Corporate News- 21st Feb 2008
· Infosys Technologies Unveils Latin America IT Development Center
· SBI cuts lending rate by 0.25 per cent
· Sun Pharma ups stake in Israeli firm Taro
· Tata Consultancy Services signs contract with Chrysler
· Future Capital - Outcome of Board Meeting
· Berger Paints - Board Meeting on Feb 26, 2008
· Jaiprakash Associates loses by 3.92%
· Godrej Commodities - EGM on Mar 28, 2008
· Gujarat Gas Company recommends dividend
· Teledata Informatics to raise funds
· Future Capital Holdings appoints executive director
· Punjab National Bank's director passes away
· Glenmark Pharmaceuticals' GRC 4039 enters phase I trials
· Larsen & Toubro secures order for oil & gas pipelines
· Reliance Communications forays in international mobile market with GSM license in Uganda
· Aditya Birla Nuvo allots warrants
· Housing Development & Infrastructure enters into sale of developmental rights agreement
· Alstom Projects India wins export orders
· Nicco Corporation's preference & equity shareholders to approve scheme of arrangement
News in Detail
Infosys Technologies Unveils Latin America IT Development Center
Infosys Technologies Ltd has announced that the Company on February 20, 2008 unveiled the Company's first Latin American subsidiary by hosting an inaugural ceremony in Monterrey, Mexico attended by top dignitaries of the Mexican government and Infosys executives.
The inauguration, attended by the President of the Mexican United States, H.E. Felipe de Jesus Calderon Hinojosa, Chairman of the Board and Chief Mentor, Infosys Technologies Ltd, Mr. N R Narayana Murthy and the Governor of the State of Nuevo Leon, Mr. Jose Natividad Gonzalez Paras, is aimed at enhancing services to existing Infosys' clients in the U.S., Latin America and Europe.
The subsidiary, Infosys Technologies S. De R.L. De CV, provides the Company's full range of business consulting and information technology services for clients in all industries including banking, financial services, distribution, retail, and more. The center provides key offerings in business process outsourcing (BPO), infrastructure management and packaged solutions implementation.
"Mexico has embraced Infosys and worked with us to establish this innovative development center," said Mr. Murthy, Infosys Technologies. "Our public-private partnership is already serving a half-dozen global clients in multiple industries and 87 new employees, both new college graduates as well as senior professionals, have joined Infosys so far - remarkable achievements in the first six months since opening the center."
The Monterrey facility provides Infosys with dedicated resources to service clients in North America, Latin America and Europe with bilingual talent in an agreeable time zone and close proximity. Furthermore, it strengthens the Company's global delivery model capabilities and joins other Infosys development centers in the Czech Republic, Poland, Thailand, Philippines, China, Australia, Canada and India.
After examining several countries in the region, Infosys chose to establish a presence in Mexico due to the broad language skills available in the region, its cultural similarities to Canada, the U.S. and Europe. Latin America is a strong emerging market and one where many of Infosys' clients have operations already.
SBI cuts lending rate by 0.25 per cent
In a move that will make housing and auto loans cheaper, four public sector banks, led by State bank of India, today announced slashing the Prime Lending Rates by 0.25-0.50 per cent.For the second time in less than 10 days, the country's largest lender SBI slashed Prime Lending Rate by 0.25 per cent to 12.25 per cent. The bank had announced, on February 11, cutting the PLR by 0.25 per cent effective from February 16.
The reduction in PLR is likely to moderate lending rates for all category of borrowers, including housing (floating rate), corporate, car loans.Moreover, Bank of India and Union Bank also announced reduction in PLR by 0.5 per cent to 12.75 per cent today. Bangalore-based Canara Bank also cut PLR by 0.25 per cent to 12.75 per cent.Earlier last month, housing finance company HDFC and PNB Housing Finance too had reduced interest rate on housing loan.While HDFC reduced its RPLR by 0.25 per cent effective February one, PNB Housing Finance slashed the rates by 0.5 per cent. RBI Governor Y V Reddy, while announcing the quarterly monetary policy review on January 29, had asked bankers to explore the possibility of reducing interest rates in the light of high net interest margin.
Sun Pharma ups stake in Israeli firm Taro
Sun Pharmaceuticals, a Mumbai-based drug-maker, said it has increased its stake in Israel-based Taro Pharmaceutical Industries Ltd to 34.4 per cent.The private equity firm Brandes Investment Partners, which was opposing the Sun-Taro deal sold its 9.4 per cent cent stake and that now brings Sun Pharma's stake in Taro to more that one-third.
But the deal has come at a cost as Sun was initially planning to pay less than $30 million to Brandes but sources say it has finally ended up paying $48 million more.But Taro is still not fully under Sun's control, as it will have to navigate many more side deals. The most important will be getting hold of the stake held by Franklin Templeton.
Sun Pharma has indicated that they might offer a similar price to Templeton but not necessarily to all shareholders. Much of the stake should have been picked up when the next shareholders meeting comes up in another 2-3 months and the entire Taro acquisition is expected to be completed in 5-6 months.But traders are not too happy about the higher cost of acquisition, which is why the Sun Pharma stock took a huge beating on Wednesday. However, long term investors feel that Sun might be on the right track.One reason why Sun Pharma might have turned willing to shell out a higher price is the better performance of the target company. Taro now expects 2007 revenues of $313 million much better than market expectations if Taro continues to perform Sun's payback time will get shortened also with $100 million dollars already invested in Taro Pharma.
Tata Consultancy Services signs contract with Chrysler
Tata Consultancy Services (TCS) has signed a multi-year contract with the American automobile manufacturer Chrysler LLC to provide IT services. According to the contract, TCS will deliver application, maintenance and support services to Chrysler. The IT services will also encompass a portion of the functional areas within Chrysler, such as Sales, marketing and shared services.
Future Capital - Outcome of Board Meeting
Future Capital Holdings Ltd has informed that the Board of Directors of the Company of the at its meeting held on February 20, 2008 has approved the following:
1. The appointment of Mr. Dhanpal Jhaveri as a Executive Director of the Company and his remuneration in this regard.
2. Approved for Future Capital Holdings Ltd to be one of the Promoters of Future Ventures India Ltd, a Future Group Enterprise and to enter into an agreement for providing Consulting and Advisory Services to Future Ventures India Ltd.
Berger Paints - Board Meeting on Feb 26, 2008
Berger Paints India Ltd has informed that a meeting of the Board of Directors of the Company will be held on February 26, 2008, inter alia, to consider, issue of convertible warrants to the promoters of the Company / promoter group
Jaiprakash Associates loses by 3.92%
Share prices of Jaiprakash Associates went down by 3.92% to Rs. 253.90 reported at BSE at 10.56 a.m. on 20 February 2008 against previous day close of Rs 264.25. Declining share prices may have negative impact on NAV of mutual fund schemes, which holds their stake in the company. Taurus Starshare is likely to lose as it has the highest percentage hold of the stocks of the company compared to its peer groups who have invested in the stocks of the company. Taurus Starshare has 33.04% of its total portfolio size invested in the stocks of the company as on 31 January 2008. The scheme holds 23.02 lakh units of the company in January 2008 compared to its peer groups who have invested in the stocks of the company.
Top three schemes, which are likely to affect, are of Taurus mutual fund. Other schemes, which may affect includes Taurus Discovery Stock with 2.22 lakh units (16.44% of its portfolio), Taurus Bonanza Exclusive Growth Scheme with holding of 2.24 lakh units (15.14%) as on 31 January 2008.
Godrej Commodities - EGM on Mar 28, 2008
Godrej Commodities Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 28, 2008, inter alia, to change the name of the Company from "Godrej Commodities Ltd" to "Wadala Commodities Ltd" and the name "Godrej Commodities Ltd" wherever it appears in the Memorandum of Association and Articles of Association and all other documents be substituted by the new name "Wadala Commodities Ltd", subject to necessary provisions & approvals.
Gujarat Gas Company recommends dividend
The board of Gujarat Gas Company has recommended dividend at the rate of Rs 3 per share (150%).
Further, the board has recommended dividend at the rate of Rs 0.75 per share (7.5%) on redeemable cumulative non convertible preference shares.
This was recommended at the board meeting held on 20 February 2008.
Teledata Informatics to raise funds
The board of Teledata Informatics has decided to isue of shares under qualified institutional placement(QIP). The board has approved to raise an amount up to Rs 500 crore by way of qualified institutional placement of equity shares to qualified institutional buyers.
Further, the board has decided to convene extraordinary general meeting on 19 March 2008.
This was decided at the board meeting held on 20 February 2008.
Future Capital Holdings appoints executive director
The board of Future Capital Holdings has apppointed Dhanpal Jhaveri as a executive director of the company.
Further, the board has approved Future Capital Holdings to be one of the promoters of Future Ventures India, a Future Group Enterprise and to enter into an agreement for providing consulting and advisory services to Future Ventures India.
This was decided at the board meeting held on 20 February 2008.
Punjab National Bank's director passes away
Punjab National Bank has announced the sad demise of Mohanjit Singh, director on the board of the bank.
The company made this announcement during the trading hours today, 21 February 2008.
Glenmark Pharmaceuticals' GRC 4039 enters phase I trials
Glenmark Pharmaceuticals has announced that its candidate for rheumatoid arthritis, inflammation and multiple sclerosis - GRC 4039, has entered phase I trials. This is with approval from the Medicines and Healthcare Products Regulatory Agency [MHRA] in the U.K. The company intends to develop GRC 4039, a PDE 4 inhibitor, in rheumatoid arthritis as the primary indication. Glenmark expects to complete phase I trials for GRC 4039 by October 2008 and initiate phase II by January 2009.
GRC 4039, a selective PDE4 inhibitor is intended for rheumatoid arthritis [RA] and inflammatory disorders. After the withdrawal/setback of COX-2 Inhibitors and the void that exists in RA therapy for orally available potent small molecules, this is a potential block-buster opportunity in the global market.
GRC 4039 in pre-clinical testing has exhibited IC50 of 2.7nM; over 3700 fold selectivity to PDE4, good bioavailability across species and a long half-life indicating the potential for a once-daily dosing regimen. Additionally, there was no emesis in the pre-clinical models. The molecule demonstrated favourable results in early toxicology studies, a good safety margin and also exhibited good efficacy in in-vivo RA and TNF- inhibition models.
RA is a debilitating disorder with significant unmet need and attractive market dynamics. Approximately 1% of the global population is thought to be affected by the disorder, a systemic autoimmune disease that usually causes progressive symmetrical inflammation and damage of the joints by destroying the articular surfaces covering the bones. One in three RA patients is likely to be disabled within 20 years of disease onset due to rapid disease progression. Onset often occurs between the ages of 25 and 50 years and is two to three times more prevalent in women than in men.
The company made this announcement during the trading hours today, 21 February 2008.
Larsen & Toubro secures order for oil & gas pipelines
Larsen & Toubro (L&T)'s engineering and construction projects division of the company has been awarded another major contract by Cairn India for the engineering procurement and construction (EPC) services for the export crude oil insulated pipeline and gas pipeline from Barmer, Rajasthan to Salaya, Gujarat.
The scope of work involves the laying of a cross country 24 inch skin heat traced pipeline with PUF insulation for crude oil transportation from the Mangala terminal, located at Barmer, Rajasthan to the Salaya Oil Export terminal, near Jamnagar. The pipeline travels 330 Kilometres (kms) south from the Mangala Field to a pump station and oil take off point at Viramgam. From Viramgam the pipeline continues for 261 kms south west up to an Export Oil terminal at Salaya.
Another pipeline of 8 inch diameter will be laid for transporting natural gas from the Raageshwari Fields which will be laid alongside the 24 inch pipeline to the Salaya receiving facility for feeding the gas generator sets located at 32 sites enroute. These gas generator sets are meant primarily for producing electricity for Skin Effect Heat Management System (SEHMS) to maintain the fluidity of the waxy crude.
Reliance Communications forays in international mobile market with GSM license in Uganda
Reliance Communications has announced the acquisition of Uganda based Anupam Global Soft, a company holding public infrastructure provider license (PIPL) and public service provider license (PSPL) issued by Uganda communications commission. The acquisition, made through a subsidiary of Reliance Communications, marks the first step in the company's plans in the international mobile market.
Under the existing licenses, Reliance Communications targets to offer mobile, fixed line, internet, national and international long distance services, in addition to WiMax and Wifi services in Uganda.
This company has received spectrum allocation and plans to launch its mobile services by end of 2008. Reliance Communications Group is targeting to invest upto US$ 500 million (Rs 2000 crore) in establishing a high quality, fully-IP enabled integrated telecom network in Uganda to capture the significant growth potential in this emerging African market.
The company plans to connect the African continent with rest of the world by laying a submarine cable system through its arm Reliance FLAG plans to spend US$1.5 billion (Rs 6000 crore) in building a 1,15,000 kms fully-IP enabled optic network to reach 2/3rd of world population.
Reliance Communications has ambitious global expansion plans and is concentrating on opportunities in emerging Asian and African markets. The company has established a pan-India, next generation, integrated (wireless and wireline), convergent digital network that is capable of supporting best-of-class services spanning the entire Infocomm value chain.
Uganda has a population of approx. 30 million with a significant literacy rate of approximately 62%. There were 3.016 million mobile subscribers by end-March 2007 (source: UCC), equivalent to a penetration rate of 10%, providing ample scope of expansion. The existing telecom players have been witnessing healthy subscriber and ARPU growth recently.
The company made this announcement during the trading hours today, 21 February 2008.
Aditya Birla Nuvo allots warrants
The committee of Aditya Birla Nuvo has allotted 2,05,00,000 warrants to promoter and promoter group companies. These warrants, entitle the holder thereof to apply for and obtain allotment of one equity share of the face value Rs 10 each at a premium of Rs 1997.45 per share.
These warrants were allotted at the committee meeting held on 21 February 2008.
Housing Development & Infrastructure enters into sale of developmental rights agreement
Housing Development & Infrastructure has entered in to sale of developmental rights agreement dated with respect to its project named Kaledonia situated at sahar road, Andheri (East) with Mack Star marketing for a consideration of Rs 900 crore.
The company made this announcement during the trading hours today, 21 February 2008.
Alstom Projects India wins export orders
Alstom Projects India bagged two export orders worth Rs 242 crore for Fujairah independent water and power plant at Fujairah, UAE and Hydro order worth Rs 350 crore for Bujagali hydro electric power station at Jinja in Uganda, respective.
The Heat Recovery Steam Generator (HRSG) order is for Fujairah independent water and power plant, one of the world's largest desalination plants located at Quidfa in Fujairah, UAE. The order comprises of design engineering, supply and delivery of five HRSGs for GT26 at Fujairah site.
The hydro order for 5 x 51 MW (Kaplan machine) for Bujagali hydro electric power station at Jinja in Uganda. The main contract was awarded by Salini to Alstom Group. For this project Alstom Projects India (APIL) will be executing the orders worth Rs 350 crore. The offshore scope of work for this project includes design, manufacture and supply of turbine, generator, balance of plant and hydro mechanical equipment. This will be executed at APIL's hydro facility at Vadodara which is one of the three large hydro equipment manufacturing hubs in the group along with China and Brazil. The onshore scope of work for this project will include erection, commissioning and handing over of the supplied portion.
The company made this announcement during the trading hours today, 21 February 2008.
Nicco Corporation's preference & equity shareholders to approve scheme of arrangement
Nicco Corporation has announced that the pursuant to the order of Hon'ble High Court at Calcutta the separate meetings of the 5% cumulative redeemable preference shareholders and also the equity shareholders of the company will be held on 14 March 2008 for the purpose of considering the proposed scheme of arrangement between Nicco Corporation and Nicco Cables.
The company made this announcement during the trading hours today, 21 February 2008.
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