Mahindra Forgings Ltd has informed that the Remuneration / Compensation Committee at its meeting held on February 26, 2008 has granted 4,03,000 options under the Companys Employee Stock Option Scheme to certain eligible employees of the Company.

Details of the options granted are as follows:

1. a. Number of options granted at exercise price of Rs 83/- per option: 3,91,000 Options.

b. Number of options granted at exercise price of Rs 197/- per option: 12,000 options.

2. Number of ordinary shares covered under the option granted : 4,03,000 equity shares of Rs 10/- each.

3. Vesting period : Minimum one year from the grant of options.

4. Exercise period : Within a period of five years from the date of vesting.

The Remuneration / Compensation Committee considered and approved the Grant of Options to the employees which shall vest in four installments in the following manner:

i. 25% of the total number of Options granted on February 26, 2009.

ii. 25% of the total number of Options granted on February 26, 2010.

iii. 25% of the total number of Options granted on February 26, 2011.

iv. 25% of the total number of Options granted on February 26, 2012.

The grants have been made as per the terms and conditions of the Companys Employee Stock Option Scheme.

Via :

Singer India Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

1(a). The net worth at the Company as at December 31, 2007 has been completely eroded. The Company has been Declared a sick Industrial Unit in terms of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985. The financial results have been prepared on a going concern basis, where the Company will be able to realize all its assets at their carrying values as at December 31, 2007 and discharge all its liabilities as at December 31, 2007 in the normal course of business.

Since the net worth of the Company has completely eroded, the Auditors are unable to comment on its continuity as a going concern. The financial information does not include any adjustments that may be requited in case the Company is unable to continue its operations as a going concern. Accordingly, the Auditors are unable to ascertain the related financial impact, if any, in case the Company is unable to continue as a going concern.

1(b). Deposits and Prepaid Taxes aggregating to Rs 14,753 thousand have been included under the head Loans & Advances - Considered Good on which the auditors are unable to comment on their recoverability / realisability and further, no provision for Sales Tax Rs 13,915 thousand has been made in the accounts. The management is hopeful that these amounts would be recovered or Liabilities would not arise Residual Liability, if any, on settlement would be provided on crystallization.

1(c). Consequent to Accounting Standard 15 (revised) becoming mandatory, the transitional liability, if any, is in the process of being computed and would be adjusted with the opening balance in Profit & Loss account carried forward.
Via :

DCW Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

 Based on Managements review of the suspension of work on Solvay Tower and after a detailed study, justifying the need to add a lot of additional equipment requiring capital expenditure, the Solvay Tower are being held as capital work in progress. Interest of Rs 57.62 lacs relating to the quarter has been capitalized.

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The market tumbles after a strong start to the session as the profit booking across the counters prevails. Reliance Power is trading at Rs426.20 on BSE and touched an high of Rs451 as the company’’s board has given the nod for bonus issue of shares in he ration of 3 shares for ever 5 shares held. The market breadth is weak as 1721 stocks are trading in red while 649 stocks are trading in green.
At11.30AM, BSE Sensex is trading lower by 68 points at 17,281 and NSE Nifty is trading down by 13.95 points at 5,096.80. The Realty index is trading down by 62.38 points at 9,598.76 as Penland is trading lower by 4.31% at Rs93.25 followed by Purvankara by 2.60% at Rs310.65, Akruti City by 2.20% at Rs1113, Parsvnath by 2.07% at Rs267.20, Phoenix mill by 1.57% at Rs404.75.
‘The IT index is trading down by 84.45 points at 3,957.52 as Rolta India is trading lower by (3.47%) at Rs314 followed by Mphasis by (3.19%) at Rs236.95, NIIT by (2.89%) at Rs116, Satyam by (2.66%) at Rs446, Infosys by (2.40%) at Rs1591.20, TCS by (2.32%) at Rs897.10, Wipro by (2.14%) at Rs422.40.
Losers from the NSE Nifty are Bajaj Auto trading lower by (4.53%) at Rs2192 in line with HDFC bank by (3.6%) at Rs1421, M&M by (3.02%) atRs610, ICICI bank by (2.64%) at Rs1071, Hindalco Inds by (2.6%) at Rs187, Suzlon energy by (2.3%) at Rs297.
HCL Technologies is trading higher by (2.21%) at Rs277 as the company has expanded its global services partnership with SAP AG. Also, the company has acquired US based Capital Stream Inc, which is a provider of lending and processing software to banks and finance companies for cash of $40mn.
Infosys is trading up by (1.14%) at Rs1599 as the company has opened its first Latin American subsidiary in monterrey in Mexico to enhance IT services for clients in US, Latin America and Europe. The new subsidiary would provide full range of business consulting and information technology services for all verticals including banking, financial services, distribution, retail and more………
[Via]