L&T plans ESOP
Mumbai: Larsen & Toubro has planned two different stock option schemes for part of is 25,000-strong workforce. The 'stock option scheme' and 'stock appreciation rights' will be offered to employees, by which the company's Rs 248.52-crore equity base will expand by 5 per cent.

Under the first scheme, employees will be given an option to acquire a certain number of shares at the grant price. Employees will have to pay Rs 10 per option at the time of the grant. The vesting will commence after one year and may extend up to four years from the date of grant. The exercise period will start from the date of vesting and will end after a maximum seven years. While exercising the option, the employees will have to pay the balance grant price to obtain the share.

Under the second scheme, employees are entitled to get the difference between the price computed for the purpose of exercise and the price computed for the purpose of grant. The difference, which is the appreciation, will be paid in the form of shares. The schemes are based on employees' performance and other criteria decided by the compensation committee of the company.
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MICO net up 264%
Bangalore: Motor Industries Company has posted a 264 per cent rise in net profit for the second quarter of the current financial year. Net profit rose to 8.68 crore from Rs 2.38 crore in the second quarter last year.

The company's turnover for the second quarter of 1999 rose to Rs 375.73 crore from Rs 316.73 crore in 1998.
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Bharat Forge posts 123 per cent increase in net profit
Pune: Bharat Forge has posted a 123 per cent increase in net profit in the first quarter of 1999-2000 -- Rs 16.07 crore against Rs 7.21 crore in the corresponding quarter in the previous year.

The company's sales rose 26 per cent in the first quarter -- to Rs 139.78 crore from Rs 110.80 crore in the corresponding period last year.
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Indus-League to launch three apparel brands
Bangalore: Indus-League Clothing, the garments company floated by ex-employees of Madura Coats with venture capital funding, is launching three brands in the Indian and international markets in the menswear segment.

'Indigo Nation', 'Scullers' and 'Ironwood' are the brands that will hit the market by September, Sriram Srinivasan, managing director of Indus-League Clothing, said.

The new products include officewear, after-office and weekend wear, relaxed shirts, and Italian ties and fashion apparel.
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