Visesh Infosystems members approve acquisition of Infotecnics India

Visesh Infosystems Ltd has informed BSE that in the EGM held on July 25, 2002 following business were approved: 1. Acquisition of Business of Infotecnics India Ltd: The total amount of consideration to be paid to Infotecnics India Ltd. i.e.Rs.61.25 million mode of disbursement of consideration as well which has been modified with the consent of members which is as follows: - a. 2225000 equity shares of Rs.10/- each on preferential basis at a premium of Rs.13/- per share amounting to Rs.51,175,000/- b. Balance of Rs.10,075,000/- to be paid in six equal quarterly installments of Rs.1,679,167/-. 2. The Authorised Share Capital of the Company be increased by Rs 1,50,00,000 instead of Rs 3,00,00,000 accordingly the resolution was modified and then passed unanimously, hence the authorized share capital of the Company would be Rs.150,000,000/- instead of Rs.165,000,000/-.

Grindwell Norton signs sale agreement with SEPR Refractories

Grindwell Norton Ltd has informed BSE that pursuant to the authorization given by the shareholders of the Company to the Board of Directors through postal ballot, for sale of Fused Cast Refractories business, at Bangalore, Karnataka, the sale agreement has been signed on July 22, 2002 and Company have received sale consideration of Rs.68.64 million on July 23, 2002 from SEPR Refractories India Ltd. of which Rs.28 million will be accounted as an extra-ordinary income in the quarter ending on September 30, 2002.

Balaji Telefilms Board approves sub division of shares

Balaji Telefilms Ltd has informed BSE that at a meeting of the Board of Directors of the Company held on July 27, 2002 the Board of Directors approved the sub-division of Company's shares of face value of Rs 10 each into shares of Rs 2 each credited as fully paid subject to the approval of the shareholders at the AGM to be held on August 23, 2002. The proposed sub division is being done in order to widen the ownership of shares of the Company amongst the retail investors.

Continental Controls Board defers buyback

Continental Controls Ltd has informed BSE that at a meeting of the Board of Directors held on July 27, 2002 the Board has decided not to go in for buy-back of shares at this stage having regard to certain business developments and accordingly no resolution was passed for buyback of shares. The Board will review the position after six months.

Infosys clarifies on news item

With reference to a news item appearing in a leading daily, Infosys Technologies Ltd has informed BSE that the details contained in the news Item are based on reports which appeared in the East African press and not on official statements made by Kenya Commercial Bank. The Company reiterates that the implementation of the project is in progress and that they are awaiting final sign off from the bank on its scoping documents as well as its work permits.

Finolex Industries Board approves buy back

Finolex Industries Ltd has informed BSE that at the meeting of the Board of Directors of the Company at its meeting held on July 27, 2002 has approved buy back of equity shares by the Company. The Buy back proposal is as under: A maximum outlay of Rs 350 million has been fixed for buy back of equity shares The maximum price at which the buy back may be carried out will be at Rs 40 per share. The buy back proposal will be implemented through the methodology of "open market purchases" through the stock exchanges.

Novartis India Q1 net up by 137.32%

Novartis India Ltd has posted a net profit of Rs 166.60 million in quarter ended June 30, 2002 as compared to Rs 70.20 million in quarter ended June 30, 2001. The total income (net of excise) has increased from Rs 1152.10 million in quarter ended June 30, 2001 to Rs 1315.60 million in quarter ended June 30, 2002. Performance for the full year will depend on whether Q1 growth momentum can be maintained and could also be influenced by exchange rate movements as well as the possible impact of DPCO as and when introduced by Government.

Bajaj Auto Q1 net at Rs 1190.90 million

Bajaj Auto Ltd has posted a net profit of Rs 1190.90 million in quarter ended June 30, 2002 as compared to Rs 1188.50 million in quarter ended June 30, 2001. The total income (net of excise) has increased from Rs 8706.20 million in quarter ended June 30, 2001 to Rs 11027.30 million in quarter ended June 30, 2002. During the quarter ended June 30, 2001 the Company had earned an extra ordinary income of Rs 450 million on account of premium on insurance venture. The total two and three wheeler production and sales for the quarter ended June 30, 2002 were 376,085 and 372,369 respectively. The corresponding figures for the quarter ended June 30, 2001 were 317,874 and 313,347. The Consolidated results are as follows: The Company has posted a net profit of Rs 1219.70 million for the quarter ended June 30, 2002. Net Sales for the current quarter is at Rs 11078.10 million.

Pentagon Global Board to consider rights issue

Pentagon Global Solutions Ltd has informed BSE that a meeting of the Board of Directors of the Company has been convened on August 03, 2002 to consider the rights issue of equity shares.

OBC Q1 net up by 20.36%

Oriental Bank of Commerce has posted a net profit of Rs 1027.40 million in quarter ended June 30, 2002 as compared to Rs 853.60 million in quarter ended June 30, 2001. The total income has increased from Rs 7829.60 million in quarter ended June 30, 2001 to Rs 8952.60 million in quarter ended June 30, 2002.

Investment Trust of India to sell its entire holding in Pioneer ITI AMC to Templeton

Investment Trust of India Ltd has informed BSE that it has now entered into a share purchase agreement with Templeton on July 24, 2002 to sell its entire holding to Templeton. The sale consideration would be approximately Rs.1040 million subject to adjustment if any based on various contingencies. The share purchase agreement is conditional on performance of various conditions precedent, on fulfillment of which, the transaction will conclude. Earlier the company had informed that it is holding 37,65,762 equity shares of Rs 10 each in the Pioneer ITI AMC Ltd (AMC) representing 47.70% of the issued capital of the AMC. The company along with Pioneer Investment Management, Inc had entered into a Memorandum of Understanding (MoU) on March 17, 2002 with Templeton Asset Management India Pvt Ltd, Mumbai (Templeton) for the sale of the entire holding in AMC.

CRISIL assigns P1+ rating to Tata Telecoms Commercial Paper

Tata Telecom Ltd has informed BSE that Credit Rating Information Services of India Ltd have assigned P1+ rating to the Company for issuance of Commercial Paper upto Rs.200 million.

IDBI Q1 net down by 79.12%

Industrial Development Bank of India has posted a net profit of Rs 380 million for the quarter ended June 30, 2002 as compared to Rs 1820 million in the quarter ended June 30, 2001. Total Income has decreased from Rs 22010 million in the quarter ended June 30, 2001 to Rs 16840 million in the quarter ended June 30, 2002.

Cummins India Q1 net down by 28.93%

Cummins India Ltd has posted a net profit of Rs 115.66 million in quarter ended June 30, 2002 as compared to Rs 162.74 million in quarter ended June 30, 2001. The total income has decreased from Rs 1901.76 million in quarter ended June 30, 2001 to Rs 1528.56 million in quarter ended June 30, 2002.

SSI FY-02 results by September 30, 2002

SSI Ltd has informed BSE that the company is going to publish the audited financial results for the year ended June 30, 2002 within a period of three months from the end of the financial year.

Kothari Products closes Kanpur Unit

Kothari Products Ltd has informed BSE that the manufacturing and selling of "Pan Masala & Gutkha", the main products of the Company, have been banned in the States of U.P. and Maharashtra by the respective State Governments. In view of the above the Kanpur unit of the Company has been closed. However the Zorhat and Baroda units of the Company are continuing manufacturing the aforesaid products.

SBI announces revision in Interest Rates on Domestic Term Deposits

In a communication issued to the BSE, State Bank of India has informed that the Bank has decided to revise interest rates as follows: A. The revised interest rates on domestic term deposits of less than Rs 10 million effective from July 29, 2002 would be as under Existing w.e.f. 01.04.2002 Duration Interest Rate (%p.a) 15 days to 45 days 5.00 46 days to 179 days 6.00 180 days to less than 1 year 6.25 1 year to less than 2 years 7.00 2 year to less than 3 years 7.50 3 year and above 8.00 Revised w.e.f. 29.07.2002 Duration Interest Rate(%p.a) 15 days to 45 days 5.00 46 days to 179 days 6.00 180 days to less than 1 year 6.25 1 year to less than 2 years 7.00 2 year to less than 3 years 7.25 3 year and above 7.50 The revised structure for rates of interest on deposits of Rs 10 million and above effective from July 29, 2002 would be as under: Existing w.e.f. 01.04.2002 Duration Interest Rate (%p.a) 15 days to 45 days 5.50 46 days to 179 days 6.50 180 days to less than 1 year 6.50 1 year to less than 2 years 7.00 2 year to less than 3 years 7.50 3 year and above 8.00 Revised w.e.f. 29.07.2002 Duration Interest Rate (%p.a) 15 days to 45 days 5.50 46 days to 179 days 6.50 180 days to less than 1 year 6.50 1 year to less than 2 years 7.00 2 year to less than 3 years 7.25 3 year and above 7.50 The revised rates on deposits of Rs 10 million and above are payable only if the deposit runs for the full contracted period. B. The revised interest rates payable on deposits with a maturity period of "7 days to 14 days" effective from July 29, 2002 would be as under: Rs 1.50 million to less than Rs 10 million 4.25 (Previous w e f 01.04.02 4.50%) Rs 10 million & above 4.75 (Previous w e f 01.04.02 5.00%) C. The revised interest rates payable on deposits of Senior Citizens, effective from July 29, 2002 would be as under 1year to less than 2 years 7.75 (Previous w.e.f. 01.04.2002 7.75) 2 years to less than 3 years 8.00 (Previous w.e.f. 01.04.2002 8.25) 3 years and above 8.25 (Previous w.e.f. 01.04.2002 8.75)

Swil sets up Copper Smelter - cum Refinery at Jhagadia

Swil Ltd has informed BSE that the Company is setting up a Copper Smelter - cum Refinery at Jhagadia in State of Gujarat, to produce 50000 MT PA Copper Cathodes, conforming to LME Grade 'A'. Refinery section of the project was cold commissioned on May 17, 2002. Project is in final stage of completion and expected to be ready for commissioning. A consortium of Indian Financial Institutions, comprising of the principal equity holders and debt holders have floated global invitation of expression of interest for disinvestments of their stake in the Company.