Outcome of the Board Meeting held on 30 October 2008

         Sub: Outcome of the Board Meeting - Buyback of Shares

Board of Directors in their meeting held on 30 October 2008, interalia, has approved the proposal to buy-back the fully paid up equity shares of Rs.10/- each upto 10% of the total paid-up equity capital and free reserves of the Company at a maximum price of Rs.110/- per equity share.