Thursday, October 05, 2006

Corporate news

Zenith Birla - Outcome of CoD meeting
Zenith Birla India Ltd has informed that the Committee of Directors (CoD) of the Company at its meeting held on October 03, 2006, has fixed the issue Price of Rs. 55/- per share ( i.e. Face Value Rs 10 and Premium Rs 45 per share) for its forthcoming FPO which would open for subscription from October 16, 2006 to October 20, 2006.

The Company shall issue 2,38,18,182 Equity Shares for Rs 55/- per share aggregating to Rs. 13,100 lacs, including Promoter's contribution of Rs. 2,500 lacs.
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State Bank of India - CRISIL Rating
CRISIL Ltd has assigned/reaffirmed following ratings to State Bank of Indias Upper Tier II Bonds issue:

Rs 10 Billion Upper Tier II Bonds: AAA/Stable(Assigned)

Rs 3.50 Billion Upper Tier II Bonds: AAA/Stable(Assigned)

Aggregating Rs 60 Billion Upper Tier II Bonds: AAA/Stable(Reaffirmed)

Aggregating Rs 58 Billion Lower Tier II Bonds: AAA/Stable(Reaffirmed)

Rs 30 Billion Certificate of Deposits Programme: P1+(Reaffirmed)
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Indo Asian Fusegear - Outcome of AGM
Indo Asian Fusegear Ltd has informed that the members at the 17th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

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

2. Declaration of the preference dividend @ 10% on 10,00,000 Preference shares of Rs 10/- each for the year 2004-05 and paid to Heinrich Kopp A G Germany.

3. Re-appointment of Sh. V P Mahendru & Sh. P K Ranade as Directors of the Company.

4. Appointment of M/s J C Bhalla & Co., Chartered Accountants, New Delhi as statutory Auditors of the Company.

5. The Borrowing Powers of the Board of Directors pursuant to Section 293(1)(d) of the companies Act, 1956 to borrow upto an amount extent of Rs 100 crores.

6. Creation of mortgage, charge and / or hypothecation on moveable and immovable properties of the Company under Section 293(1)(a) of the Companies Act, 1956, for securing financial assistance from financial institutions, investment institutions, banks, mutual funds, trusts and other body corporates.
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Century Enka - Q2 results on Oct 27
Century Enka Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 27, 2006 to approve the Unaudited Financial Results (Provisional) for the quarter ended September 30, 2006 (Q2).
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Spanco Telesystems - Outcome of Board Meeting
Spanco Telesystems & Solutions Ltd has informed that the Board of Directors of the Company at its meeting held on September 30, 2006, are as follows:

The Board, pursuant to the Scheme of Arrangement as approved by the Honourable High Court of Mumbai vide its Order dated August 04, 2006, has reorganized the equity share capital of the Company by cancellation of Rs 3.33 of every equity share of Rs 10 fully paid up, i.e. subscribed and paid up capital of Rs 237,368,260 divided into 23,736,826 equity shares of Rs 10 each fully paid, reorganized to Rs 158,245,510 divided into 23,736,826 equity shares of Rs 6.67 each fully paid up and the same was consolidated into 15,824,551 equity shares of Rs 10 each fully paid up amounting to Rs 158,245,510/-.

Consequent to the aforesaid reorganization, the resultant/revised subscribed and paid up equity capital of the Company is Rs 158,245,510 divided into 15,824,551 equity shares of Rs 10 each fully paid.
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CMC - Q2 results on Oct 14
CMC Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 14, 2006, inter alia, to consider and approve the Unaudited Financial Results for the quarter ending September 30, 2006 (Q2).
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Orient Abrasives - Sale of Bonded Abrasives Business
Orient Abrasives Ltd has informed that the Bonded Abrasives Business of the Company has been transferred to Grindwell Norton Ltd with effect from October 01, 2006.
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India Infoline launches exclusive SMS Value Added Service
India Infoline Ltd has informed that the Company has launched the first ever unique, customized Mobile Value Added Service (VAS) for its Customers.

As pioneers in VAS genre of SMS service, the Company will provide its customers with first hand information about their own stocks and account positions.

VAS service offers the following customized solution to our clients:

1. Real time news pertaining only to the stocks in customers account.

2. Market updates, which includes Sensex, Nifty, Midcap, Dollar & Gold.

3. Day-end net position of the customers portfolio.

4. Customers can obtain their risk position before the market opens through Debit/Credit ledger balance.

5. Providing real time prices of the scripts in the customers account.

6. Strong research generates premium Stock ideas to further add value.

The Company plans to move one level up in terms of customization by launching mobile trading which is subject to necessary regulatory approvals. The Company with its leveraged technology, acclaimed research and expert advice manages your portfolio, with service par excellence ensuring wide choices all under one roof.
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Suven Life Sciences - Grant of Stock Options
Suven Life Sciences Ltd has informed that the Compensation Committee of the Board of the Company at its meeting held on September 30, 2006, has granted 1,50,000 Stock Options to the eligible employees
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Ambika Cotton - Outcome of AGM
Ambika Cotton Mills Ltd has informed that the members at the 18th 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 of the Company as at March 31, 2006 and Profit and Loss Account for the year ended on that date and reports of the Directors and Auditors thereon.

2. Declaration of dividend at the rate of 20% (Rs 2.00 Per share).

3. Re-appointment of Sri. K N Sreedharan & Sri. K Venkatachalam as Directors of the Company.

4. Re-appointment of M/s. L Venkatasubbu & Co., Chartered Accountants, Coimbatore as Auditors until the conclusion of the next AGM of the Company, on remuneration, terms and conditions.

5. Appointment of Sri. R Soundararaja Perumal as Director of the Company.

6. Remuneration to Sri. P V Chandran Chairman cum Managing Director of the Company, on terms & conditions.

7. Authority to the Board for borrowings from time to time any sum or sums of money which together with the money already borrowed by the Company. (apart from temporary loans obtained from the bankers of the Company in the ordinary course of business) shall not exceed in the aggregate at any one time Rs 400.00 Crores irrespective of the fact that such aggregate amount of borrowing outstanding at any one time may exceed the aggregate for the time being of the paid-up capital of the company and its free reserves, that is to say, reserves not set apart for any specific purpose.

8. Listing of Equity Shares of the Company with National Stock Exchange, subject to necessary provisions & approvals.
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Satyam Computer - Conversion of Stock Options
Satyam Computer Services Ltd has informed that the Compensation Committee of the Directors of the Company has allotted 75,800 equity shares through circular resolution on October 04, 2006 under stock option plans of the Company.

Consequent to the above allotment, the paid up share capital of the Company has gone up from 327,317,154 equity shares of Rs 2/- each aggregating Rs 654,634,308 to 327,392,954 equity shares of Rs 2/- each aggregating Rs 654,785,908.
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Thermax - Updates on Scheme of Amalgamation
Thermax Ltd has informed that the date of hearing of the petition filed for scheme of amalgamation by the transferor companies ( i.e. Thermax Co-gen Ltd, Thermax Electronics Ltd & Winman Gas Ltd (Wholly owned subsidiaries)) with the Honourable High Court of Judicature at Bombay has been fixed on November 10, 2006.
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Nahar Spinning - Outcome of AGM
Nahar Spinning Mills Ltd has informed that the members at the 26th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

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

2. Declaration of the payment of dividend at the rate of 50% (i.e. Rs 5/- per fully paid shares) for the year ended March 31, 2006.

3. Re-appointment of Sh. Kamal Oswal, Sh. S K Sharma & Sh. Amarjeet Singh as Directors of the Company.

4. Re-appointment of M/s. Gupta Vigg & Co., Chartered Accountants to hold office from the conclusion of this Annual General Meeting up to the conclusion of the next Annual General Meeting of the Company.

5. Re-appointment of Sh. Dinesh Oswal as Managing Director of the Company for a period of five year w.e.f January 01, 2007 on the terms and conditions.

6. To give approval in terms of Section 293(1)(e) of the Companies Act, 1956 to the Board of Directors to contribute to Charitable and other funds not directly relating to the business of the Company or the welfare of its employees upto a maximum of Rs 1 Crore of 5% of the company's average net profit determined as per the provisions of the Act, which ever is greater, in any financial year.

7. To give consent and approval U/s 149(2A) of the Companies Act, 1956 for commencing and undertaking the real estate business as enumerated in clause 12 (a & b) of Clause — III-C of the object clause of the Memorandum of Association of the Company.
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HDFC - Allotment of equity shares under ESOS
Housing Development Finance Corporation Ltd (HDFC) has informed that the Corporation on October 04, 2006, has allotted 13,776 equity shares of Rs 10/- each under its Employees Stock Option Schemes (ESOS).
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Bharat Bhushan - Payment of Dividend
Bharat Bhushan Share & Commodity Brokers Ltd has informed that October 23, 2006 will be the date of dividend for the year 2005-2006 declared in the Annual General Meeting held on September 29, 2006.
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Exide Industries - Q2 results on Oct 18
Exide Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006, to consider the quarterly financial results for the period ended September 30, 2006 (Q2) subjected to a limited review by the Auditors of the Company.
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Grasim Industries - Q2 results on Oct 18
Grasim Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006, inter alia, to take on record the unaudited financial results (provisional) for the quarter ended September 30, 2006 (Q2).
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Automobile Corporation - Outcome of AGM
Automobile Corporation of Goa Ltd has informed that the members at the 26th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have passed unanimously all the resolutions appearing in the Notice.
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GTL - Payment of Dividend
GTL Ltd has informed that a regular dividend of 20% for the fifteen months period ended June 30, 2006 and a one time special dividend of 180%, was approved by the shareholders at the 18th Annual General Meeting of the Company held on September 27, 2006. The aggregate of the payout of the said dividend totals to Rs 216.76 Crore and this translates to a dividend of Rs 20/- per equity share.

The Company has fixed October 16, 2006 as the date of payment of the dividend
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National Mineral Board to consider Interim Dividend
National Mineral Development Corporation Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 31, 2006, to consider Interim Dividend for the year 2006-2007.
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Champagne Indage - Allotment of equity shares
Champagne Indage Ltd has informed that pursuant to the special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on September 12, 2006, the Company on September 22, 2006, has allotted 9,00,000 Equity Shares of Rs 10/- each at a premium of Rs 313/- per share on a preferential basis to the specified investors as mentioned in the notice convening the Extraordinary General Meeting.
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GNFC - Q2 results on Oct 19
Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has informed that a meeting of the Board of Directors of the Company will be held on October 19, 2006, to take on record/approve the Unaudited Financial Results for the Second Quarter (Q2)/Half Year ended September 30, 2006.
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Amforge Industries - Outcome of AGM
Amforge Industries Ltd has informed that the members at the 34th 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 of the Company as at March 31, 2006 and the Profit and Loss Account for the financial year ended on that date together with the Directors' Report and the Auditors' Report thereon.

2. Re-appointment of Shri Yogiraj Makar as the Director of the Company, liable to retire by rotation.

3. Appointment of M/s Bansal & Associates, Chartered Accountants as Auditors of the Company from the conclusion of the Annual General meeting until the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.

4. Re-appointment of Shri Puneet Makar as Director of the Company.

5. Re-appointment of Shri Puneet Makar as Chairman & Managing Director of the Company for a period of 3 years w.e.f October 01, 2006, and approving remuneration, subject to the approval of the Central Government.

6. The compensation paid/payable towards rendering of the technical advisory services by Shri Yogiraj Makar, Director of the Company.

7. The compensation paid/payable towards rendering advisory services by Shri Fali P Mama, Director of the Company.
 
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HPCL - Q2 results on Oct 18
Hindustan Petroleum Corporation Ltd (HPCL) has informed that a meeting of the Board of Directors of the Corporation will be held on October 18, 2006, inter alia, to consider, the Unaudited Financial Results of the Corporation for the Second Quarter ended September 30, 2006 (Q2).
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Abbott India - Outcome of Buy-back Committee of Directors Meeting
Abbott India Ltd has informed that subsequent to shareholders approval, Buy-back Committee of the Board of Directors of the Company at its meeting held on October 04, 2006, has approved Buy-back of 8,07,360 fully paid-up equity shares of the Company via the tender offer method at a price of Rs 650 per Share by utilising aggregate amount of Rs 52,47,84,000.

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