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HDFC Bank Share Committee okays allotment of shares under ESOS
HDFC Bank Ltd has informed that the Share Committee of the Bank at its meeting held on September 01, 2005, has approved allotment of 1,02,300 equity shares to the employees of the Bank under the Employees Stock Option Scheme (ESOS).

Cyber Media jointly with CMP Media to build global outsourcing portfolio
Cyber Media India Ltd has announced that CMP Media, a leading integrated media Company serving the technology, healthcare and entertainment markets with 2004 revenues of 350 million dollar, and the Company, South Asias first and largest specialty media house, a joint venture to build a global media portfolio focused on worldwide services. CMP - CyberMedia LLC, the new entity, combines the strength of these media leaders to better inform industry executives how to evaluate and secure services for their business, and to provide marketers with access to the right decision makers for their messages by developing a comprehensive brand portfolio that will include print, online and events.

Hoshie Ghaswalla, President-Publishing of the Company, will serve as Managing Director and commented, this is a winning combination for the outsourcing marketplace. Both companies share a deep understanding of the IT industry, and bring solid customer relationships and comprehensive databases to the joint venture, creating a strong foundation in which to build a powerful new brand.

Rusty Weston, founder of CMP Medias Managing Offshore, the first online newsletter focused on global sourcing issues, will serve as editor in chief. An industry expert, Weston has traveled throughout India and most recently, presented BPO Satisfaction research findings at the NASSCOM ITES-BPO Conference in Bangalore in June.

Pradeep Gupta, Chairman and Managing Director of the Company said, this will be the first global product from an Indian media house addressing global readers. This move is part of CyberMedias plans of expanding globally. The Company recognizes the tremendous growth that has taken place in the Indian ITES-BPO industry. This industry will continue to grow substantially over the next decade. It has therefore choses to combine BPO portfolio with CMPs Managing Offshore to broaden the reach into this new and expanding market.

Flawless Diamond mulls jewellery mfg unit near Mumbai
Flawless Diamond (India) Ltd is planning to expand the business operation and exploring the possibilities of setting up designer jewellery manufacturing unit near Mumbai.

Further the Company has decided to open a branch office in Hong Kong and Antwerpen for expanding its diamond and jewellery business.

The Company has decided to enter into full-fledged designer jewellery business very aggressively. The presence of the Company in Hong Kong will be used for marketing its products in Chinese Market. The Antwerpen office will be focused on procurement of diamond from the Diamond Hub (Antwerpen) and for strengthening its marketing strategy in U.K., Europe and Russian Market.

Presently the Company is mainly doing exports to USA, Hong Kong, Dubai, Singapore etc.

Patni Computer bags Application Development Outsourcing contract from ABM AMRO
Patni Computer Systems Ltd has been awarded the Application Development Outsourcing contract from leading international bank, ABN AMRO. The contract is a result of ABN AMROs plans to further streamline its global cross-SBU IT organization.

Under the terms of the contract, the Company will be one of the top 5 preferred partners to support the Banks global IT needs through Application Development, Enhancement and Support services. ABN has a successful working relationship with the Company since 2003, primarily in North-America, in the area of application development and maintenance.

Mr. Narendra Patni, Chairman and Chief Executive Officer of the Company, said, over the years, Patni has helped companies transform business operations by using global delivery as a strategic tool. This win is an endorsement of the Companys approach and Patni looks forward to partner with ABN AMRO to successfully meet and exceed their strategic and financial objectives.

Nagarjuna Construction Board to approve funds mop up via GDR issue on Sep 08
Nagarjuna Construction Company Ltd has informed that a meeting of the Board of Directors of the Company will be held on September 08, 2005 inter alia, for considering among others, according inprinciple approval for raising funds by issue of Global Depository Receipts.

Network members ratify re-organization of Authorised Share capital
Network Ltd has informed that the members at the 16th Annual General Meeting (AGM) of the Company held on August 24, 2005, inter alia, have approved all the following items with requisite majority:

1. Adoption of Balance Sheet as at March 31, 2005 and Audited Profit & Loss Account for the year ended March 31, 2005 and Directors Report & Auditors Report thereon.

2. Re-appointment of M/s S Kapoor & Associates, Chartered Accountants, 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 of the Company.

3. Appointment of Mr. Gian Vijeshwar, Mr. Rakesh Babbar and Mr. Pankaj Shrimali, who were appointed as Additional Directors, as Directors of the Company, liable to retire by rotation.

4. Appointment of Mr. Rahul Jha as Manager of the Company.

5. Re-organization of Authorised Share capital of the Company by canceling 1,00,00,000 Equity Shares of Rs 10/- each aggregating to Rs 10,00,00,000/- and creating in its place 10,00,000 Preference Shares of Rs 100/- each aggregating to Rs 10,00,00,000/- & consequential amendment in Article of Association of the Company.

6. Authority to the Board to offer, issue and allot upto 10,00,000 Cumulative Redeemable Preference Shares (CRPS) of Rs 100/- each at par aggregating to Rs 10,00,00,000/- without carrying voting rights, with a coupon rate of 0.01% to the Creditors of the Company in settlement of their liabilities and / or any individual Body Corporate or any other persons.

7. Authority to the Board u/s 372A of the Companies Act, 1956 for making investment of the funds of the Company, not immediately required for other business purpose, from time to time in various securities listed at the Stock Exchange, Mumbai (BSE) and / or National Stock Exchange (NSE) and having market capitalization of more than Rs 250 million, for the purpose of long term value creation and to generate regular revenues in the Company..

HLL completes transfer of functionlised Biopolymer business to RSGBL
With reference to the earlier announcement regarding signing a Business Transfer Agreement with Riddhi Siddhi Gluco Biols Ltd (RSGBL) for transfer of its functionalised biopolymer business.

Hindustan Lever Ltd has informed that the Company has completed the transaction on August 31, 2005. As stated earlier the impact of disposal of this business (Sales turnover - Rs 150 Million) is insignificant for the Company, both in terms of sales & profits.

Gajra Bevel Gears - Board Meeting Results
Gajra Bevel Gears Ltd has informed that the Board of Directors of the Company at the meeting held on August 26, 2005, have decided to offer / issue Equity Shares and/or any instruments convertible into or exchangeable against Equity Shares or any instruments with or without detachable Warrants entitling the Warrant holder to Equity Shares (Securities) in aggregate not exceeding the nominal value of equity shares of Rs 10/- each in accordance with the prevailing rules and guidelines in this regard, in aggregate not exceeding Rs 84 million to the promoter / promoters relative, other persons, Company and other entity on Preferential basis subject to obtaining approvals from members of the Company in General Meeting.

Further the Company has informed that Extraordinary General Meeting of the members will be held on September 21, 2005 to take their approval for above as well as for other items.

Raja Bahadur Motilal BoD propose 10% dividend for FY-05
Raja Bahadur Motilal Poona Mills Ltd has informed that the Board of Directors of the Company at the meeting held on August 29, 2005, inter alia, have decided:

1. Dividend at 10% on equity share Capital for the financial year ended March 31, 2005 were recommended.

2. To change the name of the Company to Raja Bahadur International Ltd.

3. To hold the next Annual General Meeting of the Company on September 29, 2005.

TVS Motor clocks 25 pc growth in Aug sales
TVS Motor Co. Ltd has reported a sales of around 60,000 motorcycles in August, up 25 per cent on year. The company sold around 1,05,000 two wheelers in August

IKF Technologies Board to consider technological partnership with Avaya Globalconnect
IKF Technologies Ltd has informed that a meeting of the Board of Directors of the Company will be held on September 08, 2005, inter alia, to consider:

1. Take over the controlling interest (shareholding) of Fortech Software Consulting Inc. at Tempe, AZ, USA.2. The appointment of Dr. Bhaskar B Rao, President / CEO of Fortech as an additional director of the Company.

3. The proposal for setting up software Development and support center to cater to all Fortech offshore Business.

4. The deployment of IKF Software and ERP consultants for project Implementation in USA.

5. The setting up of high security legal document processing center for US based legal firm.

6. Approve the technological partnership with Avaya Globalconnect.

7. Approve the home calling project (i.e. Virtual Call Center).

8. Approve the appointment of Hero Mindmine for providing training and development of IKF personnel.

ICSA India to pay 15% final dividend
ICSA India Ltd has informed that the Board of Directors of the Company at the meeting held on September 01, 2005, inter alia, have recommended a final dividend of 15% for the financial year 2004-05, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company.

Balaji Distilleries to seek Boards nod for allotment of shares to IDBI
Balaji Distilleries Ltd has informed that a meeting of the Board of Directors of the Company will be held on September 06, 2005, to consider the allotment of 40,00,000 Equity shares of Rs 10/- each at par to Industrial Development Bank of India Ltd (IDBI) pursuant to conversion of part of their outstanding loans into equity.

Ramco Systems up 10% on VTTL order
The shares of Ramco Systems jumped nearly 10% to Rs 474 on the bourses following reports that the company has bagged a major customer order from VST Tillers Tractors Ltd (VTTL), a Bangalore-based maker of power tillers and tractors.

Wipro to allot shares under ESOP
Wipro Ltd has informed that the Administrative Committee of the Board of Directors of the Company vide their circular resolution effective August 31, 2005 resolved to issue and allot 401648 equity shares of Rs 2/- each pursuant to exercise of the stock options by the eligible employees

Jindal Saw gets members ratification to issue securities in overseas market
Jindal Saw Ltd has informed that the members at the Extraordinary General Meeting (EGM) of the Company held on August 26, 2005, inter alia, have approved the following:

1. Issuance of Cumulative Redeemable Non-Convertible Preference Shares up to Rs 1000 million.

2. Issuance of Securities in International Market up to USD 75 million including green shoe option.

Omax Autos gets delisted from LSE
Omax Autos Ltd has informed that the equity shares of the Company have been delisted from The Ludhiana Stock Exchange Association Ltd (LSE) w.e.f. August 17, 2005

LG Balakrishnan appoints Deloitte Haskins as Auditors
LG Balakrishnan & Bros Ltd has informed that the members at the 49th Annual General Meeting of the Company held on August 22, 2005, inter alia, have appointed M/s. Deloitte Haskins & Sells, Chartered Accountants, as Auditors of the Company in place of the retiring auditors Messrs, Fraser & Ross, Chartered Accountant, to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting.

Kilitch Drugs Board nods preferential allotment of shares
Kilitch Drugs (India) Ltd has informed that the Board of Directors of the Company at the meeting held on August 31, 2005, have decided to issue 319470 Equity Shares of Rs 10 each representing 4.98% to the promoters on preferential Basis, the same is required in terms to finance part of the Project cost at Paontasahib Himachal Pradesh in terms of sanction letter of State Bank of India

Petronet LNG announces change on Board
Petronet LNG Ltd has informed that the Board of Directors at the meeting held on September 01, 2005, have appointed Shri Prosad Dasgupta, Director (Finance), as a CEO & Managing Director of the Company w.e.f. September 01, 2005, in place of Suresh C Mathur who had superannuated as CEO & Managing Director on July 31, 2005.

Rishi Laser reschedules Board meeting on Sep 02

Rishi Laser Cutting Ltd has informed that the meeting of the Board of Directors of the Company which was scheduled to be held on August 31, 2005, for allotment of shares on preferential basis, has been postponed and will be held on September 02, 2005.

M&M Aug sales up 44%
Mahindra & Mahindra (M&M) has sold 5,688 units of tractors, a rise of 44% in August 2005 from 3,939 units sold in August 2004. Cumulative tractor sales between April-August 2005 rose 38% to 32,272 units as compared to 23,341 units sold in the year ago period

Dr Reddys grants stock options to employees
Dr Reddys Laboratories Ltd has granted 8,300 stock options to the employees of the Company at an exercise price of Rs 5, which is the par value of the shares of the Company.

The Shares covered by such options are 8,300.

The vesting period of these option is 25% options each year over a period of four years. The options may be exercised within a period of five years from the date of vesting

HOEC resumes production at PY-3 field
With reference to earlier announcement regarding temporary shut down of production operation from PY-3 Field, due to the failure of the FSO - Endeavor Mooring System, Hindustan Oil Exploration Company Ltd (HOEC) has informed that the operator has completed the repair job and restored the production operations from the PY-3 Field. The present production from the said field is around 6800 bopd.

The Company has 21% non-operating Participating Interest in PY-3 Joint Venture.

Hajara to take charge as CMD of Shipping Corporation
Shipping Corporation of India Ltd has informed that Shri S Hajara, will assume temporary charge of Chairman and Managing Director of the Company with immediate effect.

Fiscal deficit exceeds 50 pc of Julys budget estimate
The Centres fiscal deficit touched Rs 77,480 crore in the first four months, which is more than 50 per cent of the budget estimate of Rs 1,51,144 crore for the entire 2005-06. The fiscal deficit till July works out to 2.2 per cent GDP, while revenue deficit was close to 2 per cent of GDP.

According to Controller General of Accounts, the fiscal deficit was Rs 77,480 crore during April-July 2005-06 or 51.3 per cent of budget estimate. During April-July 2004, the deficit was at Rs 50,398 crore or 36.7 per cent of budget estimate. Revenue deficit also surged to Rs 68,929 crore during April-July, which is over 72.3 per cent of the budget estimate of Rs 95,312 crore for this fiscal. The revenue deficit was at Rs 58,076 crore during the first four months of last fiscal, which worked out to 76.2 per cent of budget estimates.

VAT increases states revenues by 15% in Q1
Indias new value-added tax (Vat) has boosted revenues of cash-strapped states by 15% in the April-June quarter and the trend will continue in the next quarter as well. Value-added tax, introduced on April 1 this year, is the countrys most ambitious tax reform in five decades which replaced a complex web of sales tax at the state level to simplify procedures, plug leakage and raise revenue collections. VAT was launched after much dithering as most states feared a dip in revenues in the initial period. Most states are nearly bankrupt due to a fall in revenues with many not even in a position to pay their employees on time. Growth has been 15.3% between April and June. In August, on average, it will be 20%. The second quarter will not be less than 18%. The average historical rate of growth throughout the country is 10%, and at most it is 12% and never more than that. As against 12%, 15% is not bad and 20% is highly satisfactory.

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