MUMBAI: Aurobindo Pharma has posted a 106 per cent rise in net profit to Rs 18.59 crore in the first quarter of the current year from Rs 9 crore in the same period of last year. Net sales improved from Rs 103.85 crore to Rs 183.08 crore. Operating margins improved from 12.8 per cent to 15.27 per cent. Exports rose by 110 per cent to Rs 77.7 crore from Rs 37 crore previously. The EPS increased to Rs 19.65 on post bonus equity capital.

The company plans to invest Rs 50 crore in research and development over a three year period. It is now in the process of commissioning a new R&D centre with latest facilities. ``We have committed an initial budget of Rs 50 crore for the R&D centre and will allocate further resources if required,'' said P V Ramaprasad Reddy, MD, APL.

Euromoney top rating for DSP Merrill

MUMBAI: DSP Merrill Lynch has been ranked for a record third consecutive year as the `Best securities firm in India' in the recently announced Euromoney's `Awardsfor Excellence - 1999'. ``With an estimated market share of 12.8 per cent among FIIs, DSP Merrill Lynch has consolidated its position as India's top house. Dominant in debt-rating, it has also grown its M&A business, for example advising Lafarge on its $ 129 million cement acquisition from Tisco,'' an Euromoney press release said here today.

Polaris Software to go public

MUMBAI: Polaris Software Lab Limited is entering the capital market with a public issue of 35,12,500 new equity shares "issue" of Rs 10 each for cash at a premium of Rs 200 per share aggregating Rs 73.76 crore and an offer of sale by existing members "Offerors" of 8,53,150 equity shares at a price of Rs 210 per share aggregating Rs 17.92 crore. The total offer aggregates Rs 91.68 crore. The offer will remain open for public subscription from August 4, 1999 to August 10 1999. The company has been promoted by Arun Jain and commenced operations in Chennai. In April, 1996, the company set-up another development centre at Noida and inthe same year established a wholly owned subsidiary in New Jersey, USA. In 1997, it established a wholly owned subsidiary in Singapore. It set up a wholly owned subsidiary in June 1998 in UK.