Sri Adhikari Brothers Television Network Ltd, at its board meeting today, approved the increase of authorized capital from 10 million equity shares having face value of Rs 10 each to 15 million equity shares.

The board also cleared the issue of warrants to the core promoters, tallying up to 2.62 million equity shares on conversion.

The company is seeking shareholders approval for these moves, an official release states.

Hinduja TMT Ltd today announced a net profit of Rs 464.02 million for the year ended 31 March, 2002 as compared to Rs 420.66 million for the corresponding period last fiscal. Fourth quarter net profit stood at Rs 160.14 million as compared to Rs 39.99 million in the corresponding period last fiscal, an over four-fold jump.

The company posted total income of Rs 729.68 million for the year, up from Rs 617.25 million in FY-01.

Barring unforeseen circumstances, HTMT expects its IT revenues to increase 100-110% and the net profit therefrom to increase by about 70 per cent in FY 2002-03 on the basis of contracts on hand. The bulk of the contribution would come from the IT enabled business, a company release states.

HTMT, besides positioning itself as an operating IT company, through its subsidiaries is expanding operations in the areas of cable television, broadband Internet, local television programming, movie channel and movie based programming. Fascel, HTMT‘s joint venture with Hutchison Max, continues to be the largest single circle (excluding metros) cellular operator in the country, the release states.

Star India finally made it official today. The Rupert Murdoch-promoted company announced the appointment of Ravina Raj Kohli as president - Star News Channel. Kohli starts work Monday and will be spearheading the new Star News operation scheduled to delink from Prannoy Roy‘s New Delhi Television on 31 March 2002.

Kohli is expected to be in Los Angeles within the next two weeks to get a first hand look at how Murdoch‘s Fox News operation is run. It is the Fox News formula on which the new Star News will be modelled - meaning lots more focus on entertainment, sports and business as an adjunct to politics.

Kohli will report directly to Star India CEO Peter Mukerjea who, while announcing the appointment, said: "We are very pleased to have Ravina join us at this exciting juncture. Ravina‘s experience in the creative business of television will bring to the news category in India a fresh boost and new energy. I am confident that with her leadership, Star News will achieve new heights as the pace-setter in news broadcasting."

"I am ready for the challenge ahead, and look forward to working with Asia‘s most dynamic company, building on the popularity and success of Star News - and breaking new ground," an official release quoted Kohli as saying.

One thing that seems clear is that Star News will not be operating out of the Star India head office in the western Mumbai suburb of Andheri. A likely possibility as far as office premises go is the Worli area of central Mumbai. A whole new complex where the news operations will be housed is just one part of the start-up costs of the news channel which will have a completely new look - new ID, logos and everything else. Star has reportedly earmarked Rs 2500 million for just the first year of operations. That is huge money and is likely to shake up all the players in the business.