Siltap Chemicals Q1 net profit up by 64.63%

Siltap Chemicals Ltd has posted a net profit of Rs 13.47 million for the quarter ended October 31, 2000 as compared to Rs 8.18 million in the corresponding period last year. Total Income for the quarter ended October 31, 2000 is at Rs 117.80 million as compared to Rs 75.87 million in the corresponding period last fiscal. The Company sold 765 Tons product in the first quarter as against 444 Tons during the corresponding period in the previous year. The product being seasonal the turnover is usually lean in the first quarter. The Companys expansion plan is progressing smoothly. The increased capacity of 6000 tons of cross laminated film and products and newer capacity of 1500 tons of wide width film will be up and running by February 2001. The required Investment of Rs.35/- million for these investment plans will be met from internal accruals.

Infosys grants options under Stock option Plan

Infosys Technologies Ltd has informed BSE that the compensation committee of the Board of Directors of the company has in resolution by circulation dated November 13, 2000 granted a total of 31,800 Stock Options under the 1999 stock option plan excersiable for equity shares and a total of 24,300 ADS linked Stock Options under the 1998 ADS Stock Option Plan excersiable for ADSs to the employees of the company who were found eligible as determined by the committee. The exercise price of these options shall be 100% of the fair market value of the company's equity shares (determined in accordance with the 1999 and 1998 Stock Option Plans) as on November 13, 2000.

Roofit Industries fixes record date for Bonus Issue

Roofit Industries Ltd has fixed the record date as December 15, 2000 for the purpose of issue of bonus shares in the ratio of 1:1 as approved by the shareholders in the eighteenth AGM of the company held on October 18, 2000.

Hindustan Motors sells earth moving equipment division

At the meeting of the Board of the Directors of Hindustan Motors Ltd held today November 13, 2000 the Board has decided to sell off, subject to necessary approvals and also consents of lending banks and financial institutions and shareholders , the earthmoving equipment division (including the wheel loader plant) of the company located at Pondicherry and Trivallur near Chennai to the collaborator of the said division namely M/s Caterpillar Inc USA at an aggregate price of Rs 3375/- million including value of net current assets estimated at Rs 1870/- million at completion.

Infosys inducts Dr Omkar Goswani to Board of Directors

Infosys Technologies Limited announced today November 13, 2000 that its Board of Directors, appointed Dr. Omkar Goswami, Chief Economist to the Confederation of Indian Industry (CII) as an Additional Director of the Board of Directors of the Company with effect from November 13, 2000. The Nominations Committee of the Company had earlier recommended to the Board the name of Dr. Omkar Goswami, for appointment as an Additional Director. Dr. Goswami will serve as an Additional Director of the Board till the next Annual General Meeting of the Company, when his appointment as a non-executive director of the Board will be placed for the approval of the members in general meeting. With the induction of Dr. Goswami, the Infosys Board Strength stands at 14. Dr. Omkar Goswami (44) has been working as senior Consultant and Chief Economist to the Confederation of Indian Industry since August 1998. A professional economist, Dr. Goswami did his Masters in Economics from the Delhi School of Economics in 1978 and his D Phil. (Ph.D) from Balliol College. Oxford in 1982. He has taught and researched at Oxford, Delhi School of Economics, Harvard, Tufts, Jawaharlal Nehru University, Rutgers University and the Indian Statistical Institute, New Delhi. In March 1997 he moved away from formal academics to become the Editor of Business India.

Birla Corporation revises price band for right issue

The Board of Birla Corporation Ltd. has reviewed proposed rights issue and has decided to issue right equity shares within a price band of Rs.16/- to Rs.19/- (inclusive of premium) in the ratio of 2:5. Actual price will be decided by the Board in due course. Earlier the Board of the Company had decided to issue rights shares in the price band of Rs 20/- to Rs 24/- (inclusive of premium).

Surya Roshni to increase investment in subsidiary

The Board of Surya Roshni Ltd. has decided, subject to necessary approval from IDBI and other Institution: 1. Further investment of US $ 650000 (approx. Rs.30/- million) for good business prospect in the Surya Roshni Inc., USA a wholly owned subsidiary of the company. 2. Extended further guarantee (s) upto US $ 650000 (approx. Rs.30/- million) by the company for availment of credit facilities by Surya Roshni Inc., USA.

Labour trouble at New India Industries

New India Industries Ltd. has informed BSE that, the company is facing labour problems at its Registered office at Vadodara. The workmen had given a threat to the managerial staff and caused damage to property as a result of which their entry was prohibited.

Elbee Services to transfer its travel division

The Board of Elbee Services Ltd. has decided to transfer the travel division of the company to its wholly owned subsidiary M/s. Elbee World Travels Ltd. Further, the board has also approved the MOU the company entered with M/s. BAX Global India Ltd. Elbee will be using the BAX services and its Network for providing Freight and logistic solutions to its Indian customers and BAX will be using the Elbee Services for the domestic distribution and logistic support in India.

Work suspended at Birla Corp's Narkeldanga unit

Birla Corporation Ltd. has informed BSE that, due to indifferent approach/attitude of the workers/union to the justified requirements of the company's unit, Soorah Jute Mills, Narkeldanga and various persisting problems, particularly relating to high conversion cost including low productivity in the said mills, compared to the other mills in the industry, the management has been constrained to declare suspension of work w.e.f. October 30, 2000.

Asian Paints acquires business of Pacific Paints

Asian Paints (India) Ltd. has acquired the entire paints business of Pacific Paints Co. Pvt. Ltd. Australia. The acquisition is worth about AUS $ 375,000. Within a year, this is the second overseas acquisition by the paints major. The company acquired the second largest Paint Company in Sri Lanka a year ago.

SSI Technologies launches SecuraBTS

SSI Technologies, the software development and consulting division of SSI Ltd has announced the launch of SecuraBTS, a front-end trading system for brokerage houses. SecuraBTS is a front-end trading system for brokerage houses, enabling them to expand by having multiple trading terminals with complete automation of order execution, risk management and survelliance. It provides the broking firm a sophisticated front office dealing environment with complete control on the trading operations thereby providing an effective service to all its local and remote clients. The multiple trading terminals can be on a LAN or WAN basis.cSecura BTS can be customized to connect to multiple Stock Exchanges. SecuraBTS is the third major product offering of IndigoMarkets Inc, the joint venture between SSI Ltd and NASD. Indigo Markets was established in January 2000 to create electronic and internet-based trading and market systems for global markets including NASD Japan and NASD Europe. SSI Technologies is the offshore partner of IndigoMarkets and supports the development and implementation of IndigoMarkets solutions globally.

Mac Charles to issue shares on preferential basis

The Board of Directors of Mac Charles India Ltd at its meeting held on November 10, 2000 has considered the following matters. 1. The Board has presented a proposal to declare interim dividend @15% on the equity share capital for the financial year 2000-01 subject to shareholders approval. 2. The Board has proposed to issue 3 million equity shares of the company at Rs 22/- per share or such rate as may be determined as per SEBI regulation whichever is higher on preferential basis to M/s Kapi Investment Ink Ltd Mauritius (promoter of the company) subject to necessary approvals 3. The Board has also proposed to go in for right issue in the ratio of one equity share for every one equity share held with face value of Rs 10/- each at a premium of Rs 10/- each subject to necessary approval. The above referred proposal for preferential and rights issue is towards renovation of the company's hotel at Bangalore.

Money

Rapid Information on Stocks & Corporates

Tell us what you think of this report