Siemens Board to consider Buyback of its Equity Shares
Siemens Ltd has informed BSE that a meeting of Board of Directors is scheduled on December 04, 2002 to consider a proposal for the Buyback of its Equity Shares
BILT Board to consider future course of action for Unit Choudwar, Orissa
Ballarpur Industries Ltd has informed BSE that a meeting of the Board of Directors is scheduled on November 29, 2002 to finalise the future course of action for Unit Choudwar (Orissa), one of the five units of the company, at which the operations were suspended with effect from September 19, 2002. The total production at the said Unit for the year ended June 30, 2002 was 6% (approx.) of the total Paper Production of the Company.
Aarti Drugs Board to fix Specified Date for Buy-back programme
Aarti Drugs Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 04, 2002 to fix the Specified Date in connection with the Buy-back of maximum upto 1300950 equity shares of Rs 10 each of the company at a price of Rs 39 by Tender Offer.
India Cements H1 results postponed to November 30, 2002
India Cements Ltd had informed BSE that A meeting of the Board of Directors of India Cements Ltd would be held on November 29, 2002 to consider and take on record the audited financial results for the half year ended September 30, 2002.
However the company has now informed BSE that due to unavoidable circumstances the aforesaid meeting stands postponed to November 30, 2002.
NIIT SmartServe bags US $ 10 million BPO order
NIIT Ltd has announced on Wednesday that its Remote Business Process Management services subsidiary, NIIT SmartServe has bagged a US $ 10 million order from UK headquartered Misys Independent Financial Advisory Services plc (MIFAS plc).
Misys plc is a leading provider of software products for the international banking and healthcare industries. MIFAS, a wholly owned subsidiary of Misys plc, is a leading supplier of support and research services to Independent Financial Advisers (IFAs) in UK.
The company concluded this 5-year deal, after a rigorous evaluation of core competencies of NIIT, under which, NIIT SmartServe and Misys are setting up an advanced Quality Assurance Center for MIFAS' core business processes. The first of these critical processes- Compliance Checking Services- is a key service that MIFAS plc offers to its network of Independent Financial Advisers.
The process will be executed out of NIIT SmartServe's new 560-seat facility in Gurgaon, on the outskirts of New Delhi. The process will help MIFAS to increase its monitoring and compliance checking capabilities among the 7,000 Independent Financial Advisers, who are members of its five IFA networks.
The move by Misys, is one of a series of outsourcing projects by companies in the UK financial services industry who are looking to improve the quality of their processing by opening outsourced centers in India as also gain cost advantage.
Pfizer finalises Sales and Manufacturing agreements for Protinex brand
Pfizer Ltd has informed BSE that pursuant to Pfizer Products Inc, USA and Pfizer Corporation Panama's sale of Dumex (R) trademark and the protein supplement brand Protinex(R) to EAC Nutrition Limited, A/S, Denmark, Pfizer Ltd in India has successfully finalised phased sales transition and manufacturing support agreements for Protinex with its EAC Nutrition's Indian subsidiary EAC Trading Pvt Ltd. EAC Nutrition Ltd is a Danish company with interests in food and Nutrition. These agreements would cover a three-year period commencing from December 1, 2002
These moves which will launch EAC Nutrition in the Indian market, involve phased sharing of revenues and profits and manufacturing of Protinex over a three-year period in addition to outright consideration of US $7 million to the Indian affiliate.
Elder Pharma gets Export House status - Bags orders from Macedonia, Mexico
Elder Pharmaceuticals Ltd has informed BSE that it has received Export House status from the Ministry of Commerce and Industries in view of the substantial progress made by the company on the export front. The company has recently bagged small but significant orders worth Rs 40 million from Macedonia and Rs 30 million from Mexico for export of formulations. The company has export orders worth Rs 140 million on hand.
The export thrust and optimistic projections of the company come in view of the new plant being set up at Patalganga which is as per US FDA specifications which will make exports to most of the countries very easy. The state-of -the-art facility is expected to commence commercial production shortly.
Sterlite Optical Technologies H1 loss at Rs 411.60 million
Sterlite Optical Technologies Ltd has posted a net loss of Rs 411.60 million for the half year ended September 30, 2002 as compared to a net profit of Rs 799.90 million for the half year ended September 30, 2001. Total Income net of excise duty has decreased from Rs 2648.20 million in the half year ended September 30, 2001 to Rs 575.50 million in the half year ended September 30, 2002.
BOB to participate in the Share Capital of AMC and Trustee Company for Restructuring of UTI
Bank of Baroda has informed BSE that consequent on the decision to restructure the Unit Trust of India, it has been decided to set up a new Asset Management Company a Trustee Company and a Trust to which the NAV based Schemes of UTI will be transferred.
Bank of Baroda, State Bank of India, Punjab National Bank and LIC will participate to the share capital of the ANC and Trustee Company with 25% share.
The Asset Management Company styled as "UTI Asset Management Company Pvt Ltd" (AMC) with a paid up capital of Rs 100.00 million and Trustee Company styled as "UTI Trustee Company Pvt Ltd" with a paid up capital of Rs 1.00 million have been incorporated and the certificate of incorporation from the Registrar of Companies, Mumbai has been received.
Bank of Baroda's contribution to the paid up capital of the AMC will be Rs 25.00 million and to that of the Trustee Company it would by Rs 25.00 million. A Trust to be styled as "UTI Mutual Fund" is also to be registered with a corpus of Rs 10,000 to which each of the sponsors would be contributing Rs 2,500
While approval from RBI has been received to the Bank for Promoting the AMC and Trustee Company approval from SEBI is awaited.
JB Chem & Pharma obtains European Union's EP4 Certification
JB Chemicals & Pharmaceuticals Ltd (JBCPL) has informed BSE that one of India's fastest growing it has been awarded the "Certificate of Suitability to European Pharmacopoeia Monograph" or "EP4" from the Council of European Union (EU) for its Active Pharmaceutical Ingredient (API) - Metronidazole & Diclofenac Sodium. JBCPL is the first Indian and Asian Company to obtain the prestigious new EP4 European Suitability Certification. The company has earlier bagged similar certification for Nifedipine. EP4 Suitability Certification will help JBCPL further consolidate its presence in the strictly regulated European Pharmaceutical Markets.
The EU recently upgraded its "European Pharmacopoeia Certification" and introduced a higher quality standard, i.e. "European Pharmacopoeia 2002" or "EP4".
JBCPL's Metronidazole manufacturing plant already has US FDA and TGA Australia approval. The company also holds a number of Drug Master Files with the US FDA.
Polaris denies on News Item
With reference to a News Item published in a leading financial daily titled "Polaris buys call centre for $ 2.5 million", Polaris Software Lab Ltd has informed BSE that the news items referred to was neither from the Company nor from any of its authorized representatives.
The company has further informed that the company is seriously considering and evaluating opportunities in BPO acquisitions.
Kotak Mahindra Fin to seek members approval for Name Change and Change in Authorised Capital
Kotak Mahindra Finance Ltd has informed BSE that an Extraordinary General Meeting of Shareholders of the company is scheduled on December 30, 2002 to consider a proposal of changing name of the company from "Kotak Mahindra Finance Ltd" to "Kotak Mahindra Bank Ltd". Further a proposal to change Authorised Capital of the company to Rs 100,00,00,000 divided into 10,00,00,000 equity shares of Rs 10 each will also be considered at the same EGM.
BIFR sanctions Rehabilitation Scheme for Mafatlal Industries
Mafatlal Industries Ltd has informed BSE that the Board of Industrial & Financial Reconstruction (BIFR) vide order dated October 30,2002 sanctioned the scheme of rehabilitation and restructuring of the company prepared by the operating agency viz IDBI
The scheme envisages Corporate, Financial & Operational Restructuring of the Company which includes trifurcation of the Company by transferring certain assets and liabilities to two other Companies by way of demerger.
The company has further informed that it is studying the implications of the said scheme. As per the company certain modifications are needed in the Scheme for which an application is being made to the Hon'ble BIFR.
Revathi CP Equipment becomes subsidiary of Utkal Investments
Revathi CP Equipment Ltd has informed BSE that it has become the subsidiary of Utkal Investments Ltd, as Utkal Investments is holding more than 50% in the share capital of the company.
ITC Hotels denies news item
With reference to a News Item published in a leading financial daily titled "ITC Hotels in talks to buy into mid-size properties" ITC Hotels Ltd has clarified that currently it has no proposal to pick-up equity in mid-segment hotels through its wholly owned subsidiary Fortune Park Hotels. However, the Company would certainly like to evaluate such strategic investment opportunities, if any, on a case to case basis, in furtherance of its growth plans.
Further the company has also clarified that Mr Mandeep S Lamba, President Fortune Park Hotels has clarified to the company that his statements were misquoted on the subject.
High Court directs Tata SSL to seek members' approval for amalgamation
Tata SSL Ltd (the Company) has informed BSE that a meeting of Equity Shareholders of the company is directed by Hon'ble High Court of Bombay on December 18, 2002 to consider and approve with or without modification(s), the scheme of Amalgamation of the Company with Tata Iron and Steel Company Ltd (TISCO) for transfer of the entire Undertaking of the Company to TISCO.
Splash Media Works to seek members approval for Rights Issue
Splash Media Works Ltd has informed BSE that an Extraordinary General Meeting of the company is scheduled on December 27, 2002 to consider and approve with or without modification(s) a proposal to Increase the Authorised Capital of the Company from Rs 125,00,000 to Rs 200,00,000 and Right issue in the ratio of 2:5 i.e. for cash at par i.e. two equity shares for every five equity shares.
BSE imposes Special Margin on Khyati Multimedia Entertainment
BSE has informed its Members that a Special Margin of 25% has been imposed on Khyati Multimedia Entertainment Ltd with effect from today (November 27, 2002).
Special Margin will be imposed on the basis of member wise gross outstanding purchase or sale position (Client wise net).
Govt of Gujarat declares GSFC as a Relief Undertaking
Gujarat State Fertilisers & Chemicals Ltd has informed BSE that it has been declared by Government of Gujarat as a Relief Undertaking under the Bombay Relief Undertakings (Special Provisions) Act, 1958 for a period of twelve months from the date November 02, 2002.
