Cummins India Ltd has informed BSE that the company intends to invest in the equity share capital of C G Newage Electrical Ltd, by acquiring up to 10,00,000 equity shares of Rs 10 each fully paid from the existing Indian Shareholders of CGNEL subject to negotiations and appropriate arrangements to be entered into with respect thereto.
CGNEL is an unlisted company, engaged in the business of manufacture and sale of Electrical Motors and Alternators.
e-Serve FY-02 net at Rs 127.80 million
e-Serve International Ltd has posted a net profit of Rs 127.80 million for the year ended March 31, 2002 whereas the same was Rs 38.90 million in FY-2001 (which comprises of 9 months). Total Income is at Rs 2012.40 million in FY-02 whereas the same was Rs 941 million in the year ended March 31, 2001.
The Board of Directors has recommended a dividend of 18% for the year ended March 31, 2002
Ranbaxy acquires Veratide an anti-hypertensive brand in Germany
Ranbaxy Laboratories Ltd and Procter & Gamble Pharmaceuticals - Germany GmbH (P&G) today (June 26, 2002) announced the execution of an agreement by which Ranbaxy acquires the Brand, Veratide® in Germany from P&G. Subsequent to the acquisition: Ranbaxy will have the Ownership, Usage and Patent rights for the Brand. The initiative reinforces Ranbaxy's strong commitment to the German market. Basics GmbH, a wholly owned subsidiary of Ranbaxy in Germany, is expected to commence marketing Veratide from July 01, 2002. This brand would augment Basic's growing cardiovascular product portfolio.
Veratide the second largest brand in the Calcium channel blocker plus diuretics category, is a unique combination of verapamil, Hydrochlorothiazide and Triamterene. Veratide commands good brand equity with a 37% market share in the category. It is extensively used for management of hypertension.
The transfer of Veratide to Ranbaxy will not affect availability of the product in pharmacies during the transfer. Physicians can continue without any changes to prescribe Veratide, ensured by an effective supply chain management of both companies. Product quality and information services will remain at highest standards.
Although Veratide is a successful and well recognized local brand, it is no longer a strategic fit for P&G as the company is putting more focus against building brands that offer the greatest potential for global growth.
Max India shareholders approves sale of company's healthcare division
Max India Ltd has informed the BSE that the shareholders of the company by way of postal ballot approved with overwhelming majority the ordinary resolution for sale of the company's healthcare division to a wholly owned subsidiary company, the results of which were declared in the extraordinary general meeting of the company.
Titan announces change in management structure
At the Board meeting of Titan Industries Ltd held today (June 26, 2002), the Board of Directors noted and accepted the resignation of A Gowrishankar as Chairman and Director and M Kalaivanan as a Director, both of them were nominee directors of TamilNadu Industrial Development Corporation Ltd (Tidco)
The Directors have also approved the appointment of Dr R Vijaykumar as a Nominee Director of Tidco in place of M Kalaivanan.
Moschip allots warrants on pref basis
Moschip Semiconductor Technology Ltd has informed BSE that at the meeting of the Directors of the Company held on June 26, 2002 the following business were transacted:
Allotted 9,50,000 warrants convertible into equal number of equity shares at a price of Rs 30 per share to the following on preferential basis
ESS Technology Inc. USA 5,00,000
Flextronics Semiconductor Technology Inc USA 2,50,000
Silutions Technologies Inc USA 1,00,000
Dr S Sivakumar 1,00,000
The above allotment of warrants is made on obtaining the prior approval of FIPB, SIA, Govt. of India and Reserve Bank of India.
Cadila Healthcare not to increase GRL open offer price
Cadila Healthcare Ltd has decided not to increase the price of Rs 300 at which it has made an open offer to the public shareholders of German Remedies Ltd. Today is the final day for any price revision.
Chariman and Managing Director of Zydus Cadila, Pankaj R Patel said, " This offer was made at a 15% premium to the average price of the 26 weeks prior to the announcement. Considering the financial of GRL and its stock price performance this is a fair exit value to the shareholders of GRL"
The Company had announced its decision to make an open offer in a bid to acquire the entire public shareholding in GRL on the April 18, 2002. At the time of this announcement, Cadila Healthcare and its wholly owned subsidiary Recon healthcare Ltd held 55.40% in GRL. In the event of Zydus Cadila's shareholding crossing 90% through the open offer, it shall seek the delisting of GRL. The decision is in line with international best practices to create one single listed entity in the Zydus Cadila group particularly with respect to companies in similar lines of business and harmonise the interests of shareholders.
Hughes Software launches 'HSS Minsystem'
Hughes Software Systems (HSS), specialists in convergent network software and a leader in providing GPRS, UMTS as well as VoP software to OEMs announced the launch of its global technical seminar series in the United States of America (USA).
The first two HSS MindSystem seminars will be held on July 10 in Boston, Massachusetts and on July 11 in Denver, Colorado. These interactions will disseminate information on the development of standards and protocols, besides providing insights on the trends in network architectures and network component for Net Generation networks. Targeted at telecommunication professionals, who are keen to keep their knowledge base updated, the seminars will fulfill the need to understand the evolution of standards.
For Hughes Software Systems, tracking protocol standards is a core activity, critical to maintaining its market leadership position. Telecom experts from HSS- Saghan Aggarwal, Senior Product Manager: Mobile Networks, Arjun Roychowdhury, Product Manager. Next Generation Networks, and Dhruv Sharma, Solution Architect will share their views on the evolution of protocol standards.
The HSS MindSystem seminar series will also serve as an interactive forum for Telecom professionals from across the world to share their perspectives on the emerging trends in the telecom market.
Titan Q4 net up by 21.68%, FY-02 net down by 44.25%
Titan Industries Ltd has posted a net profit of Rs 125.70 million for the quarter ended March 31, 2002 as compared to Rs 103.30 million in the quarter ended March 31, 2001. Total Income (net of excise) has increased from Rs 2319.50 million in the quarter ended March 31, 2001 to Rs 2587.10 million in the quarter ended March 31, 2002.
The Company has posted a net profit of Rs 130.90 million for the year ended March 31, 2002 as compared to Rs 234.80 million in FY-2001. Total Income (net of excise) has increased from Rs 6407.40 million in FY-01 to Rs 6581.80 million in the year ended March 31, 2002.
The Board of Directors has recommended an equity dividend of 15% amounting to Rs 63.40 million.
Apollo Tyres Q4 net up by 313.17%, FY-02 net up by 44.81%
Apollo Tyres Ltd has posted a net profit of Rs 185.10 million for the quarter ended March 31, 2002 as compared to Rs 44.80 million in the quarter ended March 31, 2001. Total Income (net of excise) has increased from Rs 3434.10 million in the quarter ended March 31, 2001 to Rs 3805.30 million in the quarter ended March 31, 2002.
The company has posted a net profit of Rs 368.10 million for the year ended March 31, 2002 as compared to Rs 254.20 million in FY-2001. Total Income (net of excise) has increased from Rs 11461.10 million in FY-01 to Rs 13799.10 million in the year ended March 31, 2002.
The Board of Directors has recommended a dividend of Rs 4.50 per share amounting to Rs 163.40 million for the year on equity share of Rs 10/- each.
Aksh Optifibre Company Secretary resigns
Aksh Optifibre Ltd has informed BSE that Smt Shobha Adlakha, Company Secretary has resigned from the post and has been relieved from duties w e f June 18, 2002.
Padmalaya Telefilms allots two million equity shares to Padmalaya Ent. on preferential basis
Padmalaya Telefilms Ltd has informed BSE that Board of Directors of the Company at their meeting held today (ie June 26, 2002) has allotted 2 million equity shares of Rs 10/- each at price of Rs 142.20 per share to M/s Padmalaya Enterprises Pvt. Ltd a promoter group Company on preferential basis.
The present paid up value of equity capital after this allotment is Rs 125 million.
ETC Networks allots equity shares on preferential basis to Zee
The Board of Directors of Etc Networks Ltd at its meeting held on June 25, 2002 allotted 22,20,812 equity shares of Rs 10 each at a premium of Rs 21.52 each to Zee Telefilms Ltd on preferential basis in terms of special resolution passed by the EGM held on March 26, 2002.
The Board has co-opted of Mr Sandeep Goyal on Board on Etc Networks Ltd.
VMC Software nods allotment of FCD on preferential basis
The board of directors of VMC Software Ltd at its meeting held on June 21, 2002 resolved that 2,00,000 fully convertible debentures of Rs 150 each, convertible into equity shares of Rs 10 each fully paid up be allotted to Soni Infosys Ltd in accordance with SEBI guidelines on preferential issue and subject to approval from SEBI and as authorised by the shareholders in the EGM dated March 26, 2002.
Part A of Rs 30 each Within three months of allotment one fully convertible debentures to be converted into one equity share of Rs 10 each fully paid up at a premium of Rs 20 per share
Part B of Rs 120 each In between three to fifteen months of allotment balance fully convertible debentures converted into equity shares at such a price including premium as the Board may decide at a later date and subject to SEBI guidelines on preferential issue.
SSI clarifies on news item
With reference to the news article appearing in a leading financial daily regarding closing down its education business, SSI Ltd has informed BSE that the news item is incorrect and based on a faulty understanding of facts.
The Company has further informed that the education business is not being closed down.
GOI to divest 51% equity in FACT
Aztec Software & Technology Services Ltd has informed BSE that consequent to the resignation of Ms Sudha Madhavan, Mr Rajesh S Narang has been appointed as the Company Secretary of the Company and will be the compliance officer henceforth.
Sreemukh Fin to consider increase in authorised capital
A meeting of the Board of Directors of Sreemukh Finance & Investments Ltd will be held on July 02, 2002 to consider the following items of business:
Change in name of the company
Increase of Authorised Share Capital
Preferential Allotment of Shares
Nicco-Uco Alliance Credit Ltd has informed BSE that FITCH Ratings India Pvt. Ltd. have downgraded its ratings for Company's instruments as under:
Fixed Deposits - rating downgraded to Ind AA- (FD)
NCDs (Rs.400 million) - rating downgraded to Ind A+
Long Term Loan (Rs.100 million) - rating downgraded to Ind A+
Commercial Paper (Rs.100 million) - rating downgraded to Ind D-1
Infosys Partners With Concours Group
Infosys Technologies Ltd announced an alliance with The Concours Group, a boutique strategy consulting firm. The two organizations will pool their expertise and resources to help Global 1000 companies define, design and implement large scale change programs intended to yield significant business impact through technology.
Infosys' strength in business consulting and larger scale IT implementations combined with Concours' experience in business model innovation and organizational design will create a capability set that will significantly help clients to execute their enterprise-wide programs. In addition, the two companies will collaborate on joint research and thought leadership programs focused on maximizing the business impact of technology investments.
Concours brings a lot to the table in structuring and sequencing large change programs, said Phaneesh Murthy, member of the board at Infosys. We will leverage their competency with Infosys' proven processes and the combined IT consulting capabilities to deliver tangible results for clients.
HCL Technologies forms Software Development Joint Venture with Jones Apparel Group, Inc
HCL Technologies announced the formation of a strategic technology joint venture with Jones Apparel Group, Inc. Jones Apparel Group, Inc. a Fortune 500 Company, headquartered in White Plain, USA, is a Leading designer and marketer of branded apparel, footwear and accessories.
The joint venture is a pioneering initiative, in synergy with HCL Technologies rebalanced business portfolio and growth strategy, wherein the Company has identified the retail vertical as a high focus area. Worldwide, an increased surge in IT spending in the retail segment is manifesting itself and the market is expected to grow to USD 35 billion by 2005.
The equity holding of HCL Jones Technologies, as the new Company will be christened, is structured at HCL Tech 51% and Jones apparel Group at 49%. The Joint Venture will significantly augment HCL Technologies expertise in the retail vertical, bringing together the domain knowledge of Jones Apparel Group, which has built a reputation over the years for excellence in operational execution, with HCL Technologies high-quality offshore delivery capability and composite technology bandwidth. This synergy of strengths should position the Joint Venture as a premier IT solutions provider in the emerging global retail market space.
HCL Jones Technologies will provide development, maintenance and implementation services to various divisions of Jones Apparel Group, Inc. as well as other companies in the retail and wholesale apparel space. The joint venture would also productize its offerings for additional business and revenues.
Jones Apparel Group, Inc will bring resources, retail domain expertise and a committed revenue stream to the venture. HCL Technologies will contribute capital and offshore services expertise.
"Our enhanced focus on the retail services market is a strategic move, in line with market dynamics and critical to our leadership in IT services. The new joint venture will leverage Jones Apparel Group's retail competency and their management team's ability to innovate and execute aggressively. Together with HCL Technologies' robust offshore delivery capability and considerable expertise in the retail domain, this will give HCL Technologies a strong competitive advantage and enabled increased market access," said Shiv Nadar, Chairman, President and CEO of HCL Technologies.
BSE imposes Special Margin on Optel Telecommunications
BSE has informed the members of the exchange that Special Margin of 25% has been imposed on Optel Telecommunications Ltd with effect from today (June 26, 2002).
Special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net).
