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April 19, 2000
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| Parent Company to finance US$ 3 million to International Bestfoods at nil interest
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| Last year, International Bestfoods Ltd (IBL) had acquired the 'Captain Cook' brand name and a salt manufacturing facility at Gandhidham. The acquisition was financed by a Rights issue and a term loan of Rs 320 million was taken from various lenders. With the objective of reducing interest cost, the parent company - Bestfoods , USA has approved a loan of US$ 3 million ( approximately Rs.130million ) to IBL for a period of 3 years. The loan will be at nil rate of interest in the first year and a very low rate of interest in the remaining 2 years. All the requisite approvals from the Reserve Bank of India have been received for the same. US$ 2 million out of the loan of US$ 3 million will be received by end of April, 2000 and the balance US$ 1 million will be received in July, 2000.
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| Zicom Electronic to consider preferential issue
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| The Board of Directors of Zicom Electronic Security Systems Ltd that is scheduled to meet on April 26, 2000 will consider the allotment of 300,000 equity shares on preferential basis to OAI Mauritius Ltd A/c Savers India Fund, a FII. The allotment is subject to the approval of the Reserve Bank of India.
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| Cochin Refineries second interim dividend at Rs 6.40/- per share
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| The Board of Directors of Cochin Refineries Ltd has accorded its approval for payment of second interim dividend of Rs 6.40 per equity share of Rs 10/- each. The dividend will be payable to those shareholders whose name appear on the register of the members as on May 16, 2000. The Directors have taken the above decision by passing a resolution by circulation.
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| Schlaforst Engineering net loss down by 16.20%, BIFR declares it sick company
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| Schlaforst Engineering (India) Ltd has announced a net loss of Rs 12.83 million for the quarter ended March 31, 2000 as against a loss of Rs 15.31 million in MQ 99. The sales are up by 23.10 % at Rs 12.47 million. Other income is Rs 4.69 million (MQ 99 Rs 4.66 million). As the accumulated losses of the Company as at 31st December 1998 have exceeded the net worth, a reference was made to BIFR. The BIFR at the hearing held on 24th March 2000, declared the Company as Sick Industrial Company. ICICI has been appointed as Operating Agency. The Company has been asked to submit the revival scheme.
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| S Kumars Synfabs HY 2000 net profit up by 121.40 %
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| S Kumars Synfabs Ltd has reported a net profit of Rs 144.10 million for the quarter ended March 31, 2000 as against Rs 75.20 million in MQ 99. The sales are up by 29.73 % at Rs 1595.10 million. Other income is Rs 14.80 million (MQ99 Rs 16.80 million). The profits for the six months ended on March 31, 2000 are Rs 278.30 million, as compared to Rs 125.70 million in the previous financial year. The half-yearly sales are 39.06 percent up at Rs 3121.70 million as against Rs 2244.80 million in the half year ending March 31, 1999. The equity share capital as on March 31, 2000 is Rs 692.70 million as against Rs 277 million as on March 31, 1999.
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| Orient Info net rises 167%, turnover up by 79%, Dividend at 15%
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Orient Information Technologies Ltd has announced a net profit of Rs 44.86 million for the quarter ended March 31, 2000 as against Rs 16.79 million in MQ 99. The total income is up by 78.59 % at Rs 157.51 million. The profits for the year ended March 31, 2000 are Rs 84.60 million, as compared to Rs 40.43 million in the previous financial year, an increase of 109.22 %. The annual sales are 77.48 % up at Rs 446.76 million as against Rs 251.73 million in the financial year ending March 1999.
Out of the total revenue of the company for the year, 35% is from USA, 25% from UK, 30% from Middle East and 10% from the rest of the world for the full year. Company's activity-wise revenue segments are e-commerce 40%, Software development 35%, consulting 15%, and ERP 10% for the full year.
On the equity capital of Rs 110 million the company has reported an EPS of Rs 21.41 (annualised). The net worth of the company is Rs 680.53 million, while the book value is Rs 61.87 per share. The Board has recommended a dividend of 15% for the financial year1999-2000.
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| Sundaram Clayton net profit up by 43.54%, dividend at 35%
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| Sundaram Clayton Ltd has reported a net profit of Rs 60.72 million for the quarter ended March 31, 2000 as against Rs 46.45 million in MQ 99. The sales at Rs 653.39 million are up by 27.21% over the corresponding last years figures of Rs 513.64 million. Other income is Rs 30.48 million (MQ99 Rs 17.24 million). The profits for the year ended March 31, 2000 are Rs 227.21 million, as compared to Rs 158.28 million in the previous financial year. The annual sales are 44.81 % up at Rs 2317.01 million as against Rs 1599.99 million for the financial year ending March 1999. On the equity capital of Rs 189.676 million the company has reported an earnings of Rs 11.98 per share. |
| Atlas Copco Board approves merger of Chicago Pneumatic
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| The Board of Atlas Copco (India) Ltd has approved in principle the merger of Chicago Pneumatic (India) Ltd with Atlas Copco (India) Ltd. The Board has appointed M/s S.B. Billimoria & Co., Chartered Accountants to carry out the valuation exercise of the shares of both the companies and to advise on the shares of both the companies and to adivse the company on the share exchange ratio. The above decision was taken at the Board meeting of the company held today (April 19, 2000). |
| MRF Ltd net down by 33.86%, Turnover down by 2.15 %
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| MRF Ltd has announced a net profit of Rs 208.80 million for the quarter ended March 31, 2000 as against Rs 315.70 million in MQ 99. The sales are down by 2.15 % at Rs 5507.70 million. Other income is Rs 14/- million (MQ99 Rs 2.20 million). Interest charges have increased marginally by 3.52 % at Rs 161.90 million. The tax provision has reduced by 46.51 % from Rs 107.50 million to RS 57.50 million. The company has reported a basic and diluted EPS of Rs 49.23 for the quarter ended March 31, 2000 (not to be annualised). |
| VDO net loss rises 64.29 %, turnover up by 14 % |
| VDO India Ltd has announced a net loss of Rs 6.90 million for the quarter ended March 31, 2000 as against a loss of Rs 4.20 million in MQ 99. The sales are up by 14.08 % at Rs 128.80 million. Other income is Rs 1.30 million (MQ 99 Rs 2.60 million). The interest charge for the quarter is Rs 6.40 million as against Rs 5.40 million in MQ 99. |
| Soffia Software MQ Net Profit up at Rs 11.44 million, Second interim at 9 % |
| Soffia Software Ltd has reported a net profit of Rs 11.44 million for the quarter ended March 31, 2000 as against Rs 1.38 million in MQ 99. The sales are up by 550 % at Rs 40.92 million. The gross profit is Rs 16.18 million. The Board has recommended a second interim dividend of 9% making the total interim dividend at 21% for the current financial year(June 30, 2000). During the quarter ended March 31, 2000 the company completed the issue of 1 million equity shares on preferential basis. The company has obtained 100% EOU status, having registered with Software Technology Parks of India, Chennai. |
| Western Hatcheries Ltd declares 30% interim dividend |
| The Board of Directors of Western Hatcheries Ltd has declared an interim dividend of 30% for the year 1999-2000. The Board ahs fixed May 30, 2000 as the record date for the purpose of ascertaining the names of shareholders who shall be entitled to receive the aforesaid interim dividend. |
| BSE imposes special margin on Axis Capital |
| BSE has imposed special margin on Axis Capital Markets (India) Ltd at the rate of 25% with effect from April 19, 2000. |
| Marathwada Refractories Interim dividend at 100% |
| The Board of Directors of Marathwada Refractories Ltd at its meeting held on April 17, 2000 has declared an interim dividend at the rate of 100%. |
| Bengal Tea to sell its Tea Estates |
| The Board of Directors of Bengal Tea & Fabrics Ltd has decided to sell Pallaround Tea Ltd, Calcutta, the company's tea estates, namely Pallaround and Dooloogram Tea Estates. The above decision was taken at the Board meeting held on April 18, 2000. The decision is subject to the approval of the members of the company. |
| Polaris Software net rises 154%, two branches in US, dividend at 30% |
| Polaris Software Ltd has announced a net profit of Rs 114.05 million for the quarter ended March 31, 2000 on a turnover of Rs 462.72 million. The total income is up by 132.95 % at Rs 489.95 million. Other income is Rs 27.23 million (MQ 99 Rs 0.34 million). The profits for the year ended March 31, 2000 are Rs 372.12 million, as compared to Rs 146.45 million in the previous financial year. The annual sales are 142.19 % up at Rs 1461.14 million as against Rs 602.55 million in the financial year ending March 1999. On the equity capital of Rs 170.63 million the company has reported a basic and diluted earnings of Rs 21.81 per share. The Board has recommended a dividend of 30% for the year ended March 31, 2000. The company will be commencing Global Development Center in the US during the current fiscal. The company has initiated steps to open two more branch offices in US in the current year. |
| HCL Infosystems Net Profit up by 27.67 % at Rs 528.46 million |
HCL Infosystems Ltd has announced a net profit of Rs 528.46 million for the nine months ended March 31, 2000 as against Rs 413.93 million in the same period in FY 99. The sales are up by 16.03 % at Rs 7940.48 million. Other income is Rs 95.35 million (corresponding nine months in FY 99 Rs 31.61million). On the equity capital of Rs 319.06 million the company has reported a basic EPS (calculated on PAT) of Rs 16.56 /- (not annualised).
The profits for the quarter ended March 31, 2000 are Rs 162.02 million, as compared to Rs 139.87 million for the same period in the previous financial year. The sales are 26.58 % up at Rs 3181.95 million as against Rs 2513.80 million in MQ 99.
During the quarter ended March 31, 2000 the company has implemented the final phase of VRS which was introduced last year. The above profit figures are after making a provision of Rs 51.10 million for the same. During the current quarter the company has set up three new STPs, one each in Noida, Chennai & Hyderabad.
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