Kandagiri Spinning Mills Ltd has reported a net profit of Rs 10.44 million for the financial year ended March 31, 2000 as compared to a net profit of Rs 9.90 million for FY 99.The sales for FY 2000 are down by 4.43% at Rs 497.80 million. Other income is Rs 7.96 million (FY 99 Rs 7.75 million). |
| Hi-Tech Gears declares Bonus in the ratio of 1:1, final dividend at 25% |
The Board of Directors of HI-Tech Gears Ltd at its meeting held today (May 25, 2000) has recommended to issue Bonus shares in the ratio of one equity share for every one share held by the existing shareholders. The said bonus shares shall be issued by capitalising the free reserves of the company. The Board has decided to declare final dividend of Rs 2.5 per share (25%) fior the financial year 1999-2000. It is recalled that the company had earlier declared and paid an interim dividend at the rate of 15% (Rs 1.5 per share).
In another development the Board decided to alter the Objects clause of the Memorandum & Articles of Association of the company and to increase the Authorised share capital from Rs 45million to Rs 50 million. The Board also decided to appoint Mr Pranav Kapuria as the Whole-Time Director of the company. The decisions of the Board are subject to the approval of the shareholders at the Annual General Meeting. |
| Comfort Intech declares 10% interim dividend |
| The Board of Directors of Comfort Intech Ltd (formerly known as Comfort Fininvest Ltd) at its Board Meeting held on May 25, 2000 has declared an interim dividend of Rs 10% on its paid up capital of Rs 40 million. The record date for the aforesaid dividend is July 7, 2000. |
| Ahmedabad Electricity net profit down by 24%, gross profit up by 3% |
The net profit of Ahmedabad Electricity Company Ltd has fallen down by 2421% for the year ended March 31, 2000. The company registered a net profit of Rs 341.90 million on a income from operations of Rs 8463.20 million. The corresponding figures for the last year (FY 99) were Rs 451.10 million and Rs 8604.90 million respectively. While the gross profits before depreciation and taxation were 35 higher at Rs 1204.70 million (FY 99 Rs 1170.30 million) the net profits were comparatively lower mainly due to higher provisions for depreciation and taxation. The depreciation for the year was Rs 780.20 million (FY 99 Rs 715 million) and provision for taxation was Rs 82.60 million, significantly higher than Rs 4.20 million provided in the last year.
The net profits of the company for the quarter ended March 31,2000 were Rs 62.30 million, representing a fall of 23.37% against Rs 81.30 million earned in FY 99. Other income was also lower at Rs 26.70 million compared to Rs 78.20 million in last year.
The net profits as stated above are reported to be subject to statutory appropriations. |
| Federal Bank MQ 2000 net profit at Rs 313.40 million |
Federal Bank Ltd has announced a net profit of Rs 313.40 million for the quarter ended March 31, 2000 as against a net loss of Rs 74.90 million for the quarter ended March 99. The interest earned by the bank has increased from Rs 2297.20 million in MQ 99 to Rs 2332.40 million in MQ 2000. Other income is up by 108.92% at Rs 534 million for the quarter ended March 2000.
The net profit for the year ended March 31, 2000 is at Rs 463.90 million as compared to a profit of Rs 25.30 million for FY 99. The interest earned by the bank has increased from Rs 8594.40 million in FY 99 to Rs 8817.90 million in FY 2000.Other income for FY 2000 is at Rs 1323 million (FY 99 Rs 1129.80 million)
1. The net profit of Rs 463.90 million for the year has been arrived at after:
i Considering the full arrears of salary amounting in Rs 154 million payable to officers and award staff in terms of the recent wage revision which is fully paid.
ii Paying to the Pension Trust Fund, the entire balance of initial pension liability amounting to Rs 47.80 million which is required to be paid only in equal annual instalments in the coming four years as per the original agreement. |
| Surat Eectricity FY 2000 net profit up by 54%, dividend at 33% |
| Surat Electricity Company Ltd (SEC) has registered a 54% growth in the net profits for the year ending March 31, 2000. The net profit for the year stood at Rs 143.30 million as against Rs 92.97 million in FY 99. The other income for the year is Rs 117.49 million (FY 99 Rs 106.98 million). The company has charged Rs 214.697 million as depreciation for the year as against Rs 179.77 million in FY 99. Provision for taxation is higher at Rs 35.24 million as against Rs 26.31 million provided last year. The sales and income from operations for the year is Rs 5644.66 million while the same was Rs 5916.45 million in FY 99. The Government of Gujarat has directed the company to continue to implement tariff parity with Gujarat Electricity Board (GEB). As result of this parity, where GEB tariff instead of SEC tariff is the basis of sale income, the sales for the FY 2000 in absolute terms are not comparable with those of last year. The Board of Directors of the company has recommended a final dividend at the rate of 33% for the year 1999-2000. |
| Chicago Pneumatic MQ 2000 net profit at Rs 22.30 million |
Chicago Pneumatic India Ltd has announced a net profit of Rs 22.30 million for the quarter ended March 31, 2000 as compared to Rs 21.10 million for MQ 99.The sales have increased by 24.77% from Rs 242.60 million in MQ 99 to Rs 302.70 million in MQ 2000. Other income is Rs 5.50 million (MQ 99 Rs 5.20 million)
The profits for the year ended March 31, 2000 are at Rs 59.40 million as compared to Rs 49.20 million for FY 99.The sales for FY 2000 are up by 14.90% from Rs 919.50 million in FY 99 to Rs 1056.50 million. |
| Cadilla Healthcare and Recon Ltd to form Joint Venture |
Recon Ltd has informed the BSE that it has signed a MoU to transfer the trademarks and know-how related to the formulation business of the company to a joint venture company to be promoted by Cadilla Healthcare Ltd and Recon Ltd.
As per the MoU, all the formulation brands of the company alongwith the marketing and distribution network, will be transferred to a new joint venture company, which will be a subsidiary company of Cadilla Healthcare Ltd. While 90 per cent stake in the joint venture company will be held by Cadilla Healthcare, the remaining 10% is proposed to be with the existing shareholders of Recon Ltd. Recon Ltd has initiated the statutory and other formalities to be completed to conclude the deal contemplated above.
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| Elgi Equipments bonus at 1:1, stock split in 10:1 ratio (Ten shares for one share) |
| The Board of Directors of Elgi Equipments Ltd at its meeting held today (May 25, 2000) has decided to allot bonus shares in the ratio of one equity share every equity share held as on the record date. At the same meeting it was also decided to split the equity shares of Rs 10/ -each into ten equity shares of Re 1/- each. As a consequence of the Bonus issue the entitlement of the equity warrant holders shall stand augmented in the same proportion for which the equity share capital of the company increases. |
| Selan Exploration buys-back 18,200 equity shares |
| Selan Exploration Technology Ltd has purchased 18,200 shares from the open market through the BSE for a total consideration of Rs 2,00,018 on May 25, 2000.Cumulitavely 2,15,100 shares have been bought for a cumulative consideration of Rs 23,68,017. |
| Colour- Chem Ltd FY 2000 Net Profit at Rs 211.50 million |
Colour-Chem Ltd has announced a net profit of Rs 211.50 million for the year ended March 31, 2000 as compared to Rs 23 million for FY 99. The profit figures are however not comparable since an Extra-Ordinary provision/payment amounting to Rs 270.70 million for VRS was charged to revenue in FY 99. The sales for FY 2000 are at Rs 2950.50 million as compared to Rs 2936.20 million for FY99.Other income is Rs 188.80 million as compared to Rs 148.30 million (FY 99).
The Board of Directors approved the sub-division of the face value of the Equity Shares of the Company from Rs 100/- to Rs 10/- each. The company proposes to place the necessary resolutions for this purpose before the members at the forthcoming Annual General Meeting for their approval. |
| Corporation Bank Q4 net profit up by 60%, gross profit rises 128% |
Corporation Bank has declared a 59.76% growth in the net profits for the quarter ended March 31, 2000. The net profits for the fourth quarter is Rs 550.20 million as against Rs 344.40 million in MQ 99. The gross profit for MQ 2000 is 127.87% higher at Rs 1315.50 million as compared to Rs 577.30 million earned in MQ 99. The interest income during the quarter was Rs 4160.60 million (MQ 99 Rs 3596.10 million). The provisions and contingencies (including taxes) for the quarter was significantly higher at Rs 765.30 million as against Rs 232.90 million in MQ 99. The other income for the quarter was Rs 910.30 million (MQ 99 Rs 669 million).
For the year ended March 31, 2000 the Bank announced a 21.04 % increase in the net profits at Rs 2324 million as compared to Rs 1920.30 million in FY 99. The interest income was Rs 16043.90 million as compared to Rs 13502 million in FY 99. The gross profit for the year is 38.94% higher at Rs 4251.20 million as compared to Rs 3059.70 million earned in FY 99. The company has reported annualised earnings of Rs 19.37 per share for the current year as against Rs 16 per share in FY 99.
The Bank reported deposits of Rs 142796.30 million against advances of Rs 77774.70 million as on March 31, 2000. The investments of the Bank in FY 2000 stood at Rs 59624.30 million as compared to RS 55106.90 million in the previous year.
The Bank has adopted the Corporate Governance and has also decided to go for US GAAP. The Bank has appointed M/s Deolitte Haskins & Sells for conversion of its financial statements under US GAAP numbers for the FY 1999 and FY 2000.
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| Hoechst Marion profits rise 135%, sales at Rs 5324 million |
| Pharma Major Hoechst Marion Roussel Ltd has declared a 135% rise in profits for the year ended March 31, 2000. The profits before exceptional items are Rs 322 million as against Rs 185 million in FY 99. The company earned a profit before tax and exceptional items of Rs 501 million. After considering tax of Rs 179 million and net exceptional expenditure of Rs 47 million the net profit for the year stood at Rs 275 million. Exceptional item of expenditure is net of profit from sale of fixed assets (including Thane unit) and business of Haemaccel and Omnatax and the expenses incurred on VRS, impairment of assets and amortisation of costs of marketing and technical rights. During this year the company has changed its basis of estimating the provision for doubtful doubts. This has resulted in an extra charge against profits of the year by Rs 12 million.
The sales for the year are Rs 5324 million a mere 1.39% growth over of sales of Rs 5251 million recorded in FY 99. The Board of the company has recommended a final dividend at the rate of 10% for the year 1999-2000. |
| Shriram Needle FY 2000 Net Loss at Rs 24.61 million |
| Shriram Needle Bearing Industries Ltd has reported a net loss of Rs 24.61 million for the year ended March, 2000 as compared to a net profit of Rs 0.463 million for FY 99.The sales have fallen from Rs 141.15 million in FY 99 to Rs 139.96 million in FY 2000. |
| Marvel Industries MQ Net Loss at Rs 2.65 million |
| Marvel Industries Ltd has reported a net loss of Rs 2.65 million for the quarter ended March 31, 2000 as compared to a loss of Rs 2.45 million for MQ99.The sales have fallen from Rs 136/- million in MQ 99 to Rs 131.24 million in MQ 2000. Other income is Rs 13.14 million (MQ Rs 16.91 million). |
| RBI rejects application for six BSE listed NBFCs |
RBI has rejected on May 6 and 11, 2000, the applications for a certificate of registration of following NBFCs which are listed on the Bombay Stock Exchange.
No. Name of Company Scrip Code
1 Flamour Finance and Securities Ltd. 12257
2 Indo-Pacific Securities Ltd 31565
3 Moon star Investments Ltd. 1209
4 Precious Trading and Investment Ltd. 6107
5 Rajmata Investments and Finance Ltd. 3685
6 Sobhagya Mercantile Ltd. 12014
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| Special Margin imposed on Rei Agro |
| BSE has imposed a special margin on Rei Agro Ltd @ 25% per share w.e.f May 25, 2000. |
| Mipco Seamless cuts losses by 58%, turnover rises 52% |
| Mipco Seamless Rings (Gujarat) Ltd has cut its losses by 58% from Rs 53.20 million in FY 99 to Rs 22.47 million in the financial year 1999-2000. The sales for the year are 52% higher at Rs 207.52 million as compared to Rs 136.53 million worth sales recorded in FY 99. The other income for the year is Rs 15.02 million as against Rs 4.66 million in the previous year. The interest and depreciation charges for the year are higher at Rs 26.20 million and Rs 14.55 million respectively as against Rs 19.97 million and Rs 12.40 million charged in FY 99. The company's equity share capital and reserves as on March 31, 2000 stood at Rs 35.84 million and Rs 7.12 million respectively. |
| Sica Breweries EGM on June 16 to consider preferential issue |
| The Board of Directors of Sica Breweries Ltd has convened an extraordinary General Meeting on June 16, 2000 to consider the issue of equity shares on preferential basis. The Board has already passed the enabling resolutions at its meeting held on May 22, 2000. |
| Asian Hotels second interim dividend at 15%, final dividend to be announced on May 25 |
| The Board of Directors of Asian Hotels Ltd has declared a second interim dividend at the rate of 15% (Rs 1.50 per share) for the financial year ended March 31, 2000. The dividend was declared at the meeting of the Board of Directors of the company held on May 24, 2000. Including the first interim dividend of 55% (Rs 5.50 per share) the company has so far declared a total dividend of Rs 7/- for the year 1999-2000. The register of members of the company will remain closed from July 8, 2000 to July 27, 2000 to ascertain the shareholders who shall be entitled to the payment of aforesaid interim dividend. Further the Board of Directors of the company will meet on May 25, 2000 to consider and approve final dividend, if any, for the FY 1999-2000 and interim dividend for the FY 2000-2001. |
| ICI India Director - V K Bahree steps down for health reasons |
| Mr V K Bahree Director on the Board of ICI India Ltd has desired to step down for health reasons from the Board of Directors of the company. The Board of Directors has accepted his resignation and he would cease to be a Director with effect from June 1, 2000. |
| Kalyani Steels profit after tax at Rs 102.51 million, Total Income at Rs 890.63 million |
Kalyani Steels Ltd (KSL) has announced its Audited annual results 1999-2000. The total income and net profit for the year is Rs 890.63 million and Rs 8.43 million respectively. The expenditure for the year is Rs 678.82 million and depreciation charges are Rs 11.65 million. The profits for the previous financial year (1998-99) were Rs 82.07 million on a total income of Rs 2267.09 million. The depreciation during that year was Rs 82.07 million and expenditure of Rs 1995.13 million was incurred for that year (FY 1998-99).
However the current year's results pertain to the operations of the Company's steel plant at Hospet and do not include the results relating its erstwhile Mundhwa Plant. The Mundhwa Plant was spun off into a Joint Venture company viz. Kalyani Carpenter Special Steels Limited (KCSSL) on 1st April, 1999, in which KSL holds a majority equity stake of 74%. KCSSL has achieved sales turnover of 84,438 tonnes aggregating to Rs 2302.301 million for the current year.
In view of the above, the current years figures are not comparable with the corresponding figures of the previous year. Besides, the company has also provided during the year Rs 205.98 million for a permanent diminution in the value of equity shares of Kalyani Steel Tubes Ltd (KSTL) on merger of KSTL with Indian Seamless metal Tubes Ltd (ISMTL). During the year KSL earned an extraordinary surplus of Rs 111.90 million on transfer of various assets and its Mundhwa Plant to other companies. The net profit after tax before extraordinary items and provision for diminution in value of shares is Rs 102.51 million as against Rs 82.07 million in FY 99.
The current year was the first full year of operations of KSL's Hospet Plant. The Plant recorded turnover of 52,545 tonnes, including 41,001 tonnes of As Cast Blooms and 11,544 tonnes of Rolled Products. KSL expects the Plant to attain its rated capacity towards end of the year 2000-01. |
| Antifriction Bearings FY 2000 Net Profit at Rs 21.60 million |
| Antifriction Bearings Corporation Ltd has announced a net profit of Rs 21.60 million for the year ended March 31, 2000 as compared to a net loss of Rs 100.33 million for FY 99.The net sales for the year ended March 2000 are at Rs 879.53 million as against Rs 629.14 for FY 99.Other income is Rs 22.84 million ( FY 99 Rs 19.03 million). |
| Digital India join hands with Nortel Network for Global Professional Services |
Nortel Networks, the global leader in telephony, data, eBusiness and wireless solutions and Digital (India) Ltd, the globally focussed software and services exports company have announced the signing of a definitive MoU under which will enable Digital India to set up a dedicated support center for Nortel Networks' professional service organisation.
"With this relationship, Nortel Networks can use Digital India's pool of skilled software professionals to augment our implementation, deployment and software management bandwidth" said Srikanth Kannankote, President, Nortel Networks, Professional Services.
Under this agreement, Digital India will set up a support center in Inidia for Nortel's professional services organisation and provide worldwide software support to Nortel Networks.
Inititally Digital will work with Nortel Networks professional services' service enabled solutions practice whose next generation management applications suite makes creation, deployment and management of high value services faster and easier.
"This MoU is another statement of confidence by a large corporation in Digital India's capabilities and is a big step towards our building a strong foundation for future growth" said Mr Som Mittal, President and CEO, Digital India. |
| Yokogawa Blue Star FY 2000 Net Profit at Rs 76.10 million |
| Yokogawa Blue Star Ltd has reported a net profit of Rs 76.10 million for the FY 2000 as compared to Rs 35.70 million in FY 99.The sales for FY 2000 are higher by 15.24% at Rs 1517.20 million as compared to Rs 1316.60 million for FY 99. Other income is Rs 9.70 million (FY 99 Rs 14.70 million). |
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