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| Reliance Petro FY 2000-01 results on April 30, 2001 |
A Meeting of the Board of Directors of Reliance Petroleum Ltd is scheduled to be held on April 30, 2001 to consider the Financial Results of the Company for the year ended March 31, 2001 and also to recommend Dividend for the said year.
The Company has also informed that Sri. Lalit Bhasin has been recently appointed as an Additional Director on the Board of Directors of the Company.
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| Global Trust Bank withdraws merger proposal with UTI Bank |
The Board of Directors of Global Trust Bank Ltd has reviewed the developments in its entirety in its Board meeting held today (April 4, 2001) and unanimously resolved to withdraw the merger proposal with UTI Bank Ltd.
Global Trust Bank and UTI Bank had come together with a merger proposal in January 2001 in order to create the largest private sector bank. Since submitting the merger application, many issues had appeared in the media. The recommendation of SBICAPS and subsequently Deloltte Haskin Sells, who evaluated the swap ratio on multiple factors, still reached the same conclusion of 9 shares of UTI Bank to 4 shares of GTB. The DHS report clearly indicated that share price considered for the computation, ignoring the periods of high price of GTB, would still not alter the final swap ratio. Further, the price of GTB through the period of negotiation actually moved down from Rs 91 on December 18, 2000 to Rs 80.25 on January 23, 2001, the date of announcement of merger. Despite this, there had been misgivings that the share prices had been propped to obtain a more positive swap ratio for GTB shareholders. The Bank would be very uncomfortable to enter into a merger process with a finger pointed out for price prop.Further, living with the burden of this memory would be onerous.
These and other various reports appearing in the media adversely affected the goodwill and understanding that was established between the two banks, making the environment not conducive for a merger at this point in time. It is in such circumstances that the aforesaid decision has been taken by the Board.
The Company has also reported that none of the reports have altered the fundamental strengths of both the Banks, which continue to perform with their respective areas of strength.
The Bank has also informed that the Bank had completed yet another good year of performance. As of March 31, 2001, the deposits stood at over Rs 77,500 million. a growth of 25% over the previous year. Advances stood at Rs 4,2000 million, a growth of 30% over the previous year. The total business has reached a figure of Rs 119500 million. The customer base has expanded to 6,50,000 accounts, a growth of 45% over the previous year. The net worth of the Bank is expected to be over Rs 6000 million and the capital adequacy ratio around 12%.
The aforesaid press release was issued by the Company in a communication to the BSE today (April 4, 2001)
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| United Breweries to invite strategic partner in its Brewing business |
The Board of Directors of United Breweries Ltd (UB) at its meeting held today (April 4, 2001) has decided in principle to invite a strategic partner as a minority investor into its Brewing business. The move follows unsolicited expressions of interest received from several International Brewers.
UB will appoint Kotak Mahindra Capital Company as its advisors for the purpose.
In order to facilitate financial participation by the foreign partner, UB has accelerated its corporate restructuring plans, for which purpose, IL & FS and Deloitte Haskins and Sells have already been appointed as advisors. The restructuring which is expected to be completed in the current fiscal year, will see the creation of a "beer-only" Company with all other assets being separately held.
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| Britannia Industries announces change in Directors |
Britannia Industries Ltd has informed BSE that the following changes have taken place in the Board of Directors of the Company:
1. Mr. Philippe Jaeckin - Resigned as Director
2. Mr. Christian Laubie - Resigned as Director
3. Mr. Francois-Xavier Roger - Appointed as Director
4. Mr. Nimesh N Kampani - Appointed as Director
5. Mr. Avijit Deb - Appointed as Director
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| Global Tele FY 2000-01 results on April 11, 2001 |
| A meeting of the Board of Directors of Global Tele-Systems Ltd is scheduled to be held on April 11, 2001 to consider the Audited Financial Results of the Company for the year ended March 31, 2001. The aforesaid meeting is to also recommend Dividend, if any for the same period.
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| HDFC Bank approves issue of shares under ESOS |
HDFC Bank Ltd has informed BSE that the Share Transfer Committee of the Directors of the Bank at its meeting held on March 31, 2001 has approved the issue and allotment of 3,18,000 equity shares having a face value of Rs 10 each to the Bank's permanent employees. These shares will rank pari-passu with the existing shares of the Bank and will be entitled to full dividend.
With this, the Bank's issued share capital has increased from Rs 243,27,82,610 to Rs 243,59,62,610 consequent upon the issue of additional shares as aforesaid.
The Shareholders of the Bank had approved at its meeting held on January 01, 2001 the issue of equity shares pursuant to the Employees Stock Options Scheme.
The Employee Stock Options scheme has been drafted as per SEBI guidelines and duly approved by the Bank's Compensation Committee of Directors.
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| Reliance Industries appoints new Additional Directors |
| In a communication issued to the BSE today (April 4, 2001), Reliance Industries Ltd has informed that Dr. D.V.Kapur and Shri M.P.Modi have recently been appointed as Additional Directors on the Board of Directors of the Company.
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| Reliance Industries FY 2000-01 results on April 30, 2001 |
| A meeting of the Board of Directors of Reliance Industries Ltd is scheduled to be held on April 30, 2001 to consider the Financial Results of the Company for the financial year ended March 31, 2001 and also to recommend Dividend for the said year.
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| Rupangi Impex fixes May 01, 2001 as record date for stock split |
| BSE has informed members of the exchange that Rupangi Impex Ltd has fixed May 01, 2001 as the Record Date for the purpose of sub-division of existing equity shares - from every one existing equity share of Rs 10 each into five equity shares of Rs 2 each.
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| Cummins India acquires 51% stake in Cummins Infotech |
| Cummins India Ltd has informed BSE that the Company has invested an amount of Rs 3,48,82,800 in the equity share capital of Cummins Infotech Ltd. The Company now holds 51 per cent of the equity share capital of Cummins Infotech Ltd.
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| Indian Hotels appoints Additional Director, to publish Q4 results by June 30, 2001 |
Indian Hotels Company Ltd has informed BSE that Mr. Nilesh Kampani has been appointed as an Additional Director on the Board of Directors of the Company with immediate effect.
The Company has also informed that it will not be publishing its unaudited results in respect of the last quarter of the financial year ended on March 31, 2001. It will however, publish the audited results of the Company by June 30, 2001.
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| Bata India Q1 results on April 25, 2001 |
| A meeting of the Board of Directors of Bata India Ltd will be held on April 25, 2001 to inter-alia consider and adopt the Unaudited Financial Results (Provisional) of the Company for the first Quarter ended on March 31,2001.
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| Cadbury India Q1 results on April 26, 2001 |
| A meeting of the Board of Directors of Cadbury India Ltd is scheduled to be held on April 26, 2001 to take on record the first quarter unaudited financial results of the Company for the 12 weeks from January 01, 2001 to March 31, 2001.
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| BILT Q3 results on April 20, 2001 |
| A meeting of the Board of Directors of Ballarpur Industries Ltd is scheduled to be held on April 20, 2001 to consider and take on record the Un-audited Financial Results of the Company for the quarter ended March 31, 2001.
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| Mascot Systems expands US presence with two new offices |
Mascot Systems Ltd has informed BSE that it has initiated an exercise of strategic expansion of its US operations, with the objective of rapidly increasing its geographic coverage of the U S IT market, while simultaneously enhancing its existing relationships and developing vertical domain expertise.
This exercise constitutes a part of Mascot's global initiative to optimally leverage business opportunities and established competencies to expand existing customer presence as well as gain strong inroads into new clients accounts. Specifically, this will lead to:
1. Expansion of its sales and marketing infrastructure in this US with the opening of offices in San Franciso and New Jersey-gaining physical presence in regions that provide strong growth opportunities.
2. Focus on developing Global Accounts -expanding lateral customer presence by developing worldwide relationships with leading international corporations, leveraging existing relationships.
3. Creation of Finance, Banking and Insurance practice, a vertical in which in the company has a significant customer base, with the objective of building sustainable and scalable client relationships in an industry that represents the largest IT spending globally.
According to V Chandrasekaran, Managing Director, Mascot Systems," With this initiative in this US we aim to consolidate our physical presence to explore further opportunities in this market. The additional emphasis on developing global clients relationships and focus on the finance vertical is in line with our strategy of diversifying geographical revenue contribution while deepening engagement levels in the areas of proven competence."
Lisa Frankovitch, who previously headed the Company's US operations, will head Mascot's Finance, Banking and Insurance vertical practice and lead the Global Accounts development initiative. The practice will target global client acquisition and Lisa would lead the worldwide initiative to acquire new accounts in this sector. A team of domain experts will provide further contribute to Mascot's existing industry knowledge base. Globally, the financial services sector accounts for the largest proportion of IT spending and Mascot has acquired significant customers in this sector - GE Capital, Employee Re-insurance Company. Deutsche Bank, Deutsche Securities, Dresdner Bank, Bank of America, Berkshire Life Insurance, Merrill Lynch, DGD Bank and First North American National Bank among others.
Development of Global Accounts, targeting multi-region engagements that encompass multi-vertical, domain and technology expertise, will also be priority focus area. The Company has already developed global relationships with large corporations such as GE, Hewlett Packard, Agilent and Dresdner Bank, and the current initiative will aim at increasing engagement levels and creation of further global accounts.
Geographically, Mascot's US operations are being organised into three regions - West, Mid-West and East, that will be serviced from offices located in San Francisco, Pittsburgh and New Jersey. These regional offices will be headed by senior members of Mascot's existing worldwide marketing team, who will have independent responsibility of enhancing existing customer relationships as well as new business development in their respective geographies. The initiative will also target developing relationships with clients such as Hewlett Packard and Agilent, where high penetration has been achieved in other geographies.
As part of its plan to streamline the cost structure, Mascot Systems will intensify control mechanisms for all support functions in its U.S. operations and integrate its onsite and offshore teams by establishing uniform HR practices across its global presence.
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| HCL Tech Board approves formation of Employees Trust |
HCL Technologies Ltd has informed BSE that the Board of Directors of the Company has approved the formation of a Trust with the name 'HCL Technologies Limited Employees Trust' . The Trust will purchase shares of the Company from the market from time to time to provide options/shares to employees of the company.
The Company shall provide from time to time interest free loan(s) of a sum(s) not exceeding Rs.1000 million outstanding at any one time to the Trust for purchase of equity shares of the Company.
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| Satyam's Middle East Solutions Center inaugurated at Dubai Internet City |
Satyam Computer Services Ltd has become the first of the Top 5 Indian Software services companies to open its facility at the spanking new Dubai Internet City. Satyam's Middle East Solutions Center (Center) was inaugurated by Mr. Mohammad Al Gergawi, Director General, Dubai Technology, E-Commerce and Media Free Zone Authority and Chairman, Dubai Internet City (DIC).
The Center Caters to the entire Middle-East market ad will offer comprehensive end-to-end IT solutions to existing and potential customers. Satyam's impressive list of over 40 customers in this region represents transportation, manufacuturing, financial & Banking, telecom, government, energy and retail sectors. Clients include Emirates Airlines/Mercator, Dubai Duty Free, NMTC, Masafi Mineral Water Company, Mashreq Bank, National Bank of Dubai, Al Futtaim, ARAMCO, Public Warehousing Company, Alba and Kuwait University.
Speaking on the occasion Satyam's Chairman, B. Ramalinga Raju said, "The setting up of the new center reflects Satyam's confidence in the business opportunities that exist in this region. That our center is located in the Dubai Internet City has added significance, given the region's focus on e-governance and an Internet-powered economy. This is an area where Satyam has gained considerable experience and can bring significant value to our customers. The new center also reaffirms our commitment to the speedy globalization of our operations and catalyzes our entry into newer markets. Needless to say, our Middle East customers will get all the technical and human resource support from the organization as a whole."
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| Fire at Calcutta godown of Carrier Aircon |
| Carrier Aircon Ltd has informed BSE that a fire broke out at the company's godown at Calcutta on April 01, 2001. Though the cause of the fire or the extent of the loss is yet to be ascertained, preliminary estimates are in the range of Rs.20 million. Necessary insurance claim and other statutory formalities have been commenced and the situation is under control. No casualties and/or human injuries have been reported on account of the fire.
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| Amtek Auto allots 0.70 million equity shares on preferential basis at Rs 290 per share |
| The Board of Directors of Amtek Auto Ltd, at its meeting held on March 31, 2001 has allotted 0.70 million equity shares of Rs.10 each at a premium of Rs.280 per share to the promoters of the Company including their friends, relatives, associates and associated Companies as preferential offer on firm allotment basis.
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| Blow Plast discontinues Ergonomics business |
| Blow Plast Ltd has informed BSE that the Company has decided to discontinue the Ergonomics Business comprising of activities relating to designing, CAD, consultancy, installation, product promotion and marketing of office furniture systems with effect from April 01, 2001. This step is expected to enable the Company to have a better focus on its core business of marketing and distribution of luggage products.
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| Pradip Madhavji acquires 1,000 shares of Thomas Cook at Rs 220 per share |
Thomas Cook (India) Ltd has informed BSE that Mr. Pradip Madhavji, the Non-Executive Chairman of the Company has acquired 1,000 shares of the Company @ Rs 220 per share (total consideration Rs2,20,000).
Together with his present holding of 6086 shares (including shares held by his family members) his holding after the registration of transfer of this present lot of 1,000 shares will be 7086 shares. This constitutes 0.05% of the capital of the Company. The said acquisition has been made on March 27, 2001.
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| Ramco Systems partners with Boeing to provide solutions for Global Aviation Industry |
Ramco Systems Ltd has today (April 4, 2001) announced the signing of an exclusive agreement with the Boeing Company to jointly develop and market Enterprise Maintenance Systems for the global aviation industry. The Boeing Company, the world's leading manufacturer of airplanes, plans to market the Enterprise Maintenance Systems under the brand name Enterprise One.
This announcement coincides with the global announcement of the initiative made in Aviation Week's MRO Conference and Exhibition being held in Dallas, Texas, between April 03-05, 2001. The MRO Conference & Exhibition is the aviation industry's most prestigious conference and exhibition, attracting senior-level executives from every sector of the industry. The enterprise maintenance system is being jointly presented and demonstrated to prospective customers at this exhibition.
Under the agreement, Ramco Systems will function as the technology, applications, and services provider to Boeing for this initiative. Ramco will provide sales support to Boeing, as well as handle certain sectors of the market directly. The applications supplied by Ramco are built on its premier component based software development platform called RamcoVirtualWorks, which helps in delivering high quality, customer-focussed solutions.
The agreement with Boeing involves use of RamcoVirtualWorks technology, Ramco's Enterprise Asset Management products for Aviation, as well as services for enhancement and implementation of Boeing's Enterprise Maintenance Systems for aviation organisations worldwide.
Adds Mr Lakshmi Narasimhan, President of Ramco Systems, "Boeing's quality, reliability and customer service, together with Ramco's technology and domain knowledge, makes the partnership a winning and powerful combination in this market".
Ramco Systems is a global enterprise solutions provider with strong capabilities in designing and developing package enterprise applications, especially in the Enterprise Asset Management (EAM) area. They have already developed solutions for aviation operators like Colombia Helicopters, USA and Indian Airlines.
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| RBI approves restructuring package of Indian Hotels |
In a communication to the BSE, Indian Hotels Company Ltd (IHCL) has informed that The Reserve Bank of India has accorded its approval to a comprehensive restructuring package for Taj Lanka Hotels Ltd (TLHL) and Taj Maldives Pte Ltd (TMPL) in the form of creation of a new joint venture to be based in Hong Kong. The shareholding of IHCL and other affiliate companies in TLHL and TMPL shall be transferred to the joint venture.
A comprehensive settlement with various lenders of TLHL, namely The State Bank of India, Canara Bank, Bank of Baroda, and Bank of India ("Consortium") has also been reached, whereby IHCL shall invest an additional amount of US$4 mio in the equity of TLHL alongwith a term loan of US$1.5 mio to be provided to TLHL on arms-length basis to partly fund a full and final settlement with the lenders of TLHL.
Loans given by the consortium to TLHL were partially secured by corporate guarantees from IHCL. Upon an action for enforcement of the corporate guarantee by the consortium, a dispute had arisen between IHCL and the consortium. The entire litigation and legal proceedings initiated by the consortium has now been settled by a one-time full and final settlement.
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IndusInd Bank Ltd has informed BSE that the Board of Directors of the Bank, at its meeting held on April 03, 2001 has accepted the resignation of Shri K.R. Maheshwari, Managing Director of the Bank, with effect from the close of business on April 07, 2001. Shri Maheshwari had tendered his resignation in the month of January 2001 but the Board of Directors had deferred the decision to the end of the financial year and requested Shri Maheswari to continue.
Shri Maheshwari will hand over the charge to Shri Bhaskar Ghose, Deputy Managing Director of the Bank on April 07, 2001. Shri Ghose will be Acting Managing Director of the Bank.
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| Care AA+ rating reaffirmed to Hindustan Inks' Rs 760 million NCD |
| Hindustan Inks and Resins Ltd has informed BSE that the Credit Analysis & Research Ltd (CARE) has re-affirmed the 'Care AA+" (Double A plus) rating assigned to the Company's secured Non-Convertible Debenture of Rs 760 million {Rs 200 million (Series 1), Rs 310 million (Series II) and Rs 250 million (Series III) and PR1+ (PR One Plus)}rating to its commercial paper programme of Rs 150 million for a maturity not exceeding six months vide their letters dated March 28, 2001.
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| Wartsila India Q1 results on April 20, 2001 |
| A meeting of the Board of Directors of Wartsila India Ltd is scheduled to be held on April 20, 2001 to consider the Unaudited Financial Results of the Company for the first quarter ended March 31, 2001.
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| Mindteck Board to consider issue of shares to shareholders of Mindteck Consulting Inc |
| Mindteck (India) Ltd has informed BSE that a meeting of Board of Directors of the Company is scheduled to be held on April 10, 2001 to approve the issue of shares to the shareholders of Mindteck Consulting Inc (MCI) and/or one or more of its holding Company(ies) on preferential basis pursuant to Section 81(1A) of the Companies Act, 1956 subject to the approval of shareholders in general meeting.
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