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.

OPEC and Oil Price Control- Is it a Myth?

OPEC and Oil Price Control- Is it a Myth?

 

 

• Lois had Superman
• Jane had Tarzan
• Paris Hilton has her daddy's team of lawyers working 'round the clock

And, according to the mainstream financial media, the crude oil market has OPEC, the Organization of the Petroleum Exporting Countries, to protect it from the danger of steep declines.

Which brings us squarely to the main event: News flash, oil is a long way away from the triple digit price range predicted by the usual suspects in early July: since hitting its all-time high of $78.40 on July 4, crude has crumbled over 20%.

Enter Vine-swinging hero now: On October 8, OPEC officials "informally" ahhh-ahahh-ahhnounced their decision to cut production by 4% (reducing supplies by one million barrels a day) in order to "stem the slide in oil prices."

Forget the fact that 60% of the world's oil comes from some place OTHER THAN the 11-nation cartel. Problem is, SIZE or not, OPEC has hardly proved itself in strength. On this, we recall January 2000: at the time, crude oil had just surged to $28 per barrel, its highest level since the beginning of the Persian Gulf War nine years earlier.

Needless to say, the public was starting to panic. "Gas prices" above $1.50 a gallon shouted some; "Peak Oil" is here, barked others. "Oil at $30 a barrel is in nobody's best interest," finished a January 20 Financial Times. "OEPC will try and keep the price in a sensible band."

Soon after, the OPEC secretary general got up and made this promise: "If the price of oil stays above $28 a barrel for a long time, we will take action to bring the level down to around $25."

In the four years following, oil prices nearly doubled to over $40.

Enough, for OPEC, was enough. In 2004, the cartel cited the "$20-$25 per barrel range in lieu of the undeniable fact that "stockpile levels were rising in developing countries."

Still, crude's advance was unstoppable. Prices continued to soar past $50, $60, $70 before hitting its July 4, 2006 all-time high. In OPEC's defense, one 2005 news source had this to say: "When it became apparent that forces outside of its control, not fundamentals of supply and demand, were the reason behind oil's spike, the cartel abandoned its bearish posture."

Who's to say "forces outside of its control" are not at work again now, OR that they have always been and always will be at work in the market?

Well, that's exactly we say. And, in the July 25, 2006 Elliott Wave Theorist, WE DID with this alert : "A setback of at least Primary Degree is due now. Stay away from the long side."

The 23% plunge since then speaks for itself.

Muhurat Trading on 21st Oct--On Diwali

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

 

FUTURES & OPTIONS SEGMENT

 

CIRCULAR

 

Circular No.: NSE/F&O/069/2006

Download No. NSE/FAOP/7978

 

Date: October 6, 2006

 

 

Dear Members,

 

Sub : Muhurat Trading session on account of Diwali

 

 

In pursuance of clause 2.3 and clause 2.4 of Regulations (F&O Segment) and circular no. NSE/F&O/171/2005 dated December 13, 2005 and without prejudice to the applicable provisions of the Securities Contracts (Regulation) Act, 1956 and other relevant statutes, the Exchange hereby notifies the special muhurat trading session on account of Diwali, on Saturday, October 21, 2006. The market timings for muhurat trading session will be as follows:

 

Normal Market open / Exercise Market Open time                   : 18:15 hrs.

Normal Market close                                                                : 19:30 hrs.

Set up cut off time for Position Limit / Collateral value     :  19:30 hrs

Trade modification end time / Options Exercise Market Close time   : 20:00 hours

 

For National Stock Exchange of India Ltd.

 

Suprabhat Lala

Assistant Vice President  F&O Trade

 

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

CAPITAL MARKET OPERATIONS

CIRCULAR

 

Circular No.: NSE/CMO/054/2006

Download No. NSE/CMTR/7977

Date:  October 6, 2006

 

Dear Members,

 

Sub : Muhurat Trading session on account of Diwali

 

 

In pursuance of clause 2.3 and 2.4 of chapter 2 of part A of the Capital Market Trading Regulations and circular no.: NSE/CMO/0269/2005 dated December 13, 2005 and without prejudice to the applicable provisions of the Securities Contracts (Regulation) Act, 1956 and other relevant statutes, the Exchange hereby notifies the special trading session for muhurat trading on account of Diwali on Saturday, October 21, 2006. The market timings for muhurat trading session for Normal / RDM/ Odd Lot Market shall be as follows:

 

Normal / RDM/ Odd Lot Market Open                        : 18:15 hrs

Normal / RDM / Odd Lot Market Close                       : 19:30 hrs

Closing Session start                                                     : 19:50 hrs

Closing Session end                                                      : 20:00 hrs

 

 

For National Stock Exchange of India Ltd.

 

 

Suprabhat Lala

Asst. Vice President (Capital Market)

Femcare and Rel Com - ET

Fem Care Pharma
Research: HDFC Securities
Recommendation: Buy
CMP: Rs 325.80 (Face Value Rs 10)
12-Month Price Target: NA

Fem Care Pharma (FCPL) is the market leader in bleaching cream, hair removing cream and liquid soap. FCPL manufactures and sells all its products under the brand names 'Fem' and 'Bambi'. It operates in a niche segment in the FMCG sector, mostly targeting the young female population.

FCPL sees liquid soap as a major emerging product, which could have a large positive impact on its overall turnover. FCPL's vision is to become a major player in the skin and hair care segment by introducing unique molecules in the market, while its mission is to provide innovative and quality products at affordable prices.

For FY07, FCPL could get the advantage of higher capacity and larger topline. Hence, it could report sales of Rs 82.8 crore and PAT of Rs 10.5 crore, translating into an EPS of Rs 34.9 (Rs 24.2 in FY06). At current market price, FCPL is available at FY06 P/E of 12.4 and FY07 P/E of 8.6. Investors could look at buying FCPL in the Rs 274-295 price band to ride on the uptrend, based on expected EPS expansion.

Reliance Communications
Research: Merrill Lynch
Recommendation: Buy
CMP: Rs 353.75 (Face Value Rs 5)
12-Month Price Target: Rs 385

At this point, Reliance Communications expects to keep its CDMA network, and will further build on CDMA only where it is most cost-effective. The company expects its capex on GSM to be similar to what it may have been on CDMA for supporting growth.

The company expects to receive requisite GSM spectrum by early '07. Given that both BSNL and Reliance Communications have no tenants on their sites, there could be significant opportunity for infrastructure-sharing between them. Merrill Lynch thinks the execution of Reliance Communications' GSM expansion will become visible 4-5 quarters from now.

In the non-wireless segment, Reliance Communications commissioned its Falcon sub-sea cable in September '06 and positive contribution from the same should fully kick in from Q3 FY07. In the broadband business, Reliance Communications continues to focus on enterprise services. While execution risks remain, visibility on the company's capex strategy is relatively better (unambiguously focused on GSM).

Mid Caps View...

Mid cap funds are the haute couture of the Indian mutual fund industry. They are hot, in vogue, and ardently sought after, and, not without reason.

Of course, if you are still in awe of the Sensex's rise over the past few years, you have completely overlooked the pulse of the market - the spectacular rise of mid-cap stocks. With the BSE Midcap's annualised return of 45% during the past four years, the Sensex return of 40% is pale in comparison. Mid-caps finally have their place in the sun with almost every fund house having a dedicated mid-cap fund.

From the list of diversified equity funds, we shortlisted those having an average allocation of over 50% to mid and small-caps over the last three years (August 2003 - July 2006). Our list narrowed down to 24. Over a three-year period ended August, of the top 15 performers in the diversified equity funds, as many as 11 belonged to the above set of 24. The annualised returns of these funds stood at over 50% taking into account the May correction.

High return, but with high risk

Smaller companies offer more potential for growth and have a long way to go before they become too large to sustain that growth level. They tend to be more nimble and react faster to changes. This is the where you can scout for multi-baggers and get to invest in the future large-caps. But that is just one side of the picture. And too often, that is the only aspect considered by investors.

Despite the glamorous returns, mid-caps are a risky investment. While everyone tends to harp upon the fact that at one time Infosys and Bharti Airtel (earlier known as Bharti Televentures) were mid-caps, they are mum on the fact that there are a lot of mid-caps that will not grow into large-caps. Some will not be equipped to survive a bad phase since they have insufficient financial resources. Some will do better than the rest. Mid-caps tend to combine the characteristics of large-caps and small-caps by offering more growth than the former and less risk than the latter.

Being characterised by lower market capitalisation and limited liquidity, when such a stock witness huge inflows, their prices zoom irrespective of the fundamentals. Picking up this trend, naive investors pump money into it and sooner or later end up losing money.

Historically, mid-caps have displayed the tendency to rise more than large-caps in a booming stock market and plunge to greater depths when the market dips. From the peak of May 10 to June 14, 2006, when the market bottomed out, the Sensex lost 29% but the BSE mid cap lost 38.32% while BSE small cap, 42%.

Among the diversified equity funds, the higher the investment in smaller stocks, the more severe the impact on returns. The funds that were ranked among the top 25% during May 10 to June 14, 2006, had an average 66% invested in large-cap stocks, and less than 10% in small-caps (see Table: Quartile Classification). On the other hand, the worst 25% had just over 40% in large-caps and 22% in small-caps. Little wonder that for the three-year period ending August 31 the CNX Midcap had a standard deviation of 8.05% while the S&P Nifty had 6.95%.

No easy task

Even if you are still willing to take a chance with mid-caps, choosing the right pick is no easy task. The universe of mid-cap stocks is larger than the large-cap players while the quantity and quality of information available on them is much less. Being rather illiquid, the maximum benefit will accrue to the earliest entrant. So the challenge lies in picking up a winner before anyone else does. A primary concern among the top-performing mid-cap funds is their huge size. Reliance Growth is over Rs 2,000 crore in size while Franklin India Prima boasts of assets exceeding Rs 1,700 crore. The relatively younger but well established Sundaram BNP Select Midcap has also crossed the Rs 1,000-crore mark.

Why does the size of the fund matter? With mid-caps being illiquid stocks, huge holdings in them could severely hamper price and exit options. A small fund is more agile and can enter and exit mid- and small-cap stocks according to changes in the market conditions but a big fund will not have this much of flexibility. Moreover, the larger the fund, the lesser is the impact of a single multi-bagger. Even if a huge fund has a substantial stake in a mid-cap, it will only form a miniscule part of the overall portfolio. However, there is not much evidence to conclusively say that the size of the largest mid-cap fund is leading to under-performance.

Are mid-caps your cup of tea?

Mid-caps truly reflect the stock market story - the growth of companies, which in turn reflects the growth of the economy. The best way you can ride the growth wave is by buying and patiently holding on to mid caps for years. If patience is a virtue you boast of and you are not averse to some amount of risk, you should consider a mid-cap fund.

__._,_.___

Capita Telefolio - Buy Kabra Extrusion at Rs 101

BUY : Kabra Extrusiontechnik at Rs 101
BSE Code : 524109
NSE Symbol: KABRAEXTRU
Market Lot: 1

Kabra Extrusiontechnik is India's largest manufacturer and
exporter of plastic extrusion machinery. The company has recently
entered into two technical collaborations with two leading
MNCs in the field and also given them small equity stakes.
These collaborations will open new growth avenues in terms
of new product lines, higher export growth and better value addition.

Actual adjusted EPS for March 2005 : Rs 5.7
Actual adjusted EPS for March 2006 : Rs 7.9
Projected adjusted EPS for March 2007: Rs 10.0

Corporate news

Freshtrop Fruits members approve declaration of final dividend
Freshtrop Fruits 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 Profit & Loss Account for the year ended March 31, 2006, the Balance Sheet as at that date and the reports of the Directors and Auditors thereon.

2. Declaration of final dividend of 20% on the paid up equity share capital of the Company.

3. Re-appointment of Mr. Ramchandra Joshi as a Director of the Company.

4. Re-appointment of M/s. Mayank Shah & Associates, Chartered Accountants, as Auditors of the Company upto the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

5. Re-appointment of Mr. Ashok Motiani as Managing Director of the Company for a period of 5 years w.e.f. August 01, 2006, on remuneration, terms and conditions.
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Uniflex Cables Board Meeting updates
Uniflex Cables Ltd has informed that the Board of Directors of the Company at its meeting held on October 06, 2006, inter alia, has passed the following resolutions:

1. To offer, issue and allot the following Equity Shares, Fully Convertible Debentures and Equity Warrants, on a preferential basis, to the parties given below, in one or more tranches and on such terms and conditions as may be deemed appropriate by the Board or Committee thereof, subject to the approval of Shareholders:

a. Upto 5,33,000 fully paid-up Equity Shares of a face value of Rs 10 per share at a subscription price of Rs 25/- per equity share, inclusive of premium of Rs 15/- per share, aggregating to Rs 1,33,25,000/- to Promoter / Promoter Group/s (Promoters)

b. Upto 2,67,000 fully paid-up Equity Shares of a face value of Rs 10 per share at a subscription price of Rs 25/- per equity share, inclusive of premium f Rs 15/- per share, aggregating to Rs 66,75,000/- to Brescon Corporate Advisors Ltd (Brescon), Mumbai.

c. Upto 29,50,000 Fully Convertible Debentures of Rs 25/- each aggregating to Rs 7,37,50,000 to The ADM Maculus Fund II L P (Maculus II), an entity duly organized and existing under and by virtue of the laws of the Cayman Islands, having its registered office at Grand Cayman, Cayman Islands, a fund managed by Asia Debt Management Hong Kong Ltd, an asset advisor based in Hong Kong. The entire amount of Rs 7,37,50,000 will be converted compulsorily and automatically within a period not exceeding 18 months from the date of allotment, into 29,50,000, fully paid-up equity shares of Rs 10/- each of the Company at a conversion price of Rs 25/- per equity share. The FCDs would have a coupon rate of 12% p.a., payable yearly till conversion.
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Advani Hotels members approve re-appointment of Statutory Auditors
Advani Hotels & Resorts India Ltd has informed that the members at the 19th Annual General Meeting (AGM) of the Company held on September 26, 2006, inter alia, have accorded to the following:

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

2. Re-appointment of Mr. K Kannan and Mr. Prakash V Mehta as Directors of the Company.

3. Re-appointment of M/s J G Verma & Co., Chartered Accountants as the Statutory Auditors of the Company from conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting.
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Lokesh Machines members sanction declaration of final dividend
Lokesh Machines Ltd has informed that the members at the 22nd Annual General Meeting (AGM) of the Company held on September 27, 2006, inter alia, have accorded to the following:

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

2. Declaration of final dividend of 10% on the expanded equity share capital of the Company on Equity Shares of Rs 10/- each.

3. Re-appointment of Mr. B Kishore Babu & Mr. B R Mahesh, as Directors of the Company.

4. Appointment of M/s. Brahmayya & Co., Chartered Accountants, as Auditors of the Company from the conclusion of this Meeting to the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

5. Appointment of Dr. Y Satyanarayana, Mr. R Mohan Reddy & Mr. Y Venkata Rao, as Directors of the Company.
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Jayant Agro members approve re-appointment of Directors
Jayant Agro Organics Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on September 26, 2006, inter alia, have also accorded to the following:

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

2. Re-appointment of Mr. Hemant V Udeshi & Mr. Gordhandas H Mulani as Directors of the Company.

3. Re-appointment of M/s. Ostwal Desai & Kothari, Chartered Accountants as Statutory 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 and conditions.

4. Appointment of Mr. Vijay Kumar Bhandari, Mr. Mukesh C Khagram & Mr. Deepak V Bhimani as Directors of the Company, liable to retire by rotation.

5. Re-appointment of Mr. Hemant V Udeshi as Managing Director of the Company for a period of 5 years commencing from July 01, 2006 on remuneration, terms and conditions.

6. Payment of remuneration to Non Executive Directors of the Company by way of commission for a period of 5 years from the financial year ending March 31, 2006 as determined in accordance with provisions of Sections 198, 349 and 350, on terms & conditions.
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NIIT Technologies allots shares under ESOP
NIIT Technologies Ltd has informed that the Share allotment Committee of the Board of Directors of the Company on October 06, 2006 has allotted 1,000 equity shares of Rs 10/- each to 4 employees of the Company in accordance with the terms of ESOP 2005.
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Jammu & Kashmir Board to consider Q2 results
Jammu & Kashmir Bank Ltd has informed that a meeting of the Board of Directors of the Bank will be held on October 13, 2006, inter-alia, to consider and approve the Un-audited Financial Results for the quarter & half year ended September 30, 2006 (Q2).
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Shrenuj & Company members sanction declaration of dividend
Shrenuj & Company Ltd has informed that the members at the 24th Annual General Meeting (AGM) of the Company held on September 15, 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 Directors and Auditors Reports thereon.

2. Declaration of dividend @ 35% i.e. Re 0.70 (Paise Seventy only) per share on equity shares of Rs 2/- each fully paid up for the year ended March 31, 2006.

3. Re-appointment of Shri. Suresh N Talwar & Shri. Pinakin D Desai as Directors of the Company.

4. Appointment of M/s. Rajendra & Co., Chartered Accountants, Mumbai, as Auditors of the Company for the financial year commencing on April 01, 2006 to hold office as such from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

5. Payment of remuneration to Shri. Nihar Nitin Parikh, Executive Director of the Company from April 01, 2006 to March 31, 2009, on terms & conditions.
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Geodesic Information allots Equity Shares
Geodesic Information Systems Ltd has informed that the Board of Directors of the Company at its meeting held on October 06, 2006, has discussed and decided on the following:

Allotted 15,175 Equity Shares of Rs.2/- each, upon exercise of 15,175 options by Optionees under the Geodesic Employee Stock Option Plan 2002 granted in 2004 and 2005. Consequently, with effect from October 06, 2006, the issued, subscribed and paid-up Equity Share Capital of the Company stands increased to Rs 11,74,30,022/- divided into 5,87,15,011 Equity Shares of Rs. 2/- each.
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Century Textiles Board to consider Q2 results
Century Textiles & Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 27, 2006, to consider and take on record the Unaudited Financial Results of the Company for the Second Quarter (July to September) ended September 30, 2006 (Q2).
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IT People members approve re-appointment Ketan Sheth as Director
IT People India Ltd has informed that the members at the 6th Annual General Meeting (AGM) of the Company held on September 27, 2006, inter alia, have unanimously passed the following resolutions:

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

2. Re-appointment Mr. Ketan Sheth as a Director of the Company.

3. Re-appointment of M/s. Gadgil & Co., Chartered Accountants, Mumbai, 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.

4. Appointment of Mr. Adi Cooper, Mr. Kishor Hegde & Mr. H R Shah as Directors of the Company, liable to retire rotation.

6. Authorises the Board of Directors to borrow from time to time any sum or sums of money not exceeding at any time the sum of Rs 100.00 crores.
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Aro Granite Board to consider issue of Convertible Warrants
Aro Granite Industries 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 & take on record the Unaudited (Provisional) Financial Results for the quarter ended September 30, 2006 and consider issue of Convertible Warrants on preferential basis.
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Pearl Global - Honourable HC, Delhi sanctions Scheme of Merger
Pearl Global Ltd has informed that on October 06, 2006, the Honourable High Court (HC) of Delhi has approved the Scheme of Amalgamation at Pearl Styles Ltd and City Estates Pvt Ltd with the Company. The appointed date for the Scheme of Amalgamation is April 01, 2005.
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IDFC allots equity shares under ESOS
Infrastructure Development Finance Company Ltd (IDFC) has informed that on October 06, 2006 the Company has allotted 77,573 fully paid up equity shares of Rs 10/- each to eligible employees of the Company in terms of the Employee Stock Option Scheme (ESOS).
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Sanra Software postpones EGM
Sanra Software Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company that was to be held on October 06, 2006 is adjourned due to want of further information and the Board shall meet and decide the date accordingly.
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Suraj Products members approve re-appointment of Directors
Suraj Products Ltd has informed that the members at the 15th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the audited accounts of the company for the year ended on March 31, 2006 along with Auditors Report and Directors Report thereon.

2. Re-appointment of Mr S N Kabra, Mr. R P Agarwal, Mr. D K Agarwala & Mr. Gagan Goyal, as Directors of the company, liable to retire by rotation.

3. Re-appointment of M/s Rustagi & Company, Chartered Accountants, Kolkata, as auditor of the company to hold office from this Annual General Meeting to next Annual General Meeting on remuneration, terms and conditions.

4. Re-designation of Mr. Y K Dalmia, Managing Director as Chairman of the company, on terms and conditions.

5. Appointment of Mr. Gagan Goyal, as Executive Director for a period of five years, with effect from August 01, 2006 on remuneration, terms and conditions.

6. Alteration in the Object Clause of the Memorandum of Association of the Company by inserting the new sub-clauses after the existing sub-clause 3 of Clause III A of the Memorandum of Association.

7. Authority to the Board to borrow any moneys from time to time, on such terms and conditions and with or without security, as the Board of Directors may in its sole discretion thinks fit, notwithstanding that the money or monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loan obtained from the Company's bankers in the ordinary course of business) may exceed the aggregate of paid up share capital and free reserves of the Company, i.e. reserves not set apart for any specific purpose, provided however that the total borrowings at any time including monies already borrowed shall not exceed the sum of Rs 100 Crores subject to necessary provisions and approvals.
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Lakshmi Overseas nominates Additional Director
Lakshmi Overseas Industries Ltd has informed that Maj. Gen. A L Suri AVSM (Retd.) has been appointed as Additional Director of the Company in the Board Meeting held on October 04, 2006. He brings with him rich experience and will be involved in the implementation of power project of the Company.
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iGate Global allots Equity shares on exercise of stock options
iGate Global Solutions Ltd has informed that the Share Transfer Committee of the Board of Directors of the Company at its meeting held on October 06, 2006, has allotted 49802 Equity shares of par value of Rs 4/- per share to the individual optionees pursuant to the exercise of options granted under the Companies Employees Stock Option Plan, on receipt of payment of the subscription monies in respect of the said shares aggregating to Rs 5038250.00.

The grant price for 47927 shares was at Rs 100.00, 125 shares at Rs 101.70 and 1750 shares at Rs. 133.05.
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Suryajyoti Spinning members approve declaration of Dividend
Suryajyoti Spinning Mills 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 of the Company as at March 31, 2006 and the Profit & Loss Account of the Company for the financial year ended on that date together with the Schedules and Notes, Cash Flow Statement attached thereto along with the reports thereon.

2. Declaration of Dividend of Re 1.00 on the Equity Share Capital of Rs 10/- each fully paid-up for the year ended March 31, 2006.

3. Re-appointment of Sri. Sanjeev Mitla as Director of the Company, liable to retire by rotation.

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

5. Appointment of Sri. K Harishchandra Prasad as Director of the Company, liable to retire by rotation.

6. Appointment of Sri. Arun Kumar Agarwal, Executive Director for a period of 5 years with effect from August 16, 2006, on remuneration, terms & conditions.

7. Revision in the remuneration to Sri. R K Agarwal, Managing Director for the remaining period of the term of his employment i.e. from August 01, 2006 to July 31, 2008, on terms & conditions.
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ABG Heavy members approve payment of dividend
ABG Heavy Industries Ltd has informed that the members at the 22nd Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following resolutions:

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

2. Approved the payment of dividend @ Rs 2.50 per Equity Share of Rs 10/- each.

3. Re-appointment of Mr. Kamlesh Agarwal and Mr. R G Govindrajpuram, as Directors of the Company.

4. Re-appointment of M/s. M M Chaturvedi & Co., Chartered Accountants, Mumbai, as the Auditors of the Company, to hold the office upto the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.
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Tata Chemicals to hold Board Meeting on Oct 30
Tata Chemicals 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 and take on record the unaudited financial results for the second quarter (Q2) / half year ended September 30, 2006.
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National Fertilizers Board to consider Q2 results
National Fertilizers Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006, inter alia, for consideration and taking on record the un-audited financial results for the quarter ended September 30, 2006 (Q2).
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Rajasthan Tube Manufacturing members sanction re-appointment of Sunil Kumar Jain as Director
Rajasthan Tube Manufacturing Company 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 Profit & Loss Account for the year ended March 31, 2006 and the Balance Sheet as at that date, and the Report of the Directors and the Auditors thereon.

2. Re-appointment of Shri. Sunil Kumar Jain as a Director of the Company.

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

4. Authority to the Board to create, offer and issue to the holders of equity shares of the Company 30,00,000 equity shares of the Company of the face value of Rs 10/- each at a price determined in accordance with SEBI Guidelines, as amended from time to time for subscription for cash, in one or more tranches and at such premium/s per share and in such ratio as may be fixed and determined by the Board prior to the issue on such other terms and conditions, if any, in respect of such issue, to such extent as may be, then permissible, and at such time or times as the Board at its absolute discretion and in the best interest of the Company my deem fit, subject to necessary provisions & approvals.
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Gontermann Peipers members approve adoption of Directors Report
Gontermann Peipers India Ltd has informed that the members at the 37th Annual General Meeting (AGM) of the Company held on September 27, 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 of the Company for the year ended on that date together with Reports of the Directors and Auditors thereon.

2. Re-appointment of Mr V K Mittal and Mr M Trivedi, as Directors of the Company.

3. Re-appointment of M/s V Malik and Associates, 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 and conditions.

4. Appointment of Mr S K Pal, as Director of the Company, liable to retire by rotation.

5. Appointment of Mr S K Pal, as an Executive Director of the Company, liable to retire by rotation, for a period of five years with effect from August 01, 2006, on remuneration, terms and conditions.

6. Reduction in the Paid-up Preference Share Capital of the Company from Rs 7,46,07,000 to Rs 1,31,87,000 consequent upon conversion of Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) aggregating to Rs 6,14,20,000 consisting of 6%, 43,82,000 COCRPS of Rs 10/- each fully paid up and 0.1% 17,60,000 COCRPS of Rs 10/- each fully paid up privately placed / allotted to IFCI Ltd info Term Loan with effect from March 31, 2006, subject to necessary provisions & approvals.
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Hotline Teletube members sanction appointment of Anuj Gupta as Director
Hotline Teletube & Components Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Annual Accounts as on March 31, 2006, together with Auditors Report thereon.

2. Re-appointment of Mr. D C Mathur & Mr. Amrajit Chopra as Directors of the Company.

3. Re-appointment of M/s S S Kothari Mehta & Co., Chartered Accountants, New Delhi as the Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company.

4. Appointment of Mr. Anuj Gupta as Director of the Company, liable to retire by rotation.