Global Tele posts 91.48% rise in FY-01 net profit

Global Tele-Systems Ltd. has posted a net profit of Rs 4375.91 for the financial year ended March 31, 2001 as compared to Rs 2285.27 million in the corresponding period last fiscal. Total Income for the financial year ended March 31, 2001 is at Rs 8686.58 million as compared to Rs 6302.10 million in the financial year ended March 31, 00 showing an increase of 37.83 % as compared to the previous financial year. During the year ended March 31, 2001 the company has earned an Extra-ordinary income of Rs 1951.74 million as compared to Rs 1192.28 million in the previous financial year ended Mar 00. Pursuant to the approval of the scheme of amalgamation of Global Electronic Commerce Services Ltd (GECS) with Global Tele-Systems Ltd (GTL) by the respective shareholders in separate meetings of both the companies held on November 6, 2000 and the subsequent approval by the Honorable High Court of Judicature at Mumbai vide its order dated February 12, 2001 GECS is amalgamated with GTL with effect from April 1, 2000. The consolidated figures of this year are not comparable with that of the previous year as the previous year figures represent GTL, alone. Professor S.C. Sahasrabudhe, Director of the Company has with effect from January 1, 2001 joined the company as a Whole Time Director, He has taken over as the Chief Technology Officer. The Board has recommended a dividend of Rs 3/- per share.

Simbhaoli Sugar approves amalgamation of subsidiary

Simbhaoli Sugar Mills Ltd (SSML) has informed BSE that at the meeting of the Board of Directors of the Company held on April 9, 2001,the Board has considered and approved the amalgamation of wholly owned subsidiary of the Company, M/s Chilwaria Sugars Ltd with SSML No swap ratio is involved as Chilwaria Sugars Ltd is a wholly owned subsidiary of the company.

Global Trust's Gelli proposes to step down, Bank to appoint independent professionals

Global Trust Bank Ltd has informed BSE that Mr. Ramesh Gelli,Chairman & Managing Director of the Bank who had proposed to step down from the position of Managing Director in July 2000 as a part of the Corporate Governance, is now proposing to step down from both the positions of Chairman & Managing Director. Mr Gelli is proposing to request the Board at its meeting to be held on April 12, 2001 to allow him to step down from the position of Chairman & Managing Director and appoint independent professionals to both the positions of Chairman and Managing Director. After seven years of growing the Bank into a large and successful organisation, Mr Gelli said he is proposing this change to bring in a freshness in approach and seize the opportunities for new growth. Mr Gelli would, however, be associated with the Bank and share his experience with the new team. Mr Gelli is likely to spearhead the Bank's new initiatives in the future. These changes would certainly help the Bank to seize the future opportunities, which the Bank wishes to pursue and grow it into a much larger and successful institution under new professionals.

Dr Reddy's first Asian pharma company to list on NYSE

Dr Reddy's Laboratories Ltd. will begin trading on the New York Exchange Wednesday (April 11, 2001). A registration statement relating to the offer of American Depositary Shares (ADS) by Dr Reddy's was declared effective by the Securities and Exchange Commission on April 10 2001. Merill Lynch & Co is the managing underwriter for the offering. The price to the public per ADS was $10.04. Dr Reddy's equity shares are already traded on several Indian Stock Exchanges, including the Stock Exchange Mumbai or BSE and the National Stock Exchange or NSE the principle stock exchanges in India. With this offering Dr Reddy's Laboratories Ltd. has become the first Asian (non- Japanese) pharmaceutical company to list on the New York Stock Exchange.

Uniworth International fixes record date for reduction in share capital

Uniworth International Ltd. has fixed the record date as May 17, 2001 for reduction in equity capital. The paid-up equity share capital of Uniworth International Ltd., shall be reduced from Rs.10,60,00,000/- divided into 10,06,00,000 equity shares of Rs.10/- each to Rs.5,30,00,000/- divided into 1,06,00,000 equity shares of Rs.5/- each and such reduction is automatically and compulsorily consolidated to one equity share of Rs.10/- each fully paid up in the company for every two equity shares of Rs.5/- each fully paid up held in the company.

Mac Charles to issue equity shares on preferential basis at Rs 22 per share

Mac Charles (India) Ltd has informed BSE that the Board of Directors of the company has approved issue of 1 million equity shares of Rs.10/-each at a premium of Rs.12/- per share on preferential basis to Mr.C.B. Pardhanani, subject to necessary approvals.

India Cements Capital to raise Rs 133.70 million via rights issue

India Cements Capital & Finance Ltd has informed BSE that the Directors at their meeting held today (April 11, 2001) resolved to raise company's equity capital by way of rights issue by an amount not exceeding Rs 133.70 million in the ratio of one equity of Rs 10 each at par for every equity share held as on the record date which will be fixed by the Board after obtaining necessary vetting of the letter of offer by SEBI.

Jammu & Kashmir Bank Q4 net profit up by 57.02%, FY-01 net up by 39.89%

Jammu &Kashmir Bank Ltd. has posted a net profit of Rs 437 million for the quarter ended March 31, 2001 278.30 million in the corresponding period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 3040.70 million as compared to Rs 2958.30 million in MQ 2000. Net Profit for the financial year ended March 31, 2001 is at Rs 1681.10 million as against Rs 1201.70 million in FY 2000. The Total Income has increased from Rs 9897.20 million in FY 00 to Rs 11601.80 million in the financial year ended March 31, 2001 thereby showing an increase of 17.22% as compared to the previous financial year. The Bank has received RBI nod for venturing into insurance business and is in the process of setting up a joint venture company with a strategic foreign partner. The Bank has recently launched Depository Services accredited with ISO 9002 certification by becoming a depository participant of NSDL.

Trent to publish audited FY-01 results by June 30, 2001

Trent Ltd has informed the BSE that they will not be publishing the unaudited financial results for the quarter ended March 31, 2001 as the company will be publishing the Audited Financial Results for the year ended 31st March 2001 on or before 30th June 2001.

E Merck Q1 results on April 27, 2001

A meeting of the Board of Directors of E Merck India Ltd will be held on April 27, 2001 to take on record the financial results for the quarter ended March 31, 2001.

Asahi India Safety Glass to form JV with Map Auto

Asahi Indian Safety Glass has informed BSE that the Board of Directors of the company has approved, entering into a joint venture with one of its distributors, M/s.Map Auto Ltd. and shall be making trade investment in the company and acquire 50% ie 1,00,000 equity shares in M/s.Map Auto Glasses Ltd. The remaining 50% will be subscribed by Map Auto Ltd. Subsequent to aforesaid investment, the name of the company shall be changed from M/s.Map Auto Glasses Ltd. to M/s.Asahi India Map Auto Glass Ltd. and the said company shall become AIS distributor in place M/s.Map Auto Ltd.

Salasar Industrial acquires 5.02% equity stake in WPIL

WPIL Ltd has informed BSE that Salasar Industrial Services Ltd belonging to Williamson Magor Group of Kolkata has acquired 4,00,000 equity shares of Rs 10 each of the company representing 5.02% of the equity capital of the company.

Zee Telefilms clarifies on news item

With reference to media reports that Zee Network has lent money to various companies of Ketan Parekh group. Zee Telefilms Ltd has clarified to BSE that Zee Network has not lent any money to any brokers. However, as part of its long-term strategic direction, it has been examining acquisitions of stocks in various media, entertainment, and related business. As part of this strategy, Zee has advanced funds for acquisitions of 28.5% of AB Corp (Amitabh Bachchan Corporation Ltd) 15% of B4U and other Investments in media and entertainment companies. The quantum of such investments is approximately Rs 2200 million. Zee believes that these are profitable investments and are in synergy with Zee Network's core business activities. The company believes that AB Corp has good media assets and is expected to give very healthy profits and is emerging as a good content rich company. B4U has a reasonably good catalogue of film library. Both these investments are in synergy with their core business. The company further clarifies that Digital Super highway is not a Zee Telefilms Company.

BSES launches new website

BSES Ltd. has launched their most customer friendly website www.bsessupply.com. The launching of the website was done by Shri Rajendra Darda, Hon Minister of State of Energy, Planning & Finance at the Supply Division Head Quarters of the Company. This website is the first of its kind to give on line information about current and previous bills, consumption chart, and payment records to customers. The website also provides information about No Supply Compliant Centres, Collection Centres, Payment Options, Energy Conservation Tips, Safety Measures, Dos and Don'ts and other matters of interest to customers. With this BSES has taken another step in improving consumer service with the help of information technology.

Nestle denies news item

With reference to news item "Nestle India eyes Himalaya mineral water" appearing in a financial daily Nestle India Ltd. in a communication to BSE has denied any plans to acquire the Himalaya brand of mineral water.

Reliance Industries denies news item

With reference to news item "RIL plans a 1 million- tonne new cracker at Jamnagar" appearing in a financial daily Reliance Industries Ltd in a communication issued to BSE has denied any plan under consideration to make firm investment commitment in a new one million tonne cracker at Jamnagar. Reliance has also stated that the company undertakes several feasibility studies on an ongoing basis, which do not always result in firm investments.

Infosys Tech posts 94.46% increase in Q4 net profits, posts 114.23 % rise in FY-01 net profit

Infosys Technologies Ltd. has posted a net profit of Rs 1816.70 million for the quarter ended March 31, 2001 as compared to Rs 934.20 million in the corresponding period last fiscal. Total Income for the quarter ended increased from Rs 2860 million in MQ 2000 to Rs 5720.8 million in the quarter ended March 31, 2001. Net profit for the financial year ended March 31, 2001 stood at Rs 6288.10 million as compared to Rs 2935.20 million in the corresponding period last fiscal. Total Income for the financial year ended March 31, 2001 is at Rs 19599.30 million as compared to Rs 9214.60 million in the financial year ended March 31, 00 showing an increase of 112.70% as compared to the previous financial year. The Board recommended a final dividend of Rs 7.50 for each share on par value of Rs. 5 per share i.e. a final dividend of 150% has been recommended at the Board Meeting. Thus the total dividend declared for the year ended 2000-01 stands at 200% including interim dividend of 50% on each share of par value of Rs 5 per share and paid during November 2000. The Board approved increasing the shareholding limit of FIIs in the company to 49% from the existing 40% and recommended the same for approval of the members in general meeting. The Board has fixed the AGM on June 02, 2001.

Mindteck Q3 net profit at Rs 9.10 million

Mindteck India Ltd has posted a net profit of Rs 9.10 million for the quarter ended March 31, 2001 as compared to a net profit of Rs 0.27 million in the corresponding period last fiscal. Total Income for the quarter ended March 31, 2001 stood at Rs 35.01 million as compared to Rs 6.48 million in the corresponding period last fiscal. During the quarter, the Hon'ble High Courts at Bombay and Calcutta have approved the merger of Nicco Infotech Ltd with the company.

Cadila Healthcare acquires 27.7% stake in German Remedies

Cadila Healthcare Ltd has informed BSE that the Board of Directors of the company at its meeting held on April 10, 2001 has approved the decision taken by the Board of M/s.Recon Healthcare Ltd., wholly owned subsidiary of the company, to acquire/purchase 22,85,658 equity shares of Rs 10 each fully paid up of German Remedies Ltd. from its promoter M/s.ASTA Medica AG and M/s.Heller Vermogensverwaltung Gmbh on a consideration and on the terms and conditions as may be mutually determined and approved by the parties and to acquire/purchase further 16,49,179 fully paid equity shares of the said company representing 20% of the outstanding equity share capital of German Remedies Ltd. by way of open offer as per the provisions stipulated under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers Regulations 1997). The agreement was entered by Cadila Health Care Ltd through its wholly owned subsidiary Recon Healthcare Ltd to acquire a combined 27.72% controlling stake from Asta Medica AG and Heller Vermogensverwaltung Gmbh in German Remedies Ltd at a price of Rs 650 per share aggregating to Rs 1486 million. Simultaneously Zydus Cadila has also entered into a agreement with Asta Medica to acquire through a subsidiary, perpetual rights to five brands viz Deriphyllin,Paractol ,IIdamen, Xipamid and Beta Xipamid (estimated Indian sales of Rs 427 million during year ended 31 March 2001) for a total consideration of Rs 526 million .The license for the largest brand Deriphyllin, aimed at respiratory indications(FY 2001E Indian sales of Rs 400 million)shall extend to 63 countries .Deriphyllin is among the Top 50 pharmaceutical brands in India. The license for the other four subcontinent and discussions with Asta Medica will be held expeditiously for including the other countries in the license territory for no additional consideration. DSP Merill Lynch acted as M & A advisor to Cadila on the above transactions In line with the take over code Cadila shall make an open offer to acquire a further 20% shareholding from public shareholders through Recon Healthcare at the acquisition price of Rs 650 per share. This would translate into an open offer for acquisition of 1.649 million equity shares aggregating Rs 1072 million. DSP Merill Lynch would act as manager to this open offer. Recon would finance the acquisition through a mix of Rs 558 million equity injection by Zydus Cadila and Rs 2 billion debt. The Board of Directors of the company at its meeting held on April 10,20001 decided to form a new Company at Mauritius as its wholly owned subsidiary for the purpose of carrying the business in Pharmaceutical and Healthcare Products, thereby explore the business opportunity in Mauritius. The new Company proposed to incorporate in the name of Zydus Healthcare (Mauritius) Ltd. or any other name as may be approved by the authority concern there.

Automobile Corporation appoints new Additional Director

Automobile Corporation of Goa Ltd has informed BSE that at its meeting held on March 21, 2001 Mr. Ananth Prabhu, Company Secretary has been appointed as an Executive Director on the board of the company to hold office upto the forthcoming Annual General Meeting.

SPEL Semiconductor appoints new Director

SPEL Semiconductor Ltd has informed the BSE that at its meeting of the Board of Directors held on April 09, 2001 Mr R Venkatesh Kumar has been appointed as Director (Finance) with effect from May 14 2001.

J M Share & Stock Brokers Director resigns

J M Share & Stock Brokers Ltd has informed BSE that Mr. Asit Chandmal has resigned from the Board of the company.

TTK Healthcare Board restructured

In a communication to BSE TTK Healthcare Ltd has informed that Mr. M V Kumar Managing Director and Mr. R Janakiram, Whole-time Director have stepped down from the Board of Directors to enable the Board to re-organise the Operating Management to revitalize the business of the Company. Mr D Srinivasan has been appointed as a Whole-time Director with effect from April 6, 2001. He is a Management Graduate from IIM, Calcutta and also possesses Engineering Degree from IIT, Madras. He has been with the TTK group for more than 15 years and has been serving as Managing Director of TTK Biomed Ltd, which Company was merged into TTK Healthcare Ltd, a year back.

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