Crisil assigns 'pfAA' rating to Glenmark Pharma's Rs 400 mn. Preference Share Issue

Credit Rating Information Services of India Ltd (CRISIL) has assigned a 'pf AA' rating in respect of the Rs 400 million Preference Share issue of Glenmark Pharmaceuticals Ltd The ratings assigned factors in the Company's respectable presence in the anti-fungal, cough & cold, haemanatinic and cephalosporis antibiotic segments of the domestic markets.

Gillette India board adjourns annual results

Indian Shaving Products Ltd (new name "Gillete India Ltd") has informed BSE that the Board of Directors of the Company at its meeting held today (February 20, 2001) has decided to adjourn the matter regarding consideration of Annual Accounts for the year ended December 31, 2000. This comes in the wake of the decision of the Board that an appropriate application be made to the High Court of Rajasthan at Jaipur to incorporate the opening Balance Sheet of the Companies to be amalgamated with the Company before finalisation of the Annual Accounts for the Financial Year ended December 31, 2000. Pursuant to the scheme of amalgamation approved by the High Courts of Delhi and Rajasthan, Wilkinson Sword India Ltd and Duracell India Ltd have been merged with the Company with effect from January 01, 2000. (the appointed date) Based on the aforesaid decision of the Board, the Financial Results of the Company for the year 2000 would be approved and declared, relying on the accepted opening Balance Sheet of the Company post sanction of the Scheme. The Company has further stated the date for reconvening the meeting of the Board of Directors shall be intimated to the exchange in due course.

Welspun India bags Rs 800 million worth orders from Walmart, USA and ASDA, UK

Welspun India Ltd has informed BSE that the Company has bagged orders to the tune of Rs 800 million from Walmart, USA and ASDA, UK. With the execution of the orders, Welspun would enjoy 5% of the market share of UK Terry Towel market, making it one of the largest suppliers of Terry Towels in UK. Orders also include a repeat order from Walmart, USA, one of the fortune 500 Companies. Welspun is one of the leading suppliers of Terry Towels in U.K. Further, the Company has also clinched deals with major private labels like Calvin Klein and Tommy Hilfinger. The Company has also been approached by Pillowtex Corp USA to jointly work in Europe. West Point Store, a US $1.8 billion home textile giant is also actively seeking an alliance in Terry Towels with the Company.

Hughes Software System teams with Sun Micro to provide Middleware Operating Systems; also ties up with Adax to offer 3G Mobile Data Solutions

Hughes Software Systems (HSS) Ltd today (February 20, 2001) announced that HSS and Sun Microsystems Inc are working together to integrate HSS mobile data protocol software solutions and communications protocol stacks with Sun's high availability Chorus OS operating system. HSS intends to port SS7, GPRS and UMTS communications protocol to create a value added application ready platform for customers. HSS communications protocols will complement the Sun Chorus OS in building ready to use telco networking applications. This would provide developers a complete development package all the way up to the customers specific API. The Company expects that adherence to new telephony standards would help to assure ease of integration. Development time , already minimized with HSS applications specific kernel would be further reduced by this application ready platform. "This is a win-win relationship not only for Sun and HSS but also for our mutual customers" said Mr Arun Kumar, President and Managing Director of HSS. "The relationship with Sun will benefit our customers by having our standards based communications software solutions integrated with Suns telecom solutions. The time to profit advantage is significant." The Company has also informed that it is partnering at the 3GSM Conference for the first time. The Companies have developed a "one stop solution" to provide OEMs implementing Third Generation (3G) networks a single source for network infrastructure. The relationship will cut the time to market for Third Generation mobile date networks. The combination of higher layer Mobile Data infrastructure software from HSS and protocol controller Boards and software from Adax, a leading supplier of signalling controllers offers OEMs complete solutions for rapid deployment of mobile data applications on traditional and new networks.

Finolex Industries Q2 net down by 66.42%

Finolex Industries Ltd has announced a net profit of Rs 69.94 million in the quarter ended January 31, 2001 as compared to Rs 208.24 million in the quarter ended January 31, 2000. Net Sales/ Income from Operations are up by 8.06%, from Rs 1593.20 million in the quarter ended January 31, 2000 to Rs 1721.64 million in the quarter ended January 31, 2001. Other Income for the quarter ended January 31, 2001 is at Rs 25.46 million as against Rs 4.50 million in the same period last fiscal. The Board of Directors of the Company has decided to call an Extra-Ordinary General Meeting of the members of the Company on April 03, 2001 to approve the proposal of buy-back of equity shares by the Company. The Buy-Back scheme has been amended to fix a maximum limit of Rs 600 million for the buyback in place of the earlier considered limit of 10% of the equity shares of the Company. The maximum price for the purpose of buyback continues to be remain at Rs 40 per share. The Company has also reported that the buy-back proposal would be implemented through the methology of "open market purchases through the stock exchanges" in accordance with the SEBI's buyback regulations.

Wipro wins major Infrastructure Management Contract from Scottish Parliament

Wipro Technologies has been awarded a five year contract from Scottish Parliament to provide Information Technology support services and consultancy. The NFSSI (Network Security and Systems Integration) Contract awarded to Wipro on the basis of a global tender process, involves end to end infrastructure Management services for the Parliament. The expenditure on the five year contract is likely to exceed 1 million pound.

SSI Technologies will power Nasdaq's global expansion plans

Nasdaq Vice Chairman Alfred R Berkeley III has recently reaffirmed Nasdaq's commitment to its joint venture relationship with Chennai based SSI Ltd. Nasdaq and SSI are 55:45 partners in IndigoMarkets, a Bermuda corporation formed in January 2000 to develop securities solutions for the global market. The statement was issued after Berkeley and senior officials from Nasdaq met with SSI chairman & CEO S Suresh on February 16, 2001 at Chennai. SSI Technologies the software development and consulting division of SSI, is the exclusive offshore technologies partner for IndigoMarkets.The division is currently executing projects for Nasdaq on the TESA(The Electronics Securities Architecture for Stock Exchange Automation) trading platform, and is customizing it for Nasdaq Japan and Nasdaq Europe. TESA is a product that SSI Technologies has transferred to IndigoMarkets. Commenting on the relationship with SSI, Berkeley said "Nasdaq will leverage SSI Technologies leading expertise in the securities and financial services area and will work with them both through the joint venture and independently to expand into emerging and developed markets." As part of the continuing engagement with Nasdaq, SSI Technologies has developed additional products to support the core TESA platform. These are SecuraExchange, an online trading system for commercial banks, SecuraBTS, a front end broking system for trading houses, and SecuraTrade, an online trading systems for investors and brokerage houses. Currently, about 200 SSI Technologies developers are working on various Nasdaq projects. hic Arts products, Sales for the Current year have increased by 17% over the corresponding period of the previous year.

Kodak India FY 2000 net up by 36.84%

Kodak India Ltd has reported a net profit of Rs 341 million in the year ended December 31, 2000 as against Rs 249.20 million in the year ended December 31, 99. Total Net Sales are higher at Rs 6674.40 million in FY 2000 as compared to Rs 5898.90 million in FY 99. Other Income for the year ended December 31, 2000 is at Rs 45.60 million as compared to Rs 24.30 million in the year ended December 31, 99. The Board of Directors of the Company has recommended a Final Dividend of Rs 7 per share (inclusive of Rs 3.85 per share as Special Dividend) for the year ended December 31, 2000. The Company has already paid Interim Dividend of Rs 3 per share in May, 2000. The Company has reported that the Sales for the year ended December 31, 99 includes Sales of Graphic Arts Products aggregating to Rs 214.70 million. The said business has been hived off on November 01, 99. Excluding the Graphic Arts products, Sales for the Current year have increased by 17% over the corresponding period of the previous year.

Rishiroop Rubber Board approves preferential issue

The Board of Directors of Rishiroop Rubber (International) Ltd has approved, subject to necessary approvals, to issue and allot 3.50 million equity shares of Rs.10 each in the following manners on preferential basis : 1. upto 1 million equity shares to promoters group 2. upto 2.25 million equity shares to ICICI 3. upto 0.225 million equity shares to IDBI The shares would be issued at a price of Rs.10 per share through conversion of part of the term loan of ICICI & IDBI and through conversion of unsecured loans of the promoters group. EGM of the company will be held on March 21, 2001.

Grindwell Norton makes VRS offer to employees

Grindwell Norton Ltd has informed BSE that with a view to restructure the operations of the Company and to reduce cost, the Company has offered Voluntary Retirement Scheme to its employees, at its Mora Factory, Head office and Branches.

Hinduja Finance to be soon called Hinduja TMT, EGM approval obtained

At the Extraordinary General Meeting of the Hinduja Finance Corporation Ltd, held on February 20, 2001, the shareholders have approved change of name of the Company to Hinduja TMT Ltd. The Company expected the new name to reflect the current positioning of the Company in the market place as a technology, media and telecommunication convergence corporation. At the meeting, shareholders have also approved the Employee Stock Option Scheme for the employees of the Company. Under the Scheme, the Management is contemplating to issue shares under the Scheme to employees of IT Division. As per the Scheme, total number of options granted in a year will not exceed 2% of the outstanding paid up capital existing at the beginning of the year. A Compensation Committee shall be constituted as per the terms of the Scheme. This Committee will determine the classes of employees entitled to participate in the ESOP. The Committee shall also be authorized to determine the number of options to be granted to each eligible employee entitled to participate in the ESOP. Shareholders have also passed a resolution for enhancing investment limits to 24% of the total paid up capital for the NRIs/OCBs and 40% of the paid up capital for FIIs respectively through stock exchanges under the portfolio investment scheme.

Jindal Online enters into technical collaboration with Third Eye Solution, USA

Jindal Online.Com Ltd has informed BSE that the Company has negotiated a deal with "Third Eye Solution" ,New York USA. The US based Company through their Asia operation Director Ken Golch will provide the Company with the Technical-Wireless Technology for Internet as well as business strategies. They will extend their support for hardware and technical matters on a total cost of US $ 50,000.

Indian Overseas Bank to raise Rs 900 million by issue of private placement bonds

Indian Overseas Bank has decided to make an issue of Unsecured Redeemable, Non Convertible Subordinated Bonds. The issue size of the offer is Rs 900 million with option to retain over subscription of Rs 350 million. The Bonds are of the face value of Rs. 5,00,000 per Bond and the coupon rate for the bond is 11.45% p.a. The tenor for the Bonds is 67 months and the redemption will be at par. The issue will open on February 19, 2001 and will close on March 03, 2001. The Bonds are eligible investments for scheduled Commercial Banks, Insurance Companies, Financial Institutions, Corporates, Regional Rural Banks, Co-operative Banks, Mutual Funds, Provident/Superannuation/Gratuity Trusts, Individuals and any other investor permitted to invest in such Bonds. The Bonds have been rated "AA" by Crisil. Kotak Mahindra Capital Company have been appointed as the Arrangers to the issue. The Current issue is aimed at augmenting Bank's Capital Adequacy Ratio (CAR) and for enhancing the long-term resources of the Bank.

Sterlite Optical signs MOU with General Cable of US for 50:50 JV

Optical Communications company Sterlite Optical Technologies Limited (SOTL) has signed a Memorandum of Understanding (MOU) with General Cable Corporation (GCC) a US based wire and cable manufacturing company to form a 50:50 Joint Venture in the United States. The JV is for manufacture and marketing of Optical Fiber cable products. As per the MOU GCC will spin off all its existing optical fiber cable manufacturing operations at Dayville, Connecticut, USA into the JV and that SOTL will supply bare optical fiber to the JV for cabling. The JV will sell optical fiber cables in the US, Mexico and Canada. While SOTL will provide the operational expertise to the JV GCC will provide the sales and marketing functions support. GCC headquartered in Kentucky, USA has 38 plants in 12 countries having a sales turnover of US $ 2.2 bn.

Aptech FY 2000 results on Feb 27, 2001

A meeting of the Board of Directors of Aptech Ltd is scheduled to be held on February 27, 2001 to consider and take on record the audited financial results of the Company for the year ended December 31, 2000. The aforesaid meeting is to also consider the recommendation of Dividend on Equity and Preference Shares.

Color Chips enters into agreement with Pran Features

Color Chips (India) Ltd has informed BSE that the Company has entered into an agreement with M/s Pran Features. The Company has further reported that Pran Features is India's oldest syndicate of comics for exclusive market and distribution rights of well-known characters created by Mr. Pran such as Chacha Chaudhary, Billoo, Pinki, Srimati Ji, Channi Chachi and Raman.

BSE to transfer 6 scrips from B2 to B1 Group

BSE has informed members that it has decided to shift the following Companies from B2 to B1 group. The Shifting would come into effect from February 26, 2001. Code Name of Company 32386 California Software Co. Ltd. 32387 Pritish Nandy Communications Ltd. 32388 Indian Overseas Bank 32390 Taj GVK Hotels & Resorts Ltd. 32391 Opto Circuits (India) Ltd. 32392 Creative Eye Ltd.

GDR Telefilms allots shares to GDR Multimedia on preferential basis

GDR Telefilms Ltd has informed BSE that the Board of Directors of the Company has allotted 0.50 million equity shares at Rs 70 (FV Rs.10 at a premium of Rs.60) per share, on preferential basis to M/s. GDR Multimedia Ltd. The allotment has been made in the swap ratio of one share of the company for every 10 equity shares of Rs.5 each of GDR Multimedia Ltd.

Money

Rapid Information on Stocks & Corporates

Tell us what you think of this report