A meeting of the Board of Directors of Ballarpur Industries Ltd is scheduled to be held on August 27, 2002 for considering and approving the annual accounts of the company for the financial year ended 2001-2002 ended June 30, 2002, for the recommendation of dividend.
As the company would be publishing its Audited results for the financial year ended June 30, 2002 within the stipulated time from the close of the financial year, the un-audited financial results for the last quarter ended June 30, 2002 will not be published.
Titan Ind submits EOI for acquisition of stake in HMT Watches & HMT Chinar Watches
Titan Industries Ltd has informed BSE that in pursuance to an advertisement in the newspapers on July 3, 2002 in connection with the strategic sale of shareholding in HMT Watches & HMT Chinar Watches Ltd (regarding the global invitation of Expression of Interest for divestment of upto 74% stake in HMT Watches Ltd and HMT Chinar Watches Ltd, wholly owned subsidiaries of HMT Ltd), the company has on Friday submitted its Expression of Interest to Ernst & Young.
Saregama India fixes Book Closure
The Board of Directors of Saregama India Ltd has decided that the Register of Members and Share Transfer Books of the company will remain closed from September 19, 2002 to September 26, 2002 (both days inclusive) for the purpose of Annual General Meeting.
Madhusudan Industries MD resigns
Vikram Somany, Chairman-Cum-Managing Director of Madhusudan Industries Ltd has resigned as Managing Director with immediate effect. However he will continue as Director and Non-Executive Chairman of the company.
Madhusudan Oils to consider change in management structure
The Board of Directors of Madhusudan Oils & Fats Ltd will be held on August 10, 2002 for consideration and approval of the following business:
Appointment of Shri Vikram Somany as Chairman-Cum-Managing Director of the company (presently he is Chairman and Non-Executive Director of the company)
Appointment of Shri S C Kothari as Whole Time Director (presently he is Non-Executive Director of the company).
Appointment of Shri N K Maheshwari and Shri O P Bhandari as Directors of the company.
Gujarat Ambuja Cements Q4 net down by 42.13%, FY-02 net by 1.31%
Gujarat Ambuja Cements Ltd has posted a net profit of Rs 406.80 million for the quarter ended June 30, 2002 as compared to Rs 703 million in the corresponding period last fiscal. Total Income (net of excise) has decreased from Rs 3819 million in the quarter ended June 30, 2001 to Rs 3606.20 million in the quarter ended June 30, 2002.
The company has posted a net profit of Rs 1865.20 million for the year ended June 30, 2002 as compared to Rs 1841 million in the year ended June 30, 2001. Total Income (net of excise) has increased from Rs 12832.40 million in FY-01 to Rs 14057.40 million in the year ended June 30, 2002.
The Board of Directors has recommended a final dividend of 20%. This together with the interim dividend of 40% paid during the year amounts to a total dividend of 60%.
The current fiscal year has begun well for the cement industry. The demand of cement in the 1st quarter (April-June 2002) has grown by about 8%. With lot of impetus on the road construction activity as well as growth in housing sector will contribute towards a good growth in demand of cement in the country.
Meanwhile the Company has registered a good growth for the month of July 2002. Its despatch for the month of July has gone up by about 69% to 0.737 million tonnes as against 0.436 million tonnes.
HCL Info FY-02 results on August 30, 2002
A meeting of the Board of Directors of HCL Infosystems Ltd will be held on August 30, 2002 to inter alia, transact the following business:
To take on record the Audited Financial Results for the year ended June 30, 2002
To consider recommendation of dividend for the financial year ended June 30, 2002
To convene the Sixteenth AGM of the company
To approve the dates for closure of Register of Members
Hughes Software fixes book closure for AGM
Hughes Software Systems Ltd has fixed the Book Closure for the purpose of Annual General Meeting & dividend from September 4 to September 9, 2002 (both days inclusive).
Vijaya Bank declares dividend @ 12%
Vijaya Bank has informed BSE that the Board of Directors in its meeting held on August 02, 2002 declared a dividend of 12% for the financial year 2001-02.
IDBI Bank clarifies on news item
With reference to news items appearing in a leading financial daily IDBI Bank Ltd has informed BSE that the bank has signed an enabling agreement with BNP Paribas and Venture Infotek Ltd which is the back end service provider and third party processor for BNP Paribas, to migrate the existing BNP Paribas merchant acquiring portfolio to IDBI Bank Ltd.
The portfolio has been acquired has been acquired by the Bank at a price of Rs 2.50 million.
The cut over date currently agreed by the Bank with BNP Paribas is August 25, 2002 subject to successful migration of merchant establishments and certification of back end systems by Visa & MasterCard International. It is only on the cut over date that the business will be taken over by IDBI Bank. The value payable to BNP Paribas is payable only 30 days post the cut cover date. Given the above the Bank treats the acquisition to be in effect only on the cut off date.
NIIT brings 4-yr Bachelor's Degree Program in IT from US-based ITT Technical Institute
NIIT Ltd has signed a Memorandum of Understanding to form an academic alliance with the US based ITT Educational Services Inc. (ITT/ESI) As part of this MOU the ITT Technical Institute in Indianapolis, USA will offer ITT/ESI's 4 year bachelor's degree in IT with specialization in Information Systems Security (BS- ISS) program to NIIT students in India.
This academic alliance will allow NIIT's past, present and prospective students to transfer their completed DNIIT program credits and secure direct admission into the third year of the 4-year, US-accredited degree program, BS ISS. The DNIIT students will gain a competitive edge to emerge the real winners, as at the end of four years they will have will have three qualifications- DNIIT from NIIT, BS ISS from ITT Technical Institute in Indianapolis, Indiana USA and a Bachelors Degree from an Indian university.
Indian Hotels fixes book closure for AGM
Indian Hotels Company Ltd has fixed the book closure from August 23, 2002 to August 30, 2002, (both days inclusive) for the purpose of Annual General Meeting to be held on August 30, 2002.
ONGC in share purchase pact with Aditya Birla Group
Oil and Natural Gas Corporation Ltd has informed BSE that a conditional share purchase agreement has been executed between the shareholders belonging to the Aditya Birla Group namely Indian Rayon and Industries Ltd, Indo Gulf Corporation Ltd, Grasim Industries Ltd, Hindalco Industries Ltd and ONGC on August 1, 2002.
An in-principle approval from the financial institutions and term lenders who are lenders to MRPL for the proposed debt restructuring of MRPL has been received on July 31, 2002 by ONGC.
The company further informed that the transaction would be carried out, subject to government consent for cancellation of the previous memorandum of understanding dated June 26, 1987 which is a tripartite agreement between the Government of India, Aditya Birla Group and HPCL.
No public offer is required to be made by ONGC as it is a government company.
BPCL clarifies on news item
With reference to the news article appearing in a leading financial daily titled "BPCL also keen to acquire Nocil's petrochem unit" Bharat Petroleum Corporation Ltd has informed BSE that the Corporation has no interest in taking over NOCIL's Petrochemical Project.
The Company has further informed that BPCL have been supplying Naphtha to NOCIL over the last 3 decades and have during all these years enjoyed the status of being an exclusive supplier. Like in the case of all major/reputed customers credit facilities were offered to NOCIL also, considering the volume of business and long standing relationship between the two organisations.
Since NOCIL were not able to honour their commitment of payment, supplies were made to them on cash and carry basis intermittently during the last 8/9 months. Effective April 15, 2002, NOCIL has not been uplifting any supplies of Naphtha. The total outstanding amount is approx Rs 1100 million as on date.
The Corporation is in discussion with the NOCIL management to explore ways and means to recover the amount in full, NOCIL management has offered to mortgage their Thane-Belapur housing complex.
The Company is however not keen to take any mortgage of properties as it does not help it in recovering their total outstanding. BPCL has suggested to NOCIL to consider disposing off their properties and liquidate the Company's outstanding.
D Link Board to consider buy back of shares
D Link India Ltd has informed BSE that a meeting of the Board of Directors will be held on August 09, 2002 to consider proposal for buy back of shares subject to approval of shareholders and other statutory authorities.
BSE announces changes in constituents of BSE-200 and BSE-500 index
The members of the exchange are hereby informed that the following replacement will be made in the BSE-200 and BSE-500 index effective from August 09, 2002.
BSE-200 Index
Code Outgoing Code Incoming
507458 United Breweries Ltd 501379 Shaw Wallace & Co. Ltd
BSE-500 Index
Code Outgoing Code Incoming
507458 United Breweries Ltd 508238 George Williamson (Assam) Ltd
BSES's Dahanu Thermal Power Station Operates smoothly
In spite of disturbances in the Western Region Grid that created power failure among five states on Tuesday evening, Mumbai suburbs were not affected because of successful operation of the BSES's Dahanu Thermal Power Station. BSES has two thermal units generating 250MW each, out of which one is shut down since July 2002 for annual overhauling. On Tuesday evening at 8.11 pm the grid disturbances affected Tata Power Company's Borivli Receiving Station ultimately tripping BSES feeders resulting in blackouts in BSES supply area. However, because BSES's Dahanu Thermal Power Station remained operational the power supply remain uninterrupted. We could restore supply fully by11.00 pm after we started getting supply from TPC. While regretting the inconvenience caused to our consumers its is to be appreciated that the crisis had occurred on account of grid disturbance elsewhere, which was beyond our control.
Hindalco discontinues scheme of buyback
Members are hereby informed that Hindalco Industries Ltd will discontinue with the scheme of buyback of its fully paid up equity shares of face value of Rs 10/- each from the open market through the trading mechanism of the exchange.
Accordingly the scheme of buyback of shares of Hindalco Ltd will not be available in physical as well as demat form with effect from August 02, 2002 and trading under the following scrip for physical mode will be suspended.
