HCL Technologies - HCL Comnet achieves Ciscor Master Security Specialization
HCL Technologies Ltd has informed that HCL Comnet Ltd., global IT services provider and subsidiary of the Company on March 04, 2008 has announced that it has achieved the Master Security Specialization from Ciscor. This certification recognizes HCL Comnet for its investment towards providing customers with the most sophisticated security technology, process, methodologies and skills built on a successful track record in security lifecycle services and solutions. HCL Comnet is the FIRST Company in INDIA & ninth worldwide to achieve this coveted honor from Cisco.
National Plastic - Limited Review for the quarter ended Dec 31, 2007
National Plastic Industries Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
- "No adjustments has been made for the following items and explained to be accounted at the yearend. Impact thereof on the profitability of the Company is unascertainable. -Accrued interest on Fixed Deposits with the Bank. -Bad Debts, Doubtful Advances and Income Receivable. -Write offs / back in respect of balances of Sundry Debtors and Sundry Creditors. -Reconciliation of balances of Associate Producers. -Scrutiny of Income Tax and old Sales Tax balances.
- In view of huge unabsorbed losses and depreciation, no provision is required for deferred tax liabilities and no provision for deferred tax assets have been made considering virtual uncertainty of profitability of the company in future.
- No provision has been made in the accounts in respect of liability for retirement benefits by way of accrued gratuity and leave encashment, as the amount has not been determined.
- The Company has not provided any interest on Term Loan from IDBI as per One Time Settlement (OTS) package already approved, despite some failure in repayment of loan amount as per the terms of OTS and management expects no further liability on this account. The Company has not provided for Interest on Cash Credit facilities from State Bank of India as the said account has been classified as Non Performing Asset by the said bank and accordingly discontinued debiting interest on Cash Credit Account. The amount of liability un provided is not known."
Glenmark establishes presence in Romania
Glenmark Pharmaceuticals Ltd on March 04, 2008 has announced that it has established a Company in Romania, called Glenmark Pharmaceuticals s.r.l. This will be Glenmark's third country operation in Europe for Glenmark's Specialty Pharmaceutical business, following its acquisition of Medicamenta last year. Romania is a key strategic market for the development of Glenmark's Specialty business in Europe. The Company already has a number of its products under registration in this market.
Romania is one of the two most recent additions to 27 countries of the European Union; along, with Bulgaria, that joined the EU in January 2007. With a population of 22 million; Romania is the seventh most populated country in Europe and, with GDP growth of 7%, it is also one of the fastest-growing pharmaceutical markets in Europe.
Tata Communication to pump $500 million
Mumbai: Tata Communication, VSNL's new avatar is ready to pump in $500 million in its new wireless Internet service and is hiving off its retail business, which includes internet as a separate arm. Wimax, the wireless way to access internet has been commercially launched in the country.
Bangalore is the first city where the service is starting and it would be followed by Delhi in the next 3 months and and 20 more by early next year. Tatas are even creating a new subsidiary to retail their Wimax and internet services where they will be divesting minority stake to a partner. Tata Communication is also in talks with retailers like Croma .to retail their Wimax services. Even the Tata Indicom branding or both Wimax and internet is set to change. They will be providing Wimax using a special spectrum band since the government hasn't auctioned spectrum needed for Wimax.
NTPC forges alliance with Indonesian company
New Delhi: NTPC is the biggest power company in India, but it is yet to bag an ultra mega power project under its belt. It is finally looking to reverse the trend and has tied up with Indonesian company Sugico Graha for all coastal UMPPs to be offered. According to sources, NTPC-Sugico tie-up is only for coastal UMPPs and it has already signed confidentiality agreement with Sugico.
Sugico Graha's big oil coal blocks in Indonesia will give NTPC enough room to make competitive bidding and that will give the coal linkage for the three coastal UMPPs. And on a day when stock market witnessed yet another fall, NTPC seems to be powering ahead. The analysts believe that the company has enough potential, not only for UMPPs but also for other projects too.
The government is pushing the power PSUs to add capacity to achieve its XIth plan targets of 78,000 MW. To match the efficiency and competiion efficiency of the aggressive private sector power companies, it is pushing the PSUs for tie-ups with foreign partners. in this case too, it is learnt that the Power Secretary Anil Razdan himself has taken the lead to push NTPC to explore the opportunity with Indonesian companies for coal linkages.
Tata Consultancy Services launches innovative service model to meet needs of SMBs
Tata Consultancy Services has announced the launch of its strategic business unit focused on meeting the technology needs of SMBs. TCS will offer 'IT-as-a-Service' (ITaaS) in an innovative business model giving SMBs the experience of customized low-cost solutions scalable to their growing business needs.
Andhra Bank foray into life insurance
Andhra Bank has announced that Andhra Bank, Bank of Baroda and Legal and General Insurance U.K., have signed the subscription and shareholders agreement on 04 March 2008, for a joint venture to launch life insurance operations. The MoU for the joint venture was signed on 16 November 2007.
The company made this announcement during the trading hours today, 05 March 2008.
Power Grid Corporation of India' chairman & MD resigns
R P Singh, CMD, Power Grid Corporation of India has submitted his resignation from the post of chairman & managing director, POWERGRID on 29 February 2008 to the Ministry of Power. Copy of the resignation has also been sent to the POWERGRID's board. R P Singh was superannuating on 31 July 2008. On acceptance of the resignation by GoI, the stock exchanges will be informed.
The company made this announcement after the trading hours on Tuesday, 04 March 2008.
Larsen & Toubro secures transmission line orders
Larsen & Toubro has bagged three orders totaling Rs 458 crore for transmission line projects.
The company has received a Rs 238 crore order from Jaypee Powergrid (a joint venture between Jaiprakash Hydro Power & Power Grid Corporation of India) for the construction of 155 KMs of transmission line for evacuation of power from the 1000 mw Kacham-Wangtoo Hydro Electric Project.
The scope of work for the project to be executed by L&T's engineering, construction & contracts division (ECC) involves survey, fabrication & supply of transmission line towers and erection of 155 KMs. of transmission line from Karcham-Wangtoo to Rampur in Himachal Pradesh through hilly / mountainous terrain. L&T bagged this contract against international competition and the project will be completed in 30 months.
Mahindra & Mahindra announces acquisition closure of auto designing company in Turin, Italy
Mahindra & Mahindra has announced that the company has successfully closed acquisition of auto designing co., G.R.Grafica Ricerca Design S.r.l (GRD), an Italian auto designing, feasibility and styling xompany based out of Turin, Italy. M&M acquired this business through an Italian subsidiary Mahindra Graphic Research and Design (MGRD).
Bank of Baroda signs shareholders' agreement for joint venture
Bank of Baroda, Andhra Bank and Legal & General Group of UK signed the shareholders' agreement on 04 March 2008 for forming a joint venture for entering in to life insurance business with 44%, 30% & 26% shareholding respectively.
Wipro to allot equity shares
The committee of Wipro has decided to issue and allot 73610 equity shares of Rs 2 each pursuant to exercise of the stock options by the eligible employees under WESOP 2000 and restricted stock unit plan 2004.
Further, the committee has allotted 168165 equity shares of par value of Rs 2 to JP Morgan Chase Bank, the company's depository as underlying shares in respect of ADRs to be issued and allocated to the purchasers, pursuant to the exercise of the stock options granted to the employees under the company's ADS restricted stock unit plan- 2004.
These shares were allotted at the committee meeting held on 03 March 2008.
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