International Bestfoods Q2 loss Rs 87.82 mn

International Bestfoods Ltd has posted a net loss of Rs 87.82 million for the quarter ended September 30, 2000 as against a loss of Rs 1.92 million for the quarter ended September 30, 99. Net sales stood at Rs 210.56 million in SQ 2000 as against Rs 309.60 million in SQ 99. Other income decreased to Rs 0.91 million for the quarter ended September 30, 2000 from Rs 1.17 million in the corresponding period last year. After the announcement of merger proposal between Bestfoods, USA & Unilever in June 2000, the Company has lost about 20% of its frontline sales personnel & field managers. In view of the uncertainities involved due to merger proceedings, the company was unable to recruit suitable replacements. This has affected the sales of the Company from June 2000 onwards.

RPG Cables Q2 net profit up by 117.53%

RPG Cables Ltd has posted a net profit of Rs 79.40 million for the quarter ended September 30, 2000 as compared to Rs 36.50 million in the corresponding period last fiscal. Net sales have decreased from Rs 921.80/- million in SQ 99 to Rs 707.80 million in SQ 2000.Other income has increased from Rs 31/- million in SQ 99 to Rs 120/- million in SQ 2000. Other income for the quarter ended September 30, 2000 includes non-recurring income of Rs 56/- million

Silverline Technologies signs agreement to acquire SeraNova, Inc in all Stock transaction

Silverline Technologies Ltd,a global software services and IT solutions provider, and SeraNova, Inc. a global provider of Internet professional services, today( October 27, 2000) announced a definitive agreement providing for Silverline's acquisition of SeraNova, Inc, headquartered in Edison, NJ, USA, in an all-stock deal valued at approximately US$99 million. The combination of Silverline and SeraNova will create the leading eSolutions firm, with the ability to deliver true "end-to-end" enterprise and eBusiness solutions, utilizing an offshore-based global delivery model. The addition of SeraNova to Silverline will enable the combined company to offer clients a complete suite of services for clients' eBusiness, mobile, and enterprise projects. These services range from strategy, through design, implementation, and legacy transformation, to ongoing application management and managed maintenance. Each company brings individual strengths that, combined, will serve to differentiate the new entity. These synergies include complementary strategic partnerships, minimal client overlap, as well as enhanced onshore and offshore delivery capabilities. The combination enhances Silverline's business presence in North America, Europe and Asia/Pacific and creates a company whose combined revenues, for the twelve months ended June 30, 2000, was $175 million, with over 2600 eBusiness and enterprise systems professionals. After the completion of the acquisition, Silverline will have offices in twelve countries, including the United States, Canada, The United Kingdom, Germany, Australia, New Zealand, The Philippines, Thailand, Egypt, India, Japan, Hong Kong and China. Key clients include American Express, Bell Atlantic, First Data, Hewlett Packard, JP Morgan, Novell and Volkswagen of America. Under the terms of the transaction, which has been approved by both Silverline's Board of Directors and SeraNova's Board of Directors, Silverline will acquire all of SeraNova's outstanding shares. The exchange ratio of SeraNova Shares to Silverline's ADR (American Depository Receipts) shares has been set at 0.35. The total value of the transaction is approximately US$99 million. The two companies expect the transaction, which is subject to the approval of both Companies' shareholders & the necessary regulatory approvals to be compelted by the beginning of 2001. Silverline mangement expects that the transaction will be immediately accretive to earnings on a net operating margin basis. Salomon Smith Barney is the advisor to Silverline Technologies for this transaction.

Fulford India Q3 net at Rs 19.9 million

Fulford (India) Ltd has posted a net profit of Rs 19.9 million for the quarter ended September 30, 2000 as compared to Rs 4.2 million in the same period previous year. Net sales increased to Rs 373.1 million in SQ 2000 from Rs 318.4 million in SQ 99. Other income stood at Rs 6.4 million in SQ 2000 as against Rs 1.9 million in SQ 99.

Gramophone Company Q2 net up by 29.17%

Gramophone Company of India Ltd has posted a net profit of Rs 31/- million for the quarter ended September 30, 2000 as compared to Rs 24/- million in the corresponding period last year. Net sales for SQ 2000 stood at Rs 401.1 million as against Rs 315.7 million in SQ 99. Other income increased to Rs 37.8 million in SQ 2000 from Rs 20.9 million in SQ 99. The Company announced a voluntary retirement scheme (VRS) in July 2000 the total cost of which is proposed to be written off over the year. The VRS charge of Rs 28/- million also includes the apportioned costs of the earlier scheme.

Essar Steel Q2 net at Rs 10.6 million

Essar Steel Ltd has posted a net profit at Rs 10.6 million for the quarter ended September 30, 2000 as against a net loss of Rs 1415.5 million in the same period last year. Net sales in SQ 2000 increased to Rs 6845/- million from Rs 5250.6 million in SQ 99. Other income stood at Rs 174.7 million for the quarter ended September 30, 2000 as against Rs 20.9 million in the corresponding period last year.

Atlas Cycle Q2 net at Rs 21.2 million

Atlas Cycle Industries Ltd has posted a net profit of Rs 21.2million for the quarter ended September 30, 2000 as compared to Rs 20.8 million in the corresponding period last year. Net sales for SQ 2000 stood at Rs 938.5 million as against Rs 1005.5 million in SQ 99. Other income increased to Rs 6.5 million for the quarter ended SQ 2000 from Rs 4.9 million in the same period last year.

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