Industry News 26th Feb 2008
Seminar held on IT
Guntur: Information Technology is the bridge between the manufacturing industry and consumer, said Bangalroe-based SAP Product Manager S. Raghunandan at a national seminar on Information Technology at P.N.C. & K.R. College of PG courses in Narsaraopet.
Mr. Raghunandhan stressed on the importance of Information Technology in the current world scenario. The gathering, mostly student community, had a brain-storming session about SAP and job opportunities and also on what it takes to satisfy the customer. The group discussion at the end of the seminar brought out various view points and turned out to be a learning experience even for the faculty and industry personnel.College correspondent and secretary M. Sivalinga Prasada Rao felicitated Mr. Raghunandan.
In the afternoon session, group discussion was conducted with 23 batches of 10 members each participating in it from different colleges turned out to be a unique affair. Ch. Vijaya Bhaskar of host college secured the first position followed by K. Ram Prasad of VSR & YRN College, Chirala. The college correspondent awarded prizes to winners in group discussion. All faculty members of the computer science participated in the seminar. Convener of the event was D. Pavan Kumar.
STPI to start IT Finishing School this year
Mysore: The Software Technology Park of India (STPI) will start an Information Technology Finishing School and an Incubation Centre here this year. Speaking after inaugurating the new campus of Theorem India Pvt. Ltd., a web marketing company, in Hebbal Industrial Area on Sunday, STPI Director J. Parthasarathy said the finishing school and the centre would come up opposite the Infosys campus.
Mr. Parthasarathy said that with business process outsourcing (BPO) sector set to become a $ 60-billion industry by 2010, there was need to fine-tune the skills of engineering graduates so that they could adapt to the industry's requirements. "Barely 30 per cent of the engineering graduates fulfil the requirements of BPOs. Theorem founder and chief executive officer Jay Kulkarni said their company provided technological assistance for Internet advertising, which was catching on in a big way. The new campus of the company, which was inaugurated by Mysore city Police Commissioner Ravindranath, has two buildings for product development. The company, which already has clients in U.S., Australia, Dublin and Paris, provides search and media operations technology, besides assistance in data analysis.
Reliance Power gallops above issue price - 25 Feb 2008 | 14:46
This is the first the stock is trading at premium as compared to issue price of Rs 450 per share. On its listing on 11 February 2008, the stock debuted on 11 February at Rs 547.80 and hit a high of Rs 599.90. However barely within minute of its debut, it started declining and slipped to discount. The stock surge today after its board-approved issue of three bonus shares for every five held, to compensate for the slump in the stock price post listing.
Meanwhile, the BSE Sensex was up 221.55 points or 1.28% to 17,570.55 in volatile trade.
The Reliance Power counter saw high volumes of 1.46 crore shares on BSE. It was the top traded counter on BSE with turnover of Rs 618.84 crore
The stock hit a high of Rs 455.10 and low of Rs 421.40 so far during the day. The stock had hit a 52-week high of Rs 599.90 on 11 February 2008 and a 52-week low of Rs 332.50 on 13 February 2008.
The current equity share capital of Reliance Power is Rs 2259.82 crore, which will increase to Rs 2397 crore after this bonus issue. Face value per share is Rs 10.
Reliance Powers board of directors in a meeting held on Sunday, 24 February 2008, informed that bonus shares will be issued to all shareholders, excluding the promoter group comprising of Reliance Energy and the ADA Group.
In a related development, Anil Ambani, Chairman, Reliance ADA Group, simultaneously announced a voluntary contribution of 2.6% of his shareholding in Reliance Power to Reliance Energy, to prevent Reliance Energy from any dilution of its existing 45% stake in Reliance Power, as a result of the bonus issue.
Following bonus issue and personal stake transfer by Anil Ambani, the cost of acquisition of Reliance Power stock will come down by 40% for retail shareholders to Rs 269 per share from issue price of Rs 430 per share. In the same way, for other investors the acquisition cost will be reduced by 37% to Rs 281, from issue price of Rs 450.
Following this bonus issue, Anil Ambanis stake will come down to 40% from the present 45%. Reliance Energys shareholding remains unchanged at 45% while public shareholding will increase by 5% to 15%.
Reliance Powers move to issue bonus shares came following the dismal debut of the shares on the bourses on 11 February 2008 and the stock consistently trading at a discount to the IPO price of Rs 450. Reliance Power had settled at Rs 372.50 on BSE, a discount of 17.22% over IPO price of Rs 450, on its day of debut on 11 February 2008. Retail investors were offered shares at Rs 430 i.e. at a discount of Rs 20 per share.
Reliance Power, which came out with the countrys largest initial public offer had got overwhelming response from investors. The issue had got an aggregate commitment of over Rs 7.50 lakh crore, as against the issue size of Rs 11,560 crore.
Reliance Power is developing 13 power generation projects with a capacity of 28,200 megawatt (MW).
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