Sharp Industries FY 2000 net profit up by 45.67%, Q4 net down by 27.38%

Sharp Industries Ltd. has posted a net profit of Rs 77.76 million for the year ended June 30, 2000 as compared to Rs 53.38 million in the same period last year. Net Sales for the year ended June 30, 2000 are at Rs 984.39 million as compared to Rs 663.89 million for the same period last year. Other income has decreased from Rs 4.96 million in FY 99 to Rs 2.73 million in FY 2000. Net profit for the quarter ended June 2000 is at Rs 16.93 million as compared to Rs 23.32 million in JQ 99. Net Sales for the quarter ended June 30, 2000 are at Rs 186.26 million as compared to Rs 166.41 million in the same period last year. Other income for JQ 2000 is at Rs 0.57 million as compared to Rs 0.23 million in JQ 99.

Indian Rayon to promote JV with Sun Life Financial of Canada

At its meeting held today,(September 15, 2000) the Board of Directors of Indian Rayon And Industries Ltd (Indian Rayon)- and Aditya Birla Group company has decided to promote a joint venture with Sun Life Financial of Canada (Sun Life) in life insurance business. The other participant in the joint venture will be Birla Global Finance Ltd., (BGFL) another Aditya Birla Group company. As per the present guidelines, Sun Life can contribute upto 26% of equity capital of the joint venture company and BGFL upto 10% of its networth. The balance equity capital will be subscribed by Indian Rayon. Globally, insurance is viewed as a profitable and growth business. 53 of the Fortune 500 Companies are engaged in Insurance business, generating more than 20% return to Shareholders over last 10 years. Sun Life is one of these leading insurance companies, has been in insurance business for 125 years and brings significant strength to the joint venture. Indian Rayon is generating free cash flows of around Rs 750 million per annum and therefore, will be able to fund this investment from internal accruals without affecting the existing capex and growth opportunities. Indian Rayon is keen to seize this opportunity to add value for its shareholders through entry into a business with immense growth potential in India.

IDI to consolidate overseas operations

The Board of Directors of IDI Ltd. has taken a decision to convene an Extra Ordinary General Meeting of the company to inter alia consider: a) Resolution under Section 372A for acquisition of shares of Navinon SA Luxembourg against the existing holding in Sunbelt Corporation USA, IDI (Europe) Ltd. UK and IDI Japan Co Ltd. So as to consolidate all overseas operations. b) Resolution under Section 293(1) (a) for creation of security over the fixed assets of the company to secure foreign currency loan of US$8.80 million equivalent to about Rs 383/- million from Industrial Development Bank of India. c) Resolution under Section 293(1) (a) for sale/transfer/lease of Boisar Undertaking d) Resolution under Section 293(1) (a) for sale of Ranoli Undertaking The Board has also approved steps to be taken for merger of Mahaamba Investments Ltd., the wholly owned subsidiary of the company with the company. The Board has also taken decision to effect closure of the Boisar Unit.

Indian Seamless Steels to consider scheme of arrangement

The Board of Directors of Indian Seamless Steels & Alloys Ltd. has been convened on September 25, 2000 to consider interalia a draft scheme of arrangement with creditors members and with Jejuri Steels & Alloys Pvt. Ltd. under Section 391 & 394 of the companies Act 1956.

Bharat Forge Board approves demerger of Investment & Wind Mills divisions

The Board of Directors of Bharat Forge at its meeting held today (September 15, 2000) has approved the proposal for demerger of Investment Division and Wind Mills Division of the company with effect from March 1, 2001 into a separate company. The Board has also approved the draft scheme of arrangement between Bharat Forge the demerged company and a new company (referred to as B 11) the resultant company to which the abovesaid divisions would be transferred. Under the scheme, based on the equity structuring report by valuation agency one fully paid up equity share of Rs 5/- will be issued free of cost by B11 to the shareholders of Bharat Forge for one fully paid equity share of Rs 10 held in Bharat Forge on a record date to be fixed for the purpose by B 11. The abovesaid scheme of arrangement is subject to obtaining of various statutory approvals and further subject to such other consents and approvals as may be necessary including the approval by High Court of Judicature at Bombay.

VSNL clarifies on newsitem

With reference to newsitem "Indiainfo calls off VSNL deal" appearing in a financial daily Videsh Sanchar Nigam Ltd has informed BSE that it had entered into a MOU to acquire a 30% equity stake in Indiainfo.com Pvt. Ltd. with an intention to establish a single integrated co-branded portal which was to be a default home page for all the company's PC dial-up subscribers. Definitive agreements were expected to be crystalised within the MOU period of 120 days further extended by 30 days till August 12, 2000. The MOU is deemed to have been lapsed without signing definitive agreements. VSNL is exploring options available to persue its objective.

Sree Rayalaseema Alkalies to supply power to Karnataka Power Transmission

Sree Rayalaseema Alkalies & Allied Chemicals Ltd has diversified in generation of Power and has set up a Power Plant at Bellary in Karnataka. This plant will generate and supply power (35 MW approx.) to Karnataka Power Transmission Corpn.Ltd.Grid. Commercial generation is expected to stabilise from 20.09.2000.

JCT Electronics to raise Rs 550/- million

The Board of Directors of JCT Electronics Ltd has approved, subject to necessary approvals, issue of equity/preference shares, optional/fully convertible debentures/bonds on preferential basis to promoters and associates and strategic investors upto Rs.550/- million.

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