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April 7, 2000
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| Bank of India declares 10% interim dividend
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| The Board of Directors of Bank of India at its meeting held today (April 7, 2000) has declared an interim dividend of 10% (Re 1/- per share) for the financial year 1999-2000. The declaration of dividend is subject to approval of Ministry of Finance, Government of India and the Reserve Bank of India. |
| Competent Automobiles declares 10% interim dividend
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| The Board of Directors of Competent Automobiles Co Ltd. at its meeting held today (April 7, 2000) has declared an interim dividend of 10% (Re 1/- per share) on 64,09,500 equity shares of Rs 10/- each |
| Daulat Securities declares 12% interim dividend
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| The Board of Directors of Daulat Securities Ltd. has declared an interim dividend of 12% (Rs 1.20 per share) for the financial year 1999-2000. |
| M & M receives significant FCCB conversions
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Mahindra & Mahindra Ltd (M&M) had recently made a call to redeem the outstanding FCCBs aggregating around $ 28 million. Pursuant to the call, Bonds of value approx US $ 23 million have been converted into GDRs, at the original conversion price and the company has redeemed the balance of approx $ 5 million as at March 31, 2000.
"The successful conversions of Bonds into GDRs has enabled the company to significantly improve its debt equity ratio, reduced borrowing costs and avoid exposure to foreign exchange risk" said Mr U.Y.Phadke, VP Finance & Accounts, M&M.
The company had earlier during the FY 1999-2000 bought back Bonds of around US$ 16 million at a discount to the face value. It had also made a special conversion offer in September, 1999, which had resulted in conversion of about US$ 52 million.
Out of the total FCCB issue of $ 115 million made in July 1996, the company has received conversions totalling about $ 94 million, bought back Bonds aggregating to about $ 16 million and redeemed the balance of about $ 5 million. Thus as at March 31, 2000 there are no outstanding FCCBs.
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| BLB Ltd to consider allotment of Convertible Warrants on preferential basis
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| The Board of Directors of BLB Ltd will meet on April 09, 2000 to consider the allotment of convertible warrants on preferential basis. The company has earlier received shareholders approval at the EGM held on January 10, 2000for such allotment. |
| NIIT Stock Option Exercise price fixed at Rs 1,593/- per share
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| At a meeting of the Board of Directors of NIIT Ltd, held today (April 07, 2000), the Board proposed a variation in the NIIT ESOS. The proposal will result in the replacement of the grants made to eligible employees on November 22, 1999, as approved by the members of the company at its General meeting held on January 12, 2000. Accordingly the options conferred on the employees of the company would allow the employees to apply for one equity share per option at the Exercise price of Rs 1,593/- per share, which was the closing market price of the company's shares at the BSE, as on the date of the Board meeting. The Board took this decision, after discussing the fall in the share prices of companies and in particular, the Technology stocks. According to the Board the technology stocks had witnessed a significant re-rating, which presented an opportunity to the Company to leverage this market position for providing enhanced benefits to its employees while enhancing the effectiveness of its Stock Option Program. In view of the said market situation the Board proposed the variation to extend the coverage as well as to enhance the benefits of the NIIT Stock Option Program for the NIITians. |
| Knoll Pharma assigns Sion property at Rs 140 million, consideration already received.
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| Knoll Pharmaceuticals Ltd has entered into a Memorandum with Kalpataru Homes Ltd for assignment of the leasehold rights in respect of the plot of land measuring 16051 square metres and grant of development rights in respect of a portion thereof admeasuring 8643 square metres or thereabout situated at Sion East.
The said assignment will be made for a consideration of Rs 140 million. The deal is however subject to approval of the Appropriate Authority under the Income Tax Act, 1961. Pending such approval the Company has received the full consideration of Rs 140 million.
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| Kumbh Finance to enter multimedia, event management business, to de-register itself as NBFC
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Kumbh Finance Ltd. has informed to BSE that it is entering into multimedia, event management and other related businesses. The shareholders of the company in the EGM held on February 24, 2000 have decided to ammend the Memorandum & Articles of Association to this effect.
The Company has already started selling software developed by it and has also entered into a MOU with Tele-serials marketing companies for acquiring the rights of various Tele-serials as well as Tele-films.
The company has proposed to get its name changed so as to reflect the present business activities. The company has decided to get itself de-registered with RBI as a NBFC and will approach the ROC for the same.
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| Clariant interim dividend at Rs 4/- per share
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| The Board of Directors of Clariant India Ltd at its meeting held today April 7, 2000 has declared an interim dividend of 40% (Rs 4/- per share) for the financial year 1999-2000. The Board has approved the payment of full dividend on bonus shares issued during the financial year.
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| Balrampur Chini to promote a e-company
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| Balrampur Chini Mills Ltd has informed the BSE that it is forming a company by the name of "e-commodities limited". This company, proposed to be a dot com company will incubate and develop web-based portals incorporating full service integration of the various business requirements of different commodities. The anchor commodity for the portals will be sugar.
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| Ravileela FY 2000 Net Profit at Rs 2.71 million
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| Ravileela Financial Services Ltd has announced a net profit of Rs 2.71 million for the financial year ended March 31, 2000 as against a loss of Rs 8.85 million in FY 99. The net income from operations is up by 8.20 %at Rs 3.47 million. Other income is Rs 0.24million (FY 99 Rs 0.02 million). The interest charges for the year are Rs 5.82 million against Rs 10.70 million in previous financial year, a reduction of 45.63 %. The Company is geared-up to deliver integrated e-commerce solutions to Corporates as per the diversification plans approved by the Share holders at their annual Meeting held on 27.12.1999. The Company has registered itself as 100% EOU with Software Technology Park of India (STPI), Hyderabad. During the year the Company has successfully executed software exports to the tune of Rs. 6 million. During the year equity shares to the tune of Rs. 50 million were issued on preferential basis to the promoters as per the resolution passed by the Shareholders at their Annual General Meeting held on 27.12.1999. New Directors with expertise in Information Technology have been inducted on the Board.
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| Gramophone Co. MQ 2000 Net Profit up by 33.51 % at Rs 24.70 million |
| The Gramophone Company of India Ltd has reported a net profit of Rs 24.70 million for the quarter ended March 31, 2000 as against Rs 18.50 million in MQ 99. The sales/income are up by 25.80 % at Rs 479.80 million. The cumulative profits for the period up to March 31, 2000 are Rs 56.90 million. The profit of the company for previous ending March 31, 1999 was Rs 39.30 million. The total sales/income for the period up to March 31, 2000 are Rs 1433.10 million as against Rs 1231.80 million in financial year ending March 1999. The company has placed during the quarter ended March 31, 2000 700,000 equity shares of Rs 10/- each at a premium of Rs 1775/- per share, largely to FIIs. The paid up equity share capital of the company as on March 31, 2000 is Rs 79.70 million.
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| Revathi CP MQ 2000 Net Profit up by 51.61 % at Rs 37.60 million
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| Revathi CP Equipment Ltd has announced a net profit of Rs 37.60 million for the quarter ended March 31, 2000 as against Rs 24.80 million in MQ 99. The sales are down by 24.90 % at Rs 97.10 million. Other income is Rs 25.60 million (MQ99 Rs 2.60 million). The profits for the year ended March 31, 2000 are Rs 128.40 million, a decrease of 3.31 % over previous year figures of Rs 132.80 million. The annual sales are 12.95 % down at Rs 554.10 million as against Rs 636.50 million in financial year ending March 1999. The factory of the company has been under lock out from February 21,2000 to March 12, 2000.
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| Regency Ceramics MQ 2000 Net Profit up by 423 % at Rs 21.70 million |
| Regency Ceramics Ltd has announced a net profit of Rs 21.70 million for the quarter ended March 31, 2000 as against Rs 4.14 million in MQ 99. The sales are up by 61.54 % at Rs 208.82 million. Other income is Rs 11.31 million (MQ99 Rs 7.03 million). The profits for the year ended March 31, 2000 are Rs 77.50 million. The annual sales are 22.89 % up at Rs 642.36 million as against Rs 522.71 million in financial year ending March 1999. The Board of Directors of the company has approved an interim dividend of Rs 1.20 per share, which will be paid to the members whose names appear on the register of members of the company as on May 19, 2000.
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| I Power Solutions board reshuffled |
The following changes have taken place in the Board of Directors of I Power Solutions India Ltd.
1. Sri Pradeep Kothari, Sri Santosh Kothari, Smt Neelam Kothari and Sri R Kannan have resigned from the post of Directors.
2. Sri Jagdeesan and Sri R Srinivisan were appointed as Additional Directors of the Company wef April 3, 2000.
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| SGN Cable board meeting to consider preferential issue of shares |
| The Board of Directors of SGN Cable Industries Ltd will meet on April 13, 2000 to consider issue of shares to promoters, friends and associates on preferential basis. |
| IFC Washington acquires 39,82,000 equity shares in Global Trust Bank |
| Global Trust Bank Ltd (GTB) has informed BSE that International Finance Corporation (IFC) Washington, has acquired 39,82,000 equity shares of GTB through preferential offer/Conversion of loan on April 3, 2000.Out of 39,82,000 equity shares 14,23,000 shares were allotted through preferential offer and 25,59,000 shares were allotted on conversion of loan . IFC now holds 11.52% of the equity capital of GTB as against 9.615% held earlier. |
| BSE suspends dealing in Nova Electro and Shivam Apparels from April 10 |
The BSE has advised its members, not to deal in the securities of the following securities with effect from April 10, 2000 until further notice.
1. Nova Electro Magnetics Ltd.
2. Shivam Apparels Exports Ltd.
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| Biowin Pharma Board decides preferential issue |
The Board of Directors of Biowin Pharma (India) Ltd. has decided as under:
1. Increase in authorised share capital from Rs.55 million to Rs.100 million.
2. Change in MoA and AoA of the company.
3. Preferential issue of equity shares/securities not exceeding Rs.49,493,000/- excluding the premium if any.
4. EGM of the company will be held on 02.05.2000.
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| Sakthi Sugar board to consider private placement of shares |
| The Board of Directors of Sakhti Sugars Ltd will meet on April 14, 2000 to consider issue of equity shares on private placement basis.. |
| Pankaj Polymers board to meet for allotment of preferential shares |
| The Board of Directors of Pankaj Polymers Ltd will meet on April 11, 2000 to discuss about the allotment of preferential shares to the promoters of the company and their group & associates. |
| Information Technologies announces share split |
| Information Technologies India Ltd. has announced a share split of the company from the existing equity share of Rs 10/- each into two equity shares of Rs 5/- each fully paid up .The share split was approved by the shareholders at the EGM of the company held on April 6, 2000.The company has decided to fix May 19, 2000 as the record date for the purpose of ascertaining the name of the shareholders to whom new share certificates would be issued.
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