Indal approve merger with Annapurna Foils
Kolkata: Shareholders of Indian Aluminium Company Ltd (Indal) have approved a merger scheme between Annapurna Foils Ltd (AFL) and Indal with affect from 1 April 2002.

The merger scheme, as approved by the appellate authority for industrial and financial reconstruction, has provided Indal to acquire the entire shareholding of 47,26,400 equity shares held by the erstwhile promoters of AFL, the Reddys, at the rate of Rs 2 per share based on an understanding reached between Indal and AFL's erstwhile promoters.

Payment of the dues of the financial institutions amounting to Rs 24 crore as a one-time settlement (OTS) programme in two instalments will be made, while Indal has been allowed the put option to convert loans/advances to AFL into equity.
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Hexaware Tech posts loss
Mumbai: Hexaware Technologies has reported a net loss of Rs 2.83 crore for the first quarter ended 31 March 2001. The company has brought down by two-thirds its net loss of Rs 8.47 crore reported during the corresponding quarter of the previous year.

Global revenues grew 26.7 per cent, quarter on corresponding quarter, from Rs 40 crore to Rs. 50.9 crore. The company, however, reported a small cash profit of Rs 2 lakh for the quarter under consideration. It had incurred a cash loss of Rs 6.68 crore in the previous corresponding quarter.

The company described its growth rate as impressive in spite of the prevalent industry scenario.
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Kshema Tech net declines
Bangalore: Kshema Technologies has reported a decline of 10.82 per cent in net profit and 2.21 per cent in revenue for the year-ended 31 March 2002 over the corresponding period the previous year.

The company's net profits for the year stood at Rs 12.28 crore on a revenue of Rs 56.07 crore for the year compared to a net profit of Rs 13.77 crore on a revenue of Rs 57.34 crore reported in the corresponding period previous year.

The company has identified bioinformatics and engineering design services as immediate focus area. Kshema had recently become a contributing supplier to automotive multimedia interface collaboration in which the company participates.
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Shree Cement to launch variants
Kolkata: Shree Cement Ltd has firmed up plans to launch a range of value-added cement variants under the Shree Ultra and Tortoise brands.

The company's focus in the current fiscal would be on introduction of value-added cement variants and penetration into the rural markets and at the retail level.

While an ash-free cement variant has already been launched under the Shree Ultra brand in Punjab, a corrosion-resistant cement variant would be launched next month. An amount of Rs 5 crore has been earmarked for advertisements and promotion of the Shree Ultra brand.
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Bata Q1 net loss up
Kolkata: Bata India Ltd has suffered a higher net loss of Rs 4.22 crore during the first quarter ended 31 March, compared to the net loss of Rs 3.02 crore recorded during the corresponding period last year.

According to a company release, Bata India's net sales during the period January-March stood at Rs 143.83 crore (Rs 168.36 crore).

The company has chalked out an action plan to reverse the downturn. Steps taken in this regard include implementation of the stores concept, launching new footwear with innovative designs every week at competitive prices, brand promotions and thrust on shoes for students, the release stated.
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ICICI transfers AMC, Infotech stakes to Ventures
Mumbai: ICICI has bought down its stake in Prudential ICICI Asset Management Company and ICICI Infotech to less than 30 per cent.

ICICI has transferred its stake of over 30 per cent in these two companies to an equity fund of ICICI Ventures Fund Management Company Ltd. ICICI's stake in the AMC business was pegged at 45 per cent with the remaining being held by Prudential. In the infotech company, ICICI's stake was at 92.3 per cent with the remaining stake being held by Emirates Bank Group.

The merged entity can now hold on to ICICI's stake in Federal Bank and South Indian Bank. ICICI's stake in Federal Bank is pegged at 21.38 per cent and in South Indian Bank at 11.38 per cent.
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Samsung to invest $25m on expansion
Kolkata: Samsung India Electronic has planned investment of about $25 million to expand production capacity at its CTV plant in Noida.

The company has set a target to increase the production capacity at the Noida plant from the current one million units to about four million units by 2005.

As per the expansion plan, the company would increase its capacity in a phased manner with a 25 per cent increase at an investment of $7 million slated for next year.
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CESC Q4 net loss up 197%
Kolkata: CESC reported a 197 per cent increase in net loss at Rs 101 crore for the fourth quarter ended 31 March 2002 against Rs 34 crore in the previous corresponding period.
The companys annual net loss for the year 2001-02 has risen to Rs 304 crore, nearly 77 per cent more than last years Rs 172 crore.

The RPG group flagship has incurred net losses for the fifth year in succession. The companys accumulated net losses are now at a staggering Rs 762 crore.
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Bajaj-Kawasaki for outsourcing
New Delhi: Bajaj Auto is in talks with Kawasaki Motors to make its Aurangabad plant a global outsourcing hub for sub-150cc motorcycles.

The company is also targeting a 13-15 per cent growth in two and three-wheeler sales this fiscal on the back of good demand of its entry-level motorcycle 'Boxer' and positive response to newly-launched 'Pulsar' model.

Bajaj Auto manufactures 100-175cc motorcycles in technical alliance with Kawasaki.

Bajaj makes motorcycles at its Aurangabad plant in which it is hiking production capacity from 65,000 motorcycles to one lakh units this year.

Bajaj had sold 1.25 million two and three-wheelers in the domestic market during 2001-02, a 15.2 per cent rise over the previous fiscal.
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Essel Propack to set up plant in US
Mumbai: Essel Propack will set up a plant in North Carolina, exclusively for supply of tubes to Procter & Gamble in the US with an investment of $20 million.

The company has signed an exclusive five year agreement with P&G for supply of tubes to its 100 per cent north American market of toothpaste brands 'Crest' and 'Flourodent'.

The plant would be set up by an US-based 100 per cent subsidiary of EPL and is funded by a 50:50 debt equity ratio.

Set up in 1984 with a capacity of around 50 million tubes the company currently has a total capacity of three billion tubes catering per annum.
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Bank of Punjab plans 40 forex bureaus
Chandigarh: Bank of Punjab plans to open a host of foreign exchange bureaus keeping the NRIs and expatriates in mind, especially from the Doaba belt in Punjab.

The bank has already made a beginning in this respect and opened a foreign exchange bureau at a Jalandhar branch.

Before the end of 2002, BoP would have in place around 30 on site and another 10 off site foreign exchange bureaus. Of the 30 on site bureaus, as many as 25 will be opened in Punjab alone.
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Subex Systems Q4 net down 42%
Bangalore: Subex Systems, which provides software solutions to the telecommunication industry, has reported a 42 per cent fall in its net profits for the recently concluded financial year 2001-2002.

Net profits stood at Rs 6 crore as against Rs 10.27 crore, while turnover for 2001-02 inched up 5 per cent to Rs 58.42 crore, against Rs 55.78 crore.

For the fourth quarter ended 31 March 2002, the companys turnover stood at Rs 14.4 crore down by a marginal 5 per cent. The turnover for the same period in 2000-01 was placed at Rs 15.12 crore.
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Godfrey Phillips net up 3.33%
Mumbai: Godfrey Phillips has posted a 3.33 per cent increase in net profit at Rs 48.11 crore for the financial year ended March 2002 as compared to Rs 46.56 crore in the previous year.

Total income for 2002 stood at Rs 488.97 crore as against Rs 560.64 crore in 2001, the company informed the Bombay Stock Exchange.

For the fourth quarter ended 31 March 2002 the company's net profit increased by 20.33 per cent at Rs 15.45 crore as compared to Rs 12.84 crore in the same period last year while the total income was lower at Rs 123.22 crore over Rs 132.88 crore in the fourth quarter of 2001.
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UCO Bank plans IPO
Kolkata: UCO Bank is targetting Rs 100,000 crore business in the next five years and has plans to go in for initial public offer in the year 2003 to raise capital.

UCO bank, which is celebrating its Diamond Jubilee during the current fiscal, achieved Rs 40,000 crore business during 2001-02, a growth of 25 per cent over previous year.

The bank aims to reach a business of Rs 50,000 crore by the end of 2002-03.
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