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The board meeting of Dhampur Sugar Kashipur, which was scheduled on 29 December 2008, now the company informed that all the items of the agenda of the board meeting could not be taken up including approval and adoption of annual audited financial results for the year ended 30 September 2008 and has been postponed till 30 December 2008.
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Section 2(41) of the Income Tax (IT) Act, 1961, defines a "relative" to mean husband, wife, brother or sister or any lineal ascendant or descendant of the individual. Lineal ascendant/descendent means in a straight unbroken line of descent from parent to child. Thus, lineal descendant of the brother/sister is not covered.
A brother means "a male with the same parents as someone else". So the term brother will not include cousins in its natural sense. Section 2(15B) extends the definition of child to stepchild and adopted child as well. It does not include illegitimate child.
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During the bull-run of 2003-2007, stock-pickers concentrated on profit generated by companies. Investors rated companies based on valuation ratios such as price to earning (P/E) and return on equity (RoE). These are derived and dependent on profit reported by companies. Moreover, companies tend to diversify into various businesses — related or unrelated — to their present business activities during an economic boom.
It is during an economic slowdown, however, the focus gradually shifts to core business activities. In the present scenario of tight liquidity in the domestic and global markets, a strong and profitable business operation is the key to survival and growth for Indian companies.
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Dr. Reddys Laboratories has entered into agreements with Schering and Sepracor which will allow Dr. Reddy's to manufacture and market generic versions of the CLARINEX-D -12 Hour and CLARINEX D - 24 Hour products, with six months marketing exclusivity, and the CLARINEX REDITABS product, with six months marketing co-exclusivity, starting in 2012. Dr. Reddy's will also market a generic version of the CLARINEX 5 milligram tablet six months after the launch of the first generic version of that product.
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Piramal Healthcare, one of India's largest pharmaceutical and healthcare companies and Minrad International, Inc., a provider of generic inhalation anesthetics, jointly announced that they have signed a definitive merger agreement for Piramal to acquire Minrad. Under the terms of the agreement, Minrad will merge with a newly incorporated wholly-owned subsidiary of Piramal. If the merger is completed, stockholders of Minrad will receive $ 0.12 per share in cash. In connection with the merger agreement, Piramal has also agreed to acquire Minrad's 8% senior secured convertible notes from the note holders. Total consideration for the merger and acquisition of the notes, in cash plus the assumption of debt, will be approximately $ 40 million. The transaction is conditioned upon approval by Minrad's stockholders and other customary closing conditions. It is not subject to any financing contingency and is expected to close in the first quarter of 2009.
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Bajaj Hindusthan reported net loss of Rs 87.46 crore in the quarter ended September 2008 as against net profit of Rs 90.54 crore during the previous quarter ended September 2007. Sales rose 7.13% to Rs 463.11 crore in the quarter ended September 2008 as against Rs 432.30 crore during the previous quarter ended September 2007.
For the full year, net loss reported to Rs 50.17 crore in the year ended September 2008 as against net profit of Rs 51.01 crore during the previous year ended September 2007. Sales rose 2.53% to Rs 1756.28 crore in the year ended September 2008 as against Rs 1713.01 crore during the previous year ended September 2007.
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Fortis Healthcare is reportedly looking to buy a majority stake in Wockhardt Hospital. The deal size could be as big as over $100 million. Religare is likely to be the advisor for the deal and the deal is likely to be funded via internal accruals, the reports added.
Meanwhile, Wockhardt is looking for potential buyers for its French subsidiary Negma Laboratories to repay its debt to investors. It had bought the Paris-based firm for $265 million in May 1997.
The board of K Sera Sera Productions has approved raising up to $100 million through equity or debt.
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Tata Motors is reportedly undertaking a block closure of its commercial plant in the western Indian city of Pune for three days from 29 December 2008. High interest rates and unavailability of finance had depressed demand for its vehicles, the reports added.
Thomas Cook India priced its rights issue of shares at Rs 35.50 each. The shareholders will get 35 shares for every 100 held, the company said in a statement.
Titan Industries may reportedly look at spinning off its precision engineering division into a joint venture company. The division has a top line of around Rs 75 crore.
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Satyam Computer Services has called off the Matytas Infrastructure acquisition deal following negative reactions by investors. Satyam Computer's American depository receipt (ADR) fell 54% to $5.7 overnight. After market hours yesterday, (16 December 2008), Satyam had announced it will acquire 51% in Maytas Infra and 100% in Maytas Properties. The company had said the acquisition of Maytas' two companies would cost it $1.6 billion.
The board of Jaiprakash Associates will meet on 22 December 2008 to consider amalgamation of companies having synergy with itself.
The board of Colgate board has approved merging the wholly owned subsidiary SS Oral Hygiene Products with itself.
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The board of Dollex Industries has accepted the resignation of Somesh Bansal, executive director with effect from 12 December 2008.
This was decided at the board meeting held on 15 December 2008.
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The board of Vista Pharmaceuticals has allotted 42,71,395 shares of Rs 10 each at a premium of Rs 3.60 subsequent to exercise of option by the warrant holders.
These shares were allotted at the board meeting held on 15 December 2008.
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India's biggest private sector firm and oil refiner, Reliance Industries (RIL) advance tax outgo declined 15.2% in Q3 December 2008 over Q3 December 2007. However, the figures are not comparable because of a huge minimum alternate tax payment of over Rs 400 crore that had boosted the Q3 December 2007 advance tax figure.
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Firm Asian markets, expectations of a second tranche of fiscal sops from the government and hopes of additional interest rate cuts by the central bank to shield the domestic economy from the global economic recession, took the domestic bourses to intraday high in mid-morning trade. The S&P CNX Nifty marched past the psychological 3,000 mark. The BSE 30-share Sensex was up 236.19 points, or 2.44%.
The market witnessed a bout of volatility. After an initial surge, the market pared gains before bouncing back again in morning trade.
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The board meeting of Sanraa Media proposed to be held on 11 December 2008 has been adjourned to 12 December 2008.
The company made this announcement after the trading hours on 10 December 2008.
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Financial Technologies India group has inked a deal to acquire 60% stake in Botswana-based Bourse Africa, which has been licensed by government of Botswana, to set-up spot / derivative multi-asset exchange for trading in commodities, currencies, bonds and diamonds.
The balance equity in Bourse Africa will be held by other African financial institutions, banks, global multi-lateral developmental ventures, exchanges and other strategic investors.
The exchange will offer participants an efficient, cost-effective and secure trading platform, supported by a world-class regulatory framework of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to ensure market integrity, systemic stability and investor protection.
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State Bank of Bikaner & Jaipur has announced that R Sridharan, deputy managing director & GE (A&S) has taken over as director of the bank with effect from 29 November 2008.
The company made this announcement after the trading hours on Monday, 08 December 2008.
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The committee of Dr Reddys Laboratories has approved the grant of 20,000 stock options at fair market value to an employee of the company, pursuant to Dr. Reddy's ESOS, 2002.
The committee has allotted 21,109 equity shares of Rs 5 each of the company to employees who have exercised their stock options, pursuant to Dr Reddy's ESOS, 2002.
The committee has allotted 300 ADRs of Rs 5 each of the company to US employee of the company who has exercised her ADR Stock Options, pursuant to Dr. Reddy's Employees ADR Stock Option Scheme, 2007.
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Stringent cost cutting measures and a pursuit of operational efficiency helped the Tata Steel group (including Corus UK) report a two-fold rise in the Q2 September 2008 quarter. Tata Steel's consolidated net profit soared 215.77% to Rs 4703.64 crore on a 36.17% increase in total income to Rs 44283.34 crore in Q2 September 2008 over Q2 September 2007.
Indiabulls Securities is reportedly up for sale and is looking for an overseas buyer.
Oberoi-Trident, owned by EIH and Taj of Indian Hotels Company, damaged by the terror attacks in Mumbai last week, will get up to Rs 750 crore each as claim payments from the official reinsurer of the country which manages the terrorism pool set up exclusively to hand terror insurance.
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On BSE, 41517 shares were traded in the scrip. The stock hit a high of Rs 132.75 and a low of Rs 125 so far during the day.
India's largest commercial vehicle maker by sales had hit a 52-week high of Rs 816 on 3 January 2008 and 52-week low of Rs 122 on 20 November 2008.
Tata Motors' American depository receipt (ADR) fell 17.58% to $3.75 overnight after the company reported a 30% decline in total vehicle sales to 32,696 units in November 2008 over November 2007. The company unveiled the monthly sales data after trading hours in India on Monday, 1 December 2008, and before trading hours in the United States.
Meanwhile, the company is borrowing from the public and will pay up to a maximum of 11% annual interest on three-year deposits as the credit crunch limits its ability to refinance loans used to acquire the luxury brands, Jaguar and Land Rover, in June this year.
The company, which met with cold response from investors in its two recent separate rights issues to raise Rs 4,147 crore for part funding JLR deal, said in a newspaper announcement on 1 December 2008 that it would offer 10% interest on a minimum public deposit of Rs 20,000 for a year, 10.5% for two years and 11% for three years.
This is the first time since 1995 that Tata Motors is borrowing from public. The company did not mention how much amount it was looking to raise throught this scheme.
As per reports, Tata Motors needs fund to replace the $3 billion bridge loan it had taken to acquire Jaguar and Land Rover, the transaction for which was completed in June 2008.
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Tax deduction at source (TDS) on car-hire charges has raised a controversy. Is tax is to be deducted under Section 194C (for payment made to contractor) or under Section 194I (for payment of rent) of the Income Tax Act, 1961. Under section 194C, tax at 2% is to deducted at source if a single payment exceeds Rs 20000 or if the aggregate payments made to a person in the financial year exceed Rs 50000. Under Section 194I, tax at 10% is to be deducted at source if the rent paid/payable exceed Rs 120000 per annum.
From 13 July 2006, rent under Section 194I means any payment by whatever name — lease, sub-lease, tenancy or any other agreement or arrangement — for the use of (either separately or together) of any land or any building (including factory building) or land appurtenant to a building, machinery, plant, equipment, furniture or fittings, irrespective of any/all such owned by the payee.
Car-hire falls under renting of machinery and, hence, covered under Section 194I. Prior to the amendment, the definition of ‘rent’ did not include rent for machinery. Hence, prior to 2006, car-hire was not covered under Section 194I.
Provisions of Section 194C are applicable only where the contract is either a "work contract" or a "contract of supply of labour for works contract". Under Secction 194C, expression "work" includes advertising, broadcasting/ telecasting/ production of programmes, carriage of goods and passengers by any mode of transport other than by railways, and catering. So car-hire would fall under, "Carriage of goods and passenger by any mode of transport other than by railway".
As per circulars No 715, dated 8 August 1995, and 713, dated 2 August 1995, payment made for purchase of ticket would not be subject to TDS. But when any mode of transport is chartered, then Section 194C will get attracted.
It was argued that car-hire is a hire contract and not a service contract and cannot be covered under Section 194C. However, the Central Board of Direct Tax (CBDT), in its circular No 558, dated 28 March 1990, examined the following terms and conditions governing the contract between the owner of the buses and the State Road Transport Corporation (SRTC):
* The owner of the bus has to give his bus on hire to the corporation for plying on notified routes. * The owner has to provide a driver, with a valid licence and badge for the vehicle supplied by him. He will have to follow the instructions of the authorised officials of the corporation. * The owner has make available the bus for 14 hours a day and complete the schedules given to him for the day. * The owner has to keep the bus road-worthy by carrying out necessary maintenance and repairs. l The owner has to submit his claim twice a month. * The corporation will pay the owner a fixed cost per day in addition to per km cost, operated as variable cost.
Consequently, the CBDT has advised that although the contract may appear to be a single-hire contract, it is actually a service contract (for carrying out any work) entered into between the SRTC and the owner of the bus for plying certain buses on certain routes and subject to certain conditions. In such cases, the provisions of Section 194C are applicable.
TDS on hire charges of taxi/car charges can be covered under both Sections 194C and 194I and is a debatable issue. Clarification on the issue is awaited.
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Net profit of Hindustan Copper declined 65.24% to Rs 18.40 crore in the quarter ended September 2008 as against Rs 52.94 crore during the previous quarter ended September 2007. Sales rose 1.98% to Rs 335.19 crore in the quarter ended September 2008 as against Rs 328.69 crore during the previous quarter ended September 2007.
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The board of Asian Electronics has approved the sweat equity, ESOP and ESPS together shall not exceed 25% of the fully diluted equity share capital of the company.
Further, the board has decided to convene extraordinary general meeting on 05 January 2009.
This was decided at the board meeting held on 26 November 2008.
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Bharat Heavy Electricals has appointed Sutanu Behuria as part-time official director on the board with effect from 07 October 2008 vice B S Meena.
Further the company has announced that the tenure of Sanjay M Dadlika, Ashok K Aggarwal, Shekhar Datta and Manish Gupta, directors of the company has been completed on 15 November 2008.
The company made this announcement during the trading hours today, 26 November 2008.
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Sun Pharmaceutical Industries has announced that its fully owned US subsidiary, Sun Pharmaceutical Industries, Inc has acquired 100% ownership of Chattem Chemicals, Inc from Elcat, Inc. The terms of the transaction were not disclosed. The company will apply to regulatory authorities for appropriate clearances, as required.
Chattem is registered with the US Drug Enforcement Administration as a narcotic raw material importer. This import registration includes four controlled substance products listed in schedule 2: methamphetamine, phenylacetone, raw opium and concentrate poppy straw. Additionally, it is also licensed by the DEA to manufacture schedule 1 to 5 controlled substances. At its facility spread over 6.5 acres in Chattanooga, Tennessee, Chattem employees 60 people and manufactures a variety of active pharmaceutical ingredients (APIs) with a focus on controlled substances. For the year ending June 2008, Chattem, is estimated to have sales of US$ 26 million.
This is Sun Pharma's third acquisition of a controlled substance business. In 2005, Sun Pharma acquired a facility in Hungary authorized to make controlled substance APIs, starting from the initial stage, i.e., poppy farming. In the same year, the company acquired a brand new manufacturing site in New Jersey, equipped with special suites for the manufacture of controlled substances finished dosages.
The company made this announcement during the tading hours today, 26 November 2008.
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BPL has announced that ICICI Bank has withdrawn M Sudhendranath, as their nominee director on the board of the company, vide letter dated 11 November 2008.
The company made this announcement after the trading hours on 24 November 2008.
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The board of Aryaman Financial Services has decided to issue 4,95,000 equity shares to P V R Murthy in accordance with the shareholder's approval received in the EGM and the application received from him.
The board has decided to issue 30,33,330 convertible equity share warrants to the applicants in accordance with the shareholder's approval received in the EGM and the application received from them and to convert 6,45,330 warrants into the equity shares immediately on request of the allottee.
This was decided at the board meeting held on 22 November 2008.
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State Bank of India has signed a joint venture agreement with Insurance Australia Group to form a joint venture company which will be engaged in general insurance business in India. The formation of the company will be subject to receipt of necessary regulatory clearances / approvals, SBI and IAG, subject to regulatory approval, will hold 74% and 26% respectively of the equity in the new company.
The company made this announcement during the trading hours today, 24 November 2008.
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Tata Motors will reportedly shut its commercial vehicle plant in Jamshedpur for five days amid slowing demand. The plant, which had already shut for three days from 6 November 2008 will be closed again from 25 to 29 November 2008, the reports suggested.
Reliance Industries is reportedly looking to raise Rs 5000 crore in debt from commercial lenders and institutional investors including the Life Insurance Corp of India, mutual funds and pension funds.
Omaxe said today (24 November 2008) Sukhversa Properties is no longer a subsidiary after the company sold 26 lakh shares in the unit.
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The board of Dabur India has approved entering into a share purchase agreement with the existing promoters of FEM CARE PHARMA for acquisition of 25,46,596 equity shares of Rs 10 each of FEM representing 72.15% of the fully diluted paid up equity share capital of FEM at a price of Rs 800 per equity share.
At present the company is acquiring 20,25,296 equity shares of Rs 10 each constituting 67.33% of existing equity share capital of the company. The balance 5,21,300 equity shares shall be acquired as and when allotted and also includes 1,30,326 equity shares of Rs 10 each which shall be under lock-in pursuant to requisite regulations / laws / scheme of merger and shall be acquired subject to approval of Stock Exchange in this regard.
This was approved at the board meeting held on 21 November 2008.
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Minolta Finance reported net profit of Rs 0.01 crore in the quarter ended September 2008. There were no net profit or loss reported during the previous quarter ended September 2007. Sales reported to Rs 0.02 crore in the quarter ended September 2008. There were no sales reported during the previous quarter ended September 2007.
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Delhi International Airport, subsidiary of GMR Infrastructure is undertaking several proactive measures for the convenience and comfort of passengers. IG Airport, in view of the oncoming winter and possible disruption of flights due to fog and low visibility.
In view of the oncoming winter and possible disruption of flights due to fog and low visibility, IGI Airport is undertaking several proactive measures for the convenience and comfort of passengers. IG Airport, in consultation with airlines, ATC, CISF, BCAS, Met Department, Delhi Police and the Civil Aviation Ministry has drawn up a strategy to provide additional facilities to passengers during the fog season.
The company made this announcement after the trading hours on Friday, 21 November 2008.
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The committee of HCL Technologies has allotted 1,21,320 equity shares of Rs 2 each under 1999, 2000 & 2004 stock option plans of the company.
Consequent to the said allotment the paid-up share capital of the company has gone up to 669,384,992 equity shares of Rs 2 each aggregating to Rs 1,338,769,984.
These shares were allotted by the committee of directors on 21 November 2008.
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The committee of Wipro has resolved to issue and allot 32700 equity shares of Rs 2 each pursuant to exercise of the stock options by the eligible employees under the Wipro Restricted Stock Unit Plan 2004.
This was resolved by the committee of directors on 20 November 2008.
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The committee of Satyam Computer Services has allotted 8085 equity shares under stock option plans of the company through circular resolution on 20 November 2008.
Consequent to the above allotment, the paid up share capital of the company has gone up from 673,804,346 equity shares of Rs 2 each aggregating Rs 1,347,608,692 to 673,812,431 equity shares of Rs 2 each aggregating Rs 1,347,624,862.
This was approved by the committee of directors on 20 November 2008.
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The members fo Transoceanic Properties have approved to increase the authorized share capital from Rs 50,00,000 to Rs 6,50,00,000.
The members have accordedto issue bonus shares in ratio of 20:1 (20 bonus shares will be issue for existing one equity share).
This was approved at the board meeting held on 20 November 2008.
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The extraordinary general meeting of Bank of Baroda will be held on 23 December 2008.
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The board of Sarang Chemicals has appointed Rabia Arab as additional director of the company.
The board has rescinded the resolution passed in the board meeting held on 24 October 2008 to offer, issue and allotment of equity shares on preferential basis.
The board has cancelled the extraordinary general meeting to be held on 26 December 2008.
This was decided at the board meeting held on 19 November 2008.
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The board of Jatia Finance has approved to change the name of the company from Jatia Finance to Starcom Information Technology.
This was approved at the board meeting held on 19 November 2008.
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Mukat Pipes has accepted the resignation of Amrik Singh Grewal, additional director with effect from 30 September 2008.
The company made this announcement during the trading hours today, 19 November 2008.
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Car market leader Maruti Suzuki India unveiled the much - waited, world strategic model, A-star. Powered by the new, state-of-art, light weight, 998cc K10B petrol engine, A-star is the best in class fuel-efficient car with a mileage of 19.59 kilometers per liter as tested by ARAI, Pune, country's premier automotive research agency.
Built on a brand new platform, the A-star is an excellent city car with best in class turning radius, power, flat torque (minimum gearshifts) and performance. A-star is truly a green car with no compromise. The newest model meets the European ELV norms, which implies that 85% of the car is recyclable. In addition, it is free from hazardous materials like Lead, Cadmium, Mercury and Chromim.
The A-star was launched in the city by R C Bhargava, Chairman Maruti Suzuki India and other senior company officials. A-star has been designed keeping in mind aspirations of the urban economy-conscious customers, who seek best-in-class fuel efficiency, lower emissions and high quality and high performance along with style. It also takes the engine technology in India to the next level. A-star is the most relevant car that addresses the needs of today's customers be it India or any other part of the world.
The company made this announcement during the trading hours today, 19 November 2008.
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The board meeting of Tata Steel will be held on 28 November 2008 to take on record the consolidated financial results of the company for the quarter (Q2) / six months ended 30 September 2008.
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The members of Gallantt Metal have accorded the board to offer, issue and allot 5000000 equity shares of the company on preferential basis to Elara India Opportunities Fund.
The members have decided to increase the authorised share capital of the company from Rs 80,00,00,000 divided into 8,00,00,000 equity shares of Rs 10 each to Rs 83,00,00,000 divided into 8,30,00,000 equity shares of Rs 10 each.
This was decided at the extraordinary general meeting held on 12 November 2008.
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The extraordinary general meeting of Transoceanic Properties will be held on 20 November 2008 to increase the authorized capital of the company from Rs 50,00,000 divided into 5,00,000 equity shares of Rs 10 each to Rs 6,50,00,000 divided into 65,00,000 equity shares of Rs 10 each.
Indian Stock Market
JSW Building Systems, a wholly owned subsidiary of JSW Steel and UK-based Sever-filed Reeve Structures a wholly owned subsidiary of Severfield Rowen Plc made formalization of a joint venture company to create a significant steelwork business based in Bellary district of Karnakata.
The JV Company will be called JSW Severfield Structures & will have 50:50 equity participation. The project having a capacity of 35000 tonnes per annum is estimated to cost 30 million (INR 220 Crores) and will be funded through a mix of two third debt and one third equity. The turnover at full capacity will be over 50 million (close to INR 400 Crores).
This was announced by the company during the trading hours on 17 November 2008.
The registered office of Master Trust has been changed from Village Gobindgarh, Malout Road, Abohar, (Pb) to Master Chambers, S.C.O. 19, 3rd Floor, Feroze Gandhi Market, Ludhiana-141001(Pb). It was approved by ROC on 31 October 2008.
This was announced by the company during the trading hours on 17 November 2008.
The board of directors of Infotech Enterprises has appointed J Ramachandran as an additional director of the company.
Indian Stock Market
The board of Commitment Capital Services has appointed Harijanto Soepangkat Widjaja as additional director of the company.
The board has appointed Akash Kumar as managing director of the company with effect from 01 November 2008 for a period of 5 years.
This was decided at the board meeting held on 31 October 2008.
The compensation committee of KS Oils has approved the grant of 5,75,000 ESOP under KS ESOP Plan to its employees at Rs 42 per ESOP.
This was approved at the compensation committee meeting held on 15 November 2008.
The board of TRC Financial Services has appointed Ajay Dilkush Sarupria and Vijay Mario Sebastian Misquitta as additional directors of the company in promoter's category and Bhupendra S Avasthi as additional director in independent director's category.
The AGM is called on 16 December 2008.
These tranactions took place at the board meeting held on 15 November 2008.
The board of Gufic Biosciences has declared dividend at the rate of 5%.
This was declared at the board meeting held on 14 November 2008.
The extraordinary general meeting of Transcorp International will be held on 08 December 2008.
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The extraordinary general meeting of Duroflex Engineering will be held on 04 December 2008.
Indian Stock Market
The board meeting of Vishnu Sugar Mills will be held on 18 November 2008 to issue shares and convert existing shares in to demate form and to convene extra ordinary general meeting of the members of the company to approve the alteration of the Articles of Association of the company.
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The board of Nu Tek India has appointed Sachin Mehra as additional director.
The board has approved the acquisition of Sugan Automatics and decided to invest up to Rs 3.5 crore in the equity shares of Sugan Automatics for acquiring majority shareholding and to facilitate LC and CC limits up to Rs 15 crore subject to the signing and execution of shareholder agreement between the parties.
The decision on the appointment of J P Agrawal as director of the company was also deterred by the board unanimously.
This was decided at the board meeting held on 30 October 2008.
The board of Automotive Axles has recommended final dividend at the rate of Rs 6.5 per share (65%).
This was recommended at the board meeting held on 14 November 2008.
Anil Modi Oil Industries has announced that due to some unavoidable circumstances, the board meeting of the company which was scheduled to be held on 09 November 2008 is postponed.
The company made this announcement after the trading hours on Friday, 14 November 2008.
The board meeting of Dhanprayog Investments Company will be held on 21 November 2008 to consider interim dividend for the year 2008-09.
Indian Stock Market
The committee of Punj Lloyd has allotted 15130 equity shares of Rs 2 each to the eligible employees under ESOP 2006 of the company.
These shares were allotted at the committee meeting held on 12 November 2008.
The board of RS Software India has decided to issue and allot preferential warrants to be converted into equity shares to the promoter director.
This was decided at the board meeting held on 14 November 2008.
The members of Indo Castle Multimedia have approved to issue and allot 1,87,00,000 equity shares of Rs 10 each fully paid up to the shareholders of Bonito Impex in the ratio of 187 equity shares of the company of Rs 10 each credited as fully paid up for every 200 equity shares of Rs 1 each fully paid up held by the members of BIPL in BIPL.
This was approved at the extraordinary general meeting held on 14 November 2008.
The board of Bhagiradha Chemicals & Industries has declared interim dividend at the rate of Re 1 per share (10%) for the financial year 2008-2009.
This was declared at the board meeting held on 14 November 2008.
The board of Gillanders Arbuthnot & Company has decided to amalgamate The Tengpani Tea Company with the company with effect from 01 April 2008.
This was decided at the board meeting held on 31 October 2008.
Oracle Financial Services Software, a majority owned subsidiary of Oracle has announced Caribbean Development Bank, one of the largest and most prominent development finance institutions in the Caribbean, has selected the company's Flexcube to meet its requirements for a state lending platform.
The selection by the bank is the third by a development financial institution in the Caribbean/ Latin American region and the latest by a number of development financial institutions globally.
The company made this announcement during the trading hours today, 14 November 2008.
Pharmaceutical and biotechnology major Wockhardt has launched Midazolam injection in the United States. Wockhardt received this approval tram the United States Food & Drug Administration (US FDA) for marketing the preservative-tree version injections containing 1 mg/ml and 5mg/ml Midazolam, which is used for treating acute insomnia and anxiety. Wockhardt had earlier received the US FDA approval for the injection containing preservatives. Midazolam is the generic name for the brand Versed. According to IMS, the total market far Midazolam injections in the US is $56 million.
The company made this announcement during the trading hours today, 14 November 2008.
The board of Bhagiradha Chemicals & Industries has appointed Sudhakar Kudva as additional director of the company.
This was decided at the board meeting held on 31 October 2008.
The board of IOL Netcom has approved to raise funds, whether from India or abroad, either through borrowing including external commercial borrowing or by way of issue of equity shares or any other Securities convertible into equity shares on later date including warrants / ADR / GDR / FCCB / QIP for the amount not exceeding US $ 300 million. The limit also includes any placement through qualified institution placement to qualified institution buyers for an amount not exceeding US$ 10 million.
The board has approved to issue equity shares / convertible instruments or any other securities other than warrant through a qualified institution placement to qualified institution buyers for an amount not exceeding US$ 10 million.
The board has approved to increase the authorised capital of the company from Rs 70,00,00,000 divided into 7,00,00,000 equity shares of Rs 10 each to Rs 150,00,00,000 divided into 14,90,00,000 equity shares of Rs 10 each and 1,00,000 preference share of Rs 100 each.
The board has approved to increase the borrowing power limit not exceeding Rs 10,00,00,00,000.
This was decided at the board meeting held on 12 November 2008.
The board meeting of MIC Electronics will be held on 19 November 2008 to consider and approve the annual accounts for the year ending 30 June 2008and to recommend dividend for the financial year ending on 30 June 2008, if any.
NSE tips
The board meeting of Jatia Finance will be held on 19 November 2008 to declare the result of postal ballot conducted for taking approval of members for change of main object clause of Memorandum of Association of the company from finance to information technology and change of name of the company from JATIA FINANCE to STARCOM INFORMATION TECHNOLOGY.
Indian Stock Market
The board of Transoceanic Properties has appointed Jagadish Shah and Ramesh Patel (independent sirector) as additional directors of the company.
This was decided at the board meeting held on 20 October 2008.
Bajaj Hindusthan has announced that Life Insurance Corporation of India has withdrawn nomination of D K Shukla as director from the board of the company with effect from 10 November 2008. Accordingly D K Shukla has ceased as director from the board of the company.
The company made this announcement during the trading hours today, 12 November 2008.
The extraordinary general meeting of Compucom Software will be held on 05 December 2008.
Indian Stock Market
The board of IAG Company has decided to increase the authorised capital of the company from Rs 70,000,000 divided into 7,000,000 equity shares of Rs 10 each to Rs 125,000,000 divided into 12,500,000 equity shares of Rs 10 each.
The board has decided to make preferential allotment of 60,00,000 equity shares of Rs 10 each fully paid up of the company to a particular group of investor on a preferential basis.
Further, the board has decided to convene extra ordinary general meeting on 15 December 2008.
This was decided at the board meeting held on 12 November 2008.
The committee of AXIS Bank has made allotment of 24,550 equity shares of Rs 10 each to the employees of the bank under ESOP.
The paid up share capital of the bank will accordingly get increased to 35,89,71,539 equity shares from 35,89,46,989 equity shares.
This was decided by the committee of directors on 12 November 2008.
The board meeting of Sarang Chemicals will be held on 19 November 2008 to consider the appointment of additional director.
Indian Stock Market
Wire & Wireless India has appointed Sudhir Agarwal as chief executive officer of the company in place of Deepak Chandnani who resigned from the services of the company and is in the process of being relieved.
The company made this announcement after the trading hours today, 12 November 2008.
The committee of Manappuram General Finance & Leasing has allotted 49,52,500, 0.05% compulsorily convertible preference shares of Rs 100 each to Hudson Equity Holdings, Sequoia Capital India Investment Holdings, AA Development Capital India Fund I LLC and GHIOF Mauritius.
The committee has also allotted 1564892 warrants to Vazhappully Padmanabhan Nandakumar jointly with Sushama Nandakumar, Padmasaroj, Vazhapully House, Valapad, Thrissur the chief promoter of the company.
These shares allotted at the committee meeting held on 05 November 2008.
The committee of Ipca Laboratories has granted 57,000 options under Ipca Laboratories - ESOS - 2006 to selected employees of the company.
Each option granted gives a right but not an obligation to the option grantees to apply for 1 equity share of Rs 10 each fully paid up of the company at a price of Rs 315 per share.
These options were granted at the committee meeting held on 11 November 2008.
The board of Ipca Laboratories has appointed Pranay Godha, son of Premchand Godha, managing director, who is currently president - APIs and generics of the company as additional director designated as whole-time executive director.
The board has approved tha allotment of 57,000 options to selected permanent employees of the company under Ipca Laboratories - ESOS. Each option granted gives a right but not an obligation to the option grantee to apply for 1 fully paid equity share of Rs 10 each of the company at a price of Rs 315 per share over a period of 4 years.
The board has approved buy back of company's own fully paid-up equity shares of Rs 10 each from the open market using electronic trading facilities of the Stock Exchanges with outlay of maximum amount of Rs 60 crore representing less than 10% of the company's paid-up equity share capital and free resources at a maximum price of not over Rs 600 per share, subject to necessary consents and applicable statutory provisions.
This was approved at the committee meeting held on 11 November 2008.
The board of Jagson Airlines has accepted the resignation of Probir Chandra Sen from directorship of the company with effect from 08 November 2008.This was decided at the board meeting held on 08 November 2008
Indian Stock Market
The board meeting of Balrampur Chini Mills will be held on 25 November 2008 to consider the annual accounts of the company for the year ended 30 September 2008 and recommendation for payment of dividend, if any.
BSE tips
Zydus Cadila, one of India leading healthcare companies and a global healthcare provider, has acquired Etna Biotech, the wholly owned subsidiary of the Dutch biopharma company, Crucell N.V. The deal, which marks Zydus Cadila's first acquisition in the research space, offers the group a highly evolved research platform for developing new vaccines and technology.
Crucell which was focused on biologicals entered the vaccine space with the acquisition of Berna. Biotech, a globally renowned, specialized vaccine company. Etna was the dedicated research and development wing of Berna Biotech.Etna Biotech headquartered in Catania, Italy, focuses on research and development of vaccines. Currently, Etna Biotech has several innovative technologies and vaccines at different development stages in its pipeline. Prominent among those are the programs for developing vaccines against hepatitis using the virosome vaccine technology platform; and against Malaria and HPV using the measles technology platform.
The need for specialized technology and cutting edge research, has resulted in relatively limited competition and have posed high entry harriers for players in the field of vaccines. With the global vaccine industry forecasted to grow by nearly 18% by 2010, which is roughly three times the growth of the global pharmaceutical industry, research and development of vaccines have emerged as a major focus area in recent times.
The company made this announcement during the trading hours today, 11 November 2008.
HCL Technologies, a global leader in IT services will host its fourth-annual global meet- Unstructure 2008 in Orlando Florida from 16-18 November. Unstructure is a thought leadership - forum including a physical event, an online forum (www.unstructure.org). and an annual compendium of thoughts. Designed to be an open, flexible platform for business professionals, technologists and contemporary thought leaders to discuss and debate action-oriented ideas that aid the evolution of business.
The company made this announcement during the trading hours today, 11 November 2008.
Ranbaxy Laboratories and Daiichi Sankyo Company has announced the successful closure of their transformational deal with the execution of the final transfer of the remaining equity shares of the Singh family, in Ranbaxy. Pursuant to this, Daiichi Sankyo has now acquired 63.92% of the equity share capital of Ranbaxy comprising 268,711,323 shares.
The company made this announcement during the trading hours today, 07 November 2008.
The board meeting of Alembic will be held on 14 November 2008 to consider buy back of equity shares of the company.
NSE tips
The board of Indag Rubber has appointed Hitendra Wadhawa as an independent director of the company.
This was decided at the board meeting held on 16 October 2008.
In line with international airports, passengers can now experience a unique and revitalizing therapy, complete with a foot massage before boarding the flight at the airport. Rajiv Gandhi International Airport has introduced spa facilities for passengers to relax their mind, body and soul with a wide range of first-rate treatments in an elegant setting. Travellers flying from RGIA can now experience India's first Fish Reflexology center along with foot massage or an instant massage or quick cleanups while waiting to catch a flight.
Fish Reflexology offers a unique and revitalizing therapy, complete with a foot massage. With soft lightings, calming resonance of a river stream, the entire are filled with the aroma and feet relaxed in a warm pool, witness a school of Turkish fish named Garra Rufa gently nibbles on your feet. These adorable little fish consume only the dead skin areas, revealing your smoother and healthier skin - the perfect way to exfoliate and pamper your feet.
The 02 Spa offers facilities like massages, pedicures, manicures, facials etc. is the latest addition to the growing list of airport amenities at RGIA and is also reasonably priced depending on the service requested.
The company made this announcement after the trading hours on Thursday, 06 November 2008.
United Phosphorus has announced that one of the promoter group companies Uniphos Enterprises has entered into an agreement on 03 November 2008 with another promoter group company Nerka Chemicals for interse transfer of 28,50,000 equity shares of the company through off market deal amongst promoter group as part of a strategic planning within the group.
The company made this annuncement after the trading hours on Thursday, 06 November 2008.
JSW Steel has posted 5% growth in crude steel production in October 2008 over corresponding period in the previous year.
The company is planning from November 2008 to rationalize the product mix as per the current market conditions and appropriately modify the production programme to effectively reduce the total production by around 20%. The company will utilize this time for general maintenance of the facilities.
The company made this announcement during the trading hours today, 07 November 2008.
UTV Software Communications has appointed Prem Mehta as independent non executive director of the company.
The company has accepted the resignation of Kishore Biyani, director from the board.
The company made this announcement during the trading hours today, 06 November 2008.
During the last few weeks, medium & heavy duty commercial vehicles market has been facing problems of inadequate funding and high interest costs. Consequently, market demand has come down. Taking into account the inventory in pipeline and the suppressed market demand, Ashok Leyland has decided to moderate the production plan for the next two months. This decision has also been partially influenced by the problems encountered by the suppliers as a result of power shortage in some parts of the country. Ashok Leyland's manufacturing plants, will work 3 days a week, until December 08.
The company made this announcement during the trading hours today, 06 November 2008.
The board meeting of Mangalam Ventures will be held on 12 November 2008 to take note of the results of postal ballot submitted by the scrutinizer.
Indian Stock Market
Snowcem India has accepted the resignation of Vilas S Paranjape as director of the company with effect from 09 June 2008.
The company made this announcement during the trading hours today, 06 November 2008.
Gammon Infrastructure Projects has announced that Rajahmundry Godavari Bridge, a special purpose vehicle promoted by the company has signed the concession agreement with the Government of Andhra Pradesh for implementing the project for designing, constructing, financing, operating and maintaining a major bridge across the river Godavari connecting Rajahmundry and Kovvur in Andhra Pradesh for a period of twenty five years.
The company made this announcement during the trading hours today, 06 November 2008.
The board of Asian Electronics has appointed Haresh Desai as additional director to hold office till the forthcoming annual general meeting of the company. He shall be an independent director of the company.
The board has appointed Suhash Tuljapurkar as additional director to hold office till the forthcoming annual general meeting of the company. He shall be an independent director of the company.
The board has accepted the resignation of S Padmanabhan, Sanjay Asher and Sushil Jiwarajka as directors of the company.
The board has accepted the resignation of Suresh H Shah as chairman and managing director and as a director on the board of thecCompany, in view of his failing health.
This was decided at the board meeting held on 05 November 2008.
The board of Transcorp International has proposed to issue upto 4,50,000 equity shares to individuals / corporates not belonging to the promoters / promoter's group on preferential issue basis.
Further, the board has decided to convene extraordinary general meeting on 05 November 2008.
This was decided at the board meeting held on 05 November 2008.
The board meeting of Lactose India will be held on 18 November 2008 to consider issue of convertible warrants convertible in to equity shares on preferential basis.
Indian Stock Market
The board of Alok Industries has considered the withdrawal of nomination of K C Jani by IDBI.
The board has appointed K D Hoadvdekar as nominee director in his place with effect from 27 October 2008.
This was decided at the board meeting held on 27 October 2008.
Artson Engineering has appointed A K Misra as additional director of the company effective 01 November 2008. Misra has been nominated as director of the company by Tata Projects.
BSE tips
AXIS IT&T has appointed Kedar Nath Choudhury as non-executive director on the board of the company on 31 October 2008.
The company made this announcement during the trading hours today, 05 November 2008.
Tata Communications, a leading provider of a new world of communications has announced the global availability of its Vulnerability Management Service (VMS). Tata Communications VMS is part of its managed security services suite and is built upon Qualys' industry leading QualysGuard vulnerability management and compliance solutions.
Tata Communications' VMS provides discovery and mapping of IT assets, asset prioritization, vulnerability assessment, remediation tracking, and comprehensive reporting. The service automates the process of enterprise vulnerability management and supports policy compliance initiatives.
IT organizations are increasingly driven by the need to comply with regulatory, statutory, industry, and internal requirements such as PCI DSS, SBI386, HIPPA, Sarbanes Oxley, and the EU data privacy directive. Achieving and maintaining compliance with these requirements demands that IT organizations institute ongoing vulnerability assessment and remediation procedures to ensure reasonable efforts are made to protect data and business processes.
The company made this announcement during the trading hours today, 05 November 2008.
Satyam Computer Services has allotted 7,907 equity shares through circular resolution on 04 November 2008 under stock option plans of the company.
Consequent to the above allotment, the paid up share capital of the company has gone up from 673,689,650 equity shares of Rs 2 each aggregating Rs 1,347,379,300 to 673,697,557 equity shares of Rs 2 each aggregating Rs 1,347,395,114.
This was approved by the committee of directors on 05 November 2008.
The extraordinary general meeting of Sugal & Damani Finlease will be held on 27 November 2008 to change the name of the company from Sugal & Damani Finlease to SUGAL & DAMANI SHARE BROKERS.
BSE tips
Jetking Infotrain has alotted bonus shares in proportion of 1 equity share of Rs 10 each for every 2 equity shares held by the shareholders on the record date i.e. 26 September 2008.
These shares were allotted by the company on 31 October 2008.
The board of Bilpower has appointed Rajan Menda as additional director of the company.
He was appointed at the board meeting held on 31 October 2008.
The board of State Bank of Travancore (SBT) has resolved splitting of SBT shares into face value of Rs 10 per share.
This was resolved at the board meeting held on 23 May 2008.
The board of Goldstone Infratech has allotted 1,50,00,000 equity shares to Goldstone Exports at a price of Rs 22 per share, pursuant to conversion of share warrants allotted to Goldstone Exports on 30 April 2007.
After this allotment, the shareholding of Goldstone Exports in the company has increased from 9.51% to 47.19%. The acquirer would be complying the necessary statutory formalities and SEBI rules and regulations in this regard.
These shares were allotted at the board meeting held on 29 October 2008.
Stanrose Mafatlal Investments & Finance has announced that the term of Bharat N Dave, managing director of the company has expired on 31 October 2008. Dave has also resigned from the directorship of the company from 01 November 2008.
The company made this announcement after the trading hours on Tuesday, 04 November 2008.
GAIL (India) and Government of Himachal Pradesh has signed a co-operation agreement. The co-operation agreement was signed by B.C. Tripathi, director (marketing), GAIL and Manoj Kumar, director industries, Government of Himachal Pradesh in the presence of Prem Kumar Dhumal, Hon'ble Chief Minister of Himachal Pradesh and U.D. Choubey, chairman and managing director, GAIL, Abbay Shukia, additional chief secretary (industries), Himachal Pradesh, Ajay Tyagi, principal resident commissioner, Himachal Pradesh and other senior officials of GAIL and the State Government were also present on the occasion.
The co-operation agreement signed with the department of industries provides for enlisting State level co-operation for extension of the proposed Dadri-Bawana-Nangal natural gas pipeline up-to this region, a joint exercise for assessment of the demand potential of natural gas and allied products in the state of Himachal Pradesh and for looking into feasibility of extending the proposed Dadri-Bawana-Nangal natural gas pipeline upto Himachal Pradesh. The gas pipeline will bring clean and environment friendly fuel to various consumers in the region, which include industrial, domestic and transport sectors. The availability of gas in the region would herald the use of a more efficient energy resource, which will increase the competitive edge of the industries using natural gas.
Under the co-operation agreement, GAIL will use its technical and commercial expertise to study the various options and collate the gas demand potential of the state of Himachal Pradesh. In this regard, GAIL. has already conducted a sample survey of some of industrial areas in Himachal Pradesh.
The company made this announcement during the trading hours today, 04 November 2008.
The equity shareholders of Mahindra & Mahindra has approved the scheme of amalgamation of Punjab Tractors with Mahindra and Mahindra and their respective shareholders.
This was approved at the court convened meeting held on 29 October 2008.
Rashtriya Chemicals & Fertilizers has announced that H S Karangle, director [technical] of the company has retired from the services with effect from 31 October 2008 after attaining the age of superannuation.
The company made this announcement during the trading hours today, 04 November 2008.
MajescoMastek, the wholly US subsidiary of global technology solutions provider Mastek has announced that the STG insurance suite in its ready-to-deploy application service provider model has gone live for The Responsive Auto Insurance Company and will handle the carrier's personal auto business in the state of Florida.
Established in 2007 as a regional carrier providing non-standard personal automobile insurance, The Responsive was looking for a state-of-the-art, comprehensive administration system that would give them a competitive advantage over other auto insurers. Since The Responsive's independent agents handle their own administrative functions, the company also needed a user-friendly system with efficient back-office processes. After an extensive search for the right vendor, the company determined that the STG insurance suite's point-of-sale, claims, policy administration, billing and accounts receivable solution met those criteria.
The company made this announcement during the trading hours today, 04 November 2008.
The board of Tamilnadu Petroproducts has accepted the resignation of S Susai as director (nominee of TIDCO).
The board has appointed T K Arun as director representing TIDCO.
This was decided at the board meeting held on 23 October 2008.
The committee of Champagne Indage has granted 7,50,000 options to the eligible employees / directors of the company under CIL ESOP - 2005.
These options were granted at the committee meeting held on 03 November 2008.
The board of Amines & Plasticizers has considered and approved the allotment of 20 lakhs equity shares of Rs 10 each at par to Hemant Kumar Ruia jointly with Shalini Ruia and Multiwyn Investments & Holding on conversion of their contribution in the rehabilitation scheme.
The enhanced paid up capital of the company after this conversion is Rs 5,50,20,000 divided into 55,02,000 equity shares of Rs 10 each.
This was approved at the board meeting held on 31October 2008.
Parsvnath Hotels, a subsidiary of Parsvnath Developers, India leading real estate and infrastructure company has received 5 star category approval from Ministry of Tourism for hotel project at Patto Plaza, Panaji. The construction of the hotel is undertaken by Parsvnath Hotel and the hotel is expected to be operational by end of 2010.
The project is being developed on total land area of approx. 3150.20 sq. ft. The hotel offering 125 rooms and suites is a judicial blend of hotel and commercial section offering coffee shop, multi cuisine and specialty restaurants, a bar and a few shops coupled with all amenities, Strategically located in the hub of the business district in Goa, the proposed hotel complex is in close proximity of City Centre in Panaji and is just 35 kms from Dabolim Airport in south Goa and mere 18 kms from the Karmali Railway station in central Goa there by ensuring easy access through all means.
The company made this announcement during the trading hours today, 04 November 2008.
The meeting of equity shareholders of Punjab Tractors will be held on 15 November 2008 for the purpose of considering the scheme of amalgamation between Punjab Tractors and Mahindra and Mahindra and their respective shareholders and creditors, pursuant to an order made on 18 September 2008 by Hon'ble High Court of Punjab & Haryana at Chandigarh.
Indian Stock Market
The board meeting of Bhagiradha Chemicals & Industries will be held on 14 November 2008 to consider the declaration of interim dividend to the shareholders of the company for the year 2008-2009.
BSE tips
ACC produced 1.74 million tonnes of cement and despatched 1.70 million tonnes of cement during October 2008 as compared to 1.76 million tonnes produced and 1.76 million tonnes despatched during October 2007.
The company made this announcement during the trading hours today, 03 November 2008.
The board of Gujarat Themis Biosyn has appointed Sachin Dinesh Patel as additional director of the company.
Further, the board has accepted the resignation of Pankaj R Patel as director with effect from 25 October 2008.
This was decided at the board meeting held on 25 October 2008.
The board of Crest Animation Studios has accepted the resignation of Vallabh Bhanshali, director of the company.
This was decided at the board meeting held on 31 October 2008.
Sanwaria Agro Oils has been ranked under ET 500 at 8th amongst the top 100 wealth creators of India and at 416th in its overall ET 500 rankings.
The company made this announcement during the trading hours today, 03 November 2008.
Nagarjuna Construction Company has secured two new orders aggregating Rs 527 crore. The first order valued at Rs 401 crore is secured from the Hyderabad Metropolitan Water Supply and Sewerage Board, Hyderabad for Transmission of Godavari water from Yellampally Barrage for drinking water needs of Hyderabad Urban Agglomeration (HUA) to be completed over a period of 24 months.
The second order is from the chief engineer, Assam State Electricity Board, Assam for different works valued at Rs 126 crore to be completed over a period of 18 months.
Wipro Infotech, the India and Middle East IT business of Wipro and Subex, a leading global provider of OSS / BSS solutions for communications service providers jointly announced the Subex platform has been chosen for revenue assurance and fraud management in the 23 circles of Aircel across India.
Aircel is one of the fastest growing telecom companies in India, with a subscriber base of over 10 million. It currently operates across nine circles and has recently won a pan-India license to operate in 23 circles, and is looking to expand to 14 more circles within the country.
Aircel was looking at a solution that could centrally manage revenue assurance and fraud management across all its proposed 23 circles. Aircel and Wipro, which has a long term outsourcing contract with Aircel, chose Subex, to provide the required network infrastructure. This will be implemented across all of Aircel's 23 circles. Subex's revenue assurance solution, MonetaTM and fraud management solution, NikiraTM will form the core of the implementation.
The company made this announcement during the trading hours today, 03 November 2008.
JSW Steel has announced a price reduction of HR Coil by Rs 5,500 pmt for November 2008 in line with prevailing international prices. This price cut along with the 8 to 12% reduction in October 2008 amounts to an overall reduction by 25 to 30% compared to peak prices in the domestic market.
When international prices went upto US $ 1200 to 1250 pmt during the period February 2008 to July 2008 Indian steel industry voluntarily offered to hold back the prices in the domestic markets and also curtailed exports to augment the supplies in India in support of Government initiative to contain spiraling inflation in spite of the strong demand and lucrative prices in the international / domestic markets. Over and above, JSW Steel gave a special focus to SME's and SSI's by making steel available at affordable prices.
The international prices were corrected in the past two months by around 50% and the domestic prices have been reduced to counter the increasing imports into India. The financial crisis in the international markets has led to a slow down in the global economy resulting into sluggish demand for steel products. This is triggering dumping of steel products into India as the import duties on steel were made 'Nil' when international prices were high. This reduction of prices in domestic market is almost close to the marginal cost of production for several steel producers as the coal contracts were finalized at higher prices for the entire year. Several mills all across the world have announced production cuts which indicates bottoming out of steel prices.
To avoid entry of cheap imports of steel products into the country and to safeguard the interest of the growing Indian steel industry, there is an urgent need to impose appropriate tariff measures as done in the past by several countries in such situations.
JSW Steel has taken up several initiatives to bring down the cost to remain competitive in this challenging environment. As JSW's next phase of expansion from 5 MTPA to 8 MTPA will be ready for commissioning in Q-3, financial year 2008-09, the company is well positioned to benefit during the upturn which is expected within the next few months.
The company made this announcement during the trading hours today, 03 November 2008.
The board meeting of Crazy Infotech will be held on 08 November 2008 to consider the proposal of allotment of equity shares to the shareholders of Animantz Creative Animators on preferential basis.
BSE tips
Nucleus Software Exports, a leading global provider of integrated software products and services for banks and financial institutions has added six new modules to the upgraded version of its flagship product FinnOne version 3.5. An integrated suite of applications designed to cater to the entire ending ecosystem of banks and financial services companies FinnOn version 3.5 includes modules like lead management system, customer service module, collateral management system, powerpay, central liability system and forecaster. Under FinnOne version 3.5 Nucleus has released upgraded modules of FAS (Finance Against Security), GL (General Ledger), PDCMS (Post-dated Cheque Management System) and deposit.
FinnOne the flagship product of Nucleus Software is a software product solution that is designed to provide operational support, risk management and decision making support to banks and financial services companies. The FinnOne suite provides solutions for the assets as well as liability sides of business in addition to account management, core financial accounting risk management, document management and customer services.
The new add-on modules under FinnOne version 3.5 were developed after a thorough evaluation of the various system proposals. FinnOne version 3.5 is a unique platform supporting any phase of the lifecycle of the distressed receivables and enables powerful recovery management.
The company made this announcement during the trading hours today, 03 November 2008.
Garware Offshore Services has placed an order with Havyard Leirvik AS for a multi purpose platform supply vessel of 4500 DWT. The vessel will have diesel electric propulsion, offering potential customers significant savings in fuel consumption. The vessel will also have an optional moon pool and the deck will be strengthened for the fitment of a crane. The approximate cost of the vessel is US$ 55 million and scheduled for delivery in the last quarter of calendar year 2010.
The company made this announcement during the trading hours today, 03 November 2008.
Jindal Drilling & Industries, a part of Rs 3000 crore D P Jindal Group, is engaged in offshore oil & gas drilling services in India. Recently JDIL has been awarded a firm order for charter hire of drilling unit 'Noble George Mcleod' from ONGC. For a period of three years. The total value of the contract is approximately Rs 85 crore. This rig is likely to get deployed in the month of December 2008.
With this, the total number of rig fleet will be five and directional drilling equipment is twenty two and thus the total order book as on date stands at Rs 3700 crore approximately Which will substantially improve the financial erformance of the company in the comingyears.
The company made this announcement during the trading hours today, 03 November 2008.
Bartronics India has received the SCOSTA certification for its 64kb smart cards from the National Informatics Centre. This certification qualified Bartronics to supply smart cards for large projects requiring multiple applications to reside on a single card besides storage of biometric information on smart cards. SCOSTA certification on a 64kb smart card is mandatory for several government projects including the one on public distribution system announced by a couple of State Governments recently. Bartronics is the only company to have received this certification.
The company made this announcement during the trading hours today, 03 November 2008.
Petron Engineering Construction has accepted the resignation of Krishan Lal Swami, whole-time director from the board with effect from 01 November 2008.
The company made this announcement during the trading hours today, 03 November 2008.
Polar Pharma India has accepted the resignation of Kalyan Kumar Chattopadhyay as chief executive officer with effect from 01 November 2008 due to personal reasons.
The company made this announcement during the trading hours today, 01 November 2008.
The board of Monsanto India has declared interim dividend at the rate of Rs 12 per share.
This was declared at the board meeting held on 24 October 2008.
The board of Transgene Biotek has approved the allotment of 7,50,000 equity shares of Rs 10 each at Rs 80 per equity share on preferential basis to K K Rao, promoter of the company against conversion of interest free unsecured loans brought in by K K Rao and family.
This was approved at the board meeting held on 31 October 2008.
Jai Corp has accepted the resignation of Rajesh Kumar Mundra, CFO of the company with effect from close of business on 31 October 2008.
The company made this announcement during the trading hours today, 01 November 2008.
The board of Indraprastha Medical Corporation has appointed Rakesh Behari, Anil Kamineni, Ranjit Roy Chaudhury, V N Rajasekharan Pillaiand S Regunathan as directors.
This was decided at the board meeting held on 22 October 2008.
Mahindra Ugine Steel Company has announced that Deepak Dheer has tendered his resignation as the director of the company with effect from 23 October 2008.
The company made this announcement during the trading hours today, 01 November 2008.
Bank of Rajasthan has announced that Niraj Tayal ceases to hold the office of director with effect from 31 October 2008 after completion of eight years tenure in terms of provisions of the Banking Regulation Act, 1949.
The company made this announcement during the trading hours today, 01 November 2008.
The board of Madhav Marbles & Granites ha appointed R L Nagar & Prakash Verdia as additional directors (independent directors) of the company.
This was decided at the board meeting held on 31 october 2008.
Madhav Marbles & Granites has accepted the resignation of Ajay Inderjit Thakore, independent director of the company with effect from 01 November 2008 due to his personal occupation.
The company made this announcement during the trading hours today, 01 November 2008.
C & C Constructions has bagged four orders valued at Rs 963 crore for improvement/upgradation of State Highway roads from the Bihar Government. of these orders Rs 578 crore are with its long standing joint venture partner BSCPL Infrastructure. The balance orders of Rs 385 crore are in its own name. These orders have to be executed over an average period of 33 months.
The presence of C & C Constructions in Bihar has been further reinforced by these orders. It may be recalled that the company has been operating successfully in this state since 2005 and has projects worth Rs 615 crore under execution with its joint venture partner in the state.
The order book of C & C Constructions has swelled to over Rs 2100 crore. The company closed FY 2007-08 with a top line of Rs 530 crore. The current year will see an appreciable increase in contracting revenue.
The company made this announcement during the trading hours today, 01 November 2008.
Jet Airways, India's premier international airline has entered into a codeshare arrangement with JetLite, its wholly-owned, all economy subsidiary as part of its ongoing efforts to offer passengers synergetic benefits when they choose to fly with the Jet group.
As part of the agreement, Jet Airways will place its marketing code (9W) on key domestic routes operated by JetLite, enabling both carriers to offer passengers better connections and a wider network. The codeshare is open for sale and travel with immediate effect.
The company made this announcement on 23 October 2008.
The board of Electrotherm India has appointed Siddharth Bhandari as additional director & whole time director of the company and Jyoti Bhandari as director of the company.
This was decided at the board meeting held on 24 October 2008.
Ador Welding has promoted Raman Kumar, the president & CEO to the position of managing director with effect from 19 October 2008, subject to the approval of the shareholders.
The company has announced that V G Kutty, the managing director of the company has retired on 18 October 2008.
The company has appointed R N Sapru as additional director (independent) with effect from 19 October 2008.
The company made this announcement after the trading hours on Thursday, 23 October 2008.
The board meeting of Visagar Polytex will be held on 31 October 2008 to consider the un-audited financial results of the company for the quarter ended on 30 September 2008.
BSE tips
The board meeting of Vikas Profin will be held on 27 October 2008 to approve the unaudited financial results (provisional) for the quarter and half year ending on 30 September 2008.
BSE tips
The board of Ramco Industries has declared interim dividend at the rate of Rs 5 per share (50%) for the current financial year 2008-09.
This was declared at the board meeting held on 23 October 2008.
The board of Asahi India Glass has accepted the resignation of P L Safaya as director and whole-time director of the company effective from 17 November 2008.
This was decided at the board meeting held on 23 October 2008.
The board of TVS Electronics has appointed Gopal Srinivasan, director of the company as chairman of the company not liable for retirement by rotation, effective from 23 October 2008.
This was decided at the board meeting held on 23 October 2008.
The board of Aarti Industries has declared interim dividend at the rate of Rs 1.80 per share (36%) for the financial year 2008-2009.
This was declared at the board meeting held on 23 October 2008.
The board of HCL Infosystems has declared interim dividend at the rate of 100% for the year 2008-2009.
This was declared at the board meeting held on 23 October 2008.
The board of Dr Reddys Laboratories has approved scheme of amalgamation by which Perlecan Pharma, a subsidiary of the company will be amalgamated with Dr Reddy's Laboratories with effect from 01 January 2006.
This was approved at the board meeting held on 23 October 2008.
The board meeting of Transgene Biotek will be held on 31 October 2008 to take on the record unaudited financial results for the quarter ended 30 September 2008.
BSE tips
The committee of Moser Baer India has granted 1,18,000 new options to employees of step down subsidiary of the company in terms of its ESOP scheme.
The company made this announcement after the trading hours on Wednesday, 22 October 2008.
HCL Technologies, a leading global IT services provider has received an optimas award for innovation from workforce management. HCL received the award for the implementation of its innovative management philosophy of employee first, customer second. The magazine recognizes HCL as unique in its community, for implementing sweeping changes in policy across the company to empower employees. Employee first aims to create a culture that empowers employees to be at the forefront of creating value for HCL's customers built on the premise that it is the individual in an organization who deliver value to the customer, not the top management.
For 18 years, the optimas awards have recognized workforce management initiatives that directly improve business results. They are awarded annually to ten organizations that have demonstrated how their management strategies, policies and programs affect the bottom-line success of their organizations. Companies selected for this year's award are acknowledged for reinventing the workplace through efforts such as streamlining HR processes, creating innovative partnerships and confronting talent shortages.
The company made this announcement after the trading hours on Wednesday, 22 October 2008.
