>компютримебелиsore Alloys Ltd has informed that the Audited Accounts of the Company for the fifteen months period ended March 31, 2008 will be considered by the Board of Directors within a period of 3 months from the close of the aforesaid Accounting Period.

India on April 8 announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), 34 of which are in Africa, recognising the crucial importance of market access in ensuring the development dimension of global trade.

At the two-day India Africa Forum Summit here, the Prime Minister, Dr Manmohan Singh, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would encompass 94 per cent of India’’s total tariff lines, and more particularly it would extend preferential market access on tariff lines that comprise close to 93 per cent of global exports of all LDCs, said the PM. Products of immediate interest to Africa which are covered under the scheme include cotton, cocoa, aluminium ores, copper ores, cashew nuts, cane sugar, ready-made garments, fish fillets and non-industrial diamonds. The Prime Minister said that over the last five years, India has extended lines of credit to African nations and trading groups worth $2.15 billion and this was expected to double to $5.4 billion over the next five years.

Hindustan Dorr Oliver Ltd has informed that the Company will publish the Audited Financial Results for the financial year ending March 31, 2008 on or before June 30, 2008, that is, within a period of 3 months from the end of the last quarter of the relevant financial year.
Therefore, the Company will not publish the un-audited Quarterly results for the Quarter ended March 31, 2008.

Mahindra and Mahindra, utility vehicle maker, will be setting up its own plant near the south Indian city. This decision has come just after weeks opting out of a proposed joint venture with Renault and Nissan Motor for a manufacturing facility at Chennai. M&M singled out of the deal earlier this year and subsequently announced it was setting up a greenfield plant at Chakan, near Pune, with an estimated investment of Rs 1,500 crore, to produce 300,000 vehicles.

Commercial production at Chakan may begin in two years, about the same time Renault and Nissan will launch production at the Chennai unit. M&M, Renault and Nissan had in February last year announced plans to set up a plant with an investment of Rs 4,500 crore, to produce 4,00,000 vehicles a year for the three companies.

The plant will make trucks for M&M’’s venture with Navistar Inc’’s International Truck & Engine unit and will also have a powertrain facility. This will be through the Mahindra Renault JV which makes Logan models at the Nashik plant. Other Renault products on the Logan platform will also be sold through this JV company in the years ahead. M&M plans to unleash a five-seater mass market utility vehicle (UV) next year. It would be priced between Rs 4-5 lakh. The new SUV will be first rolled out from the company’’s proposed plant in Chakan, near Pune.

Ganesh Benzoplast Ltd has informed that a meeting of the Board of Directors of the Company will be held on April 10, 2008, to consider and approve the resignation of Shri. Gyan Chordia from the Board of the Company and appointment of an additional Director in place of Shri. Gyan Chordia.

The market today opens with a bang backed by the strong global cues. The BSE Sensex open with a huge gap up of nearly 400 points. The strong buying witnessed across the board in the early trade mainly led by the Bank, Realty, IT and Consumer Durables stocks. The broader market is trading in tune with the market and is trading higher.

The overall market breadth is positive as 1,703 stocks are advancing whereas 175 stocks are declining on BSE.

At 10.30AM, the BSE Sensex was up by 488.37 points at 16,114.99 and the Nifty was up by 127.80 points to 4,867.35.

The BSE Mid Cap increased by 157.36 points to 6,552.46 and the BSE Small Cap advanced by 182.41 points to 8,044.17.

ICICI Bank reported the top gainer from the BSE Sensex pack. It is trading with a gain of 7.12% at Rs.812 followed by HDFC advanced by 6.16% to Rs.2,505.30.

BSE Bank index surged by 341.77 points to trade at 7,985.32. The top gainers are ICICI Bank inclined by (7.12%) to Rs.812, SBI increased by (4.44%) at Rs.1,695 followed by HDFC Bank and PNB up by (4.20%) and (3.21%) to Rs.1,365 and Rs.515.

BSE Realty index improved by 278.59 points to trade at 7,745.07. The major gainers are HDIL, India Bull Real, Sobha Developers and Unitech grew by (4.50%), (4.29%), (4.57%) and (3.51%) to Rs.682.25, Rs.506, Rs.627 and Rs.284.75 respectively.

DLF is trading higher by (4.15%) at Rs.653. The company is planning to tie up with the largest retail and real estate company of Thailand — The Central Group. DLF and Central Retail are learnt to be working on all possible combinations to roll out their retail operations in India.

HT Media Ltd has informed that the Company proposes to publish the audited financial results of the Company for the financial year ending on March 31, 2008 within three months from the close of the last quarter of the financial year ending on March 31, 2008.
Accordingly, the unaudited financial results for the quarter ending on March 31, 2008 shall not be published by the Company.

Sun Pharmaceutical Industries Ltd has announced that USFDA has granted approval for Abbreviated New Drug Application (ANDA) to market a generic version of Medimmunes Ethyol®, amifostine for injection 500mg.

This generic amifostine for injection is therapeutically equivalent to Medimmunes Ethyol® amifostine for injection 500mg. Ethyol® has annual sales of approximately USD 80 million in the US.

Sun Pharma, being the first-to-file an ANDA for generic Ethyol® with a para IV certification, has a 180-day marketing exclusivity.

Ethyol® is covered under 3 patents - 471 (July 31, 2012), 731 (July 31, 2012) and 409 (Dec 08, 2017). This ANDA was filed with para IV certification against all the patents. Medimmune flied a suit in the District Court of Maryland and the case is under litigation.

Amifostine is used as an adjuvant in cancer treatment. Sun Pharmas amifostine for Injection will be indicated for the reduction of kidney damage in patients who have advanced ovarian cancer and are being given repeat doses of cisplatin.

ICICI Bank Ltd’’s Sri Lanka Branch was able to procure salary accounts of over 50 Corporates within one year, a product that was made available to the local corporate sector in Sri Lanka. The Bank felicitated its customers at a recent gathering over this achievement. Sachin Sikka, Sri Lanka’’s Senior Vice President and Head of Retail Libilities, ICICI Bank said that since they launched this product to the top corporate management and decision makers in Sri Lanka one year ago they have received a good response in the market resulting in over 50 partnerships with the corporates.

Those Corporates, who wished to open salary accounts of their employees with ICICI BANK, could have their salaries credited to the account at no cost, with the concept of ”Single Debit Multiple Credits”. The concept of Drop Boxes was explained to the gathering in Colombo, which was attended by representatives of leading Corporates. The Bank’’s customers took the opportunity to speak of their experiences and recounted how this particular product had helped their day to day operations. Since the commencement of operations in Sri Lanka, the Bank has been highly successful in attracting a growing number of customers through its unique retail and corporate products, including an exceptional ATM network totaling 800 island-wide [regardless as to whether its an ICICI ATM or not], personal loans, and speedy remittance services. ICICI Bank’’s international ATM-cum-Debit card is also accepted at any VISA enabled point of sale terminal in Sri Lanka as well as globally, to provide customers with the dual convenience of cash free transactions and greater security.

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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.
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