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April 1, 2000
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| RBI reduces Bank rate by 1 %, CRR cut by 1 %, Repo rate by 1 %
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On a review of liquidity and market conditions, Reserve Bank of India today (April 1, 2000) announced the following measures.
1. A reduction in Bank rates by 1.0 percentage point from its present level of 8.0 per cent to 7.0 per cent as at the close of business of April 1, 2000.
2. A reduction in the Cash Reserve Ratio (CRR) by 1.0 percentage point from its present level of 9.0 per cent to 8.0 per cent in two stages by 0.5 percentage each effective from fortnights beginning April 8 and April 22, 2000 respectively.
3. A Reduction in Repo Rate by 1.0 percentage point from its present level of 6.0 per cent to 5.0 per cent, effective from April 3, 2000.
4. A reduction in Savings deposit rate of Scheduled Commercial Banks from its present level of 4.5 per cent to 4.0 per cent, effective from April 1, 2000.
As a consequence of the reduction in Bank Rate, the interest rates on advances from RBI by way of several facilities, including the export credit refinance to Scheduled Commercial Banks and Primary (urban) Co-operative Banks would be reduced by one percentage point (100 basis points).
The reduction in the CRR by 1.0 percentage point will augment lendable resources of the banking system as a whole by about Rs 7,200 crore.
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| Shri MM Softek quarter profit at Rs 4.515 million
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| Shri MM Softek Ltd has announced a net profit of Rs 4.515 million for the quarter ended February 29, 2000 as against a net profit of Rs 4.259 million for the same period in the previous financial year. The sales for the period is Rs 15.971 million as compared to Rs 14.044 million in February quarter of FY 1998-99. The Board of Directors of the company have convened a EGM of the company on April 25, 200 for consideration amongst other matters the swap in the ratio of 1:1 between equity shares of the company against common stock/common stock equivalents of Transtream Inc., a Corporation registered with limited liability operating in USA. Transtream Inc's shareholder s include Institutional investors, venture capitalists, companies, firms established around the globe including USA, Canada, Japan, Europe, Honkong, Singapore, etc. The business relationship of Transtream Inc. and the company are intertwined and complementary. While the software business sourcing and client contracting would be done by Transtream Inc. the e-commerce software development and export would be done by the company.
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| Sun Pharma board finds merger a viable proposition
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The board of directors of Sun Pharmaceutical Industries Ltd (SPIL) at its meeting held today (01/04/2000) considered the viability of the proposal for merger/amalgamation of Sun Pharmaceutical Exports Ltd (SPEL) with SPIL subject to such approvals/sanctions as may be required. The board decided that prima facie the proposal is viable. The move will help in rationalisation of export business and consolidation of income and net profit of the company.
At the meeting the board also allotted the new bonus shares of Rs 10 each in the ratio of 2:1 as on record date, March 23, 2000.
The company has redeemed before maturity 110,000 10.50% redeemable cumulative preference shares of Rs 100 each amounting to Rs 11,000,000. The company also reduced the rate of preference dividend from 10.50% to 9.50% w.e.f April 1, 2000 on the balance 4,907,500 redeemable preference shares of Rs 100 each aggregating to Rs 4,90,750,000.
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| High Court sanctions Triveni Engineering merger
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| Triveni Engineering has informed the BSE that the scheme of Amalgamation of Triveni Engineering & Industries Ltd (TEIL) with Gangeshwar Ltd. (GL) has been sanctioned by the High Court of Judicature at Allahabad vide its order dated March, 2000.
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| Orient Ceramics declares Bonus in the ratio of 1:1
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| The Board of Directors of Orient Ceramics and Industries Ltd at its meeting held today (April 1, 2000), has approved to issue Bonus shares in the ratio of 1:1 i.e one bonus share for every one share held on the record date. The Board has also declared an interim dividend at the rate of 12 % for the year 1999-2000.
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| Finolex Cables announces 75 % interim dividend
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The board of directors of Finolex Cables Ltd at its meeting held today (April 1, 2000) declared an interim dividend of 75% (Rs 7.50 per share) on the post-bonus, post-buyback, paid-up share capital of the company. The company had issued bonus shares in the ratio of 1:1 in September 1999. And had completed a buyback through book-building process in February, 2000 at a maximum price of Rs 275 per share.
The said interim dividend will mean a outgo of Rs 257.50 million and the company will bear the tax of 11% on such dividend. The board of directors of the company has fixed May 16, 2000 as the record date for determining the shareholders who shall be entitled to receive the interim dividend which is expected to be paid in last week of May 2000.
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| Sesa Goa board reshuffled, declares 15% interim dividend
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At the board meeting of Sesa Goa Ltd held on March 31, 2000 the following decisions have been taken:
- S D Kulkarni has been appointed as the Chairman of the company.
- P G Kakodkar has been appointed Director on the board of the company.
- Mitsuo Kanezashi has been appointed as Wholetime Director of the company in place of Y Takagi who will continue as Non-Executive Director.
- Interim dividend has been declared at Rs 1.50 per share (15%). Record date for the purpose has been fixed on May 2, 2000.
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| Intensive Air Products to re-issue forfeited shares
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| The board of directors of Intensive Air Products at its meeting held on March 31, 2000 has approved the re-issue of forfeited equity shares at Rs 20 per share. The board has re-designated K V K Raju as the Managing Director of the company.
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| Rajesh Exports declares 10% interim dividend
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| The board of directors of Rajesh Exports Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 10% (Re 1 per share).
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| Global Trust Bank raises Rs 1.47 billion via equity
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Global Trust Bank Ltd (GTB) has raised equity capital by way of private placement/preferential offer of equity shares. The board of GTB, which met on March 31, 200 has allotted 14.8 million shares at a price of Rs 85 per share, aggregating Rs 1.26 billion. The price is at a premium to the current market price of the share. More than 70% of the allottees are Funds and Institutions.
In a significant development, International Finance Corporation (Washington) (IFC) has converted the US$ 10 million loan to the bank into equity shares of the company at a price of Rs 85 per share though it had the right to convert the same at Rs 60 per share. Consequent to this allotment, IFC was allotted 2.56 million shares at Rs 85 per share aggregating Rs 217.5 million.
Consequent to the preferential allotment and conversion the net worth of the bank has increased by 1.48 billion and the paid-up capital of the bank has gone up to Rs 1.21 billion.
"The enhancement of the capital base of the bank today would place the bank on a path of vibrant growth" said Ramesh Gelli, CMD of the Bank.
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| Bharat Rasayan declares 21% interim dividend
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| The board of directors of Bharat Rasayan Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 21% (Rs 2.10 per share). Dividend shall be payable to the shareholders whose names appear on the register of members of the company as on May 16, 2000. The company on or before May 31, 2000 will pay the dividend.
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| Vatsa Music EGM approves stock split in the ratio 10:1
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| At the extra-ordinary general meeting of Vatsa Music Ltd held on March 31, 2000 the shareholder passed a resolution approving the subdivision of its fully paid shares of Rs 10 each into fully paid shares of Re 1 each. At the EGM the company has authorised the board of directors to call and cancel the shares certificates already issued and to issue the fresh share certificates.
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| BHEL declares 15% interim dividend
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| The board of directors of Bharat Heavy Electricals Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 15% (Rs 1.50 per share) for the financial year 1999-2000 on the paid up capital of the company. The record date for the aforesaid interim dividend is May 19, 2000.
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| K B Steel declares 10% interim dividend
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| The board of directors of K B Steel Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 10% (Re 1 per share) for the financial year 1999-2000. The record date for the aforesaid interim dividend is May 15, 2000.
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| Omax Autos interim dividend at 35%
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| The board of directors of Omax Autos Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 35% (Rs 3.50 per share) for the financial year 1999-2000.
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| Sutlej Industries declares 30% interim dividend
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| The board of directors of Sutlej Industries Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 30% (Rs 3 per share). The record date for the aforesaid interim dividend is May 15, 2000.
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| FII limit in HDFC raised to 40%
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| The Reserve Bank of India has approved to raise the limit of FIIs holding in Housing Development Finance Corporation Ltd from 30% to 40%. FIIs currently hold 30% of the paid up capital of the company. They can now acquire up to 40% of the paid up capital of HDFC.
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| Wires & Fabrics declares 10% interim dividend
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| The board of directors of Wires & Fabrics Ltd at its meeting has declared an interim dividend of 10% (Re 1 per share). The record date for the aforesaid interim dividend is May 16, 2000.
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| Paramount Communications declares 16% interim dividend
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| The board of directors of Paramount Communications Ltd at its meeting has declared an interim dividend of 16% (Rs 1.60 per share) for the year ending March 31, 2000. The Register of Members and Share Transfer Books shall remain closed from May 16, 2000 to May 24, 2000 (both days inclusive).
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| Delton Cables declares 18% interim dividend
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| The board of directors of Delton Cables Ltd at its meeting has declared an interim dividend of 18% (Rs 1.80 per share). The record date for the aforesaid interim dividend is May 8, 2000.
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| Nilkamal Plastics declares 40% interim dividend
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| The board of directors of Nilkamal Plastics Ltd at its meeting held on March 31,2000 has declared an interim dividend of 40% (Rs 4 per share). The record date for the aforesaid interim dividend is May 15, 2000.
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| Gramophone Company declares 20% interim dividend
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| The Board of Directors of Gramophone Company Ltd at its meeting held on March 31, 2000 has declared an interim dividend of Rs 2/- per share on the paid up capital of the company for the financial year 1999-2000. The record date for the said interim dividend has been fixed at May 16, 2000. |
| Tolani Bulk Carriers interim dividend at 6 %
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| The Board of Directors of Tolani Bulk Carriers Ltd has declared an interim dividend of 6% for the financial year 1999-2000. The said dividend on 24,000,000 equity shares will absorb a sum of Rs 14,400,000/-. |
| Tata Donnelley declares 60% interim dividend
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| The Board of Directors of Tata Donnelley Ltd has declared an interim dividend of 60 % for the year ended March 31, 2000. The book closure dates for the interim dividend is April 27 to May 2, 2000. |
| Hitech Drilling interim dividend at 40 %
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| The Board of Directors of Hitech Drilling Services India Ltd at its meeting held on March 31, 2000 has declared an interim dividend of 40 % for the financial year 1999-2000. The record date for the said interim dividend has been fixed at April 24, 2000. |
| Dhandapani declares 15 % interim dividend
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| The Board of Directors of Dhandapani Finance Ltd at its meeting held on March 30, 2000 has decided to pay an interim dividend of 15% for the year 1999-2000. This dividend is in addition to the interim dividend of 10 % declared in January 2000. The Board has fixed May 30, 2000 as the record date for determining the shareholders entitled to the second interim dividend. |
| Kothari Products interim at 150 %
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| At its meeting held on March 31, 2000, the Board of Directors of Kothari Products Ltd has declared an interim dividend of Rs 15/- per share (150 %) to the shareholders of the company. The Board has fixed May 16, 2000 as the record date for determining the shareholders entitled to the aforesaid dividend. |
| Linkson Leasing interim dividend at 22 %
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| The Board of Directors of Linkson Leasing Ltd at its meeting held on March 31, 2000, has declared an interim dividend of 22 % for the financial year 1999-2000. |
| Bengal Tea looking at buyers for Tea Estates
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| The Board of Directors of Bengal Tea & Fabrics Ltd at its meeting held on March 31, 2000 has decided to take steps to look for a suitable purchaser for Pallaround & Dooloogram Tea Estates of the company situated in the Cachar district District of Assam. |
RISC
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