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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (876)	2/24/2000 9:27:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT Gramophone Company of India Plans listing on NASDAQ (Friday, February 25, 2000) Our Bureau in Calcutta Gramophone Company of India Ltd (GCIL) has chalked out a massive restructuring plan, including retiring of debts, listing on Nasdaq, focusing on dotcom activities, acquisition of other labels and brand titles, to emerge as a global music major. Addressing shareholders at the extra-ordinary general (EGM) meeting yesterday, GCIL vice-chairman Sanjiv Goenka said the expansion plan is aimed at re-shaping the company into a global music major by utilising its intellectual properties. He said the proceeds of the proposed Rs 125-crore preferential allotment of shares will be utilised to fund the ambitious expansion plan. The resolution, proposing the preferential issue, was passed at the EGM. The company also plans to undertake technological upgradations at Saregama plc, a GCIL subsidiary, based in San Jose, California. Saregama plc, which was formed to service the non-resident Indians in London, has been registering a rapid growth and attracting keen investor interest on the Offex exchange, he said. The Saregama scrip closed at œ 4.30, 430 times its face value, on Wednesday. The company's portal saregama.com , which retails cassettes and compact disks, is recording 10,000 hits a day. "The potential is enormous. With the intellectual laws getting stringent, the value of our content is poised to go up and above," Goenka said GCIL, it may be recalled, has a content of 1.5 lakh albums in its store. According to him, a Nasdaq listing is a must for GCIL for acquiring a global status. "The entertainment industry has changed a lot in the past two years. Nasdaq is the place for all ICE (information technology, communication and entertainment) majors to get listed on," Goenka added. GCIL managing director K Krishnan said the company targets to record a 10-12 per cent growth in income by 1999-2000 over the previous year's Rs 123 crore ($27 mil). He, however, declined to comment on expected rise in profit. GCIL targets 'good business' from the Rakesh Roshan blockbuster 'Kaaho Na...Pyar Hai' (KNPH). It has already sold 35 lakh cassettes in the past six weeks and expects sound growth in the near future. "We hope KNPH will outperform Hum Aap ke Hai Kaun and Dil To Pagal Hai," Goenka said. Hum Saath Saath Hai, produced by Rajshree Pictures has helped the company generate good revenues. The company is also expecting a good business from its subsequent releases namely J P Dutta's Refugee, Hum To Mohabbat Karega and Mohabbaten, in which Amitabh Bachchan will play the lead. -Business Standard