|
April 26, 2000
Books
Columnists
Indian Tax
Insurance
Interview
Mutual Funds
NRI Tax
Personal Finance
Personal Banking
Real Estate
Stocks
|
| Jalan re-appointed Governor of RBI |
| Dr. Bimal Jalan has been re-appointed the Governor of the Reserve Bank of India for a further period of two years commencing November 22, 2000 to November 21, 2002. |
| Philips denies report in financial daily |
Philips India limited has referred to a news report that appeared on April 26, 2000 in a leading financial daily as "mischevious" and "a distortion of facts". Philips India stated, with reference to the article, that its Managing Director had already informed the journalist that the company did not have any plans to purchase the Crompton Greaves factory and neither was any such proposal placed before the company's Board of Directors.
In a letter to the BSE, Philips India additionally stated with respect to the rest of the article that it did not have any factory in Punjab. Neither did the company have any plans to sell its lamps factory at Kalwa. The light factory at Pali near Mohali in Punjab is owned by Punjab Anand Lamps Industries Limited , a separate company in which Philips India and Royal Philips Electronics N.V. of the netherlands hold majority share holding. There are no plans as of now to relocate the lighting factory from Kalwa to Pali at Mohali.
|
| Bausch & Lomb India issues NOC to Bausch & Lomb South Asia for setting up 100% subsidiary |
| At a meeting of its Board of Directors on April 26, 2000, Bausch & Lomb India Ltd (BLI), issued a "No Objection Certificate" to enable Bausch & Lomb South Asia Inc. USA to seek approval of the Secretariat of Industrial Assistance to set up a 100% subsidiary. The subsidiary would purchase the assets and liabilities of the Vision Care business of BLI subject to relevant approvals and agreements being entered into between BLI and BLSA
|
| Global Trust Bank net profit up 69.77% in MQ 2000 |
Global Trust Bank Ltd has reported a net profit growth of 69.77% at Rs 353.30 million for the quarter ended March 31, 2000 as against Rs 208.10 million in MQ 99. The income from operations are up by 61.85% at Rs 2186.90 million (MQ 99 Rs 1351.20 million). Other income is Rs 901.20 million (MQ 99 Rs 479.80 million). The profits for the year ended March 31, 2000 are 53.29% higher at Rs 1086.20 million, as compared to Rs 708.60 million in the previous financial year. The annual income from operations are 31.56 % higher at Rs 6464.20 million as against Rs 4913.60 million in the financial year ending March 1999. On the equity capital of Rs 1213.60 million, the Bank has reported an EPS of Rs. 8.95 for the year ending March 2000.
At its Board Meeting held on April 26, 2000, the Bank declared a dividend of 22% as against last year's figure of 20%. The dividend was proposed on pro-rata basis on the shares allotted during the year. 173.59 lakh shares were allotted at a premium of Rs. 75/- per share on March 31, 2000. The pro-rata dividend per share is Rs. 0.006 and aggregates to Rs. 1.04 lakhs on the shares allotted during the year.
|
| 5% additional daily margin imposed on sales |
In view of the prevalent market condition, SEBI has directed the stock exchanges to impose an additional 5% margin on the scrip wise net outstanding sale positions of the members at the end of each day.
Accordingly, BSE has decided that all scrip-wise net outstanding sale positions of members in 'A', 'B1', 'B2' and 'Z' group scrips would attract additional daily margin of 5%. This margin would be recovered under the head Special Margin and would be over and above the special margin applicable to scrips as at present.
This margin would be applicable on the scrip-wise net outstanding sale positions of members as on April 26, 2000 and onwards, until further notice.
|
| Soffia Software to take stake in Netpeople Internet India |
| Soffia Software Ltd is taking an equity stake in Netpeople Internet India Pvt Ltd, a Coimbatore based concern in the business of developing and providing internet service solutions, network design, web design, web hosting and e mail solutions for all types of applications. The company has also been involved in the development, design and installation of Internet kiosk centres to be launched shortly. |
| Thermax appoints Boson Consulting Group for strategy development on clean energy |
| Thermax Limited, the Pune-based energy and environment major has appointed Boston Consulting Group (BCG) to help the company address evolving markets for clean energy solutions. The assignment code, named 'Project Green', would involve a review of the strategy, Thermax's current business portfolio and organisation structure. The assignment, starting at the end of April, is expected to be completed in 12-weeks time. |
| Raymond profits down 60.74 %, interim dividend at Rs 15% |
| Raymond Ltd has announced a net profit of Rs 317.10 million for the year ended March 31, 2000 as against Rs 807.70 million in FY 99. The sales are up by 3.35 % at Rs 13382.10 million. Other income is Rs 183.80 million (FY 99 Rs 125.50 million). The gross profit is Rs 1633.20 million as compared to Rs 1830.80 million in FY 99. The company ahs changed its stock valuation policy for the year in accordance with the AS 2 issued by the Institute of Chartered Accountants of India. This has resulted in an increase in valuation of inventories and profit for the year by Rs.188.80 million. The company has written off the loss of Rs 275.10 million arising out of divestment of its shareholding in Raymond Synthetics Ltd during the current year. |
| Wipro net rises 121.5 %, turnover up 28.30% |
Wipro Ltd recorded a net profit of Rs 2483 /- million for the year ended March 31, 2000 as against Rs 1121/- million in FY 99. The sales are up by 28.30 % at Rs 22859/- million. Other income is Rs 270 million (FY 99 Rs 222/- million). For the quarter ended March 31, 2000 the company clocked a turnover of Rs 7411 million, 28.86 % higher than Rs 5751 million as achieved in MQ 99. The profits for the quarter were Rs 868 million as against Rs 771 million in MQ 99. During MQ 2000 the company earned operating profits of Rs 1512 million representing a 43.73 % growth over Rs 1052 million earned in MQ 99. The copmany has reported a Basic EPS of Rs 10.84 for the year ended March 31, 2000 while the Diluted EPS is Rs 10.80 for the same period.
Pursuant to the scheme of amalgamation of Wipro Computers Limited (WCL) with the Wipro Ltd approved by the Honourable High Court of Karnataka on February16, 2000. The entire undertaking including all assets and liabilities of WCL were transferred to Wipro Ltd with effect form April 1, 1999. Figures for the quarter ended/year ended March 31,2000 are not comparable with corresponding figures for previous year.
|
| Dr Reddy's MQ 2000 net profit at Rs 176 million, up by 40%, sales improve 17.65% |
| Dr Reddy's Laboratories Ltd recorded a net profit of Rs 176/- million for the quarter ended March 31, 2000 as against Rs 126.02 million in MQ 99. The sales are up by 17.65 % at Rs 1323.08 million. Other income is Rs 31.66 million (MQ 99 Rs 40.23 million). The profits for the year ended March 31, 2000 are Rs 603.20 million, as compared to Rs 517.61 million in the previous financial year. The annual sales are 15.77 % up at Rs 4930.17 million as against Rs 4258.58 million in the financial year ending March 1999. On the equity capital of Rs 264.87 million the company has reported an EPS Rs 22.77 for the year ending March 31, 2000. |
| HLL Net profit up by 23.39%, turnover rises 7% |
| Hindustan Lever Ltd has announced a net profit of Rs 2626.10 million for the quarter ended March 31, 2000 as against Rs 2128.30 million in MQ 99. The sales are up by 7.09 % at Rs 26140.70 million. Other income is Rs 900.10 million (MQ 99 Rs 707.70 million). Interest charges for the current quarter were Rs 34.70 million as against Rs 68.60 million in MQ 99. In line with the company's policy, Business Restructuring Costs have been charged on the basis of proportionate share of the estimated annual costs. This amounts to Rs 300 million for the current quarter. During the quarter the company has acquired a 74% equity of Modern Foods Industries Ltd at a total investment of Rs 125.45 crores. |
| Rolta India net profit up by 51%, revenues rise 50% |
| Rolta India Ltd has declared an 51% increase in the net profits for the quarter ended March 31, 2000 over the corresponding quarter of the previous financial year. The company has reported a net profit of Rs 213.60 million for MQ 2000 as against Rs 141.39 million in MQ 99. The total income from operations is Rs 606.42 million, a 49.53% increase over Rs 405.55 million as achieved in MQ 99. The other income for the quarter is Rs 0.26 million (MQ 99 Rs 0.12 million). |
| Philips India records Rs 118.60 million net loss for MQ 2000 |
| Philips India Ltd has incurred a net loss of Rs 118.60 million for the quarter ended March 31, 2000 as against a profit of Rs 44.60 million in MQ 99. The sales are down by 17.47 % at Rs 3261.70 million. Other income is Rs 4.10 million (MQ 99 Rs 0.80 million). During the quarter ended March 31, 2000 the company has charged Rs 53.30 million in respect of VRS as against Rs 52.20 million in MQ 99. |
| Commercial production at GSFC's Ammonia-4 plant commences today |
| The Gujarat State Fertilizers & Chemicals Ltd has informed the BSE that the commercial production of the Ammonia-4 plant has commenced on April 26, 2000. The plant has a capacity of 1350 MTPD and presently, its load is above 90%. The old Ammonia I and II plants, which were producing ammonia earlier, have stopped production. |
| Phoenix Mills to decide ratio for rights issue |
At a meeting to be held on April 29, 2000, the Board of Directors of The Phoenix Mills Ltd will decide the ratio in which the rights shares are to be issued. The ratio shall be subject to the approval of members at the EGM to be held on April 27, 2000.
Additionally, the Board will also finalise the record date for the purpose of rights entitlement as well as the dates of opening and closing of the issue.
|
| Madras Aluminium recommends interim of 70%, accepts report on amalgamation with Sterlite |
The Madras Aluminium Company Ltd (MALCO) has reported a net profit of Rs 132.80 million for the quarter ended March 31, 2000. The sales of the company stand at Rs 711/- million for the quarter. Other income for MQ 2000 is Rs 74 million. The profit before interest, depreciation and tax for the quarter ended March 31, 2000 is Rs 264.30 million. During the quarter, interest and depreciation were substantially higher on account of capitalisation of the Captive Power Plant.
At a meeting held on April 25, 2000, the Board of Directors accepted Arthur Andersen's and Ernst & Young's valuation for the amalgamation of the company with Sterlite Industries (India) Ltd. Under the scheme of amalgamation, all existing shareholders of MALCO will receive one new fully paid -up equity share of Rs. 5 each of SIL (after de-merger of the telecom business) for every two fully paid up equity shares of Rs. 10 each held by them in MALCO.
|
| SPL Ltd. has launched a new product, VITRIFIED TILES, under the brand name GREVITI from 15.03.2000. The capacity of the plant producing the tiles is 2500 Sqm. per day. The plant has started operation at the company's site at Kassar, Dist.Jhajjar, Haryana. |
| Prima Plastics Daman Unit to contribute 12% rise in company's turnover |
| Prima Plastics Ltd. has informed the BSE that the commercial production of its unit at Daman (Union Territory) is expected to contribute an approximate 12% increase in the company's turnover for the year ending on 31.03.2001. |
| Omnitex Industries to make foray into e commerce through subsidiary, plans B2B portal |
| Omnitex Industries (India) Ltd. is planning to enter the e-commerce field through a 100% subsidiary and is putting up B2B portal with a focus on office/institution needs and suppliers for the purpose.
|
| Modella Woollens to halt trading in suitings |
| Modella Woollens Ltd. has informed the BSE that due to continuing slackness in demand for suitings coupled with the mounting losses, it has decided to stop trading in the former. However, the company is on the look out for suitable opportunities and would revive its business activities at the earliest. |
| Lloyds Steel board approves de-merger of engineering division |
The Board of Directors of Lloyds Steel Industries Ltd. has approved the arrangement with Lloyds Metals & Engineers Ltd. (LMEL) which provides for the de-merger of its non-steel business i.e. the Engineering Division into a new company (First Company).
Simultaneously, the C.R.Sheets business of LMEL shall be similarly de-merged.
Pursuant to the de-merger, the company shall be amalgamated alongwith LMEL with a new company (Second Company).
For every 100 equity shares held in company, 75 equity shares of the First Company and 28 equity shares of the Second Company shall be issued.
|
| Lakshmi Overseas to forfeit 84000 shares for non-payment of allotment money |
| The Board of Directors of Lakshmi Overseas Industries Ltd. has decided to forfeit 84000 shares on which the arrears of allotment money has not been paid. |
| HDC's Dalhousie jute mill closes down after strike |
| Hindustan Development Corporation. Ltd's jute mill in the company's Dalhousie Jute Company has been closed down due to a strike w.e.f. 22.03.2000. |
| Goodyear Tire & Rubber Company USA holds 74% equity capital in Goodyear India |
| Goodyear India Ltd has informed BSE that Goodyear Tire & Rubber Company, Akron, Ohio, USA, continues to hold 1,70,69,215 equity shares of Rs.10/- each constituting 74% of the equity share capital of the company. |
| Shree Cement Ltd posts net profit of Rs. 31.80 million for MQ 2000 |
| Shree Cement Ltd has reported a net profit of Rs 31.80 million for the quarter ended March 31, 2000 as against a loss of Rs 13.45 million in MQ 99. The sales are up by 16.19 % at Rs 1330.08 million
(MQ 99 Rs. 1144.75 million) The cash EPS (annualised) for the quarter stood at Rs. 10.68 (MQ 99 Rs. 5.86) and the net EPS (annualised) was Rs. 3.65 [MQ 99 Rs. (1.54)] on the paid up equity share capital of Rs 348.372 million.
|
| Western India Shipyard Ltd records loss of Rs.73.20 million for MQ 2000 |
Western India Shipyard Ltd has reported a net loss of Rs 73.20 million for the quarter ended March 31, 2000 as against a loss of Rs 25.74 million in MQ 99. The sales have fallen by 60.23 % at Rs 48.72 million. Other income is Rs 2.01 million (MQ 99 Rs 2.13 million). The loss for the year ended March 31, 2000 is Rs 333.50 million, as compared to a loss of Rs 165.06 million in the previous financial year, an increase of 102.04%. The annual sales are down by 41.74 % at Rs 215.40 million as against Rs 165.06 million in the financial year ending March 1999. Since the company is entitled to an income tax holiday benefit, no provision has been made for tax.
At a meeting held on April 24, 2000, the Board of Directors of the company announced that a restructuring proposal was underway to complete the graving dock at Mormugao, Goa to enable a higher level of operations at the same.
|
| Sandvik Asia Ltd declares interim dividend of 20% |
| At a meeting held on April 25, 2000, the Board of Directors of Sandvik Asia Ltd declared an interim dividend of 20% per equity share of Rs. 100. The Board has fixed May 26, 2000 as the record date for eligibility to receive the dividend. |
RISC
Tell us what you think of this feature
|
