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Omax board approves enabling provision for buy back

Omax Autos Ltd. has informed the BSE that its Board has approved an amendment in Articles of Association providing enabling provision for buy back of shares. Shareholders' approval for the same will be sought at the ensuing AGM to be held on September 25, 2000. Shareholders' approval will also be sought for the company's ESOP plan and re-appointment of Mr. J K Mehta and R K Mehta as Managing Directors of the company for a period of 5 years w.e.f from January 1, 2000.

Hughes Software shareholders approve stock split, record date fixed

Hughes Software Systems Ltd. has informed the BSE that the shareholders of the company have approved the 2:1 stock split in the AGM held on August 2, 2000. The record date for the same has been fixed as September 29, 2000.

Mukand Engineers plans to acquire Software business

The Board of Directors of Mukand Engineers Limited in the meeting dated August 2, 2000 have recommended a resolution authorising the issue of equity shares and/or warrants and/or convertible debentures not exceeding 15% of the present paid up capital. The above mentioned securities are proposed to be issued as a full/part consideration for acquisition of businesses/facilities from entities involved in Software development/ Consultancy, data processing and other information technology related activities. Another resolution authorising the company to issue further equity shares and/or warrants, not exceeding 15% of the present paid up share capital, to Strategic Investors/ Venture Capital Funds/ Mutual Funds/ Institutional Investors has also been recommended. The proceeds from the second issue are meant to augment the capital resources of the company. Shareholders' approval for both these resolutions will be sought at the ensuing AGM of the company.

Apollo Hospitals Q1 net profit up by 16.97%

Apollo Hospitals Enterprise Ltd. has posted a net profit of Rs 72.64 million in the quarter ended June 30, 2000 as compared to Rs 62.10 million in the same period last year. Net sales for the quarter ended June 30, 2000 are at Rs 719.89 million as compared to Rs 593.69 million in the quarter ended June 30, 99. Other income has increased from Rs 34.33 million in JQ 99 to Rs 39.31 million in JQ 2000.

Kamla Dials to issue preference shares to Radexpo AG of Switzerland.

The Board of Directors of Kamla Dials and Devices Limited at its meeting held on 26.07.2000 has approved issue of equity shares aggregating to Rs 10 million at par or at premium as may be applicable as per SEBI guidelines for issue of preference shares on private placement basis to Radexpo AG of Switzerland.

Mascon Global to enter telecom software

Mascon Global Ltd. has informed the BSE that in the Board Meeting held on 31.07.2000, it was proposed that the company will enter the field of software solutions for the emerging telecommunications and internet technology areas of broadband, 3G, wireless data and mobile commerce and convergence.

Fortune Financial Services to delist from regional exchanges

The Board of Directors of Fortune Financial Services at its meeting held on 31.07.2000 has recommended delisting of shares of the company from the Stock Exchanges at Ahmedabad, Chennai and Delhi.

Cellulose and Chemicals to issue equity shares on preferential basis

The Board of Directors of Cellulose and Chemicals Ltd. at its meeting held on 22.07.2000 has decided to increase authorized share capital of the company from Rs 7.5 million to Rs.30 million and to issue 2.05 million equity shares of Rs 10/- each on preferential basis subject to the approval/sanction of the shareholders in the EGM called on 16.08.2000.

Bombay Dyeing closes down Jamnagar unit

Bombay Dyeing & Mfg. Co. Ltd. has informed the BSE that the company had made an application to the Government of Gujarat, seeking their permission for closing down the operations of the company's Spinning Plant at Jamnagar (Gujarat). Now the permission has been granted by the State Government of Gujarat and the operations of the company's Jamnagar unit have been closed down w.e.f July 29, 2000.

Tvs-Suzuki Q1 net profit down by 2.88%

Tvs-Suzuki Ltd. has posted a net profit of Rs 206/-million in the quarter ended June 30, 2000 as compared to Rs 212.10 million in the same period last year. Net sales for the quarter ended June 30, 2000 are up by 23.97% at Rs 4525.50 million as compared to Rs 3650.40 million in the same period last year. Other income has increased from Rs 13.60 million in JQ 99 to Rs 51.60 million in the quarter ended June 30, 2000.

Kopran June quarter net profit up by 70.67%

Kopran Ltd. has posted a net profit at Rs 38.4 million for the quarter ended June 2000 as compared to Rs 22.5 million in the same period last year. Net Sales of the Company has reduced by 5.15% from 543.3 million in the JQ 99 to Rs 515.3 million for the quarter ended June 30, 2000. Other income of the Company stood at Rs 7.7 million for the quarter ended June30, 2000, showing the net increase of Rs 4.9 million over the same period last year.

Asahi India Q1 net profit up by 65.72%

Asahi India Safety Glass Ltd. has reported a net profit of Rs 36.83 million for the quarter ended June 30, 2000 as against Rs 22.22 million for the same period in the previous year. Net sales of the Company for the June quarter 2000 stood at Rs 589.22 million, showing an increase of 25.12% over the net sales of Rs 470.94 million for the same period last year. Other income of Rs 5.24 million for the Q1 2000 includes export incentives of Rs 3.29 million & other income of Rs 1.95 million.

MTNL Q1 net profit up by 13.53%

Mahanagar Telephone Nigam Ltd. has posted a net profit of Rs 3690.50 million as compared to Rs 3250.60 million in the same period last year. Net sales for the quarter ended June 30, 2000 are up by 10.93% at Rs 14007.10 million as compared to Rs 12626.70 million for the quarter ended June 30, 99. Other income has decreased from Rs 673.60 million in JQ 99 to Rs 461.50 million in the JQ 2000.

Kotak Mahindra signs JV with Old Mutual plc for foray in insurance

Kotak Mahindra Finance Ltd. has informed the BSE that in pursuance of the company's plans to enter the insurance sector on-going negotiations with prospective partners have culminated in the understanding to sign a joint venture with Old Mutual plc (OM)a UK based financial services group to facilitate the company's foray in the field of life insurance in accordance with the applicable guidelines by the Regulatory Authorities. The company proposes to hold 74% of the share capital of the company and manage the insurance venture in partnership with OM with a 26% shareholding. The insurance company shall have a capital of Rs 1500 million The business will be head quartered in Mumbai but is intended that it will operate nationwide.

HPCL Q1 net profit down by 12.82%, sales up by 71.25%

Hindustan Petroleum Corporation Ltd. has posted a net profit of Rs 2006.30 million for the quarter ended June 30, 2000 as compared to Rs 2301.20 million in the same period last year. Net sales for the quarter ended June 30, 2000 are up by 71.25% at Rs 111032.60 million as compared to Rs 64836.70 million for the quarter ended June 30, 99. Other income has increased from Rs 315.40 million in JQ 99 to Rs 396.20 million in the quarter ended June 30, 2000.The profit is affected during the current quarter mainly due to sharp decrease in product prices in the month of May 2000 & lower refining margins.

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