PlanBucks: 2006

Monday, December 25, 2006

The chronicles of Sensex: The FIIs, The Mutual Funds and The India Inc's growth story.

The chronicles of Sensex: The FIIs, The Mutual Funds and The India Inc's growth story.

The Sensex set a searing pace this year shooting from 10,000 in Feb 06 to 14,000 points on Dec 06 after touching a low of 8,800 points in May. The markets peaked such heights primarily due to robust inflow from market players reflecting their confidence in Indian economy and strong economic data. There is increasing recognition of long-term growth prospects. The markets seem to have come of age with IT, banking and infrastructure sectors recording a healthy growth rate, which is being reflected in the stock market performance.

Sensex latest milestone to 14,000 points has been smooth. Sensex steadily rose touched another 1K level in just 26 trading sessions. Markets seem to have fully recovered from their pitfall in May, keeping faith in the Indian growth story and strong fundamentals of Indian companies intact.

FIIs and mutual funds have played a major role in keeping the markets buoyant. This fact is supported by increase in number of registered FIIs since April 20 i.e. 10K level. There were 898 registered FIIs on the said date. This figure increased to 993 as on December 5. The total investment by FIIs in Indian equity market has increased by 11.5% to Rs.2.14 lakh crores. Foreign institutional investor's faith in Indian economy is confirmed by fund infusion in the markets. FIIs have been net buyers every month in 2006, except in the month of May.

Sensex is conquering new heights. The market capitalization of BSE has crossed the country's GDP. The total listed market cap touched around Rs.34 lakh crores, almost Rs.2 lakh crores more than the GDP figure of around Rs.32 lakh crores during the financial year 2006. India has become the first BRIC country where the market cap of the companies listed on the stock exchange exceeds the GDP of the country. This signals that the markets are estimating very high economic growth for the future and the current market valuations are capturing the projected GDP growth India now joins an exclusive club of developed markets, including the US and the UK, along with a few emerging economies such as South Africa, Malaysia and Singapore.

Sensex Milestones :

Sensex level	Date	Sensex Drivers
1000	July 25, 1990	Good monsoon and excellent corporate results.
2000	January 3, 1992	Liberal economic policy initiatives undertaken by the then finance Minister, Dr Manmohan Singh.
3000	February 29, 1992	Market-friendly Budget by the then Finance Minister, Dr Manmohan Singh.
4000	March 30, 1992	Liberal export-import policy.
5000	October 8, 1999	BJP-led coalition won the majority.
6000	February 11, 2000	Infotech boom
7000	June 20, 2005	News of the settlement between the Ambani brothers boosted investor sentiments
8000	September 8, 2005	Buying by foreign and domestic funds
9000	November 28, 2005	FIIs on buying Spree.
10000	February 6, 2006	Buying from FIIs, Local operators and retail investors
11000	March 21, 2006	Robust foreign fund inflows and a move by Government towards greater capital account convertibility.
12000	Apr 20, 2006	Massive buying from mutual funds around Rs.3400 crore in just 19 trading sessions, favorable credit policy. expectation of robust fourth quarter earnings by corporates and S&P upgrading India's sovereign credit rating from stable to positive
13000	Oct 30, 2006	Fund infusion from market players, falling oil prices and strong second quarter results from Technology and Banking companies. Robust growth in infrastructure sector.
14000	Dec 5, 2006	Strong FII inflow, healthy corporate earnings and continued strong economic data coupled with slash in petrol and diesel prices have fuelled the latest surge on the bourses.

Sensex @ 14K; another feather in Equity market's cap.
India is first BRIC country where market capitalization exceeds GDP.
GDP for Q2 FY07 stands at 9.2%.
Slash in petrol and diesel prices support the rally.
FIIs pump in Rs.7,669 crore in 26 trading sessions.
Investors to exercise caution and keep long-term horizon on their investments.

Source: Economic Survey Report 2005-06

Mutual Fund Inflow for Different Milestones (Rs. in Crore)

Source: SEBI website

FII inflow for different Milestones

Source: SEBI website

Sensex Closing Values and PE

The Boosters :

India Inc's growth story

Indian growth story is being talked world over. Investors are optimistic on the future growth of the Country. Central government's revenue receipts increased by 31.4% though the rise was not enough to cover the increase in the expenditure, both plan and non-plan. Buoyant revenue collection by government has boosted the projection of achieving a lower fiscal deficit than that estimated in Budget 2006-07. Finance Minister P Chidambaram recently said the target of keeping fiscal and revenue deficits at 3.8% and 2.1% of the GDP, respectively, would be met. With gross fiscal deficit of the country contained at 58.2% of the projected and inflation contained between 5%-5.5%, forex reserves swelling to USD 172 billion, India continues to be an attractive destination for the foreign investors. India has witnessed three consecutive years of high growth. The Indian economy has continued to sustain its growth momentum with the first and second quarter growth in the current year being a robust 8.9% and 9.2%. The RBI had revised an overall GDP growth of 8% for 2006-07 up from 7.5% - 8% in its mid term review of credit policy. Even if GDP grows @ 8% for Q3 and Q4, the GDP for FY07 will exceed 8.5%.

There have been signs of industrial resurgence. Industrial growth has been both broad-based and generally balanced. The index of industrial production has increased by 10.9% during April – September 2006. The growth indices of industrial production for the mining, manufacturing and electricity sectors during April-September 2006-07 over the corresponding period of 2005-06 has been 3.1%, 12.1% and 6.6% respectively.

The Mutual Funds :

The markets saw increased buying from the mutual funds because of huge money mobilized through launch of new equity schemes. FY06 witnessed massive growth in inflows in equity market from Mutual Funds to Rs.10,581.59 crore from mere Rs.448 crore in FY05 (23 fold increase in the inflows). Mutual funds are mopping up investments from the market, with rejuvenated interest from retails investors. The household investments in mutual funds and stocks have increased from 1% to about 5% over the past year. Asset management companies have also become aggressive in marketing their various mutual fund products and are trying to tap every unexplored market. These are increasingly looking at joining hands with co-operative banks as part of their attempts to push the product sales in smaller towns and rural areas. India's rapidly growing MF industry now manages a little over Rs.3,00,000 crore between 30-odd asset management companies.

The FIIs :

The rise in market values of the Indian shares by more than double has been attributed to the persistent buying by foreign institutional investors. FIIs interest in Indian equities is reflected in the adjoining graph. The surging index signals that the growth story of Asia's fourth largest economy is intact and liquidity flows into the bourses would continue to remain. FII net investment in the India equity market in the FY06 is Rs.19,984.1 crore. India is now witnessing fresh inflow of funds from new markets like Australia and Europe. This has led to the buoyancy. Large portion of the FII inflows come in broadly through four categories. The first comes through India-dedicated funds. The second category of investments comes in as part of the allocation to India from emerging market funds. The third segment of inflow is through the hedge funds. And the fourth category includes long-term pension funds such as Fidelity.

Outlook :

The Sensex has given a return of almost 58% since December 2005 and the PE multiples have moved from 17 times to 23 times since than. Markets have been characterized by higher money flows from domestic and foreign investors, which have pushed the markets to new highs.

There is immense growth potential for Indian economy. Sectors like infrastructure, automobile and banking are on a growth drive. With government increasing its spending on infrastructure for the development, this sector is a promising avenue for investments.

Mutual Funds and FIIs are expected to continue pumping in funds in Indian Financial System bestowing confidence in returns from long-term investments.

As an investor one must get cautious of the market and avoid playing impatient short-term bets, instead a more patient and long-term view is advisable. Since secular growth trend in the market is not sustainable, hence one must balance their fear and greed and adopt a bottom up approach for stocks.

Markets are expected to reflect steady uptrend with the third quarter results on the cards. Positive results are projected to flow from Banking, Cement, and Textile sectors.

--
Stay in Touch
ajay@sarthimanagement.com

Wednesday, October 18, 2006

Corporate news

Bajaj Electricals Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 26, 2006, inter alia, to consider the following:

1. Declaration of Interim dividend on Unlisted 20,00,000 10% Cumulative Redeemable Non-Participating Preference Shares of Rs 8/- each, on pro-rata bases, for the financial year 2006-07.

2. Exercising of call option for redemption of the said preference shares
-----------------------------------
Coromandel Fertilisers Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 17, 2006, inter alia, to consider the Unaudited financial results for the quarter ended September 30, 2006 and also consider the proposal of merger of M/s. Ficom Organics Ltd (Ficom) and M/s. Rasilah Investments Ltd (a wholly owned subsidiary Company of Ficom) with the Company by way of Scheme of Arrangement.
----------------------------------
Chowgule Steamships Ltd has informed that the Board of Directors of the Company at its meeting held on October 16, 2006, has decided to buy out the entire share capital of Lavgan Dockyard Pvt Ltd (LDPL), an existing Company and thereby making it a 100% subsidiary of the Company.

It is proposed to capitalise the Company by way of further investments towards equity capital for the implementation of the Port Project.

The Board has decided to nominate the following as Additional Directors of LDPL.

1. Mr Vijay V Chowgule

2. Mr M P Patwardhan
----------------------------------
Jet Airways India Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a net loss of Rs 551.30 million for the quarter ended September 30, 2006 as compared to net profit of Rs 685.90 million for the quarter ended September 30, 2005. Total Income has increased from Rs 13242.40 million for the quarter ended September 30, 2005 to Rs 18212.30 million for the quarter ended September 30, 2006.
------------------------------------
Wanbury Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on October 17, 2006, have approved the following:

1. The Scheme of Merger of the Pharmaceutical Products of India Ltd with the Company.

2. The Board of Directors of the Company has been authorized to issue and allot Equity Shares & Warrants of the Company to the Members of the Pharmaceutical Products of India Ltd (PPIL) and Equity Shares & OFCDs of the Company to the Secured Creditors of the Pharmaceutical Products of India Ltd.

3. The Scheme of Merger of Doctors Organic Chemicals Ltd with the Company.

4. The Board of Directors of the Company has been authorized to issue and allot Equity Shares of the Company to the Members of Doctors Organic Chemicals Ltd.
-------------------------------------
Ceat Ltd has informed that the members at the 47th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have accorded to the following:

1. Adoption of Balance sheet and Profit & Loss Account for the year ended March 31, 2006, the Reports of the Auditors thereon & the Report of Directors.

2. Re-appointment of Mr H V Goenka as Chairman of the Company.

3. Re-appointment of Mr Haigreve Khaitan, Mr J N Guzder & Mr K R Podar.

4. Appointment of Auditors.

5. Fixing the remuneration of the Managing Director.
--------------------------------------
Batliboi Ltd has informed that the Board of Directors of the Company at its meeting held on October 14, 2006 has considered and approved the proposal to amalgamate Batliboi SPM Pvt Ltd with the Company pursuant to a Scheme of Amalgamation under Section 391-394 of the Companies Act, 1956.
--------------------------------------
Balrampur Chini Mills Ltd has informed that a meeting of the Board of Directors of the Company will be held on November 14, 2006, inter alia, to consider and approve the audited financial results of the Company for the 18 months period ended September 30, 2006 ( i.e. Financial year 2005-06) and recommendation for payment of final dividend, if any, on the equity shares of the Company for the financial year 2005-2006.
--------------------------------------
Ansal Properties & Infrastructure Ltd has informed that the Company has opted to publish Audited Financial Results for the Half Year ended September 30, 2006 of the Financial Year 2006-2007, instead of publishing the Un-audited Results. Accordingly, the Company shall publish the Audited Financial Results for the said half year period within 2 months from the end of the Half Year September 30, 2006 ( i.e. by November 30, 2006).
-------------------------------------
Sinnar Bidi Udyog Ltd has informed that Shri. Hemant Laxman Shingne resigned as a Director of the Company w.e.f. September 02, 2006.
-------------------------------------
Adf Foods Ltd has informed that the Company will be publishing Audited Half-yearly Financial Results for the half year ended September 30, 2006, within 2 months of the close of the said half-year.

Further the Company has informed that, quarterly un-audited financial results of the Company for the 2nd quarter ended September 30, 2006 will not be published.
------------------------------------
KIC Metaliks Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 23, 2006 have approved issue of 380000 Equity Shares of Rs 10/- each at a premium of Rs 45/- and 909000 Warrants of Rs 55/- each convertible into one Equity Shares of Rs 10/- each to R K Kajaria, Karta of R K Kajaria & Sons (HUF) (Promoter) on Preferential Basis.
-----------------------------------
K M Sugar Mills Ltd has informed that the management has decided to publish Audited Annual Accounts for the year ended at September 30, 2006, with in the period of three months from the end of the quarter ( i.e. December 31, 2006).
-----------------------------------
Amar Remedies Ltd has received ISO 9001:2000 Certificate of compliance from International certification Services (Asia) Pvt Ltd on September 30, 2006 for the companys Quality Management System (QMS) for the scope of development, Manufacturing and supply of Toothpastes, toothpowders and pain relieving balms.
----------------------------------
Monnet Ispat Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 30, 2006, inter alia, to consider Unaudited Financial Results for the quarter ended September 30, 2006 and to consider declaration of interim dividend for the financial year 2006-07.
----------------------------------
Godavari Fertilisers & Chemicals Ltd has informed that the Board of Directors of the Company at its meeting held on October 17, 2006 has approved expansion project for setting up a third granulation plant to enhance the production capacity at Kakinada by 4.25 lakh tones per annum, at an approximate cost of Rs 82.50 crore. The Project is expected to go on stream by early 2009.
----------------------------------
Aksh Optifibre Ltd in association with MTNL on October 17, 2006 has announced the launch of Indias first IPTV Service in Delhi.

The Service will offer traditional television broadcast, video and Music on demand and video calling TV facilities.
---------------------------------
Sun TV Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 27, 2006, inter alia, to consider and take on record the Unaudited financial results of the Company for the quarter ended September 30, 2006 (Q2).
---------------------------------
Glenmark Pharmaceuticals Ltd has informed that Merck KGaA and Glenmark Pharmaceuticals S.A (Switzerland), a wholly owned subsidiary of the Company, have entered into an agreement for Glenmark's DPPIV inhibitor GRC 8200, a treatment for type 2 diabetes in Phase II of clinical development. The transaction is expected to close this year upon approval of the exclusive license to GRC 8200 by the US antitrust agencies under the HSR act.

Under the agreement, Merck KGaA will develop, register and commercialize GRC 8200 for markets in North America, Europe and Japan, white Glenmark will retain commercialization rights for India. The partners will share commercialization rights for other markets in the remainder of the world. Merck KGaA will bear the cost of all ongoing studies and will be responsible for planning, managing and sponsoring all development activities in the future.

The value of all payments to Glenmark could total up to EUR 190 million, including a EUR 25 million up-front payment and various milestone payments upon successful development and launch of mono-therapy and combination products based on GRC 8200. Upon commercial launch, Glenmark will supply the active ingredient to Merck and will receive royalties on net sales of the product.

Mercks Glucophage® (metformin) has been on the market for nearly 50 years and still remains the global gold standard for the oral treatment of type 2 diabetes.
-----------------------------------
Polaris Software Lab Ltd has informed that the Shareholders Committee of the Board of Directors of the Company at its meeting held on October 17, 2006, has allotted 66,785 equity shares of Rs 5/- each to its employees / directors under the Associate Stock Option Plan 2000 & 2001 (ASOP).
------------------------------------
Intec Securities Ltd has informed that the Board of Directors of the Company at its meeting held on October 13, 2006 has allotted 25,00,000 Warrants convertible into equity shares on a preferential basis as follows:

Promoter Group:

1. Pantec Consultants Pvt Ltd : 345000 No of Warrants allotted.

2. Pantec Devices Pvt Ltd : 345000 No of Warrants allotted.

Non-Promoter Group:

1. Walias Multimedia Pvt Ltd : 450000 No of Warrants allotted

2. Edini Steels Pvt Ltd : 450000 No of Warrants allotted

3. Landmark Buildmart Pvt Ltd : 450000 No of Warrants allotted

4. Host Builwell Pvt Ltd : 450000 No of Warrants allotted.
-----------------------------------
Financial Technologies India Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006 to consider the proposal for raising funds by way of International / Domestic offering of Securities in one or more tranches to fund the expansion / diversification plans of the company.
-----------------------------------
Zee Telefilms Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 26, 2006, inter alia, to consider and approve the un-audited financial results of the Company for the 2nd quarter and half-year ended September 30, 2006 (Q2).
-----------------------------------
Andhra Pradesh Tanneries Ltd has informed that the members at the 32nd Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet as at 31 March, 2006 & the Profit& Loss Account for the year ended on that date together with the Auditors and Directors Reports.

2. Re-appointment of Shri Subramaniam Sundaram as Director of the Company.

3. Appointment of J L Bhatt & Co., Chartered Accountants as the auditors of the Company in place of M/s Rowe & Pal, Chartered Accountants.
-----------------------------------
HDFC Bank Ltd has informed that Mr. Bobby Parikh has resigned from the Board of Directors of the Bank with effect from the close of business hours on October 17, 2006.

Further the Bank has informed that, Mr. Gautam Divan & Mr. C M Vasudev have been appointed as Additional Directors of the Bank.

Thursday, October 12, 2006

corporate News

Cubex Tubings bags orders
Cubex Tubings Ltd has received orders worth 95 millions from Siemens and an Engineering Company for the manufacture and supply of seamless condenser tubes.
----------------------------------
Kamanwala Industries Board Meeting updates
Kamanwala Industries Ltd has informed that the Board of Directors of the Company at its meeting held on October 11, 2006, has discussed the issue of further shares and has decided to postpone the issue of further shares to the next Board Meeting.
----------------------------------
Acrow India members approve declaration of Dividend
Acrow India Ltd has informed that the members at the 46th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet of the Company for the year ended March 31, 2006 and the Profit and Loss Account for the year ended as on that date together with Directors Report and Auditors Reports thereon.

2. Declaration of the Dividend at 10% on equity shares of Rs 10/- each i.e. 1/- per share for the year ended March 31, 2006.

3. Re-appointment of Shri. Narayan Varma and Shri. M B Bhide as Directors of the Company.

4. Appointment of M/s. N M Raiji & Co., Chartered Accountants, Mumbai as Statutory Auditors for the financial year ending March 31, 2007 and to hold the office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting of the Company on remuneration, terms and conditions.
----------------------------------
Ravalgaon Sugar members sanction appointment of Auditors
Ravalgaon Sugar Farm Ltd has informed that the members at the 72nd Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet of the Company as at March 31, 2006 and the Profit & Loss Account, Cash Flow Statement for the year ended on that date together with Directors Report and Auditors Report thereon.

2. Declaration of dividend at the rate of 100% on equity shares of Rs 50/- each i.e. dividend of Rs 50/- per share for the year ended March 31, 2006.

3. Re-appointment of Dr. D S Kulkarni & Shri. M B Bhide as Directors of the Company.

4. Appointment of M/s. K S Aiyar & Company, Chartered Accountants, as Auditors of the Company for the financial year ending March 31, 2006 to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
-----------------------------------
Harrisons Malayalam members to approve ordinary resolution
Harrisons Malayalam Ltd has informed that the members of the Company will consider to approve, by way of Postal Ballot, the ordinary resolution, to sell / transfer or otherwise dispose off as a going concern the Kaliyar Estate (Rubber) of the Company, admeasuring approximately 603 hectares of land situated on Kodikulam Village, Thodupuzha Taluk, Idukki District, Kerala State, comprising the movable and immovable properties, other assets, rights and interest therein for a consideration of Rs 53,00,00,000/- on the terms and conditions contained in the Agreement for Sales dated September 22, 2006, executed for this purpose and the Board is authorized to do all such act, deeds, matters and things as may be necessary, incidental or ancillary to the sale of the Kaliyar Estate (Rubber) and to implement this resolution, subject to necessary provisions & approvals.

The Board in its meeting held on September 22, 2006, has appointed Mr. P Sivakumar, M Com, FICWA, FCS, Company Secretary in Practice, as Scrutinizer for conducting the Postal Ballot process in a fair & transparent manner.

The Postal Ballot forms duly completed should reach the Scrutinizer on or before November 08, 2006. The result of the Postal Ballot will be announced on November 10, 2006.
------------------------------------
Indsil Electrosmelts Board to consider recommendation of dividend
Indsil Electrosmelts Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 25, 2006, inter alia, to consider the following:

1. Audited results for the Financial Year 2005-06 (July 2005 to June 2006) and fixing the date and venue of the 16th Annual General Meeting.

2. Recommendation of dividend, if any, for the Financial Year 2005-06.

3. Unaudited (Provisional) Financial results of the Company for the quarter ended September 30, 2006.
----------------------------------
Seasons Textiles Board to consider allotment of Equity Shares
Seasons Textiles Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006, inter alia, to make allotment of Equity Shares from warrants issued on preferential basis.
----------------------------------
Seasons Furnishings to hold Board Meeting on Oct 19
Seasons Furnishings Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006, inter alia, to make allotment of Equity Shares from warrants issued on preferential basis.
----------------------------------
Indo Asian Finance members approve declaration of dividend
Indo Asian Finance Ltd has informed that the members at the 16th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006, Profit & Loss Account for the year ended on that date and the Reports of the Directors & Auditors thereon.

2. Declaration of dividend @ 10% be paid on the paid up equity share capital of the Company for the year ended March 31, 2006.

3. Re-appointment of Shri. R J Anandmul & Shri. Mahendar A Chailani, as Directors of the Company.

4. Re-appointment of M/s. A Krishnamoorthy & Co., as Statutory Auditors of the Company for the financial year 2006-2007, to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company.

5. Appointment of Shri. R Krishnan, Shri. N Subramanian & Shri. V Poovazhagan, as Directors of the Company, liable to retire by rotation.

6. Appointment of Mr. R J Jayantilal as Whole Time Director of the Company, for a period of five years from June 01, 2006 to May 31, 2011, on remuneration, terms & conditions.

7. Authority to the Board to borrow from time to time such sum or sums of money as they may deem necessary for the purpose of the business of the Company, notwithstanding that the monies to be borrowed together with monies to be borrowed by the Company (apart from temporary loans obtained from the Company's bankers in the ordinary course of business) and remaining outstanding at any point of time will exceed the aggregate of the paid - up share capital of the Company and free reserves, that is to say, reserves not set apart for any specific purpose. Provided that the total amount up to which monies may be borrowed by the Board of Directors and which shall remain outstanding at any given point of time shall not exceed the sum of Rs 100 Crores, subject to necessary provisions & approvals.
-------------------------------------
IDBI Board to consider Q2 results
Industrial Development Bank of India Ltd (IDBI) has informed that a meeting of the Board of Directors of the Bank will be held on October 19, 2006 for considering the Un-audited Financial Accounts of the Bank for the quarter ended September 30, 2006, (Q2) subject to Limited Review by the Auditors.
-------------------------------------
Agro Dutch Board to consider issue of equity shares
Agro Dutch Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006 to issue further equity shares by way of Preferential Allotment of shares / Convertible Bond / Debentures / Rights Issue.
=------------------------------------
Raipur Alloys members apporve increase in Authorised Capital
Raipur Alloys & Steel Ltd has informed that the members at the 33rd Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet of the Company as at March 31, 2006 and the Profit & Loss Account for the period ended on that date and the Report of the Board of Directors and the Auditors thereon.

2. Payment of dividend @ Rs 2.00 per share for the year ended March 31, 2006.

3. Re-appointment of Mr. P R Tripathi and Mr. Rakesh Mehra as Directors of the Company.

4. Re-appointment of Shri. M M Jain, Chartered Accountant, as Auditor of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting of the Company on remuneration, terms and conditions.

5. Increase in the Authorised Share Capital of the Company from Rs 15,00,00,000/- divided into 1,50,00,000 Equity shares of Rs 10/- each to Rs 35,00,00,000/- divided into 3,50,00,000 Equity Shares of Rs 10/- each and consequential amendments in the Memorandum and Articles of Association of the Company.
-------------------------------------
NB Footwear members sanction re-appointment of Directors
NB Footwear Ltd has informed that the members at the 18th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and the Profit & Loss Account for the year ended on that date together with the Report of Directors & Auditors thereon.

2. Re-appointment of Mr. A S Chowdri & Mr. A L Prasad as Directors of the Company.

3. Re-appointment of Shri. J V Ramanujam & Co., Chartered Accountants, as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
-------------------------------------
Sun Pharmaceutical allots equity shares against conversion of FCCBs
Sun Pharmaceutical Industries Ltd has informed that the Committee of Directors (Allotment) of the Company at its meeting held on October 11, 2006, has allotted 61,716 Equity Shares of Rs 5/- each of the Company at a premium of Rs 724.30 per share upon exercise of option of conversion for 1000 Zero Coupon Foreign Currency Convertible Bonds of USD 1000 each (FCCB) into Equity shares of the Company by FCCB holders.

Consequently, the paid up Equity Share Capital of the Company has increased from 18,69,66,952 equity shares to 18,70,28,668 equity shares of Rs 5/- each, as of date.
-------------------------------------
Allahabad Bank nominates Director
Allahabad Bank has informed that in exercise of the powers conferred by sub-section (3)(g) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (b) of clause 9 (2) of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme,1970/1980, the Central Government, after consultation with the Reserve Bank of India, has nominated Shri. Ashok Jain, Chartered Accountant as part time non-official Director under Chartered Accountant category on the Board of the Bank for a period of three years with effect the date of notification i.e. October 11, 2006 and or until further orders, whichever is earlier.
------------------------------------
Asahi India Glass Board to consider Q2 results
Asahi India Glass Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 20, 2006, inter alia, to consider, the audited financial results of the Company for the second quarter and half year ended September 30, 2006 (Q2).
------------------------------------
Steel Strips & Tubes Director quits
Steel Strips & Tubes Ltd has informed that Shri V Parkash has resigned from the Directorship of the Company.
------------------------------------
Maharashtra Seamless Board to consider Q2 results
Maharashtra Seamless Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 26, 2006, inter alia, to consider and take on record the Unaudited Financial Results for the Quarter / Half Year ended September 30, 2006 (Q2).
------------------------------------
GlaxoSmithKline Pharmaceuticals to hold Board Meeting on Oct 30
GlaxoSmithKline Pharmaceuticals Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 30, 2006, inter alia, to consider & approval of unaudited financial results for the quarter ended September 30, 2006 (Q3).
------------------------------------
Shri Dinesh Mills members sanction declaration of dividend
Shri Dinesh Mills Ltd has informed that the members at the 71st Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the audited Balance Sheet of the Company as at March 31, 2006 and the Profit & Loss Account for the year ended on that together with the Directors and the Auditors Reports thereon.

2. Declaration of dividend at the rate of Rs 20/- per equity shares on equity shares of Rs 100/- each for the financial year ended March 31, 2006.

3. Re-appointment of Shri. T M Patel & Shri. A T Patel as Directors of the Company, liable to retire by rotation.

4. Re-appointment of M/s. Dalal & Shah, Chartered Accountants, as Auditors of the Company, to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

5. Revision in remuneration to Shri. Upendrabhai M Patel, Chairman & Managing Director, Shri. Bharatbhai U Patel, Managing Director & Shri. Nimishbhai U Patel, Executive Director of Company, for a further period not exceeding 3 years w.e.f. April 01, 2006, on terms & conditions.
--------------------------------------
Harrisons Malayalam members approve re-appointment of Legal Advisors
Harrisons Malayalam Ltd has informed that the members at the 29th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet as at March 31, 2006, the Profit & Loss Account for the year ended on that date, the Reports of the Directors and Auditors.

2. Declaration of Dividend at the rate of Re 1.00 per share for the year ended March 31, 2006 on the equity shares of the Company.

3. Re-appointment of Mr. P K Chowdhary & Mr. G Momen, as a Director of the Company, liable to retire by rotation.

4. Appointment Messrs. Lovelock & Lewes, Chartered Accountants, Chennai as Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting on remuneration, terms & conditions.

5. Re-appointment of Messrs. Menon & Pai, Advocates, Cochin as Legal Advisors of the Company for a period of 5 years from April 01, 2006 to March 31, 2011, on remuneration, terms & conditions.
-------------------------------------
Geojit Financial members approve re-appointment of Auditors
Geojit Financial Services Ltd has informed that the members at the 12th Annual General Meeting (AGM) of the Company held on August 31, 2006, inter alia, have also accorded to the following:

1. Adoption of the Audited Balance Sheet of the Company as at March 31, 2006 and the Profit and Loss Account for the year ended March 31, 2006 together with the Directors report, Auditors Report and other Annexure thereto.

2. Re-appointment of Mr. P C Cyriac & Mr. Mahesh Vyas as Directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants as Auditors of the Company to hold office from conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
--------------------------------------
Telephoto Entertainments members sanction appointment of Directors
Telephoto Entertainments Ltd has informed that the members at the 7th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have accorded to the followings:

1. Adoption of the Balance Sheet as at March 31, 2006 and Profit and Loss Account for the year ended March 31, 2006 and the Reports thereon.

2. Appointment of Mr. R Nagarajan, Mr. N S Kumar, Mr. K Praveen Kumar and Mr. R Rangarajan, as Directors of the Company, liable to retire by rotation.

3. Appointment of M/s. CNGSN & Associates, Chartered Accountants, as Auditors of the Company in place of retiring auditors to hold office from the conclusion of this Annual General meeting until conclusion of the next Annul General Meeting of the Company, on remuneration, terms and conditions.

4. Authority to Board to borrow from time to time such sum or sum's of money, secured or unsecured, as they may deem requisite for the purpose of the business of the Company notwithstanding that monies to be borrowed together with the monies already borrowed by the company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) would exceed the aggregate of the Paid up capital of the Company and its free Reserves, that is to say, reserves not set apart for any specific purpose, provided that the total amount up to which monies may be borrowed by the Board of Directors shall not exceed the sum of Rs 30,00,00,000 outstanding at any point of time. Subject to necessary provisions and approvals.

5. Authority to the Board to give guarantee(s) and / or provide security(is) and to acquire from time to time by way of subscription, purchase or otherwise shares in the following manner:

Name of the Company

AGS Properties Development India Pvt Ltd

Maximum Amount (Rs In Lakhs)

To make investments - 750

To give Guarantee(s) Security(ies) - 4000.
-----------------------------------
Apollo Hospitals inks JV Agreement with DKV
Apollo Hospitals Enterprise Ltd has informed that Dr. Prathap C Reddy, Chairman of the Apollo Hospitals Group singed the Joint Venture Agreement with Deutsche Krankenversicherung AG (DKV) on October 11, 2006 to invest 20% of the equity capital of the proposed Joint Venture Company to carry on health insurance operations in India.
-----------------------------------
Hisar Metal members approve declaration of dividend
Hisar Metal Industries Ltd has informed that the members at the 16th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet as at March 31, 2006, and the Profit & Loss Account for the period ended on that date along with all the schedules annexed thereto, the Report of Auditors and Directors thereon.

2. Declaration of dividend of Rupees 1.00 per equity share for the financial year 2005-06.

3. Appointment of Shri. Sajjan Singh, as Director of the Company, liable to retire by rotation.

4. Appointment of M/s. J P Tulsian & Company, a firm of Chartered Accountants, as auditors of the Company to hold office from the conclusion of this meeting till the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.

5. Authority to Board to borrow moneys together with the moneys already borrowed by the Company (apart from temporary loans obtained from the Companys bankers in the ordinary course of business) exceeding the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, from directors, shareholders, firms, Financial Institutions, Companies financial, public or private sectors concerns, banks etc. with or without security on Companies' assets by way of mortgage.
-------------------------------------
WS Industries allots Non-convertible Cumulative Redeemable Preference Shares
WS Industries India Ltd has informed that Consequent to the resolution passed by the members at the Extraordinary General Meeting of the Company held on June 14, 2006, the Company has allotted 9,25,000 Non-convertible Cumulative Redeemable Preference Shares of Rs 100/- each fully paid by way of Private Placement on October 03, 2006 as per details furnished hereunder:

1. Schroder Credit Renaissance Ltd : 7,60,000 No. of Preference shares allotted.

2. Schroder Credit Renaissance L.P : 1,65,000 No. of Preference shares allotted.
-------------------------------------
Celebrity Fashions members sanction declaration of 10% dividend
Celebrity Fashions Ltd has informed that the members at the 17th Annual General Meeting (AGM) of the Company held on September 14, 2006, inter alia, have also accorded to the following:

1. Adoption of the Directors Report, the Audited Profit and Loss Account for the financial year ended March 31, 2006 and the Balance Sheet as at that date and the Auditors Report thereon.

2. Declaration of 10% dividend on every Equity Share of Rs 10/- each on the paid up share capital of the Company.

3. Re-appointment M/s. Anil Nair & Associates and M/s. CNGSN & Associates, Chartered Accountants, Chennai as Joint Statutory Auditors of the Company, to hold office from the conclusion of this 17th Annual General Meeting till the conclusion of the 18th Annual General Meeting of the Company, on remuneration, terms & conditions.

4. Ratified the pre IPO Scheme in accordance with the provisions of Guidelines 22.2A of SEBI (Employees Stock Options Scheme & Employees Stock Purchase Scheme) Guidelines 1999, subject to necessary provisions & approvals.
-------------------------------------
Reliance Petroleum to hold Board Meeting on Oct 19
Reliance Petroleum Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006, inter alia, to consider the Quarterly Disclosures as required under Clause 41 and 43 of the Listing Agreement for the quarter ended September 30, 2006.
-------------------------------------
Reliance Energy Board to consider Q2 results
Reliance Energy Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006, inter alia, to consider and take on record the Unaudited Financial Results (provisional) of the Company for the quarter ended September 30, 2006 (Q2).
-------------------------------------
Mphasis BFL to hold Board Meeting on Oct 30
Mphasis BFL Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 30, 2006, inter alia, to take on record the Audited Financial Results for the quarter ended September 30, 2006 (Q2).
-------------------------------------
Reliance Industries Board to consider Q2 results
Reliance Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006, inter alia, to consider the Unaudited Financial Results of the Company for the quarter / half year ended on September 30, 2006 (Q2).
-------------------------------------
Bervin Investment members approve re-appointment of T S Grover as Director
Bervin Investment & Leasing Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as on March 31, 2006, & the profit and loss account for the year ended March 31, 2006, & Auditors Report thereon with Directors Report.

2. Declaration of Dividend for the year ended March 31, 2006 @ Rs 1.00 per share on the issue & paid-up equity capital of the Company.

3. Re-appointment of Mr. T S Grover, as Director of the Company.

4. Re-appointment of M/s. Krishan K Gupta & Co., Chartered Accountants, as Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.
-------------------------------------
Vijaya Bank Board to consider declaration of interim dividend
Vijaya Bank has informed that a meeting of the Board of Directors of the Bank will be held on October 18, 2006, inter alia, has also consider the declaration of interim dividend for the year 2006-07.
-------------------------------------
WS Industries allots Non-convertible Cumulative Redeemable Preference Shares
WS Industries India Ltd has informed that Consequent to the resolution passed by the members at the Extraordinary General Meeting of the Company held on June 14, 2006, the Company has allotted 9,25,000 Non-convertible Cumulative Redeemable Preference Shares of Rs 100/- each fully paid by way of Private Placement on October 03, 2006 as per details furnished hereunder:

1. Schroder Credit Renaissance Ltd : 7,60,000 No. of Preference shares allotted.

2. Schroder Credit Renaissance L.P : 1,65,000 No. of Preference shares allotted.

Wednesday, October 11, 2006

Corporate News

Liberty Phosphate Board to consider preferential allotment of equity shares
Liberty Phosphate Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006, inter alia, to consider the following:

1. Preferential allotment of equity shares.

2. Issue of Cumulative Redeemable Preference Shares on private placement basis
-------------------------------
Arvind Chemicals Board to consider issue of Bonus Shares
Arvind Chemicals Ltd has informed that a meeting of the Board of Directors of the company will be held on October 19, 2006, inter alia, to consider the following:

1. Audited financial results for the eighteen months period ended September 30, 2006.

2. To recommend dividend, if any.

3. Issue of Bonus Shares.
-------------------------------
Ishwar Bhuvan members accord re-appointment of Directors
Ishwar Bhuvan Hotels Ltd has informed that the members at the 20th Annual General Meeting (AGM) of the Company held on September 27, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet as at March 31, 2006 and the Profit & Loss Account for the year ended on that date, together with the Directors and the Auditors reports thereon.

2. Re-appointment of Shri Kamlesh Barot & Shri Ishwarlal P Barot, as Directors of the Company.

3. Re-appointment of M/s Kamlesh Bhatt & Co., Chartered Accountants, as the Auditors of the Company, to hold office from conclusion of this Annual General Meeting until the conclusion of next Annual General Meeting of the Company, on remuneration, terms & conditions.

4. Appointment of Shri Bharat Varsani, Shri Romesh Koul, Shri Amit Garg & Shri Sanjay Mangal, as Directors of the Company.

5. Authority to Board to delist the equity shares of the Company from Ahmedabad Stock Exchange Association Ltd and Vadodara Stock Exchange Ltd.
-------------------------------
Media Matrix members sanction re-appointment of Priyanka Vedmehta as MD
Media Matrix Worldwide Ltd has informed that the members at the 21st Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet together with Profit & Loss Account, Directors Report and Auditors Report thereon for the year ended March 31, 2006.

2. Re-appointment of Ms Rashmi Pandey and Mr Ashok Lalwani, as Directors of the company.

3. Appointment of Auditors.

4. Re-appointment of Mrs Priyanka Vedmehta, as Managing Director (MD) for a period of 3 years.
--------------------------------
Mobile Tele Communications members approve re-appointment of directors
Mobile Tele Communications Ltd has informed that the members at the 11th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of Balance Sheet together with Profit & Loss Account, Directors Report and Auditors Report thereon for the year ended March 31, 2006.

2. Re-appointment of Shri Deotamuni Mishra and Shri Abhishek Mishra, as directors of the company.

3. Appointment of Auditors.

4. Re-appointment of Shri Anil Vedmehta, as Chairman & Managing Director for a period of 3 years.
---------------------------------
Jagsonpal Pharmaceuticals members sanction declaration of dividend
Jagsonpal Pharmaceuticals Ltd has informed that the members at the 27th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and the Profit and loss account for the Year ended on that date alongwith the reports of the Auditors and Directors thereon.

2. Declaration of dividend @ 2% on the Equity Shares.

3. Re-appointment of Mr A C Chakrabortti, as Director of the Company, liable to retire by rotation.

4. Appointment of Mr P P Thukral & Company, Chartered Accountants, as Auditors to hold office till the conclusion of next Annual General Meeting.

5. Appointment of Dr S K Goyal, as Director of the Company, liable to retire by rotation.

6. Appointment of Mr Jagmohan Singh Kochhar, as Chairman of the Company, on terms and conditions.

7. Appointment of Mr Rajpal Singh Kochhar, as Managing Director of the Company, on terms and conditions.

8. Appointment of Mr Prithipal Singh Kochhar, as Vice President - International Business, on terms and conditions.
---------------------------------
Electra Financial Services members approve re-appointment of Auditors
Electra Financial Services Ltd has informed that the members at the 12th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet together with Profit & Loss Account, Directors Report and Auditors Report thereon for the year ended March 31, 2006.

2. Re-appointment of Mr A Ganesan, as director of the company.

3. Re-appointment of Auditors.

4. Appointment of Mr Anil Vedmehta and Mrs Priyanka Vedmehta, as Directors.
----------------------------------
JK Agri Genetics members sanction re-appointment of P S Dravid as Manager
JK Agri Genetics Ltd has informed that the members at the 13th Annual General Meeting (AGM) of the Company held on September 06, 2006, inter alia, have accorded to the following:

1. To adjourn the adoption of Audited Accounts of the Company for the financial year ended March 31, 2006 and the Reports of the Auditors and the Directors thereon.

2. Re-appointment of Shri J R C Bhandari & Shri Sanjay Kumar Khaitan, as directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s Lodha & Co., Chartered Accountants as Auditors of the Company to hold office from the conclusion of the 13th Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

4. Re-appointment of Shri P S Dravid, as Manager of the Company under the designation of President for a period of 3 years with effect from September 05, 2006, on remuneration, terms & conditions.
----------------------------------
Apollo Hospitals members approve appointment of Steven J Thompson as director
Apollo Hospitals Enterprise Ltd has informed that the Board of Directors of the Company at its meeting held on October 10, 2006, inter alia, has approved the following:

1. Authorising Dr. Prathap C Reddy, Chairman to sign the Joint Venture Agreement with Deutsche Krankenversicherung AG (DKV), a market leader in Health Insurance business in Europe and a part of the Munich Re group, one of the worlds largest reinsurance player, on October 11, 2006.

2. Appointment of Mr. Steven J Thompson as a director in the place of Mr. T M Joseph.
---------------------------------
Parekh Platinum members sanction appointment of Manoj Shah as Director
Parekh Platinum Ltd has informed that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as on March 31, 2006 and the Profit and Loss Account for the period ended on March 31, 2006 together with the Directors Report, Auditors Report and Notes on Accounts thereon.

2. Re-appointment of Mr Hiten Shah, as Director of the Company.

3. Re-appointment of M/s Kastury & Talati, Chartered Accountants, Mumbai as Auditors of the Company to hold office from conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting on remuneration, terms and conditions.

4. Appointment of Mr Manoj Shah as Director of the Company, liable to retire by rotation.

5. Appointment and payment of remuneration to Mr Rajesh J Parekh as Chairman and Managing Director of the Company for a period of 5 years w.e.f. August 01, 2006 on the terms and conditions.
----------------------------------
Channel Guide members approve appointment of Auditors
Channel Guide India Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as on March 31, 2006 and the Profit and Loss Account for the year ended on that date and the Directors and Auditors Reports thereon.

2. Re-appointment of Mr. Rakesh Jain and Mr. Vinod Kothari, as Directors of the Company.

3. Appointment of M/s Hansaria & Associates, Chartered Accountants, Mumbai, as Auditors of the Company to fill casual vacancy caused by resignation of M/s Jain Jain & Associates and to hold office from the conclusion of this meeting till the conclusion of next Annual General Meeting, on remuneration, terms and conditions.
----------------------------------
Harvic Management members sanction re-appointment of Statutory Auditors
Harvic Management Services India Ltd has informed that the members at the 13th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Approval of Audited Accounts for the year ended March 31, 2006.

2. Re-appointment of Mr. Shyam Kumar Suthar, as a Director of the Company, liable to retired by Rotation.

3. Re-appointment of Statutory Auditors.
----------------------------------
Suryamukhi Trading to hold Board Meeting on Oct 18
Suryamukhi Trading & Finance Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006, inter alia, to consider the following businesses:

1. To induct Mr K Ramakrishna Reddy as the Additional Director of the Company on the Board.

2. The resignation of Mr Hasmukh A Gada as the Director of the Company.

3. The Preferential Allotment for Acquisition of stake in Shivsagar Paper & Chemicals Ltd to the tune of Rs 540 lakhs.
-----------------------------------
Amtek Auto allots equity shares
Amtek Auto Ltd has informed that the Allotment Committee of the Board of Directors of the Company at its meeting held on October 10, 2006, has allotted 312,324 equity shares at Rs 209.83/- per share upon the conversion of FCCBs of USD 1.50 million.
-----------------------------------
Ganesh Benzoplast members sanction appointment of K H Desai as Director
Ganesh Benzoplast Ltd has informed that the members at the 19th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and the Audited Profit and Loss Account for the year ended March 31, 2006, together with the Reports of the Directors and Auditors thereon.

2. Re-appointment of Shri. Ramesh S Pilani, as Director of the Company, liable to retire by rotation.

3. Re-appointment of M/s Shivkumar Sharma & Associates, Chartered Accountants, as Auditors of the Company, from the conclusion of 19th Annual General Meeting till the conclusion of the next Annual General meeting of the Company.

4. Appointment of Shri. K H Desai, as Director of the Company, liable to retire by rotation.
----------------------------------
Chartered Capital members approve re-appointment of Auditors
Chartered Capital & Investment Ltd has informed that the members at the 20th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006, and Profit & Loss Account for the year ended March 31, 2006, and the Directors Report and Auditors Report thereon.

2. Re-appointment of Shri. Sanatan Munsif, as Directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s. Mayank Shah & Associates, Chartered Accountants, as Auditors of the Company and to hold office from the conclusion of this Meeting until the conclusion of the next Annual general Meeting of the Company for the financial year 2006-2007, on remuneration, terms & conditions.

----------------------------------
ABG Heavy Board sanctions issue of Equity Shares
ABG Heavy Industries Ltd has informed that the Board of Directors of the Company at its meeting held on October 10, 2006, has considered and approved the proposal to create, issue and allot 1,50O,000 Equity Shares of Rs 10/- each fully paid at a premium of Rs 315/- to PSA India Pte. Ltd. on preferential basis as per SEBI Guidelines subject to approval of the members at the Extra ordinary General Meeting.

Further the Company has informed that, the Board also decided to convene an Extra Ordinary General Meeting (EGM) of members of the Company on November 04, 2006 for the same.
----------------------------------
West Coast Paper members sanction declaration of dividend
West Coast Paper Mills Ltd has informed that the members at the 51st Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of Directors Report and the Audited Accounts of the Company for the year ended March 31, 2006, together with the Auditors Report thereof.

2. Declaration of dividend on Equity Shares of Rs 10/- each, for the year ended March 31, 2006 at the rate of Rs 15/- per share.

3. Re-appointment of Smt. Shashi Devi Bangur and Shri. P N Kapadia, as Directors of the Company.

4. Appointment of M/s Batliboi & Purohit, Chartered Accountants, Mumbai, as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.

5. Re-appointment of Shri. S K Bangur chairman of the Company, as Managing Director of the Company for a further period of five years with effect from May 01, 2006 on remuneration, on terms and conditions.
-----------------------------------
Gayatri Starchkem members approve re-appointment of T G Pandya as Director
Gayatri Starchkem Ltd has informed that members at the 15th Annual General Meeting (AGM) of the Company held on September 27, 2006, inter alia, have approved the following resolutions:

1. Adoption of Annual Accounts for the financial year ended March 31, 2006.

2. Re-appointment of Sri. T G Pandya as Director of the Company.

3. Re-appointment of M/s. C B Mouli & Associates, Chartered Accountants as Statutory Auditors of the Company
-----------------------------------
Patel Engineering members approve declaration of final dividend
Patel Engineering Ltd has informed that the members at the 57th Annual General Meeting (AGM) of the Company held on September 18, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Profit & Loss Account for the year ended March 31, 2006 and the Balance Sheet as on that date together with the Report of the Board of Directors and Auditors thereon.

2. Declaration of final dividend @ Re 0.30 paise per equity share for the year ended March 2006.

3. Reappointment of Mr. Rupen Patel, Mr. Rajat Patel and Mr. Pravin Patel as Directors of the Company.

4. Reappointment of Messers. Vatsaraj & Co., as Auditors of the Company for the financial year 2006-2007.

5. Appointment of Mr. Ajay Tuli as a Director of the Company.

6. Reappointment of Ms. Sonal Patel and Mr. S K Desai as Whole-time Directors for a further period of 3 years.

7. Increased the number of Directors from 12 to 15 under Sec. 258 and 259 of the Companies Act.

8. Approved ESOP shares to eligible employees as per scheme specially to be formulated by the Committee appointed.
-----------------------------------
Kalyani Forge appoints C H Naniwadekar as Director
Kalyani Forge Ltd has informed that the Board of Directors, by circular resolution, has appointed Mr. C H Naniwadekar, as a Director of the Company, w.e.f. October 06, 2006. He is also a member and Chairman of Audit Committee, Remuneration Committee and Shareholders Grievance Committee
-----------------------------------
Geefcee Finance nominates Independent Director
Geefcee Finance Ltd has informed that Shri. Tarun Kansal, Chartered Accountant of eminence and Ex-Chairman, Ghaziabad Branch of the Institute of Chartered Accountants of India has been appointed as an Independent Director on the Board of Company with immediate effect.

Mr. Kansal has also been appointed as Chairman of the Audit Committee of the Company.
------------------------------------
Tatia Intimate members sanction re-appointment of Director
Tatia Intimate Exports Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 28, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and the Profit & Loss account for the period ended on that date along with Auditors Report & Directors Reports thereon.

2. Re-appointment at Mr. S Pannalal Tatia, as Director of the Company.

3. Re-appointment of M/s K Subramanyam & Co., Chartered Accountants, as Auditors of the Company to hold office from conclusion of the said meeting until the conclusion of next Annual General Meeting of the Company.
------------------------------------
UMS Technologies members approve re-appointment of Auditors
UMS Technologies Ltd has informed that the members at the 36th Annual General Meeting (AGM) of the Company held on September 26, 2006, inter alia, have also accorded to the following:

1. Adoption of the Audited Balance Sheet of the Company as at March, 2006 and Profit and Loss Account for the year ending March 31, 2006 together with Directors Report and the Auditors Report thereon.

2. Re-appointment of Shri. G D Rajkumar and Smt. V Shanthini as Directors of the Company.

3. Re-appointment of M/s. P N Raghavendra Rao & Co., Chartered Accountants as Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.
------------------------------------
Indo Tech Transformers wins orders
Indo Tech Transformers Ltd has procured orders for Power Transformers of 8 MVA - 33 KV and 16 MVA - 33KV and 110KV ratings to the tune of Rs 950.00 million from Tamil Nadu Electricity Board (TNEB). In addition to the above, the Company has procured orders worth Rs 22.00 million from Industrial Clients and Export Orders worth Rs 12.00 million.
------------------------------------
Innovation Medi members sanction change name of the company
Innovation Medi Equip Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on September 08, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and the Profit & Loss Account for the year ended on that date and the reports of the Directors and Auditors thereon.

2. Re-appointment of Mr A Mubarak Ali, as Director of the Company.

3. Re-appointment of M/s P B Vijayaraghavan & Co., Chartered Accountants, Chennai, as the Statutory Auditors of the Company, to hold office from conclusion of this Annual General Meeting until the conclusion of forthcoming annual general meeting of the Company, on remuneration, terms & conditions.

4. Appointment of Mr Hari Kumar Menon as Directors of the Company, liable to retire by rotation.

5. Change of the name of the Company from Innovation Medi Equip Ltd to Invicta Meditek Ltd, subject to approval of register of companies, Chennai and other statutory approvals.
-----------------------------------
BHEL Board to consider Q2 results
Bharat Heavy Electricals Ltd (BHEL) has informed that a meeting of the Board of Directors of the Company will be held on October 27, 2006, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter ended September 30, 2006 (Q2).
-----------------------------------
Hindustan Zinc members approve declaration of dividend
Hindustan Zinc Ltd has informed that the members at the 40th Annual General Meeting (AGM) of the Company held on September 16, 2006, inter alia, have accorded to the following:

1. Adoption of the audited Balance Sheet as at March 31, 2006 and the Profit and Loss Account for the year ended on that date along with Directors Report and Auditors Report.

2. Declaration of a dividend @ 25% on the paid-up equity share capital for the year 2005-06.

3. Re-appointment of Shri Tarun Jain, Shri A C Wadhawan and Shri N K Shukla as Directors of the Company.

4. Re-appointment of M/s Deloitte Haskins & Sells, Chartered Accountants as Auditors of the Company for the period from the conclusion of 40th Annual General Meeting to the conclusion of the next Annual General Meeting on remuneration, terms and conditions.

5. Confirmation of appointment of Shri M S Mehta as CEO & Whole-time Director.

Further the Company has informed that, the members of the Company by way of Postal Ballot have passed the resolution for alteration in the Object Clause, with overwhelming majority.
-----------------------------------

Nectar LifeSciences-Sustaining Life

Nectar Lifesciences Ltd-Sustaining Life

BSE 532649; CMP Rs 163

Nectar Lifesciences is one of the leading players in the cephalosporin market, which is a life saving drug and is in high demand. The company has undertaken capacity expansions and is foraying into new product segments to gain a competitive edge and to cater to the regulated markets. The company is moving up the value chain and undertaking backward integration to cover the whole spectrum.

It has been performing well over the last three years growing at a CAGR of 21% in sales and 40% in PAT. Its NPM is high compared to that of Aurodindo Pharma and Orchid Chem which are dominant players in the cephalosporin market both in the domestic and world markets.

Valuations are attractive at 6x FY06 consolidated earnings (8.0x its standalone FY06).

Investment Rationale

Moving up the value chain and forward integration: Nectar Lifesciences has mainly been an API player in non-regulated markets. It is now looking at moving up the value chain. And to forward integrate, it will be shifting to formulations for which it is setting up a plant in Baddi at a capex of Rs.300m, which is expected to be commissioned in the fourth quarter of FY07. The full effect on revenues will be seen in FY08.

Entering the regulated markets: The company is entering the regulated markets of the US and Europe. To cater to the needs of the regulated markets, the company is increasing the existing cephalosporin capacities in Derabassi and adding capacities in Baddi. It has invested Rs.300mn to set up a formulations unit in Baddi for this purpose. The company will also develop third and fourth generation of Cephalosporin for the regulated markets.

Manufactures high-end cephalosporin: The Company has increased its concentration in the high-end cephalosporin segment. It manufactures the entire range of the product through 7 ACA process which makes Nectar the lowest cost supplier of the entire range of cephalosporins in the country.

Company Outlook

To strengthen its position in the fast-growing Cephalosporins market, the company has undertaken the following strategies

Expansion of the installed capacity in oral and sterile cephalosporin segments.

Setting up additional sterile cephalosporin manufacturing unit at Derabassi.

Addressing high-end Cephalosporin market to ensure superior operating margins.

Forward integration and foray into the manufacture of cephalosporin based formulations.

Backward integration into drug intermediates.

The company is present in the low volume high margin anti-infective segment in the domestic market valued at USD 30bn both in terms of revenue and prescription volume. In view of the growing cepahalosporin market and the company's strive to establish itself as a global player, the company is expected to perform well in the coming quarters.

Nectar has witnessed a CAGR of 21% in net sales over the last three years and going forward it is expected to do well supported by its capacity expansions and forward and backward integration.

Financials

Annual: The company had turned out a good performance in FY06 with the net sales registering a 42% growth, the EBIDTA going up by 134% and the net profit increasing by 58%. The EBIDTA margin improved to 25% compared to 15% in FY05.

Quarterly: The standalone net sales have gone up by 50%. The net profit was up 94%.

Valuations

The stock is trading at 6x its FY06 consolidated earnings, 7.0x its standalone FY06 earning. Nectar trades at much lower PE multiples when compared to companies like Aurobindo Pharma and Orchid Chemicals which are dominant players in Cephalosporins not only in the domestic markets but also globally.

PlanBucks