Chemplast Sanmar Board Clears Demerger of Shipping Business

Updated: Jan 26 2003, 05:30am hrs
The board of Chemplast Sanmar Ltd has decided to demerge the company's shipping business and vest it with Sanmar Properties and Investments Ltd (SPIL) with effect from January 2003. The shipping undertaking consists of one ship, investment and advances to Sanmar Shipping Ltd through Polygon Holdings Ltd, the chennai-based entity informed Bombay Stock Exchange on Saturday and added that the demerger would be subject to all necessary approvals, including the nod from shareholders.

SPB Q3 Net Profit At Rs 4.39 Cr

Seshasayee Paper and Boards (SPB) Ltd has reported a net profit of Rs 4.39 crore for the third quarter ended December 2002, as against Rs 0.27 lakh during the corresponding period last year. Net sales was at Rs 84.79 crore (Rs 87.82 crore). Total expenditure stood at Rs 67.87 crore (Rs 78.48 crore). Paid-up share capital remained unchanged at Rs 11.25 crore.

Sundaram Clayton Q3 Net Up 134%

Sundaram Clayton Ltd has reported a 134 per cent increase in net profit to Rs 12.21 crore for the third quarter ended December 2002, as against Rs 5.20 crore during the corresponding period last year. Net sales was Rs 77.63 crore (Rs 63.57 crore). Total expenditure was at Rs 67.72 crore (Rs 56.08 crore). Paid-up share capital remained unchanged at Rs 18.96 crore.

CorpBank Signs MoU With Allahabad Bank

Corporation Bank and Allahabad Bank on Saturday signed a memorandum of understanding (MoU) for mutual sharing of their ATM network. Corporation Bank has the second largest network of ATMs among PSBs in the country, K Cherian Varghese, chairman and managing director of the bank, told reporters in Mangalore. The bank has installed 317 on-line inter-connected ATMs from Jammu to Thiruvananthapuram and Mehsana to Kolkata and plans to reach 500 by this financial year-end, he said. The MoU would also help both banks reduce the cost of transactions by optimising the investment in information technology initiatives, he added.

Karnataka Bank Rights Issue

Managalore-based Karnataka Bank's Rs 33.72 crore rights issue with a 1:2 ratio is expected to be opened in the last week of February. A spokesman of the bank said February 8 is the record date for the issue with a price tag of Rs 10 plus Rs 15 as premium. SBI Caps will be the lead managers of the issue. The bank has decided to go for a rights issue in August last following a succesful bonus issue. The bank at present has a capital adequacy ratio of 12.96 per cent.

Bristlecone Begins India Operations

US-based Bristlecone Inc, a business process and technology consulting company and provider of supply chain solutions, has announced the commencement of its India operations. Bristlecone India is aimed at providing offshore services to the parent company's current and potential global customers. The India operations is also expected to act as a catalyst for the company's plan to foray into the Asia Pacific region, a company release said. The India operations which had an initial investment of Rs 3 crore, would start with 25 engineers and would be increased to 100 by 2005.

AAAI Workshop

`Survival of Fittest', the three-day advertising workshop held by Advertising Agencies Association of India (AAAI) in Bangalore focused on the need to improve ROI on advertising investment and effectiveness of advertising. The workshop was inaugurated by AAAI president and Madison Communications chairman and managing director Sam Balsara. Around 30 participants from across the country took part in the workshop which aimed at providing practical hands-on training in strategy and creativity.

STF Intensifies Operations Against Veerappan

Amidst conflicting reports of Karnataka's special police force and the Veerappan gang exchanging fire, security personnel on Saturday intensified operations in a border forest range and have unearthed a cache of arms and ammunition. Both the Karnataka and Tamil Nadu special task forces were conducting operations in the Gopinatham forest range on Karnataka-Tamil Nadu border following reports about movements of the elusive forest brigand Veerappan. Highly-placed sources said there was an encounter between the Karnataka STF and the Veerappan gang around midnight Friday night involving exchange of fire but the state police maintained that they were only carrying out combing operations and no such incident had taken place.

Karnataka director general of police T Madiyal said there was no encounter but "different kinds" of operations were on.

Airtel Cuts Airtime Charges for Chennaiites

Airtel has reduced its airtime charges for Chennai customers. For pre-paid subscribers, the outgoing calls will now be charged at Rs 2.40 per minute as against the existing rate of Rs 4 per minute, while incoming calls will be charged Rs 1.50 per minute (Rs 2). Also, a new scheme - `Dream Plan' has been launched for a monthly rental of Rs 348. Under the scheme, the outgoing call will be charged at Rs 1.99 per minute while incoming call will cost subscribers Rs 1.20 per minute. As announced earlier, all incoming calls from cellular operators (except a few) will be free, according to a company press release.