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July 10, 2000
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| Dr Reddy's Lab in JV for Pharma company in China |
An agreement for establishing a joint venture named Kunshan Rotam Reddy Pharmaceutical Co. Ltd has been signed between Dr. Reddy's laboratories Ltd, Kunshan Double-Crane Pharmaceutical Company Ltd (KDPC) of Jiangsu province, China and Canada Rotam Enterprises Company Ltd (CREC).
The JV is to produce and repackage bulk formulations, tablets, capsules, ointments, gels and other products and to sell self-made products. The venture will be set up with a total investment of US$ 15,780,000. The Registered capital of the new company will be US$ 11,000,000 of which Dr Reddy's will hold a majority stake of 51% amounting to US$ 5,610,000 over three years. KDPC and CREC will have 47.41% and 1.59% share respectively in the JV. Mark Lu, Chairman , Canada Rotam Enterprises, will head the new venture.
"Our entry into China through the JV is a landmark event for Dr. Reddy's group in its pursuit of emerging as a leading global player in the formulations segment", said Satish Reddy, Managing Director of Dr. Reddy's Laboratories Ltd.
The JV has a formulations facility with a built-up area of 8000 sq m. The scale of production will be 180 million tablets, 120 million capsules and 3.6 million tubes of ointment annually after operations begin. |
| ITI Ltd FY 2000 net profit at Rs 497.7 million, up by 99% |
| Telephone equipment major, ITI Ltd has announced a net profit of Rs 497.7 million for FY 1999-20000 as against Rs 250.6 million in FY 99. The sales and services (including Excise duty) for the year were Rs 20.86 billion as against Rs 17.56 billion in FY 99. This represents 98.6% growth in the net profits and 18.8% growth in the sales and services income over the previous year. |
| Triumph International Q1 net profit at Rs 103.8 million |
| Triumph International Finance India Ltd has posted a net profit of Rs 103.8 million for the quarter ended June 30, 2000 as against Rs 19.9 million in JQ 99. The sales for the quarter were Rs 997.7 million as against Rs 60.3 million in JQ 99. This represents four-fold increase in the net profits and over fifteen times growth in the sales for the quarter over the corresponding quarter of the previous year. The net profit for the current quarter is after providing Rs 34.5 million for tax against Rs NIL in JQ 99. Thus considering the PBT, which is comparable to the corresponding quarter's figures, is Rs 138.3 million, representing a growth of 595%. |
| VDO India MD resigns, V.M.Bhat appointed as Chairman and MD |
| VDO India Ltd has informed the BSE that Mr Ralph Herfurth, Managing Director has resigned from the services with effect from June 10, 2000. Mr. V.M. Bhat, Chairman of the company has appointed as the Chairman and Managing Director of the company with effect from July 01, 2000. |
| Innareddy computer posts net profit of Rs 2.26 million in Q1 |
| Hyderabad based Innareddy Computer Software Associates (I) Ltd has posted a net profit of Rs 2.26 million for the quarter ended June 30, 2000 as against Rs 0.17 million in JQ 99. The sales for the quarter ended June 30, 2000 were Rs 10.44 million compared to Rs 1.37 million in JQ 99. Other income for the quarter was Rs 0.13 million as against Rs 0.08 million in JQ 99. |
| Crompton Greaves Board approves resolution to hive off LTCG division |
The Board of Directors of Crompton Greaves Ltd has approved resolution that was intitiated by circulation to seek their approval for the following matters:
1. in-principle approval for the sale or disposal of the company's low tension control gear (LTCG) Division located at Satpur, Nasik and related authorisations to the Company's Senior Management.
2. modification of the notice for the company's forthcoming AGM to be held on August 10, 2000 to include a Resolution seeking the members approval for sale or disposal of the company's aforesaid LTCG division. |
| Harpal Singh appointed Additional Director of board of Ranbaxy |
| Ranbaxy Laboratories Ltd has appointed Mr. Harpal Singh as an Additional Director on the Board of Directors of the company with effect from July 10, 2000. Mr Harpal Singh has had a diverse and wide-ranging corporate experience of over 26 years that included senior positions held in Hindustan Motors, Telco and Shaw Wallace. Presently he is the Chairman of Fortis Healthcare Ltd, Fortis Services Ltd and Fortis Securities Ltd. He is also a senior advisor to Mahindra & Mahindra for corporate projects. |
| Bharat Forge June quarter net profit declines 10%, Export sales up by 39% |
Bharat Forge Ltd has reported a net profit of Rs 145.1 million on a turnover of Rs 1519.5 million for the quarter ended June 30, 2000. The company had posted a net profit of Rs 160.7 million on a turnover of Rs 1397.8 million in JQ 99. The sales for the quarter comprised of Rs 1138.5 million (JQ 99 Rs 1124.4 million) from domestic market and Rs 381 million (JQ 99 Rs 273.4 million) from exports. The exports sales thus represent a growth of 39.36% over the corresponding quarter of the previous year while the domestic sales grew by a mere 1.25%. Other income for the quarter was Rs 2.9 million, 35.56% lower compared to Rs 4.5 million recorded in JQ 99.
Prima facie the net profits seem to be lower on account of the higher depreciation and interest charges. The interest expenditure for the quarter was Rs 129 million as against Rs 96.2 million (increase of 34%) in JQ 99 and the company charged Rs 106.5 million as depreciation during the quarter as against Rs 80.3 million in the same period of the last financial year. The increase in interest and depreciation is largely on account of commercialisation of state-of-the-art, second Forging Press Line on March 27, 2000.
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| Gramophone Company JQ net profit at Rs 25.20 million |
Gramophone Company of India Ltd has posted a net profit of Rs 25.20 million for the quarter ended June 30, 2000 as compared to Rs 3/- million in JQ 99. The net sales for JQ 2000 are up by 69.89% at Rs 339.10 million. The other income has fallen from Rs 68.50 million in JQ 99 to Rs 64.80 million in JQ 2000.
Pursuant to scheme of Amalgamation sanctioned by the Honourable Court of Calcutta on 12th June, 2000 all the assets & liabilities as on 1st March, 2000 of two of its subsidiaries viz. RPG Music International Ltd. & Gramco Music Publishing Ltd. has been merged with the Company with retrospective effect from 1st March, 2000. |
| BSE to resume trading in 5 scrips wef July 10 |
The Members of the Bombay Stock Exchange were advised not to deal in the securities of undermentioned companies because of non-compliance of listing requirements regarding intimation of dates of closure of Register of Members/Record Dates to the Exchange. The dealings in the securities can now be resumed with effect from the dates indicated alongside:
Code Company Name Dealings Can be Resumed from
30249 Bridge Securities Ltd. 10/07/2000
26737 Corporate Couriers Ltd. 10/07/2000
26055 KRM International Ltd 10/07/2000
30479 Kadvani Securities Ltd. 10/07/2000
31240 Shamrock Industrial Co. Ltd. 10/07/2000
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| A M Bhardwaj appointed as MD of GNFC |
| Gujarat Narmada Valley Fertilizers Company Ltd has informed the BSE that Mr A M Bhardwaj has been appointed as Managing Director of the company wef July 6, 2000. |
| Clutch Auto Q1 net profit up by 3.89% |
| Clutch Auto Ltd has posted a net profit of Rs 7.93 million for the quarter ended June 30, 2000 as compared to Rs 7.63 million in the quarter ended June 30, 1999.The net sales for Q1 are up by 5.37% at Rs 189.72 million. Other income has risen from Rs 4/-million in JQ99 to Rs 5.90 million in JQ 2000. |
| NCC Finance Board approves issue of equity shares under ESOS |
| The Board of Directors of NCC Finance Ltd. has approved the issue of 9,00,000 equity shares of Rs.10/- each under Employees Stock Option Scheme. |
| Kakatiya Cements to set up power plant |
Kakatiya Cements Ltd has informed BSE that the company is going to diversify its operations by entering into power generation. The company proposes to set up a Cogeneration power plant based on bagasse of the capacity of 17 MW at Peruvancha Village, Kallur Mandal, Dist.Khammam, A.P. where the sugar plant of the company is situated.
The company has already obtained approval from Non-conventional Energy Development Corporation of Andhra Pradesh Ltd and company is in process of obtaining the required approvals/clearances from the concerned authorities. The company has also made application to Indian Renewable Energy Development Agency Ltd. for financing the proposed power plant.
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| Hiran Orgachem allots equity shares on preferential basis |
| The Board of Directors of Hiran Orgachem Ltd has allotted 10,00,000 equity shares of Rs.10/- each at a premium of Rs.1.35 per share on preferential allotment basis to the promoters of the company. |
| Blue Information Technology Director resigns |
| Blue Information Technology Ltd. has informed the BSE that Mr.Dhaval A. Jhaveri has resigned as Director of the company w.e.f. 23.06.2000. |
| Raashi Fertilizers Ltd FY 2000 net profit at Rs 0.48 million |
| Raashi Fertilizers Ltd. posted a net profit of Rs 0.48 million for the year ended March 31, 2000 as against the net loss of Rs 26.82 million in the previous year ended on March 31, 1999.The net sales for FY 2000 are up by 29.06% at Rs 107.36 million. Other income of the Company increased from Rs 0.05 million in FY 99 to Rs 0.27 million in FY 2000. |
| Himatsingka Seide Q1 net up 8.47% |
Himatsingka Seide Ltd has posted a net profit of Rs 87.10 million for the quarter ended June 30, 2000 as compared to Rs 80.30 million in the previous quarter ended June 30, 99. The total income for Q1 i.e. quarter ended June 30, 2000 is up by 7.39% at Rs 286.20 million.
During the quarter ended 30th June 2000 the Companys weaving division operated at optimum capacity utilisation. To meet the surge in order book, the management has decided to increase production capacities by 20% during the current financial year. Capital expenditure will be financed entirely through internal accruals. The Company achieved debt free status on 5 May 2000 with the repayment of balance loan of Rs 8.66 million. |
| Crompton Greaves initiates circular resolution to hive off LTCG division |
Crompton Greaves Ltd has initiated a circular resolution to seek the approval of the Directors for the following matters:
1. in-principle approval for the sale or disposal of the company's low tension control gear (LTCG) Division located at Satpur, Nasik and related authorisations to the Company's Senior Management.
2. modification of the notice for the company's forthcoming AGM to be held on August 10, 2000 to include a Resolution seeking the members approval for sale or disposal of the company's aforesaid LTCG division. |
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