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May 31, 2000
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| ACC net loss at Rs 588.50 million, sales up at Rs 27.60 billion |
The Associated Cement Companies Ltd (ACC) has incurred a net loss of Rs 588.50 million for the year ended March 31,2000 as against a profit of Rs 768.40 million in the previous year. The profit after provisions and contingencies was Rs 568.40 million in FY 99. The company recorded sales of Rs 27.6 billion for the year against Rs 26.09 billion in FY 99.
ACC sold a total of 10.723 million tonnes of Cement during the year as compared to 9.981 million tonnes in FY 99. Clinker production during the year was 8.21 million tonnes as compared to Rs 7.27 million tonnes in the previous year. The turnover of the refractory business improved to Rs 1910 million (FY 99 Rs 1640 million). Ready Mix Concrete (RMC) business achieved higher turonver of Rs 780 million as compared to Rs 610 million in th previous year. The sale volume also increased to 350 thousand cubic metres as compared to 253 thousand cubic metres. During the year, RMC operations were commenced at 5 new locations.
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| Mukand Ltd records net profit of Rs 58.54 million as against a loss of Rs 327.11 million in FY 99 |
| Mukand Ltd has registered a net profit of Rs 58.54 million for the year ending March 31, 2000 as against a loss of Rs 327.11 million in the previous year. The sale at Rs 8447.89 million is 19.62% higher compared to Rs 7062.45 million in FY 99. The company has reported earning of Rs 2.08 per share and a cash earning of Rs 8.35 per share for the FY 2000. |
| BSES registers 13.54% improvement in net profits, sale up by 3.46% |
| BSES Ltd has registered a 13.54% growth in the net profits for the year ended March 31, 2000. The company recorded a net profit of Rs 3068.20 million on a turnover of Rs 23.38 billion. The sales at Rs 23.38 billion are marginally higher by 3.46% as compared to Rs 22.61 billion in FY 99. The interest expenditure for the year was lower at Rs 942.40 million as against Rs 1146.40 million in FY 99. The company reported earnings of Rs 21.44 per share and cash earning of Rs 34.78 per share as compared to Rs 18.89 and Rs 31.33 per share respectively in FY 99. |
| NRB Bearings net profit up by 59%, turnover rises 22% |
| NRB Bearings Ltd has announced a 58.67% increase in net profits for the year ended March 31, 2000. The company recorded a profit of Rs 121.70 million as against Rs 76.70 million in FY 99. The annual sales at Rs 1395.50 million were 22.42% higher than Rs 1139.90 million recorded in the previous year. While the interest expenditure were Rs 37.70 million (FY 99 Rs 42.20 million) the depreciation charge was Rs 80.90 million as compared to Rs 71.70 million in FY 99. |
| Uniflex Cables net profit rises 11%, turnover up 34% |
| Uniflex Cables Ltd has registered a net profit of Rs 50.28 million on a operating income of Rs 1831.79 million for the year ended March 31, 2000. This represents 11% rise in profits and a 34% increase in operating income over Rs 45.34 million and Rs 1364.84 million respectively in FY 99.Other income for the year stood at Rs 23.39 million as against Rs 21.82 million in the previous year. The company reported earnings of Rs 4.57 per share and cash earnings of Rs 8.74 per share for the year ended March 31, 2000. |
| Shri Digvijay Cement incurs net loss of Rs 26.60 million in MQ 2000 |
| Shri Digvijay Cement Co Ltd has recorded a net loss of Rs 26.60 million on a turnover of Rs 637.10 million for the quarter ended March 31, 2000. The company incurred an interest expenditure of Rs 73.70 million and charged Rs 18 million for depreciation before arriving at the above profit figures. The working of the company is improving with cost reduction through captive power, efficiency in power/coal consumption and optimisation of plant operations. |
| Punjab Chemicals net profit down by 86%, turnover slides 19% |
| Punjab chemicals and Pharmaceuticals Ltd has announced a net profit of Rs 9.80 million for the year ending March 31, 2000 as against Rs 67.60 million announced in the previous year. The sales for the year is 19% lower at Rs 692.60 million as compared to Rs 856.60 million in FY 99. The Depreciation charge for the year is Rs 19.20 million as against Rs 16.90 million in FY 99. The Board of Directors has recommended a dividend at the rate of 15% for the year 1999-2000. The company has received ISO 14001 certification, which is a major step in becoming responsible environment caring company. |
| Bombay Dyeing net profit up by 113%, sales up 10% |
| Bombay Dyeing & Manufacturing Company Ltd has registered a 113.35% growth in net profits for the year ending March 31, 2000. The company posted a profit of Rs 431.60 million as against Rs 202.30 million in the previous year. The sales were 10% higher at Rs 9464.90 million (1998-99 Rs 8610 million). Other income was Rs 1022 million as against Rs 910.9 million in FY 99. The interest charges have come down from RS 713.50 million in FY 99 to Rs 664.40 million in the current year. The Board has not recommended any final dividend for the year 1999-2000. The company has already paid the interim dividend of Rs 3/- per equity share as declared by the Board at its meeting held on March 27, 2000. |
| Tata Chemicals net profit at Rs 1172.90 million, turnover up 4% |
| Tata Chemicals Ltd has recorded a net profit of Rs 1172.90 million for the year ended March 31, 2000. The net profit as aforesaid are after providing Rs 1200 million for contingencies. The net profit before exceptional items and compensation for VRS was Rs 2670.10 million as compared to Rs 2179.90 million in FY 99. The sale in terms of volume was 18% higher for the year. But the profitability of Chemical division continued to be under due to import parity pricing of Soda Ash. Sales and profits were higher in the fertilizer division compared to the last year. |
| Amtrex Hitachi FY 2000 net profit at Rs 37.93 million, sales up 33% |
| Amtrex Hitachi Appliances Ltd has announced a net profit of Rs 37.93 million for the year ended March 31, 2000 as against a loss of Rs 75.01 million in FY 99. The company registered a 33% growth in net sales, which were Rs 1809.15 million during FY 2000 as against Rs 1361.58 million in FY 99. The depreciation charge was Rs 29.62 million against Rs 23.07 million in FY 99. The interest expenditure was 17.4% lower at Rs 34.17 million against Rs 41.37 million in FY 99. The Board has recommended a dividend at the rate of Re 1/- per share for the financial year ending March 31, 2000. |
| Bausch & Lomb net profit skids 70%, turnover declines 18% |
| Bausch & Lomb India Ltd has registered a 70.35% decline in net profits and a 17.78% fall in the sales for the year ended March 31, 2000. The profits for the year were Rs 40.36 million against Rs 136.14 million in the previous financial year. The company's sales were 17.78% lower at Rs 737.60 million as against Rs 897.10 million in FY 99.The sales were lower because there were no exports during the last two quarters and lower off-take in the domestic market. The profits have also been affected due to this. The company has received a proposal from Bausch & Lomb Inc. USA., for purchase of its vision care business. The company has appointed professional valuers for valuation of this business. The Board will consider the proposal upon receipt of the valuation report and would then seek the appropriate approvals from the shareholders. |
| Jeet P. Chugani quits Indusind Bank Board |
| Indusind Bank Ltd has informed the Stock Exchange, Mumbai, that Mr Jeet P. Chugani has resigned from the Board of the Bank with effect from May 31, 2000. |
| United Western Bank to set up a Mutual Fund, appoints KPMG India to scout for Foreign Equity Partner |
The United Western Bank has assigned the work of searching for a foreign equity partner to KPMG India Pvt. Ltd. KPMG has initiated necessary steps in this regard.
The Bank has taken a decision to set up a Mutual Fund, which will be operational in the near future after the completion of the necessary statutory formalities.
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| American Cyanamid Company, USA increase stake in Cyanamid Agro to 68.77% |
The Board of Directors of Cyanamid Agro at its meeting held today (May 31, 2000) has allotted 4,839,670 equity shares of Rs 10/- each to American Cyanamid Company, USA (ACC). The fully paid up shares have been allotted in accordance with the scheme of Arrangement between ACCO Industries Ltd and Cyanamid Agro Ltd (CAL) as sanctioned by the Bombay High Court. ACC is a shareholder of ACCO Industries Ltd.
Upon the aforesaid allotment and the shares already held by ACC, its shareholding in CAL has increased from 39.99% to 68.77%. The equity share capital of the company has increased from Rs 52,502,000/- to Rs 100,898,700/-. |
| Titan Industries FY 2000 net profit at Rs 192.80 million, includes profit on sale of shares of Timex Watches |
Titan Industries Ltd has announced a net profit of Rs 192.80 million for the year ended March 31, 2000 as against Rs 170.40 million in FY 99. The profit for the year includes Rs 96.30 million being profit on sale of shares of Timex Watches Ltd. Excluding this profit on sale of shares the net profits for the year would have been Rs 96.50 million as against Rs 170.40 million representing a decline of 43.37%. The sales for the year were 30.76% higher at Rs 6303.30 million compared to Rs 4820.40 million in FY 99.
The profits seems to have been affected by high overseas marketing costs included in advertising costs amounting to Rs 72 million compared to Rs 9.9 million in the previous year. The expenses were also higher due to high excise duty and increased payroll following a signing of a three-year wage agreement with the union. |
| ITIL to incorporate subsidiary in Australia, to sell URL www.palmgreetings.com to subsidiary |
The Board of Directors of Software Major Information Technologies (India) Ltd held its meeting today (May 31, 2000) whereat the following decisions were taken:
1. To incorporate a wholly owned subsidiary Company in Australia.
2. Sale of Company's URL named www.palmgreetings.com to a wholly owned subsidiary Company viz. ITIL Online Private Ltd.
3. Mr. Amit Rai, additional Director has been appointed as whole-time Director of the company, subject to the approval of shareholders at the ensuing general meeting of the Company. |
| Parke-Davis declare 140% rise in net profits, turnover grow 12% |
| Parke-Davis (India) Ltd has registered a 140% growth in net profit and a 12% growth in sales for the year ended March 31, 2000. The company earned a net profit of Rs 166.10 million on a turnover of Rs 2003.90 million for the year-end March 31, 2000. This translates into an earning of Rs 13.78 per share (Rs 5.78 per share in FY 99). During the previous year the company had recorded a net profit of Rs 69.30 million on sale of Rs 1792.90 million. The profit before tax and VRS charge was Rs 247 million as against Rs 137.40 million in FY 99, representing a growth of 80%. The interest expenditure was under control at Rs 58.90 million compared to Rs 97.90 million in FY 99. During the year under review company has revised the rates of depreciation on Computers and Air-conditioners which has resulted in an additional depreciation charge of Rs 12.81 million. |
| Dr Reddy's -- Cheminor merger ratio at nine shares of Reddy's for Twenty Five shares of Cheminor |
The Board of Directors of Dr. Reddy 's, which met today (May 31, 2000), decided to merge Cheminor Drugs Ltd with the company. The exchange ratio decided for the merger is nine shares of Dr. Reddy's for every twenty five shares of Cheminor Drugs Ltd.
At the meeting the Board also decided to issue 750,000 equity shares under the Employee Stock Option Scheme. The details of the scheme are being worked out for a post merger implementation. |
| Nahar International records loss of Rs 117.10 million |
| Nahar International Ltd has incurred a net loss of Rs 117.11 million for the year ended March 31, 2000 as against a loss of Rs 114.18 million in FY 99. The sales for the year were Rs 3631.05 million as against Rs 3698.06 million in FY 99. The company earned other incomes of Rs 33.88 million for the current year (1998-99 Rs 22.46 million). |
| Nahar Sugar FY 1999-2000 net profit at Rs 8.73 million |
| Nahar Sugar and Allied Industries Ltd has reported a net profit of Rs 8.73 million for the year ended March 31, 2000 as against a loss of Rs 18.70 million in FY 99. The sales for the year were 6.66% down at Rs 413.58 million compared to Rs 443.11 million in FY 99. While the depreciation charges were down at Rs 35.73 million (1998-99 Rs 41.37 million) the interest expenditure increased from 27.01million in FY 99 to Rs 35.36 million in FY 2000. The company's reserves as on March 31, 2000 were Rs 313.12 million. |
| Phillips Carbon Black half-year net profit improves 58%, operating income up 13% |
| Phillips Carbon Black Ltd has announced its audited financial results for the half-year ended March 31, 2000. The profits for the half-year are Rs 45.30 million as compared to Rs 28.70 million in the same period of FY 99, representing an increase of 57.84%. The sales have grown 12.83% to Rs 1942.40 million in half year ending March 31, 2000 from Rs 1721.40 million in the corresponding period of FY 99. The profit before tax (PBT) has grown 66.56% from Rs 30.80 million to Rs 51.30 million. However the tax provision being higher at Rs 6 million (1998-99 Rs 2.10 million), the profit after tax could grow only 58% against a 66.56% growth in PBT. |
| Birla Corporation denies newspaper reports |
| The M.P. Birla Group Company, Birla Corporation has informed the Stock Exchange, Mumbai, that the news item appearing in Business Standard's May 30, 2000 regarding sale of its cement business is totally baseless and incorrect. |
| Thirumalai Chemicals Net profit up by 83%, turnover up by 48% |
| Thirumalai Chemicals Ltd has reported a net profit of Rs 115.60 million, representing a 83.20% growth over profit of Rs 63.10 million recorded in the previous year. The sales for the year were Rs 2366.60 million as against Rs 1603 million for 1998-99. The other income stood at Rs 43.50 million (1998-99 Rs 45.50 million). Thirumalai Chemicals had recently announced its foray into the Information Technology business. |
| Tata SSL records Rs 36.53 million net profit on back of reduced interest and depreciation |
| Tata SSL Ltd has recorded a net profit of Rs 36.53 million for the financial year 2000 as against a loss of Rs 175.03 million in FY 99. The sales for the year were 18.28% lower at Rs 6545.74 million (FY 99 Rs 8009.48 million). The gross profit before interest and depreciation stood at Rs 418.81 million, marginally up by 3.74% against Rs 403.71 million in FY 99. The company reduced the interest expenditure from Rs 383.46 million in FY 99 to Rs 239.13 million in the current year a reduction of 37.64%. Similarly the depreciation charge at Rs 138.38 million was 32.59% less than Rs 205.27 million charged in FY 99. This resulted in the profits of Rs 36.529 million as against a loss of Rs 175.03 million in the previous year. However such comparison of current year figures with those of the previous year may not be fully justified in view of the restructuring of business (sale of Cold Rolling mill at Tarapur) completed on March 16, 1999. |
| BSE Suspends trading in 19 scrips w.e.f. June 5, 2000 |
The Stock Exchange, Mumbai has informed its member not to deal in the undermentioned securities with effect from June 05, 2000 until further notice. The said companies have not complied with clause 16 (regarding intimating their book closure/record dates to the exchange) of the listing agreement, thus the action.
Scrip Code Company Name
11369 First Financial Services Ltd.
17370 Incap Ltd.
531941 Indus-e-Solutions Ltd.
5504 Jhunjhunu Investments Ltd.
19248 Jhunjhunwala Vanaspati Ltd.
26055 KRM International Ltd.
30479 Kadvani Securities Ltd.
12543 Kiran Overseas Exports Ltd.
26933 Konar Organics Ltd.
24000 Magma Leasing Ltd.
31801 Manna Glass-Tech Industries Ltd.
285 Modi Luft Ltd.
23028 Nuware India Ltd.
11632 Olympic Management & Financial Services Ltd.
12616 Orind Exports LTD.
31726 Panchsheel Organic Ltd.
31364 Priti Resorts & Holdings Ltd.
31898 Sangeo Services Ltd.
30697 Shri Lakhavi Financial Services Ltd.
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| Kajaria Ceramics FY 2000 net profit up by 63.85%
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Kajaria Ceramics Ltd. has announced a net profit of Rs 110.60 million for the year ended March 31, 2000 as compared to Rs 67.50 million for FY99.The sales for FY 2000 are up by 23.63% at Rs 2450.80 million.
The company has produced 167416 MT (previous year 154105 MT) and sold 169335 MT (previous year 143563 MT). Other income is Rs 0.90 million (FY 99 Rs 1/- million).
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| Best Mulyankan Consultants changes name to Sun Infoways Ltd
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Best Mulyankan Consultants Ltd has changed its name from the existing one to 'Sun Infoways Limited' with effect from May 11, 2000. The name change has been made keeping in view of the heavy investments made in research and development in the field of WAP (wireless application protocol) and mobile telephony, Internet banking and trading. The company claims to have developed two revolutionary e-com products and has set up development centers at Mumbai and Bangalore.
The company has undertaken and completed development contracts for overseas clients worth Rs 60 million besides sourcing contracts worth US$ 2.5 million from Australian Telecom Company and USA based Internet company till date. It is aggressively marketing for closing on WAP based software development services contracts. Further the company is in the process of completing in first quarter of current fiscal B2B and B2C shopping portals covering comprehensive length and breadth of e-trading.
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| NIIT announces strategic investment in One Web Systems Inc, Atlanta
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In a press release issued by NIIT Ltd, the company announced today (May 31, 2000), its decision to make a strategic investment, as part of an overall strategic alliance program, in One Web Systems Inc., an Atlanta based Internet solutions company. Through this strategic alliance with One Web Systems, NIIT will build a significant lead in solution delivery, helping customers get their new e-business projects to market in record time. The alliance provides One Web access to NIIT's systems integration expertise, global customer base and the SEI-CMM assessed software development facility.
"This alliance is a major step in implementing our vision of deploying pioneering technology for e-Commerce solutions to the benefit of our global clients," said C.N. Madhusudan, President of Strategic Alliances at NIIT. " One Web's software is extremely effective in expediting and simplifying Web Site development. Plus, it dramatically lowers the cost and effort required to manage sites. We expect our clients to benefit greatly from this partnership and look forward to using One Web products in our e-Solutions practice worldwide," he added.
On the occasion of this new alliance the President of One Web, Mr. George Welborn said "Our software, when combined with world-class integration and development services provided by NIIT, will give our mutual customers an unmatched combination of speed, quality and reliability in the delivery of e-business solutions. And, an alliance with NIIT will give our company a new global reach, access to SEI-CMM Level 5 assessed processes and solutions capability, while providing NIIT with new business opportunities and a competitive advantage in delivering e-business solutions."
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| Soni Infosys MQ 2000 net profit at Rs 1.87 million
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Soni Infosys Ltd. has reported a net profit of Rs 1.87 million for the quarter ended March 31, 2000 on a turnover of Rs 60.87 million. The profits for the year ended March 31, 2000 are at Rs 7.64 million as compared to Rs 6.92 million in FY99 .The total income for the year ended March 31, 2000 is up by 29.37% at Rs 122.30 million.
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| Voltas FY 2000 net profit down by 57.05%
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Voltas Ltd has reported a net profit of Rs 54.95 million for the year ended March 31, 2000 as compared to Rs 127.94 million for FY 99.The sales for FY 2000 are down by 16.25% at Rs 8243.36 million. Other income is Rs 166.60 million (FY 99 Rs 145.06 million).
Results for the year ended March 31, 1999 include the figures of Chemical Plant and White Goods, which were divested in 1998-1999, and therefore the figures for the previous year are not comparable.
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