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Greet Van appointed as Director & CFO of Philips India

Philips India Ltd has informed the BSE that Mr. A Brandts will retire as Director of Philips India Ltd on July 31, 2000. At its Board Meeting held on July 17,2000 Mr. Greet Van Heumen has been appointed as Director and Chief Financial Officer of the company with effect from September 1, 2000.

Essel Packaging Q1 net profit up by 15.02%, declares bonus in the ratio of 3:5

Essel Packaging Ltd has posted a net profit of Rs 93.40 million for the quarter ended June 30, 2000 as compared to Rs 81.20 million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are up by 2.37% at Rs 514.40 million as compared to Rs 502.50 million in JQ 99. Other income has risen 1/- million in JQ 99 to Rs 6.50 million in JQ 2000. The Board of Directors of Essel Packaging Ltd has approved the issue of bonus shares in the ratio of 3:5 shares (3 bonus shares for every 5 shares held).

ABB Q2 net profit down by 40.81%

Asea Brown Boveri Ltd has posted a net profit of Rs 108.50 million for the second quarter ended June 30, 2000 as compared to Rs 183.33 million for the second quarter ended in June 99. In view of the demerger and transfer of the Power Generation business to ABB ALSTOM POWER India Ltd. (POWERCO) effective from1st April, 1999, the figures of the quarter ended 30th June, 2000 are not directly comparable with those of the quarter ended on 30th June, 1999.

IndusInd Bank Q1 net profit up by 36.25%

IndusInd Bank Ltd has posted a net profit of Rs 340.90 million for the quarter ended June 30, 2000 as compared to Rs 250.20 million in the quarter ended June 30, 99. The interest earned has grown from Rs 1652.60 million in JQ 99 to Rs 1898/- million in the quarter ended June 30, 2000. Other income has grown from Rs 233.20 million in JQ 99 to Rs 240.20 million in the quarter ended June 30, 2000.

Global Electronic Commerce Services to merge with Global Tele-Systems

At a meeting of the Board of Directors of Global Tele Systems Ltd. (GTL) held on 18th July, 2000. The Board considered the proposal for amalgamation / merger of Global Electronic Commerce Services Ltd. (GECS) with GTL and decided the following. 1.To appoint M/s. Deloitte Haskins and Sells and M/s PKF through M/s Ratan S Mama and Co. as Valuers to recommend the ratio of exchange of shares of GECS with GTL for approval by the Board of Directors within a period of four weeks. 2. To appoint a Committee consisting of independent Directors namely Mr. T.N.V.Ayyar and Professor S.C.Sahasrabudhe to review and recommend to the Board for its final approval the terms and conditions of amalgamation/merger and ration of exchange of shares based on the valuation report submitted by the aforesaid valuers. 3. To appoint M/s. Salomon Smith Barney as advisors to assist the Board of Directors in vetting and reviewing the business synergies for the proposed amalgamation. 4. To appoint any other Advisors as may be required. The Board will consider their Report along with the report from Valuers in the above stated time frame.

Fulford India June Quarter ended net profit at Rs 16.40 million

Fulford India Ltd has posted a net profit of Rs 16.40 million for the quarter ended June 30, 2000 as compared to a net loss of Rs 36.40 million for JQ 99. The net sales for the quarter ended June 30, 2000 are up by 33.41% at Rs 351 million. Other income has risen from Rs 2.30 million in JQ 99 to Rs 2.80 million in the quarter ended June 30, 2000.

Kinetic Motor net profit rise 64.23%, sales up by 22.11%

Kinetic Motor Company Ltd has reported a net profit of Rs 20.2 million on a turnover of Rs 876.4 million for the quarter ended June 30, 2000 as against a net profit of Rs 12.3 million the company earned on a turnover of Rs 717.7 million in JQ 99. This represents a growth of 64.23% in net profit and 22.11% in the sales over the same period in the previous year. The other income for the quarter was Rs 9.8 million as against Rs 6.1million in JQ 99. Thye depreciation increased from Rs 13.5 million to RS 17.4 million and the interest expenditure was lower by 42.22% at Rs 10.4 million. The company provided Rs 12.5 million for tax for the quarter as against Rs 4.3 million provided in JQ 99.

Castrol India June quarter net profit down by 36.37%

Castrol India Ltd has posted a net profit of Rs 340.40 million for the quarter ended June 30, 2000 as compared to Rs 535/- million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are up by 2.36% at Rs 3312/- million as compared to Rs 3235.60 million for JQ99. Other income has fallen from Rs 48.20 million in JQ99 to Rs 20.30 million in the quarter ended June 30, 2000. The Company has stopped commercial production at its Wadala Plant with effect from 1st July, 2000 following the acceptance of the Voluntary Retirement Scheme by all the plant employees. However, the premises will continue to be used to house the companys R&D centre and certain corporate functions.

Blue Dart Express Q1 net profit rises 108.79%, sales up by 25.89%

The Courier Company Blue Dart Express Ltd, has reported a net profit of Rs 38 million for the quarter ended June 30, 2000, reflecting a growth of 108.79% over the same period in the previous year. The operating income for the quarter grew 25.89% from Rs 448.4 million in JQ 99 to Rs 564.5 million in JQ 2000. The company had earned a net profit of Rs 18.2 million on a turnover of Rs 448.4 million in JQ 99. The improved performance is attributed to an improvement in the operating margin. The profits improved inspite of an increase in the depreciation from Rs 8.4 million in JQ 99 to Rs 11.8 million in JQ 2000 and an 59.46% increase in the interest expenditure which rose to Rs 29.5 million in JQ 2000 from Rs 18.5 million in JQ 99. Increase in the Interest and Depreciation cost as compared to the same period in the previous year is on account of commencement of commercial operation of Superhub since September 1999. The Company's wholly owned subsidiary Blue Dart Aviation has recorded a profit for the first quarter of the current year.

Indian Oil Corporation confirms newspaper reports regarding JV with ONGC

In a statement issued to the BSE Indian Oil Corporation Ltd has confirmed to newspaper item appearing in Financial Express & Business Standard regarding forming a joint venture with Oil & Natural Gas Corporation Ltd is under consideration and the details are yet to be finalised. This is part of the Memorandum of Strategic Alliance entered into between the two companies. Regarding the news item of Indian Oil Corporation entering into retail marketing in Mauritius the company has said the same is also under consideration and details are to be finalised shortly.

Atcom Technologies Q1 net profit up by 194.29%

Atcom Technologies Ltd has posted a sharp increase in net profits for the quarter ended June 30,2000 at Rs 46.40 million as compared to Rs 15.77 million in JQ 99.The net sales for the quarter ended June 30, 2000 are up by 18.56% at Rs 321.72 million. Other income for the quarter ended June 30, 2000 is 0.90 million as compared to Rs 7.31 million in JQ 99.

Salora International denies newspaper reports regarding investment in Logic++

Salora International in a clarification sent to the BSE has stated that the news appearing in a financial daily as "Salora International Ltd has acquired 39 million equity shares in Logic ++" is incorrect. The company's proposal to acquire the stake in the said company Logic++ has been under consideration of the company. A proposal in this regard was to be considered by the Board of Directors of the company at its meeting held on May 23, 2000. However the agenda was deferred and no decision has so far been taken in this regard. The company is conducting due diligence in the matter and any investment decision will be taken only thereafter. So far Salora International has not invested any sum in the company Logic++. The copmany has however confirmed its association with Jadoonet.com Ltd , Encompass Software and Systems Pvt. Ltd and Fx Technologies Ltd about which the company has informed its shareholders in the Annual Report.

TVS Electronics confirms appointment of Ingram as one of the distributor

In a statement issued to the BSE TVS Electronics Ltd has confirmed that it has appointed M/s Ingram Micro India as one of the distributors of the company as appeared in some of the newspapers on July 14, 2000

Timex Watches to consider issue of equity shares to its foreign promoter

A meeting of the shareholders of the Timex Watches Ltd. is being convened on July 31,2000 to consider company's proposal to issue and allot 1,35,00,000 equity shares of Rs.10/- each at a premium of Rs.6.50 to Timex Watches B.V. one of the promoters of the company.

Motherson Sumi Q1 net profit at Rs 58.72 million, Bonus in the ratio of 1:2

Motherson Sumi Systems Ltd has declared a net profit of Rs 58.72 million for the quarter ended June 30, 2000 on a turnover of Rs 593.17 million. The company earned other income of Rs 10.85 million for the quarter. The gross profit for the quarter was Rs 99.75 million and after charging Rs 20.09 million for depreciation and Rs 20.94 million for tax the final net profit stood at Rs 58.72 million. The Board of Directors of the company decided to issue Bonus shares in the ratio of one share for every two shares held in the company. The Bonus issue is however subject to the approval of the shareholders of the company at the ensuing Annual General Meeting.

SEBI clears offer documents amounting to Rs 608.15 million

During the week July 03, 2000 to July 07, 2000, The Securities and Exchange Board of India (SEBI) received two offer documents amounting to Rs 608.15 million. During the same period the SEBI communicated observations for four public issues amounting to Rs 494.24 million. SEBI received offer documents from the following companies during the said week 1. HITECH Entertainment Ltd for Rights issue at Rs 50 per equity share aggregating to Rs 468.15 million. 2. Visual Vistas Ltd for Public issue at par aggregating to Rs 140 million. SEBI cleared the offer documents of the following companies the said week 1. Oasis Infotech Ltd for Public issue of equity share at par aggregating to Rs 32.74 million, 2. Aavishkar Software Ltd for Public issue of equity share at par aggregating to Rs 80.50 million, 3. IQ Infotech Ltd for Public issue of equity share at Rs 16 per share aggregating to Rs 120 million, 4. Radiant Software Ltd for Public issue of equity shares at par aggregating to Rs 261million.

Dynamatic Technologies declares 10% final dividend

The Board of Directors of Dynamatic Technologies Ltd. at its meeting held on July 17, 2000 has recommended a final dividend of 10% on 41,93,560 equity shares for the period ending March 31, 2000. The dividend will be paid to those shareholders whose names appear on the Register of Member as on August 12, 2000.

Jindal Steel & Power Q1 net profit up by 16.92%

Jindal Steel & Power Ltd. has posted a net profit of Rs 270.90 million for the quarter ended June 30, 2000 as compared to Rs 231.70 million for the quarter ended JQ 99. The net sales for the quarter ended June 30, 2000 are up by 23.14% at Rs 1071.30 million as compared to Rs 870 million in the quarter ended June 30, 99.Other income has fallen from Rs 25.20 million in JQ 99 to Rs 9.60 million in JQ 2000. The Company has taken up an expansion of its Power generation capacity by setting up an additional plant of 55 MW. It will take the total power generation capacity of the Company to 150MW. Financial closure for the project has been achieved. The Company has appointed Anderson Consulting to undertake profit improvement exercise with a view to identify opportunities for significant cost reduction, productivity improvement & implementation of improved information systems.

Otis Elevator posts net profit of Rs 19 million, Sales up by 13%

Otis Elevator Company (India) Ltd has announced a net profit of Rs 19 million for the quarter ended June 30, 2000 (JQ 99 Rs 10 million), representing a growth of 90% over the corresponding period of the previous year. The sales for the quarter at Rs 501.6 million represent a 12.87% growth as against Rs 444.4 million recorded in JQ 99. The PBT for the quarter was 52.5 million as against a loss of Rs 4.7 million in JQ 99. For the half year ending June 2000 the company recorded a sale of Rs 1297.5 million and a net profit of Rs 81.8 million. On the equity share capital of Rs 125.4 million the company reported earning of Rs 6.52 per share for the half year ended June 30, 2000.

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