Formalities Towards Appointment Of RTA

Cambridge Technology Enterprises Ltd has informed that the Company has completed necessary formalities towards appointment of RTA M/s. Aarthi Consultants Pvt Ltd, Hyderabad.

M/s. Aarthi Consultants Pvt Ltd, Hyderabad will be acting as the Companys Registrar and Share Transfer Agents effective May 30, 2008 in the place of erstwhile Registrar M/s. Bigshare Services Pvt. Ltd, Mumbai.

Piramal Group Has Begun A New Innings

Piramal Life Sciences, the newly hived off research and development business of Piramal Group has begun a new innings on May 29 by listing on bourses. On the opening day the stock lost 16 per cent even as Piramal promised big growth to his stakeholders. The company plans to invest Rs 400-500 crore over two years aiming for revenue of over Rs 1,200 - Rs 1,500 crore by 2010. The company''s research pipeline comprises 14 molecules of which 6 are in clinical trials targeting its first drug launch by 2010.

Piramal is already in talks with potential investors including MNC pharma & financial investors for a strategic stake sale in his new R&D arm. Clearly, Piramal knows research is long haul business with high risks but it is his expectations on irresistible returns that has kept him on track.

IOL Netcom Has Received A Letter Of Intent

IOL Netcom has received a letter of intent from Power Grid Corporation - a Govt. of India undertaking, to provide last mile connectivity to over 600 members of the National Stock Exchange of India (NSE) in the cities of Mumbai, Delhi, Kolkata, Chennai and Ahmedabad. The last mile connectivity to the members of NSE will be provided by IOL on its own and alliance partners'' Metro Ethernet Networks.

The above named contract will add approximately Rs 50 crore annually to IOLs top line in addition to significant collection and FMS revenues from large broking houses across the country. The company also announced plans to create a pan India, ultra modern secure NGN networks for mission critical applications enabling it to execute similar projects for other organizations. The company made this announcement during the trading hours today, 29 May 2008.

ITC Ltd Has Increased Prices Of Select Brands By Around 10 Pc

ITC Ltd, the Kolkata-based company, has increased prices of select brands by around 10 per cent to offset rising cost of tobacco, paper and other inputs. ITC revised prices on three brands including Classic, Gold Flake and Silk Cut. The price of a 20-stick pack of the premium brand Classic has been increased by 10 per cent to Rs 88 from Rs 80 earlier, while a pack of the mid-market Gold Flake brand will cost 5 per cent more at Rs 40 against Rs 38 earlier. The price of economy brand Silk Cut has been revised slightly from Rs 20 now. The current price revision is apart from the increase the company effected after Finance Minister P Chidambaram increase excise duty on cigarettes in the Union Budget. The three brands are the company''s major cigarette brands and only the Wills brand, priced at Rs 34, has been kept out of the purview of this exercise.

Sun Pharma Had Entered Into An Agreement With Taro

Sun Pharmaceutical''s $454-million deal to acquire Israeli firm Taro Pharmaceuticals has fallen through with the latter terminating the merger agreement due to differences in financial valuation. Taro''s Board of Directors unanimously determined that permitting the merger agreement, signed in May 2007, to remain in force was no longer in the best interest of the company, Taro said in a statement.

This is despite Sun Pharma making a revised offer to increase per share price to $10.25, from the initially agreed amount of $6 per share. It had, however, made a condition of elimination of a voting threshold. Sun Pharma had entered into an agreement in May last year with Taro to acquire the firm for an all cash deal of $454 million.

ICICI Bank Seems To Shifting Its Focus

For years, the country''s largest private sector lender ICICI Bank positioned itself as the peoples bank hoping to capture the growing wealth of the great Indian middle class. Now as that same middle class starts to feel the pinch of a slowdown, ICICI Bank seems to shifting its focus to the cream of the Indian economy.

The bank has decided to significantly ramp up its wealth management business with the launch of a global private clients division. The division will target consumers with more than a million dollars to spare looking to invest in global investment products structured to meet their specific demands.

ICICI wealth management and private client business currently has nearly $26 billion in assets under management with 18 billion of that centered in the Indian market.Over the next year ICICI plans to grow this business by more than 50 per cent with an aim to add at least a 1000 new clients in the ultra rich category. And as these clients make money on their investments - the bank hopes to see the gains flow into its own coffers - through a heft jump in fee income.

The focus on high-end clients comes at a time when the bank''s core retail lending business is going through a sharp slowdown. The retail lending is now growing barely in single digits and it is that slowdown that ICICI is hoping to compensate for by focusing on higher margin fee based businesses.

Mukesh Ambani Builds An Airport In Raigad District

MUMBAI:After starting construction of a helipad at his Seawind residence at Cuffe Parade, Reliance Industries Limited chief Mukesh Ambani now wants to build an airport in Raigad district.

Ambani, who has a fleet of private jets including an Airbus 319, is developing the MahaMumbai Special Economic Zone (SEZ) in the district and has identified a site in Uran for the airport.

Although details of the project are not known, an official of the Navi Mumbai SEZ Private Limited, a Reliance Group company, confirmed the development and said the company was examining the feasibility of an airport. "'We are looking at it (an airport) as one of the possibilities. It is in a preliminary stage," the official said, refusing to elaborate.

Indications are that the proposed Ambani airport could be for private use.

The Centre has already given its go-ahead for the Navi Mumbai airport to be developed by the City and Industrial Development Corporation, but the project is still to get an environmental clearance.

Civil Aviation Minister Praful Patel told Mumbai Mirror over the phone that the government would permit a private airport (for non-scheduled and charter operations) near Mumbai but added that he had not received any proposal for a private airport.

Sources said the Ambanis owns several planes and helicopters. These planes are parked at the Mumbai airport, which is congested and has little additional parking space.

Recently, a team of officers of the Airports Authority of India and the Directorate General of Civil Aviation inspected the site at Uran to examine operational aspects of the airport. The AAI's no-objection clearance is required from the point of view of air traffic management, and the purpose of the inspection was to examine the feasibility of an airport and aspects such as the required runway length and alignment, air traffic procedures, obstructions in approach path etc. According to government sources, the site in Uran is a marshland and is being reclaimed. However, there are some problems with the site, they said, adding a railway line passes closeby.

"Airbus A-320 requires a minimum of 6500-7000 feet of runway. Although land is available for construction of runway of that length, there are hills surrounding the site. There is an obstruction in the approach path. All the runways have safe landing points, which are marked.

However, in Uran, because of the hills, the safe touchdown point will have to be provided much further from the tip of the runway. Thus even a runway with 7000 feet won't be sufficient for landing of an A-320," an official said.

Sources said because of these factors, there could be restrictions on the take-off load. However, the AAI is still to give its final report on the feasibility of the Uran site.

Reduction Of Capital Of The Transferee Company - DMC International

DMC International Ltd has informed that the Court convened meeting of the Equity shareholders of the Company held on May 24, 2008 have unanimously approved the Scheme of arrangement for amalgamation of Swen Realty & Media Ltd with DMC International Ltd and reduction of capital of the Transferee Company - DMC International Ltd.

RBI Raised Interest Rates On Deposits Of Two Years

State Bank of India, the country''s largest bank, on April 26 raised interest rates on deposits of two years and above with effect from June 1. The deposits for duration two years to less than three years will now earn an interest of 8.75 per cent, the same as deposits of one year to less than two years. Interest rates on deposits of three years to less than five years has been increased to 8.85 per cent from 8.5 per cent. Rates on deposits of five years and up to 10 years will be 9 per cent as against 8.5 per cent at present.

For senior citizens, the deposit of two years and up to 10 years has been bifurcated into two categories - deposit of three years to less than five years and 5 years to 10 years. Interest rates on the new categories will be 9.35 per cent and 9.5 per cent as against 9 per cent earlier, it said. Interest rates on senior citizen deposits of one year to less than two years will continue to be 9.25 per cent.

LIC Is Planning To Buy Land Worth Rs 2,000 Crore

Life Insurance Corporation of India (LIC) is planning to buy land worth Rs 2,000 crore this year to develop commercial and residential complexes. LIC is already among the largest property owners in India. This will be in addition to the Rs 1,100 crore it spent last year for purchasing lands across the country.

LIC has identified Kolkata, Jaipur, Agra, Vishakhapatnam and Bangalore as possible cities where it may acquire land and develop it. The insurer is next only to Indian Railways in terms of property ownership in the country and, at present, it holds 1,708 properties in the country which are estimated to be worth around Rs 20,000 crore. In the eastern region alone, the life insurer owns 187 properties. LIC has bought the five acre plot from the Kolkata Municipal Corporation for over Rs 276 crore through a bidding process and is working on a 50-storied commercial building that may be the tallest building in the eastern city.

Bajaj Group In Talks Allianz To Make A Enter Into AMC Business

Bajaj Finserve, Rahul Bajaj''s new firm, is set to make it to the stock exchanges on May 26 and the top management team is working overtime to make shareholders happy with a brand new alliance with time-tested partners Allianz. Bajaj group is in talks with Allianz to make a enter into AMC business. Three banks including Standard Chartered Bank will pick up 3 per cnet each in the asset management company while Bajaj Finserve will hold the balance 40 per cent. Currently, Bajaj has 3 separate JVs with Allianz and the latter holds 26 per cent in the life and general insurance joint ventures.

On other hand Bajaj''s stake in Bajaj Allianz Financial Distributors that sells third party financial products is currently 50 per cent. Rahul Bajaj on his part, however, says it will take sometime before the structure of the AMC company is finalized. The Bajaj group which is facing the heat due to a slowdown in its core business motorcycles now wants to shift gears to become a financial powerhouse with three pillars life insurance, general insurance and asset management driving growth. Finally Rajiv Bajaj who heads Bajaj Auto and his brother Sanjiv the boss of Finserve have their roles cut out and only time will tell who comes out winner.

Bharti Airtel Pulled Out Of Negotiation

Bharti Airtel, India''s largest private telecom company, pulled out of negotiation for acquiring an estimated $45-50 billion MTN, saying the South African telecom entity deviated from agreed terms.

The new structure envisaged Bharti Airtel becoming a subsidiary of MTN and exchange of majority shares of Indian company held by Sunil Mittal, promoter of Bharti, family and its foreign partner Singtel, in exchange for a controlling stake in MTN.Both (Bharti and MTN) had initiated talks about three weeks ago and talks were cordial through out this period and conducted in good faith.

Bharti also claimed that over a dozen internationally reputed bankers from the US and Europe of having pledged funds of over $60 billion for the acquisition.The reference point at which MTN shares were to be transacted was agreed and frozen at the point of starting the discussion and Bharti would like to confirm that there was no further discussion on the share price of MTN, at any point.

ONGC Looks To Have Made Some Progress In Giving EPC

ONGC looks to have made some progress in giving EPC contracts for implementing the 740-MW gas-based ONGC Tripura Power. The energy major is now to set to open financial bids for the EPC contract by mid-June. BHEL and Alstom are the competitors for the contract. The Rs 3000-crore thermal project is the single largest proposed industrial investment in the entire North-eastern region. It is a challenging project and the prospective contractors had many queries regarding the project implementation from ONGC, the Government of Tripura and the Union Government.

Dr Reddy''s Lab Unveiled Omez Insta For Patients

Dr Reddy''s Laboratories Ltd unveiled Omez Insta for patients suffering from severe gastritis and those on Ryle''s tube feeding in India. The drug (Omeprazole 20mg plus sodium bicarbonate 1680mg buffer), is a powder formulation. Omeprazole, globally referred to as IR-Ome, is the first and only oral Proton Pump Inhibitor (PPI) available as powder for oral suspension. Omez Insta is available in sachets in a pleasant mint flavour. The PPI market is valued at Rs 540 crore with an estimated growth rate of 14 per cent.

BPI Indicated At A Price Increase Across

Berger Paints India (BPI) has announced the allotment of two crore equity warrants to Jenson & Nicholson (Asia), a part of the promoter group of BPI, for Rs 9.9 crore and these are convertible into equity shares of Rs 2 each within 18 months. The warrants were issued for Rs 49.50 each, which is more than the price determined under the Securities and Exchange Board of India (Sebi) guidelines 2000, and represent a premium of about Rs 9 over the current market price, said a company press release. Berger Paints has undertaken modernisation and expansion activities at its Goa and Rishra plants, besides expanding the facilities at Gujarat and Jammu, at a net capex of Rs 100 crore by June 2009. Of late, BPI indicated at a price increase across the solvent-based decorative paints segment with effect from June 1.

Airtel Has Unveiled Mobile Services In Lakshadweep

Airtel has unveiled mobile services in the Lakshadweep Islands, thereby becoming the first private mobile service operator to begin functioning in the islands. Initially, Airtel will give both prepaid and post-paid services in three Islands of Kavaratti, Agatti and Bangaram. The company has set up two towers in Kavaratti and one each in Agatti and Bangaram. Bharti has been at the forefront of the telecom growth story in India, which is one of the fastest growing mobile markets in the world. The unveil of Airtel''s services include: customer care services available on 121; uniform tariffs for local (Re 1/minute), STD (Rs 1.50/minute) calls as in all the 23 Airtel circles on home & roaming Airtel networks; and anytime, anywhere recharge with Airtel Easy Charge available at over 50 retail outlets across Lakshadweep.

Softbpo Global Approved All Issues

Softbpo Global Services Ltd has informed that the Board of Directors of the Company at its meeting held on May 21, 2008, inter alia, has considered and approved the following:

1. Issue of Shares on Rights basis in the ratio of 40 (Forty) Equity shares of Rs 10/- each fully paid up for every 1 (One) Equity Share of Rs 10/- each fully paid held as on such record date to be determined by the Board of Directors for cash at a premium of Rs 60/- per equity share.

2. Increase in Authorised Share Capital of the Company to Rs 6.50 Crores.

3. Notice of the Extra-Ordinary General Meeting in connection with aforesaid such matters requiring consent of the members of the Company.

BSNL Has Thinned Its Procurement Guidelines

Bharat Sanchar Nigam Ltd has thinned its procurement guidelines and will permit non-profit making equipment makers to supply mobile network gear. BSNL''s earlier tender for 45 million lines was highly controversial after the company had prohibited loss-making manufacturers from even bidding for the project. As a result, Motorola was not allowed to submit its bid. But now BSNL has given $90 million contract to Motorola to supply GSM network equipment for supporting an additional 2.3 million subscribers in the southern region. Motorola will be able to bid for BSNL''s upcoming 93 million line project, which is estimated to be worth $10 billion.

BSNL has also done away with the need that its suppliers should already have a manufacturing facility in India if they want to bid for projects. As per the new tender conditions for supply of 93 million GSM lines, companies without manufacturing facilities can bid for the contract and need to open a unit in the country only if they win the tender. In another move, the company has divided the tender into different parts of the network comprising core equipment, IT, billing among others.

Aditya Birla Nuvo Limited Mulls To Take PEP

Aditya Birla Nuvo Limited mulls to take its newly unveiled apparel retail brand Peter England People (PEP) overseas in the next two years. The brand, which is unveiled via their new division, Peter England Fashions and Retail, will be exported to West Asian and East Asian countries in the next two years. Peter England Fashions and Retail on May 20 unveiled its second Peter England family store, under the brand name, People, in Bangalore. The company, which set up its first outlet in Mumbai last week, is planning to set up 10 stores for an investment of Rs 20 crore excluding the merchandise and aiming a revenue of Rs 50-70 crore during the first year. The company is looking at setting up around 80-100 outlets across tier-I and tier-II cities in India over the next five years at a combined investment of Rs 400 crore.

SCI Has Suggested A Bonus Issue Of Shares In The Ratio Of 1:2

The board of directors of Shipping Corporation of India (SCI) has suggested a bonus issue of shares in the ratio of 1:2 i.e. one bonus share for every two shares held. Since the company has immense reserves, the management has determined to use part of it to benefit the shareholders. SCI has reserves of Rs 4,817 crore as on March 31, 2007. The bonus share proposal will have to be permitted by administrative ministry, Ministry of Shipping, Road Trans port & Highways.

Mumbai-Based Banking Specific IT Firm 3i Infotech

Mumbai-based banking specific IT firm 3i Infotech, is now talking to firms in Russia to set up a joint venture company to tap the growing opportunity there. 3i Infotech Ltd said the Russian market is now beginning to face the impact of globalsation. As a result the demand for specific IT solutions is more, as compared to services. For instance, specific banking solutions such as trading, brokerage, mutual fund etc have a great potential. The groundwork for the partnership foray in Russia is on. The company has already ''Russianised'' its products and services.

LIC Mulls To Leverage The Strength Of High Performing Agent

LIC mulls to leverage the strength of its high performing agents and to tap new talent in the face of growing competition from private insurers. The corporation has drawn up a strategic business unit for recruiting new agents and offering incentives to existing high performing agents. LIC currently has an agency force of 12 lakh and mulls to recruit around 1 lakh more this year. The SBU, which is called Chief Life Insurance Advisors works on a new model. As per this model, LIC will choose some of its high performing insurance agents and offer them the opportunity to be Chief Life Insurance Advisors. Until now, LIC has been appointing only development officers to manage agents. The corporation, which showed a sharp slip in growth last year, is now looking at building up and creating a strong agency force.

HPCL Set For Next Level Of Growth

Mumbai: It took two major challenges and a strong desire to succeed for state-owned Hindustan Petroleum Corporation Ltd (HPCL) to undergo a complete transformation from a public sector entity to a corporate in the real sense.

In the winter of 2002, the company’s top management got together to deal with what was said to be the biggest challenge in its 40 years of existence — the deregulation of fuel retail business.

In a bid to break free from the humdrum existence of a conventional pubic sector unit and get on to the fast lane of innovation and development, the company decided to develop a customer-centric strategy and plug the gaps where it was lacking since inception.

“What followed was six months of extensive research at the grassroots level, involvement of all junior level officers and inputs from cross-functional teams,” S P Chaudhry, executive director — retail, HPCL told DNA Money.

He said the company carved out a task force comprising four zones, each having 8 teams with a total of 200 junior level officers. “These people travelled across the country spending time talking to customers such as truck drivers, tractor owners, premium class customers and even three-wheeler owners.”

“That was our phase of transformation as everybody found a role for themselves in the company’s growth,” said Chaudhry. The company decided to develop strategies individually focused on highways, rural areas and urban areas.

The exercise started showing results and customer loyalty increased. HPCL started frequenting award functions, bagging awards on quality, customer loyalty and branding, etc, apart from increasing its market share every year quite substantially. However, the company didn’t get time to rest on its laurels.

By the time it was two years into its concerted customer-centric practice, it realised that in spite of an increasing recognition of the company’s efforts, it was losing market share to new entrants like Reliance, Essar and Shell.

“That was the second-biggest challenge for the company and we were determined to overcome it,” said Chaudhry.

Though, the company again adopted a customer-focused approach, this time it was more inclined towards innovation and bringing in best practices.

“That was the time we introduced concepts such as retail automation, e-fuel stations, adoption of high-end technology, vehicle management system, refreshing washrooms called Fleurs and many more,” he said.

The company also tied up with several food and beverage companies and brought in a loyalty cards scheme for its customers.

Consequently, HPCL regained its position as an important player in the Indian fuel retail industry and witnessed tremendous growth in its market share.

Today, the company is the third-biggest fuel retailer in the country and has one of the best maintained and designed petrol pumps chains in the country.

But, much remains to be done. “Though we have come a long way, we are not at all satisfied. We are focusing on deliverance of guaranteed quality and quantity, dealer training and third-party surveillance for our next level of growth,” said Chaudhry.

Microsoft To Discuss Alternative Deal With Yahoo

Microsoft Corp said on Sunday it has reached out to Yahoo Inc to discuss an alternative deal to a full acquisition of the Web company.

Here is the text of Microsoft's statement:

"In light of developments since the withdrawal of the Microsoft proposal to acquire Yahoo! Inc, Microsoft announced that it is continuing to explore and pursue its alternatives to improve and expand its online services and advertising business. Microsoft is considering and has raised with Yahoo! an alternative that would involve a transaction with Yahoo! but not an acquisition of all of Yahoo! Microsoft is not proposing to make a new bid to acquire all of Yahoo! at this time, but reserves the right to reconsider that alternative depending on future developments and discussions that may take place with Yahoo! or discussions with shareholders of Yahoo! or Microsoft or with other third parties.

"There of course can be no assurance that any transaction will result from these discussions."

GAIL Likely To Receive Stake In Pak Sector

GAIL (India) Ltd could become a consortium associate in the Pakistan-India portion of the Iran-Pakistan-India (IPI) gas pipeline project. In the portion of the pipeline being built from Pakistan to the Indian border, it has been proposed that an Indian company will be a stakeholder. The proposal was made at the recent ministerial-level bilateral meeting between Pakistan and India on issues pertaining to the tri-national pipeline project. As stakeholder the Indian company will also have a place in the management of the consortium. Three bilateral issues were talked at the meeting: the structure of the pipeline company, which will execute and manage the project; the transportation tariff; and the transit fee.

Metso To Make Rs 112 Cr Machine For Essar Steel

Mumbai: Leading mining solutions provider Metso Minerals Friday said that it will supply a Rs 112 crore iron ore machine to Essar Steel Holdings Ltd.

The iron ore induration machine, which is expected to be ready by 2010, will be commissioned at Essar's Paradeep Pellet Plant in Orissa.

A Metso statement said the 744 sq metre machine with 270 pellet cars will have a feed rate of 700 tonnes per hour of iron ore pellets.

Last year, Gurgaon-headquartered Metso Minerals had announced the expansion of its office premises and manufacturing and foundry capacities in India with a combined investment of Rs 82.3 crore.

The company is also investing approximately Rs 200 crore to set up "Metso Park", a multi-functional industrial facility in Alwar, Rajasthan.

CTV Makers See Red Over Tubes Dumping Duty

New Delhi: The commerce ministry’s recent decision to impose anti-dumping duty on the imports of picture tubes has raised the hackles of colour television makers.

As per the government notification, 14-inch picture tubes will attract a levy of 10% while 21-inch ones will have to pay 12-13%. A levy of 23% would be applicable on imports of 29-inch picture tubes. This charge is over and above the 10% import duty on these items.

The impact of the extra duty would be significant on colour TV makers, given that India has just two picture tubes manufacturers - Samtel and JCT Electronics - who meet 55% of the demand.

The Indian colour TV market is estimated at 14-15 million units annually and manufacturers are heavily dependent on imports for as much as 5 million units.

To add to their woes, picture tubes for 21-inch and 29-inch slim and ultra slim TVs are not made in India at all, leaving imports as the only option. Manufacturers say that if the duty prevails, they would have little choice but to pass the extra charge on to consumers due to wafer-thin margins.

According to Ravinder Zutshi, the president of industry body Consumer Electronics and Appliances Manufacturers Association (Ceama), the duty will adversely impact production. “The domestic picture tubes output is unable to meet the growing demands of the colour TV industry. Plus slim and ultra slim sets have to be imported. Anti-dumping duty will increase manufacturing costs,” he said.

Rising input costs and competition from TVs imported from Thailand at zero duty are adding to the industry’s woes. The Free Trade Agreement between India and Thailand has made domestic prices uncompetitive, he added.

All leading television manufacturers - LG, Videocon, Samsung and Onida - import picture tubes from Malaysia, Thailand, South Korea and China. Recently, the Tamil Nadu government placed an order for 2.5 million TV sets for free distribution. Little wonder then that the CTV market grew 44% to 15.3 million tubes in 2006-07 from 10.6 million tubes in 2005-06.

Despite capacity expansion in the domestic picture tubes industry, the demand-supply gap persists. JCT Electronics increased the capacity of its Vadodara plant to 3.4 million units in 2005-06 but its Mohali unit has not been functioning since 2002.

Samtel, which set up Line 4 in Kota and Line 5 near Delhi to manufacture 29-inch and 21-inch flat tubes, hasn’t been able to stabilise output.

HCL Tech Nears Life Sciences Acquisition

NEW DELHI: HCL Technologies, India’s fifth-biggest technology firm, is in advanced talks for its first acquisition in the life sciences space.

The New Delhi-based firm did not disclose further details of the deal. However, the acquired company or companies would start contributing revenues of “$10 million to $15 million by 2009”.

“We came out with a list of 200 companies and then short listed seven possible targets in the US, Europe and India,” Pradep Nair, vice-president and global head of life sciences and healthcare practice at HCL, told DNA Money.

However, Nair said, from the selected firms, HCL would “acquire one or maximum two”. He added that the acquisitions are to service some “unique customers” of the target firms.

“So in the first year of the acquisition, that ($10-15 million) would be the exact revenue of those firms … and next year it could be an increment of 10%-11% or even 100% based on the market situation,” Nair added.

HCL Technologies’ life sciences and healthcare business would contribute $120 million to the firm’s topline this year, and the company is expecting 100% growth for the ‘09 fiscal. It has 14-15 customers in this domain and is targeting the top 50 drugs and devices companies as its clients. The life sciences and healthcare vertical has a 2,500-strong workforce and operates from HCL’s Noida and Chennai centres.

Meanwhile, to derisk its business from the US slowdown, HCL will focus on verticals like life sciences etc “which are not the traditional outsourcing segments”. This vertical contributes close to 6% to the company topline.

HCL estimates that market opportunities in the pharmaceutical IT outsourcing space will be $4 billion by 2010. The company expects to grab $650 million of the pie.

However, one senior analyst believes the $650 million target by 2010 “seems ambitious”.

“Their target of $650 million is pretty ambitious for their current levels … acquisitions will play a big role to achieve that target,” an analyst said on condition of anonymity.

RBI Modified Provisioning Limit For Housing Loan

Reserve Bank on May 15 relaxed the risk provisioning norm for housing loan up to Rs 30 lakh, a move that would make it easier for banks to provide loans for purchase of residential properties. The central bank on Thursday issued notification in pursuance of the annual credit policy announcement made by the Reserve bank Governor Y V Reddy on April 29.

The move would provide the bank additional capital for lending more to housing sector. However, it may not result in immediate softening of interest rate for the housing sector, said Oriental Bank of Commerce Executive Director Allen C A Pereira. The RBI has modified the provisioning limit for housing loan to take care of the growing property rates mainly in the urban centers. As per the Basel II norms, banks are required to keep 9 per cent of the specified portion of the loan amount as capital. For up to Rs 30 lakh housing loan the risk provisioning norm would apply for the 50 per cent of the loan value. Earlier the specified amount was 75 per cent of the loan value between Rs 20-30 lakh. For loans exceeding Rs 30 lakh for purchase of residential property, the banks would have to make a risk provision on 75 per cent of the loan amount.

Tech Mahindra Received $700-Million Contract

Tech Mahindra has received a $700-million contract from British Telecom (BT) for transforming and improving BT''s IT estate or infrastructure. It also gives boost to Indian IT at a time when the US subprime crisis and talks of slowdown had affected IT services companies. This is the third big contract for Tech Mahindra that the telecom services major has bagged from BT. previously, Tech Mahindra had bagged a $350-million contract and a $1 billion IT outsourcing deal from BT.

ICICI Pru Achieves Growth In The Rural Segment

ICICI Prudential Life established a considerable growth in the rural segment during 2007-08. During the period, the number of branches went up from 583 to 1,950 - 1,000 of them were rural branches in 12 States. ICICI Prudential Life has tied up with the Department of Post in Andhra Pradesh, Uttar Pradesh, Punjab and with South Indian Bank in Kerala, the source said. The company has emerged as a market leader in the private segment, with a significant growth in the last two years. The company''s operations are spread across 1,665 cities in the country. The funds management stood at Rs 28, 578 crore, raised through its products in health, retirement and wealth creation. Over 7 million policies have been sold, securing an overall market share of 11.8 per cent. During 2007-08 the total premium income increased by 71 per cent and the renewal premium by 101 per cent, compared to the previous year. ICICI Prudential Life has rolled out new products - Hospital Care and Crises Cover - in its health segment along with second generation unit-linked insurance policies such as LifeStage (regular premium) and LifeStage Pension.

SC Breather For Tata Motors On Singur

The Supreme Court on Tuesday refused to stay a Calcutta High Court judgment that upheld the West Bengal government's acquisition of land in Singur for Tata Motors' small-car facility.

But the court issued notices to the state government, Tata Motors and the Union government on a set of appeals challenging the HC verdict.

The judges said they would hear the appeals in July after receiving responses on various points raised by the petitioner Kedar Nath Yadav.

Since the court hasn't stayed the HC judgment, there is no legal restriction on Tata Motors for going ahead with the small-car plant.

Yadav and some farmers argued that the West Bengal government had snatched away their right to livelihood and shelter by acquiring 1,000 acres of land for setting up of Special Economic Zone by the Tatas.

The state government said the entire land has been taken over after paying compensation in 2005. On the other hand, the farmers' counsel argued that the government and the company identified the land after a two-year long survey.

While the state government maintains that the acquisition had been done in public interest, the aggrieved farmers contest this claim saying acquisition was only in the company's interest.

Yadav's petition said the acquisition of fertile multi-crop agricultural land by the state government in various parts of West Bengal for the Nano project, Indonesia's Salim Group in Haldia and Reliance group violates farmers' rights guaranteed by the Constitution.

Tata Motors has spent over Rs 700 crore on the ambitious car project.

Paint Makers Likely To Increase Prices

All leading paint makers like Asian Paints, Kansai Nerolac, Berger Paints and Shalimar Paints are likely to increase prices of solvent-based paints by 3% to 10% due to a spurt in crude oil prices over the last few months. Crude oil is an important raw material for the paints industry.

Paint makers are looking at raising prices to combat the hit on their bottom line due to the continuing rise in global crude prices, which have been scaling newer peaks each passing day. Oil prices have risen 79% in the last year. The upcoming price hikes in June will come within a gap of only three months. Asian Paints, the leading player in the solvent-based paints category, is also set to hike prices from June 1. Even though the company is tightlipped about the quantum of increase, paint industry insiders expect that Asian Paints will increase prices of solvent-based paints by 3% to 5%.

Bharti Airtel Looks At Middle East Funds For MTN Bid

Sunil Mittal-led Bharti Airtel, which is in "exploratory talks" with MTN, has approached Middle Eastern sovereign wealth funds to finance its possible bid for a majority stake in the South African company, says a media report.

The Wall Street Journal quoting two people familiar with the situation said Bharti has contacted Middle Eastern sovereign wealth funds for additional cash to back its MTN bid for a majority stake.

Further, the paper quoted another person and said that Bharti has already negotiated about $12 billion in financing from a group of banks that includes Standard Chartered PLC, but the deal may require more resources.According to media reports, Singapore Telecom, which holds 30 per cent in Bharti Airtel, is also actively involved in the talks to acquire stake in MTN and could provide some assistance in this big ticket acquisition if it takes place. Last week, both Bharti and MTN announced that they are in "exploratory talks".
The race for MTN is hotting up with Etisalat, the telecom incumbent from the UAE has also expressed interest in the South African company.

Bharti Airtel Announced A Tie-Up With US-Based Apple

Bharti Airtel announced a tie-up with US-based Apple Inc to bring the popular GSM-based iPhone in the country.Sources, however, said that Airtel may start offering iPhones around Diwali festival to its over 65 million GSM-based subscribers.

But in the grey market the devices are available in the ranage of 500 to 600 dollars (about Rs 25,000), sources said, adding that these handsets procured from the grey market need to be unlocked.Airtel''s announcement comes on the heels of world''s largest mobile phone operator Vodafone announcing last week to distribute iPhones worldwide including India.iPhone is a mobile phone that allows its users to make calls by simply tapping a name or number in the address book.It leads the customers to select and listen to voice-mail messages in whatever order the consumer wants.

Bharti Is Set To Up Its Offer For South Africa

Bharti is set to up its offer for South Africa''s telecom giant MTN after MTN''s investors made it clear that the 165 rand per share offer was too low. Sources suggest Bharti is likely to rope in Singtel, the South East Asian telecom major for its bid for MTN.

Sunil Mittal''s relief on hearing that his friend Arun Sarin of Vodafone may after all not put in a bid for MTN is clearly a short lived one because now Etisalat, the Dubai based telecom major, seems to have entered the race. This means that Bharti may just have to speed up its plans on putting in a formal bid and it seems that the company is ready to up the bar. Reports suggest Bharti is upping its offer for MTN by 10 rands per share to 175 rands per share pushing the cost of a 51 per cent stake in MTN to almost $22-23 billion.

Experts believe that entry of other bidders can easily push up the price to between 180 to 190 rand per share.Sources say the mood in Bharti is now to move quickly with the offer before others step in and Singtel partnering it in the bid. Bharti''s formal bid may come by May 17, a perfect setting, after all it is the World Telecom Day.

Maruti Swift Sales Cross 2-Lakh Mark

Country''s largest carmaker Maruti Suzuki''s runaway success with ''Swift'' has crossed a new milestone in sales - two lakh units - with the car becoming one of the fastest selling models in India since its launch three years ago to achieve this feat.

The company launched this premium hatchback in petrol variant on May 25, 2005. In its first year of launch, it clocked sales of 61,200 units. At present, 60 per cent of ''Swift'' produced, are in diesel variant. Besides, Maruti also registered a sale of 9,490 units of ''Swift'' during April, the highest sale in a single month.

Ranbaxy To Join Hands With Mercka

Ranbaxy Laboratories is likely to declare a drug discovery research alliance with US drug manufacturer Merck soon. The research deal will be operationalised via Ranbaxy''s de-merged research and development entity, Ranbaxy Life Science Research. Merck will be the second global drug company after GlaxoSmithKline to ink a collaborative research pact with Ranbaxy. Ranbaxy''s ongoing research partnership with GSK also relates to the pre-clinical trial phase of the new drug, with substantial milestone payment and post-commercialisation royalty possibilities. For Merck, the research agreement will be an expansion of its Indian presence in terms of collaborative R&D arrangements. The firm is having drug discovery agreements with Indian companies, including Advinus Therapeutics and Nicholas Piramal India.

NTPC Looking For Coal Mines Overseas

NTPC Ltd has extended its search for coal blocks abroad and is eyeing at options in Mozambique and South Africa. NTPC has already been eyeing at infusing in coal blocks in Indonesia. NTPC looking to get fuel supplies in order to support its ambitious generation aim. NTPC, which requires about 110 million tonnes of coal at its 15 coal-fired stations annually, had imported around 2.5 million tonnes of coal last fiscal. NTPC has floated an alliance firm called Coal Ventures International Ltd in partnership with Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd, Coal India Ltd and National Mineral Development Corporation to secure coal mines abroad.

Software Company Sets Sights On China

Brian T. Keane, who departed Boston technology services firm Keane Inc. under a cloud two years ago, has resurfaced as chief executive of a private-equity-backed Wakefield company focused on outsourcing software applications and services to China. The company, which is set to relaunch today under the name Dextrys, seeks to become the leader in a fragmented Chinese technology services market that''s poised for rapid growth. Dextrys''s motto will be "Making China Easy" for US companies farming out software and services operations. Research firm Gartner Inc. estimates that the market in China will be $6.1 billion in revenue this year and projects it will nearly double to $12 billion by 2012.

YouTube Launches Its Indian Site

International video sharing site Youtube has now launched its India site in addition to 19 other country specific sites that it already has. It means that users can now go to in.youtube.com, the link for the India site see all that is on youtube.com. However, through an Indian lens, the video charts that pop up on the home page cater to the Indian audience. You can see what Indians are uploading, what Indians are watching and what Indians find most popular. Everything from an NRI family telling people at home how they miss them to the merry whistlers from Bangalore to traffic mayhem in Hyderabad and much more can be seen on the site.

PBA Infrastructure - Award Of Contract

PBA Infrastructure Ltd has informed about the information pertaining to getting the award of the following contract.

The details of the contract are given below:

- Name of the Work: E-204 WSP Concreting & improvement of sides stripes of road leading to pise pumping station from Mumbai Nasik Highway to pise pumping station (Part-II) (Upto Chainage 4500 M to 9000M)

Client: Brihanmumbai Mahanagarpalika Corporation

- Tender Amount Accepted : Rs 12,83,58,820.00 (Twelve Crores Eighty Three Lacs fifty eight thousand eight hundred twenty only).

Govt. Considering Divesting Its 26pc Residual Stake In Tata Communications

The government is considering divesting its 26 per cent residual stake in Tata Communications Ltd (formerly VSNL), a deal that could fetch the exchequer about Rs 3,650 crore at current market prices. The government holds 26.12 per cent stake in Tata Communications Ltd and going by the market price the value of the residual stake is a little over Rs 3,650 crore as the company shares are changing hands at Rs 491 a share. Telecom Commission headed by Secretary Siddhartha Behura is meeting in New Delhi on May 8 to discuss divestment of the stake in the Tatas'' owned company, among other items on the agenda, an official in the Department of Telecom (DoT) said.

The meeting would also be attended by Finance Secretary D Subbarao and Secretary in the Department of Industrial Policy and Promotion (DIPP), besides other members of the Telecom Commission. Issue of surplus land Last year, Tatas had an option to acquire the remaining stake but the same could not be done as the two parties - government and Tatas - could not resolve the contentious issue of surplus land with the company. Tata Communications Ltd has 773 acres of prime land, which has been put in the surplus pool, and is valued at over Rs 1,000 crore.

CPL Sketched Ambitious Plans To Open Close To 8 Units In Its Phaez Park

Cadila Pharmaceuticals (CPL) has sketched ambitious plans to open close to eight units in its upcoming PhaEZ Park near Ahmedabad, which is touted to be the largest in India. In all, it will infuse about Rs 600-700 crore to set up seven to eight units in our SEZ. About 25 per cent of the SEZ area will be utilized captively by Cadila. The eight units will come up in a phased manner in a span of six to seven years. The company targets to set up two units for an estimated investment of about Rs 150 crore soon. Cadila has set up a subsidiary, CPL Infrastructure, to fast-track the development of the 500-acre zone. The company is also planning to open a 50-mw, gas-based power plant and has initiated talks to rope in power companies as co-developers.

Satyam Ties Up With SAP

Enterprise software maker SAP and Satyam Computer Services on May 6 declared a new alliance to help businesses accelerate their technology deployment and improve their return on investment. Under this pact, Satyam has become a SAP global services partner to assist Fortune 1000 companies worldwide to implement SAP solutions and transform business processes. While the declaration was made at SAPPHIRE 2008 SAP''s international customer conference being held in Orlando, Florida on May 4-7 Satyam''s Director and Senior Vice-President and Global Head SAP, Mr Manish Mehta, said This move brings us closer and provides us with greater access to SAP. Satyam joins a select group of large consultancies in the SAP Global Partner Services programme and will infuse in joint marketing resources and strategic planning to support the growth with SAP and serve customers worldwide.

RCom Ltd Is Set To Roll Out Its Mobile Phone Services J&K

Reliance Communications Ltd is all set to roll out its mobile phone services in Jammu and Kashmir shortly. The group though managed to get licence to operate in J&K much earlier than Airtel and Aircel, yet its operation was deferred due to some problems in the state. The company likely to unveil the mobile phone service in the next two months. All the necessity preparations are being made for the final take off. Reliance will emerge as the most favourite cellular service provider in the state, with its extensive network not only in the Jammu and Kashmir region but also in entire Ladakh, bordering China.

Emco Bags An Order Worth Rs 126 Crores

Emco Ltd has informed that the Company have bagged an Order for Establishment of 400/220/66kV new substation at Mundka on turnkey basis from M/s. Delhi Transco Ltd. The value of the order is Rs 126 Crores. It is the Largest order received till date by the Company for establishment of one single substation.

Richa Knits - Acquisition

Richa Knits Ltd has informed that the Company has acquired 49% shares of Moksh Leisure & Entertainment Pvt Ltd, a Company running its restaurant under trade name Le Moksh.

GSK Pharma Has Entered Into A Pact With Japan''s Astellas Pharma

GlaxoSmithKline (GSK) Pharma said on May 5 that it has entered into a pact with Japan''s Astellas Pharma Inc for exclusive rights to sell the latter''s injectable anti-fungal agent Micafungin, branded Mycamine, in the local market. A product from Astellas'' research, Micafungin had got Japanese clearance in 2002. The partnership was in line with GSK Pharma''s strategy for growth in the local market and. Glenmark Pharmaceuticals Ltd said that it unveiled its topical antifungal cream Onabet (sertaconazole nitrate 2 per cent cream) in the domestic market.

Whirlpool Of India Is Tying Up With Videocon''s Next Retail

Whirlpool of India is foraying the arena of financial services by tying up with Videocon''s Next Retail for giving easy and flexible credit to consumers. Forming a tripartite arrangement with ICICI Bank, the manufacturer and retailer are tying up to bear the interest cost burden of the loan given by a bank. Currently, Next Retail has 334 outlets and its exclusive alliance with Whirlpool of India would ensure additional share for the brand at its outlets. The fact that a home appliance manufacturer is taking on the interest burden of the consumer is a new concept in the market and with this they will be offering a better value proposition to their customers. With the purpose of bringing down the interest burden further, Whirpool is trying out this arrangement with Next Retail, before extending its services to other retailers.

RBI Will Launch An Indiapay Credit Card An Indian Version

The Reserve Bank of India (RBI) will launch an IndiaPay credit card an Indian version of the China UnionPay card by the end of next year. Inspired by the success of the China UnionPay card, we will be launching a similar one in our country to promote the use of plastic money among Indians.

The credit card will be especially designed for the common people with low interest rates and risk reduction facilities, RBI executive director R B Barman said. Barman said the National Payment Council of India (NPCI) is working on the registration process of the card. The NPCI authorities would decide on the type of the card - whether it would be a smart card or something else.

The China UnionPay card was introduced in 2002. The card gives access to over 85,000 ATM counters of 14 major and other minor banks across the world. Besides, the card can function as regular MasterCard or Visa credit cards abroad.

Aztecsoft Informed The Company Received Intimation From Mind Tree Ltd

Aztecsoft Ltd has informed that the Company has received intimation from MindTree Ltd (the Company) that in the Board Meeting of MindTree Ltd held on May 02, 2008, they have considered and unanimously approved the proposal to acquire 14,655,280 equity shares of Rs 3 each of Aztecsoft Ltd (Aztecsoft) constituting 32.57% of the voting capital of Aztecsoft on the date of this notice, for a purchase consideration of Rs 1,172,422,400 (Rupees One Billion One Hundred Seventy Two Million Four Hundred Twenty Thousand Four Hundred only), from E4E Holdings Ltd, the existing promoter of Aztecsoft. The Company has executed a Share Purchase Agreement with E4E Holding Ltd to this effect.

The Company has also intimated that it proposes to make a public announcement followed by an open offer (Open Offer) under Regulations 10 and 12 of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 (SEBI(SAST) Regulations) to the public shareholders of Aztecsoft, in accordance with the relevant provisions of the SEBI (SAST) Regulations.
The Company has also intimated that it has appointed Morgan Stanley India Company Pvt Ltd as the Manager to the open offer. MindTree Ltd has also sent us Public Announcement of offer which was placed before the Board and taken on record pursuant to Regulation 22(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

In this regard the draft Press Release being made by the Company and sent to the Aztecsoft Ltd by MindTree Ltd, which was taken on record by the Board.
MindTree Consulting Ltd on May 02, 2008 has announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd to acquire 32.57% at Rs 80 per share, which values the Company at an equity valuation of USD 90 Million. MindTree will also announce an open offer to Aztecsofts public shareholders to purchase up to an additional 20% equity ownership interest. These transactions are subject to customary regulatory filings, clearances and approvals. After the completion of these transactions, MindTree will initiate the process of merging Aztecsoft into itself.

Aztecsoft is a leader in the Outsourced Product Development (OPD) and Testing markets as a 2,100+ people strong software engineering services Company. It provides full-lifecycle product engineering, independent testing, sustenance engineering and professional services to application and infrastructure software vendors, as well as to New Media and Internet-based companies. It has successfully completed over 1,600 product releases to date.

This marks a momentous occasion for us all. Aztecsoft is truly aligned with MindTrees values, culture and high standards of corporate governance. We believe this step will be beneficial for customers, people and shareholders of both the organizations, said MindTree Chairman & Managing Director Ashok Soota.

The product stack of OPD encompasses embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Through its R&D Services business, MindTree is well recognized in the hardware engineering, system platform and embedded software segments of the OPD market. With the addition of Aztecsoft, MindTree will offer customers a complete end-to-end OPD product stack encompassing embedded, platform/infrastructure, middleware, application, and SaaS/cloud-computing software segments. Aztecsoft brings solid presence from platform all the way to the cloud computing segments. The combined entity will, thus, cover the entire product development stack. In addition, Aztecsoft also brings deep expertise in independent testing. Together, MindTree will have a 2,000+ Testing services team, making it one of the strongest in the market.

Aztecsoft will complement MindTrees expertise in both IT and R&D Services. For our IT Services customers, Aztecsofts software product knowledge will give us a unique edge in architecting, integrating, deploying and managing the right solutions, said MindTree Chief Executive Officer Krishnakumar Natarajan. Aztecsofts expertise in OPD and Testing markets, coupled with our R&D Services business, makes us a leader serving top global technology Companies.

Aztecsoft Chief Executive Officer Samir Bodas said, We are delighted about the merger with MindTree, and are very excited about the road ahead. For over a decade, Aztecsoft has established itself as a differentiated leader in the OPD and Testing spaces. With MindTree, we will further extend this leadership, and be able to offer our customers newer services and solutions. Together, we will be positioned to become the best Product Engineering and Independent Testing Services Company in India.

DIAL Took Charge Of The IGI Airport

GMR Infrastructure Ltd has informed that Delhi International Airport (P) Ltd (DIAL), a Subsidiary of the Company mandated to modernize and restructure the Indira Gandhi International Airport (IGIA) will complete its second year of operations at midnight. DIAL took charge of the IGI Airport on May 03, 2006 and has since taken out several important initiatives as part of the project to improve IGI Airport.

Spice Mobiles Board Approves Rights Issue

Spice Mobiles Ltd has informed that the Board of Directors of the Company at its meeting held on April 30, 2008, has taken the following decisions:

1. Recommended the increase in Authorised Share Capital of the Company from Rs 30 crores to Rs 51 crores by creating additional Equity Shares of Rs 21 crores divided into 7,00,00,000 Equity shares of Rs 3/- each, subject to approval of shareholders in the forthcoming Annual General Meeting.

2. Approved the Rights Issue of 37319000 Equity Shares of face value of Rs 3/- each in the ratio of 1:2 (i.e. 1 (One) Equity share for every 2(Two) Equity shares held as on the Record Date as may be decided and at such price per share as may be fixed by the Board of Directors of the Company, in accordance with the provisions contained in the SEBI (DIP) Guidelines relating to Rights Issue.

3. In-principal approval for preferential issue of 37319000 Equity Shares to any select group of persons including strategic investors, under Section 81(1A) of the Companies Act, 1956 on private placement basis in accordance with the Guidelines for Preferential Issues issued by SEBI and subject to approval of shareholders in the forthcoming Annual General Meeting.

Carborundum Universal - Grant Of Options

Carborundum Universal Ltd has informed that the Compensation & Nomination Committee on April 30, 2008, approved further grant of 12,400 options under the Carborundum Universal Ltd Employee Stock Option Scheme 2007 at an exercise price of Rs 118.05/- being the closing price on National Stock Exchange (where there was highest trading volume) as on April 29, 2008. All other terms and conditions of the options now granted are similar to the options granted earlier.

Roman Tarmat - New Work Orders

Roman Tarmat Ltd has informed that the Company has bagged two small orders of around Rs 19.62 Crores as per detail given below:

1. For Construction of Additional Concrete parking bays for aircraft at Cochin International Airport, Nedumbassery from Cochin International Airport Ltd at Companys quoted percentage rate of 36% (Thirty six Percentage) above the estimate amount of Rs 8,18,06168 (Rupees Eight Crores Eighteen Lakhs Six Thousannd One Hundred and sixty only) will come to Rs 11,12,56,388 (Rupees Eleven Crores twelve Lacs Fifty Six Thousand Three Hundred Eighty Eight).

2. For Road, Bridge and Allied works connecting NH47 with Education and Knowledge Hub at Kinfra Industrial Development Zone Near Walayar Palakkad, From Kerala Industrial Infrastructure Development Corporation (a statutory body of Govt. of Kerala) at the rate of 7.5% (Seven point five percent) above the estimate amount and the accepted probable amount of Contract (PAC) will come to Rs 8,49,25000/- (Rupees Eight Hundred and Fourty Nine Lakhs Twenty Five Thousand rupees only).

Alcatel - Biggest Telecom Equipment Manufacturers

Alcatel Lucent, one of the biggest telecom equipment manufacturers is feeling the heat from Chinese companies. But the company''s new India head says that the company is ready to adopt radically new strategies to beat China.

Vivek Mohan, Head of Alcatel Lucent''s India operations has a clear belief to grow the company''s business by 30 per cent or more every year. The Chinese manufacturers in the business are sweeping the Indian markets and in most cases companies like Alcatel Lucent are finding themselves priced out of competition.

So the company management is adopting a new a new strategy for growth. They are targeting the network outsourcing market that''s worth over $2 billion. Alcatel Lucent is waiting eagerly for the 3 G spectrum to be auctioned because the company believes the next market opportunity lies there. It already has a tie up with government owned ITIs for equipment manufacturing in India and now it is planning on expanding R&D activities in the country.

Reliance Communications Has International Operations

With reference to reports appearing in a section of the media on May 02, 2008, Reliance Communications Ltd has clarified that Reliance Communications has substantial international operations, and has recently acquired telecom licenses in Uganda etc. The Company continuously evaluates various growth opportunities globally, both organic and inorganic, on an ongoing basis.

No Interest Rate By SBI In Near Future

NEW DELHI: Country's largest public sector lender State Bank of India today said that it does not expect the interest rates to go up in the short term.

"I do not see them (interest rates) rising in the near future," State Bank of India Chairman O P Bhatt told reporters here.

The Reserve Bank of India while announcing Annual Credit Policy for 2008-09 had hiked the Cash Reserve Ratio (the percentage of deposits that commercial banks maintain with the Reserve Bank) by 25 basis points to 8.25 per cent.

Prior to this, the apex bank on April 17 had announced a hike in CRR by 50 basis points in two phases to contain inflationary expectations.

Reliance Broadening Business Canvas By Foraying Into The IT Sector.

Mumbai: Now it is official. Reliance Communications, the flagship company of the Anil Dhirubhai Ambani Group, is broadening its business canvas by foraying into the IT sector.

Ending months of speculations, Anil Ambani, the company’s chairman, on Wednesday formally announced the company’s entry into the IT sector. He also unveiled the name of its IT arm as Reliance Technology Services, a 100 per cent subsidiary of Reliance Communication.

The company formed its IT subsidiary on April 1, 2008 with focus on the four verticals of telecom, financial services, media and entertainment and utilities. “We will be first using this platform to serve our own group and later we will serve external customers. We are already in discussions with some of these potential external customers,” Anil Ambani, the company’s chairman said.

There have been reports in the media that Ambani has been watching the IT space with interest, planning to build up a formidable war chest to enter this segment.

London listing

Ambani said the company was planning a separate listing of its global arm, Reliance Globalcom, this fiscal, depending on the prevailing market conditions. He said the company would list on the London Stock Exchange.

Through the global arm, it was planning to extend the Yipes services to more countries. “The four new submarine cables that Reliance Globalcom was laying were all on schedule,” he said.

The company will also be sharpening its focus on the direct-to-home segment and is planning a commercial launch of its Big TV brand shortly.

He was also bullish on the proposed IPO of Reliance Infratel, the subsidiary that owns R-Com’s passive telecom infrastructure, as valuations “are moving northward”.

KEC Argest Power Transmission EPC Of Rs 800 Crore

KEC International, India's largest power transmission EPC (engineering, procurement, and construction) company, is likely to book orders worth Rs 800 crore in the next two-three months, Ramesh Chandak, managing director and chief executive officer, said on Wednesday.

This amount is over and above the Rs 4,200-crore order book position KEC has.

Chandak said that he expects the US geography to open up in the next six-eight months, as the developers there are currently undertaking "right of way" studies for setting up transmission towers. The US has not seen any major investment in power transmission and distribution for over a decade and it is expected to start spending on creating and replacing T&D infrastructure.

KEC has an equal partnership JV with a local US company called Power Engineers to tap the potentially $50-60 billion US market. The JV is currently in the process of getting empanelled with utilities, would bid for complete EPC projects. KEC would continue to supply transmission towers to the contractors.

The company reported 60% increase in net sales to Rs 1,031 crore in January-March quarter. Net profit rose 103% to Rs 61 crore. Operating margin was almost flat at 10.99%.