18/12/2006
Garware Wall Ropes to reclassify un-issued preference shares
Garware Wall Ropes' members, at the extraordinary general meeting (EGM) held on 16 December 2006, have passed reclassification of un-issued 30 lakh preference shares of Rs 100 each, into 3 crore equity shares of Rs 10.Members have also approved raising $10 million by way of ADR / GDR / FCCBs on private placement basis.Members also agreed to allot up to 27.46 lakh convertible warrants to various entities named by promoters and issue up to 9.98 lakh convertible warrants to GWRL- managerial staff welfare trust, both convertible into equity shares of Rs 10 each at a premium of Rs 55.50 , on a preferential basis.
18/12/2006
Genesys International to restructure share capital
At the meeting held on 15 December 2006, Genesys International Corporation's board approved reduction of 20.85 lakh equity shares and 18.45 lakh warrants of Rs 10 each, issued at Rs 19 per share / warrant, by way of preferential issue in May 2006.The board has decided to issue 39.30 lakh warrants to promoters and others. The extraordinary general meeting (EGM) will be held on 15 January 2007 to secure the approval of shareholders.
19/12/2006
Ashok Leyland, Australian co in tie-up
Ashok Leyland has signed an agreement with Brehon Energy Plc of Australia for technology for the use of hythane gas in CNG engines. The agreement would enable Ashok Leyland to offer its 6-cylinder `H' series engines to operate on Hythane, which is a blend of hydrogen and natural gas. Hythane is a cleaner fuel than natural gas. Currently, Ashok Leyland produces Bharat Stage-III-compliant diesel and CNG engines. The re-engineered engines using Hythane will meet the most stringent emission norms of BS-4, says a press release from the company.
19/12/2006
ESIL to acquire oil drilling rigs in Oslo & US
Cyprus-based Essar Shipping & Logistics Ltd (ESLL) is all set to acquire of on-shore and offshore oil drilling rigs from two pubilcly listed companies in Oslo and the US.The deal is expected to be around $400 mn, and will be done through ESLL's wholly owned subsidiary Essar Oilfields Services Limited (EOSL).Sanjay Mehta, managing director of ESLL, said the deals would be completed be-fore the year-end. We see a lot of prospects for oil exploration and production (E&P) activities as the crdue prices remain high. All E&P players will need off-shore assets, said Mr Mehta.EOSL has been formed to focus on international and Indian onshore and offshore oil and gas drilling businesses. Its investment plan includes acquisition of a diver-sified fleet of rigs, for in land as well as offshore drilling rigs.EOSL, whose opera-tions are run out of its office in Dubai, UAE, will be employing the rigs for Essar's E&P activity as well as contract drilling for third parties. Essar was the first Indian company to offer contract drilling services in 1985 both for onshore as well as offshore E&P activity. Essar had sold off the division, then part of Essar Oil, to Abu Dhabi-based Al-Jabbar.Essar Shipping & Logistics Limited (ESLL) is apart of Essar Global Ltd, an inter-national conglomerate operating in six business areas --steel, oil & gas, power, telecom and BPO, shipping and construction, with a cumulative asset base of $6 billion.
19/12/2006
Govind Rubber allots 1,31,369 equity shares to IDBI, IFCI
At the board meeting held on 30 November 2006, Govind Rubber allotted 1,31,369 equity shares to IDBI and IFCI.The said allotment has been made as apart of corporate debt restructuring as approved by the CDR Cell in October 2005.
19/12/2006
Mangalam Drugs to raise authorized capital to Rs 20 crore
At the meeting held on 18 December 2006, Mangalam Drugs & Organics' board has decided to increase the authorised share capital to Rs 20 crore.The company had decided to obtain members' approval for the above matter through a postal ballot.
19/12/2006
Mid-day to raise share capital at EGM
Mid-day Multimedia's extraordinary general meeting (EGM) will be held on 8 January 2007, to increase the authorised share capital to Rs 60 crore, divided into an equity capital of Rs 55 crore consisting of 5.50 crore equity shares of Rs 10 each, and convertible or non-convertible preference share capital of Rs 5 crore, divided into 50 lakh preference shares of Rs 10 each.Members will also allot equity shares and warrants, entitling holders to convert them into equity shares on a preferential allotment basis, to different entities.The EGM will also consider an of 3 lakh stock options, in addition to 7 lakh stock options already issued, taking the total number of stock options to be issued under the scheme to 10 lakh and to revise maximum number of options to be granted per employee in any level to 60, 000.Further, the EGM will also consider allotment of 8 lakh equity shares to the trust in one tranch and necessary alteration in the existing clauses of Employees Stock Options Scheme, 2005, subject to necessary provisions and approvals.
19/12/2006
SKS Ships mulls name change
SKS Ship's extraordinary general meeting (EGM) will be held on 9 January 2007, to consider the change of name of from SKS Ship to SKS Logistics.EGM will also consider increasing the remuneration of Walter Gonsalves, a director, with effect form 1 October 2006.
19/12/2006
Varun Shipping acquires LPG carrier
Varun Shipping Company has acquired its twelfth LPG carrier, Maharshi Vamadeva, on 18 December 2006. This will be the largest LPG carrier in the Indian fleet, with a capacity of 57,206 cbm.The vessel was financed partly out of its own resources and rest out of long-term loan from State Bank of India.
20/12/2006
Ind-Swift Ltd.
Ind Swift Ltd has informed BSE that the Company has been awarded Certification for Quality Management System which complies with ISO 9001:2000 requirements.
20/12/2006
The Dhampur Sugar Mills Ltd.
The Dhampur Sugar Mills Ltd has informed the Exchange that 'the new Greenfield sugar mill of the company at Rajpura, Distt. Badaun, U.P., has got delayed by around one month due to a section of the boiler plant getting damaged during trial operations'.
20/12/2006
Welspun Syntex to condense share capital
Welspun Syntex's extraordinary general meeting (EGM) will be held on 12 January 2007, to consider a reduction in the paid-up share capital by cancellation of Rs 7.50 of every equity share of Rs 10 each, and thereafter, uniting four equity shares of Rs 2.50 each into an equity share of Rs 10, resulting in reducing the share capital to Rs 23,64,50,270 consisting of 2,36,45,027 equity shares of Rs 10 each.
21/12/2006
Banswara Syntex mulls forfeiture of partly paid-up shares
Banswara Syntex's board will meet on 28 December 2006, to consider and approve the process of forfeiture of partly paid-up equity shares.
Meanwhile, the board will also consider letter of sanction for a term loan of Rs 50 crore from Export Import Bank of India, Mumbai.
21/12/2006
Four Soft buys Danish firm for $10 million
Hyderabad-based Four Soft, a transport and logistics software technology company, has acquired Denmark-based Transaxiom Holding for a consideration of about $10 million in a cash cum stock deal.The company is also planning to set up a BPO centre in Hyderabad at an investment of $1 million by April next year. Addressing reporters on Wednesday, Mr Srikanth Palem, CEO of Four Soft said, while 60% would be paid in cash, 40% would be in stocks over the next three years, based on performance.
The initial stock purchase consideration of 35% in Transaxiom would be made by allotment of 17.7 lakh equity shares at Rs 75 each to sellers of the acquired company -- Winning Alliance, FH Holding and Paul Rene Larsen,he said.The buyout will enable Four Soft to expand its presence to Australia, New Zealand and Scandinavian markets.It has helped us consolidate our coverage in the transportation and logistics vertical. Our customer base has increased from 250 to 300, Mr Palem said.According to him, the integration will start next month and it will be reflected in the fourth quarter revenues of Four Soft. Four Soft is expecting its revenues to touch Rs 175 crore by the end of this financial year. In 2005-06 the company had recorded revenues of Rs 94.8 crore. Transaxiom, a global provider of transportation and logistics solutions, had recorded revenues of $7.7 million in 2005.Talking about the funding requirements, Mr Palem said the acquisition was being funded through a debt and equity at a ratio of 1: 1.We are planning to raise capital by issue of shares and warrants to select group of investors and institutions on preferential basis and to raise additional funds by way of issue of American depository receipts, global depository receipts, bonds or debentures, he said.The company is also looking at setting up a BPO center in Hyderabad for the logistics sector.We are planning to set up the centre as a joint venture project and are in talks with a Japanese company for this. However, we are yet to work out the final details of the project,'' he said.Four Soft has also signed a contract for sale of its 4s Visilog product to Japan-based Matsushita Electric Industrial Company (Panasonic). The phase one of the project is valued at Rs 3.4 crore.
21/12/2006
Gujarat Sidhee Cement to increase share capital by Rs 500 crore
Gujarat Sidhee Cement's extraordinary general meeting (EGM) will be held on 9 January 2007, to consider an increase in the authorised share capital to Rs 500 crore, divided into 50 crore equity shares of Rs 10 each.
21/12/2006
Malu Paper Mills expands its kraft paper unit by 80%
Malu Paper Mills has commissioned the expansion of installed capacity of its kraft paper Unit by 80% to 14850 TPA. The project has been funded through internal accruals.
21/12/2006
Simbhaoli Sugars Ltd.
Simbhaoli Sugars Ltd has informed BSE that in the limited review report of the company for the quarter ended September 30, 2006, the auditorsof the company have made the following observations: 1. As in the past, the Company has deferred off-season expenditure aggregating Rs 2271.68 lacs based on 'Integral approach' for inclusion in the cost of sugar to be produced in the ensuing sugar season by netting off such expenditure from '(Increase)/Decrease in stock in trade' in the accompanying statement. Notwithstanding the peculiarities associated with the manufacture of sugar, had these expenses been charged off in the quarter/half year in which incurred as per Accounting Standard 25 (AS-25) ? 'Interim Financial Reporting' issued by the Institute of Chartered Accountants of India, the profit after tax for the quarter ended September 30, 2006 would have been lower by Rs 770.26 lacs and profit after tax for the half year ended September 30, 2006 would have been lower by Rs 1419.42 lacs (refer note 5 of unaudited financial results). 2. Adjustment, if any, arising on account of continuance or otherwise of the levy obligations in respect of conversion of unlifted levy sugar of earlier seasons aggregating 14169 M.T. into non-levy sugar, pursuant to Notification No.5-5(Maha)/99-SC-II dated June 18, 2002 issued by Ministry of Consumer Affairs, Food and Distribution, Government of India, could not be estimated and made if required, for want of necessary clarifications in the matter. 3. The following material variations have been noted by the auditors between the published figures and the figures detemined upon limited review: Capital Employed (Sugar): 1865.55 Lacs (Understated) Capital Employed (Other assets): 1865.55 Lacs (Overstated) Capital Employed (Unallocated assets): 514.61 Lacs (Overstated) Total Capital Employed: 514.61 Lacs (Overstated).
21/12/2006
Welspun-Gujrat Stahl Rohren, Lone Star Technologies sign JV pact
On 20 December 2006, Welspun-Gujarat Stahl Rohren has announced signing an agreement for a joint venture with Lone Star Technologies (USA) for manufacturing spiral, welded, tubular products for oil and gas applications in North America. The new facility will be located in the southwest USA.Under the agreement, Lone Star and Welspun Pipe will each acquire 40% and 60% stake, respectively, in a newly formed venture. The JV will be funded with an aggregate amount of Rs 300 crore in equity and debt. As per the terms of the agreement, the JV will establish a new manufacturing facility for producing 3 lakh net tonnes of spiral-welded pipes in the 24' to 60' (outside diameter). The new facility is expected to come online by early-March 2008.
6. MUTUAL FUND'S SCHEME :- 
