Corporate News 03 April 2008

Mahindra & Mahindra Financial Board to consider dividend

Mahindra & Mahindra Financial Services Ltd has informed that a meeting of the Board of Directors of the Company will be held on April 22, 2008 for consideration of the audited financial results of the Company and recommendation of dividend, if any, for the year ended March 31, 2008. Since the Company will be publishing the Audited Accounts for the financial year ended, March 31, 2008 within the three months period i.e. on April 22, 2008, the unaudited results for the quarter ended March 31, 2008 will not be published.

 

Oriental Hotels - FY 08 results by Jun 30, 2008

Oriental Hotels Ltd has informed that the Company intends to publish the audited financial results for the year ended March 31, 2008 within the stipulated time of 3 months from the end of the accounting year and hence the Company will not be publishing the unaudited financial results for the last quarter ended March 31, 2008 before April 30, 2008.

         

Sadbhav Engineering - Updates

Sadbhav Engineering Ltd has informed that consortium led by the Company has been awarded the following project worth Rs 166.88 Crores by the Government of Andhra Pradesh Irrigation and CAD Department in joint venture with Gokul Krishna Construction Pvt. Ltd. in the ratio of 52 : 48 respectively.

"Earth Work Excavation, forming embankment and construction of CD & CM works of Main canal and Distributory system up to water course level and CC lining to main canal and other allied works including investigation, designing and estimation of Gouravelly Right side canal from Km 0.000 to 47.725 and left side canal in Karimnagar District."

         

Binani Industries Board to consider dividend

Binani Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on April 21, 2008, inter alia, to consider the Audited Financial Results of the Company for the year ended March 31, 2008 and declaration of dividend.

The meetings of the Board of Directors of Binani Cement Ltd (BCL) and Binani Zinc Ltd (BZL) the Subsidiaries of the Company are also being held on April 21, 2008 and BCL is likely to consider the declaration of dividend.

Further the Company has informed that, it shall be publishing the Audited Financial Results for the year ended March 31, 2008 and hence, the Company will not be publishing the Unaudited Financial Results for the quarter ended March 31, 2008.

 

Kirloskar Brothers - Updates on FY 08 results by Jun 30, 2008

Kirloskar Brothers Ltd has informed that the Company would be submitting audited financial results for the entire financial year 2007-08 within three months from the end of the financial year i.e. March 31, 2008, in lieu of unaudited financial results.

 

Prakash Industries - EGM on Apr 25, 2008

Prakash Industries Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 25, 2008, inter alia, to consider the following special business:

1. Increasing the Authorised Share Capital of the Company from Rs 160 crores to Rs 170 crores.

2. Investment of Rs 400 crores by way of purchasing 570000 Equity Shares of Rs 10/- each of an unlisted Company owned by the promoters and having mining rights of an iron ore mine.

3. Issue of 16,00,000 (sixteen lacs) 0% Compulsory Convertible Preference Shares (CCPS) of the Company of Rs 100/- each to the promoters for consideration other than cash.

4. Re-appointment of Managing Director and Whole-time Directors of the Company.

5. Increasing the borrowing powers of the Board of Directors from Rs 1000 crores to Rs 3000 crores.

 

Centurion Bank of Punjab - Allotment of equity shares

Centurion Bank of Punjab Ltd has informed that the Securities Transfer, Allotment and Grievance Redressal Committee of the Board at its meeting held on April 02, 2008, has allotted 7,86,00,000 equity shares of face value of Re 1/- each on conversion of warrants.

The said warrants were issued in terms of the Scheme of Arrangement amongst Bank Muscat S.A.O.G., Centurion Bank of Punjab Ltd (formerly known as Centurion Bank Ltd) and the shareholders of Centurion Bank of Punjab Ltd pursuant to Sections 391 to 394 of the Companies Act, 1956, which was duly approved by the Shareholders, the High Courts of Mumbai (Goa Bench) and Karnataka as well as by the Reserve Bank of India in January 2004.

 

ICICI Bank - E-mail ID for Investor's Complaints

ICICI Bank Ltd has informed that the E-mail ID for Investor's complaints is investor@icicibank.com, companysecretary@icicibank.com

 

Bank of Maharashtra to enter into corporate agency arrangement

New Delhi: Bank of Maharashtra has decided to enter into corporate agency arrangement with Export Credit Guarantee Corporation of India (ECGC) for distribution of ECGC policies. The policies offer insurance cover to the exporters. The company made this announcement during the trading hours today, 02 April 2008.

         

RDB Industries - Result of Postal Ballot

RDB Industries Ltd has informed that the members of the Company by way of Postal Ballot have passed the Special Resolution for the alteration of the Object Clause of the Company, i.e. Clause III (B)(8) of the Memorandum of Association of the Company, with requisite majority.

 

Listing of equity shares of Gammon Infrastructure Projects Ltd

Trading Members of the Exchange are hereby informed that effective from April 03, 2008, the equity shares of Gammon Infrastructure Projects Ltd (Scrip Code: 532959) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities. For further details please refer to the notice no 20080401-22 dated April 01, 2008.

 

Wipro - Grant of Restricted Stock Units

Wipro Ltd has informed that the Company has granted Restricted Stock Units with effect from April 01, 2008 to its and subsidiary's identified employees as follows;

a. 1,100,950 Restricted Stock Units under the Restricted Stock Unit Plan 2004, b. 5,401,255 Restricted Stock Units under the Restricted Stock Unit Plan 2005 and c. 1,372,139 ADS Restricted Stock Units under ADS Restricted Stock Unit Plan 2004.

The grant of above stock options is in line with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, as amended and as per the terms of the Stock Option Plans.

These stock options shall vest as per the vesting schedule approved by the Board Governance & Compensation Committee of the Board and can be exercised over the exercise period as per the Stock Option Plans.

Read More

Four Soft - Press Release

Four Soft Ltd has informed that the Company through its subsidiary Four Soft USA Inc, USA has signed a contract with Aries Global Logistics (AGL), a large New York based International Freight Forwarder/NVO and Customs-House broker, has selected Four Soft's Purchase Order Management System software (4S ePOMS) for its logistics management.

In this regard the Company has issued the following Press Release:

"Four Soft Ltd on April 03, 2008 has announced that Aries Global Logistics (AGL), a large New York based International Freight Forwarder/NVO and Customs-House broker, has selected Four Soft's Purchase Order Management System software (4S ePOMS) for its logistics management.

4S ePOMS is a web based collaborative portal for logistics service providers, covering visibility, order management and order execution functions. By implementing 4S ePOMS, AGL will be able to execute, track, and manage the purchase orders of its clients with seamless Interface Into their backbone freight forwarding system for continuous shipment visibility and supply chain partner collaboration.

On the occasion, Krishna Rallabhandi, General Manager & Director, Four Soft USA Inc., stated, "We are excited at the opportunities new generation products of Four Soft present for our existing customer base globally. 4S ePOMS is one example of the tremendous win-win potential. We hope to continuously present our customers with added value and true partnership."

AGL's President, Prank D'Ambra, stated, "4S ePOMS clearly offers AGL, AGL's clients and agent partners the most dynamic and comprehensive traffic management and tracking solution available in the market today. We expect 4S ePOMS to not only perform as advertised, but surpass the market expectations with respect to online Logistics management software."

 

Read More

i-flex Solutions - Wipro to Market, Implement & Support i-flex's Products in the Middle East

i-flex Solutions Ltd has announced that the Company on April 03, 2008 signed an agreement with Wipro Ltd under which Wipro will market, implement and support i-flex's products in the Middle East and Egypt. The products include FLEXCUBEr', i-flex solutions flag ship core banking product suite, and i-flex's analytics offering, an integrated suite of award-winning solutions - ReveleusT and Mantas - that help financial institutions maximize profitability, minimize risks and deliver enterprise-wide compliance. Wipro Ltd is a global leader in providing technology, software and consulting services.

The software solutions market in the Middle East and North Africa (MENA) has grown significantly driven by demand from enterprises as well as governments. According to preliminary results from a recent study by IDC the market opportunity was pegged at USD 390 million in 2007 and is predicted to reach USD 500 million in 2008.

i-flex has an established presence in the Middle East and this partnership will enhance its strategy to penetrate the rapidly expanding market and provide end-to- end Systems Integration (SI) capability in collaboration with Wipro. i-flex also plans to leverage Wipro's proposed global development center in Egypt to equip consultants in the region with the expertise to implement and support its products.

Elaborating on the partnership, Mustafa Moonim, Vice-President, Europe & Middle East Sales, i-flex solutions said, "This partnership will be a significant step towards the growth and development of our business in the Middle East. Combining i-flex Consulting's deep domain expertise along with Wipro's system integration capabilities we can deliver better results for our customers, faster and more efficiently."

Rajat Mathur, Chief Executive of Business Solutions and Head of International Geographies, Wipro Infotech said, "This alliance will give us the opportunity to leverage i-flex's experience of delivering value-based solutions to customers. i-flex's in-depth expertise, capability in the financial services industry and footprint in the Middle East, will enable us to further deliver innovative solutions to our customers and prospects."

Mr. Mathur further added, "The Middle East is a key region for us. We have a strong position in the banking sector, and with this alliance we will be able to add to our portfolio of IT services in the Middle East market."

 

Read More

Zicom Electronic - Press Release

Zicom Electronic Security Systems Ltd on April 03, 2008 has announced its Joint Venture with CNA Group, Singapore, to offer integrated intelligent building management solutions and green buildings in India.

This move is in line with its business objective of accelerating growth to ramp up its strategic focus on developing expertise on Integrated Building Management solutions and Green buildings with control and automation.

As per the Memorandum of Understanding, Zicom will acquire 51% stake and CNA Group will have 49% stake in the Joint Venture Company named as Zicom CNA Automation Ltd.

The intended relationship with CNA aims to leverage on the enormous growth potential of the booming real estate market in India by providing integrated facilities management solutions and services to residential, industrial commercial and Government construction.

According to Mr. Manohar Bidaye, Chairman of Zicom Electronic Security Systems Ltd," We are pleased to tie up with CNA to address growing demand of automation industry particularly Intelligent Building Management Solutions for large residential and commercial complexes in India. With the cutting edge technology of CNA and the marketing depth of Zicom, we will produce break- through results in the Indian continent."

According to industry analysts, sustained economic activity driven by India's software and branded firms and changing consumer patterns has ignited a widespread demand for real estate across all sectors including residential, commercial and industrial construction. This situation is further boosted by revolutionary changes in land legislation such as the removal of caps on foreign direct investment, stamp duty rationalisation and a policy to set up special economic zones.

Against this scenario, Zicom's comprehensive network of sales offices in more than 60 cities in India and long experience therein, positions it advantageously to leverage on the construction demand in India.

In addition, Zicom will also provide financial support for all projects that are procured under the proposed Zicom CNA Automation Ltd. On the other hand, CNA will provide sales and marketing support and will also be responsible for the training and development of personnel.

CNA has been credited with some very high quality, high end integrated multi-thread and multi-tasking facility management systems with Intelligent building management solutions. Some of the key installations of CNA are Changi Airport, Parliament House of Singapore, Guangzhou Airport, Suvarnabhumi Airport, Bangkok, China World Hotel at China World Trade Center, The New Doha International Airport, Discovery Gardens, Dubai, Shanghai tomorrow Square Tower, CISCO Bangalore Campus.

Read More

Microsoft wins ISO nod for Office OXML

New Delhi: Microsoft has won the global international standards designation for its open document format Office Open XML, a file format specification for electronic documents. Though the result is yet to be announced formally, sources close to the development told PTI that Microsoft has won by a majority, with almost 75 per cent of all voters (representatives from various nations) supporting its format.

However, India had earlier voted against Microsoft's file format. New Delhi stood for Open Document Format (ODF), also supported by the rival groups IBM and Sun Microsystems. According to analysts, the move is unlikely to impact Microsoft's commercial sale but is likely to influence the decision of government users, who are often required to use standards-based, rather than proprietary, softwares. Microsoft had been pushing hard to get global ratification of Office Open XML to improve its chances of winning government orders. ODF was the first interchangeable document format to get ISO approval in 2006, and its backers used the exclusive ISO endorsement to pitch the technology. However, Indian players like Tata Consultancy Services, Wipro and Infosys, had voted for Open XML, but the Bureau of Indian Standards had voted against the Open XML. The open standard has gained broad adoption for use on a variety of platforms including Linux, Windows, and Palm OS.

Read More

NIIT - Press Release

NIIT - Press Release

NIIT Ltd has informed that CII, India's apex industry body and NIIT have entered into an agreement to help create ICT infrastructure and foster International Software Talent in the African continent. As part of this capacity building and skill development endeavour, NIIT and CII will share high quality education resources from India and involve other appropriate players from the Indian industry to help Africa develop human capital for the global IT industry.

A Co-operation Agreement to this effect was signed between Ms. Shipra Tripathi, Director & Head-Africa, CII and Mr. P Rajendran, Director & COO, NIIT here on April 02, 2008. A senior delegation comprising of business leaders and government officials from African countries are currently in India for the 'First India Africa Summit' dialogue that aims at strengthening bilateral relations.

As part of the agreement, NIIT will provide relevant IT curricula in line with international IT trends, and content for IT, soft skills and entrepreneurship for training in Universities and Colleges in Africa. CII on the other hand will facilitate internship with the Indian industry.

Speaking on the occasion, Mr. P Rajendran, Chief Operating Officer, NIIT said, "Our endeavour in this capacity building partnership is to scale up the offering of quality educational resources and methodology from NIIT, to foster talent in Africa for global IT industry.

"We are confident that together with CII, we will be able to accelerate talent growth and push forward development of ICT in Africa, at a fast pace," added Mr. Rajendran.

Elaborating on the MoU, Ms. Shipra Tripathi, Director & Head-Africa, from CII said, "CII believes that private sector will drive the IT revolution in Africa and effectively bridge the digital gap that presently exists. NIIT is a key partner in this endeavour. Our joint effort will be to address the immediate needs and the long term ambitions of the African countries."

NIIT and CII will work together and explore modalities of embedding NIIT's industry endorsed IT training programs in the curriculum of universities and colleges in Africa, under its 'NIIT Inside' model. Both organizations will also look at possibilities of establishing 'Centers of Excellence' for Talent Development in different African countries.

NIIT, the leading Global Talent Development Corporation has been developing ICT manpower through its state-of-the-art IT training centres in Africa, for over a decade.

NIIT: Committed to ICT Manpower Development in Africa

NIIT, the leading Global Talent Development Corporation, ventured into the African continent over a decade ago by setting up its first IT education centre in Botswana in 1997. For nearly a decade now, NIIT has been involved in creation of skilled ICT manpower in the continent and has trained nearly 150,000 students till date. The talent development company is touching over 20,000 learners every year, through three dozen learning centres in 8 African countries- Nigeria, Ghana, Senegal, Libya, Sudan, Botswana, South Africa and Zimbabwe.

The Government of Botswana has acknowledged NIIT's decade long contribution to providing skilled ICT manpower to the country, by awarding the accreditation of 'Tertiary Education Council' (TEC) to its industry recognized IT training programs.

NIIT's flagship DNIIT program is the most popular IT training program in many African countries. NIIT has enabled thousands of young people in these countries to join the global IT workforce, many of whom are working in large IT and non-IT organizations such as Debswana, Govt of Botswana, Zenith International Bank, Shell Corporation, Total, Dunlop, Chevron Texaco, Tower Aluminum, Unilever, Mobitel, Grant Thorton, Barclays, Standard Bank, Multilink, Shell, Afribank International, Unilever, First bank, Union Bank, Zenith Intl Bank, UBA, Linkserve, KPMG, Ericsson etc.

To enable large number of people to board the ICT bandwagon in Africa, NIIT regularly offers scholarship programs for students. NIIT's scholarship programs in countries such as Nigeria & Ghana have witnessed overwhelming response by over 50,000 students participating in a single event.

NIIT has also been instrumental in providing IT and soft skills development programs for employees of large organizations. The talent development organization now plans to address the need for developing ICT skills among children by offering its learning solutions for the school segment, in many African countries.

Hole in the Wall (HiWEL) project of NIIT- a Minimally Evasive Computer literacy initiative, has been implemented in various Sub-Saharan countries in Africa like- Rwanda, Namibia, South Africa, Botswana, Mozambique.

NIIT is working closely with Governments of many African countries to help them develop the ICT infrastructure in their country. NIIT Chairman Rajendra S Pawar, who is a member of Presidential International Advisory Council (PIAC) in South Africa has been helping the Government develop a growth strategy for its ICT industry.

In line with its commitment of providing skilled ICT manpower in the region- NIIT recently launched the State of Art Training campus in Botswana which will accommodate 7000 students in various IT streams by 2010. NIIT now plans to scale up operations and forge partnerships with more Universities and Colleges to extend its IT training offerings for the youth in Africa.

Read More

Ranbaxy launches worlds first Bio-generic recombinant injectible for the treatment of Osteoporosis in India

Ranbaxy Laboratories Ltd on April 03, 2008 has announced that the launch of BONISTA- Teriparatide injection (recombinant human parathyroid hormone) for the treatment of Osteoporosis, in collaboration with Virchow Biotech Pvt Ltd. Hyderabad, India. Ranbaxy is the first Company to launch this bio generic product in the world.

The product has been indigenously researched at Virchow Biotech and developed with and from the Department of Science and Technology, Government of India.

Commenting on the launch of the product, Mr. Sanjeev I Dani, Senior Vice President & Regional Director (Asia & CIS), Ranbaxy, said, "With growing longevity, Osteoporosis a condition characterised by loss of bone mass, would gain increased attention. Ranbaxy has a number of new products in its pipeline including 'Bonista', for the Osteoporosis patients who are normally treated by orthopaedics and gynaecologists. Bonista is also a classic example of our endeavours to offer quality biogeneric therapeutic options to doctors and an affordable and efficacious product to patients."

The Osteopoiosis segment in India currently has a market size of around Rs 219 crores and grew more than 29% in value terms in 2006-07.

Osteoporosis is highly prevalent in India. An estimated 61 million people in India are reported to be affected by it. The life span of an average Indian has increased and this contributes to the increased incidence of osteoporosis. Recent data indicates that Indians have lower bone density than their North American and European counterparts. One of the reasons could be that the majority of Indians have low vitamin D status and are on low dietary calcium which makes them prone to bone diseases As regards the burden of osteoporosis in the Indian scenario, 50% women have osteoporosis and this translates to over 30 million in actual numbers.

Although data on the prevalence of osteoporotic fractures is limited, it is estimated that each year, osteoporosis causes more than 1.5 million fractures, resulting in permanent disability, loss of independence, and death.

Virchow Biotech, part of the Hyderabad based Rs 600 crore Virchow Group, engages in research, development, manufacture and marketing of a wide range of unique classical biologicals and high value recombinant bio-generie products for serious life-threatening diseases at affordable prices. Established in 2001, Virchow Biotech produces over 15 biological products in state of the art production facilities equipped to manufacture topical biologicals, recombinants and parenteral biopharmaceuticals. The facilities have been audited and certified by various regulatory agencies for their conformance to current Good Manufacturing Practices (cGMPs). Virchow Biotcch also monitors and conducts large multi-centric clinical trials and is a Government of India recognized R&D Centre.

         

Read More

Wipro - Assignment of Rating

Wipro Ltd has informed that ICRA has assigned LAAA (pronounced as L Triple A) rating to Wipro's long term credit. This is the highest credit quality rating assigned by ICRA to long term instruments. A copy of the Press Release by ICRA is enclosed below:

"ICRA has assigned an LAAA (pronounced as L Triple A) rating to the Rs 34.24 billion Fund based limit and the Rs 6.61 billion Non Fund based limit of Wipro Ltd1 (Wipro). This is the highest credit quality rating assigned by ICRA to long term instruments.

The rating factors in Wipro's leading position among Indian players in the Global Information Technology (IT) services outsourcing segment, its strong client base and wide range of services, and the low financial risk profile given its strong revenue growth, healthy recurring cash flows and low debt levels. The rating is supported by the continuing global trend towards outsourcing of IT services to low-cost countries like India. The rating also factors in the concentration of Wipro's revenues on the US market, the vulnerability of profitability and the high, although declining proportion of low-value added services in the overall sales mix. While the US remains the largest market for the Indian IT services industry, the current slowdown in the US economy coupled with increasing competitive pressures, wage inflation, high attrition levels and the weakening dollar would exert pressure on profitability of Indian players".

Read More

Industry News 03 April 2008

Govt approval for IT park awaited

Development of Information Technology sector in second and three-tier cities appears to be taking a back seat with the State Government sitting tight on the proposals of the district administration to set up an IT park near here.During his visit to the district to lay the foundation for the Mahatma Gandhi University (MGU) in September last year, Chief Minister Y S Rajasekhara Reddy promised to establish an IT Park. Even IT Minister R Damodar Reddy, who belongs to the district, was present in the meeting. Subsequently, the districtlevel officials identified three sites in the district for opening an IT park six months ago. However, the response is still awaited.

 

Unisys Global Services India Assessed at CMMI Maturity Level 5

Unisys Corporation announced that the Software Development Group of Unisys Global Services India has been assessed at maturity level 5, the highest appraisal rating for version 1.2 of the Capability Maturity Model Integration framework. Administered by Carnegie Mellon University's Software Engineering Institute, CMMI is a global process improvement model for assessing the effectiveness and maturity of processes used in the development and delivery of products and services. The CMMI framework and associated best practices are widely used by organizations around the world to guide improvement in their processes.

The appraisal process evaluated processes used in the Software Development Group of Unisys Global Services India. The Software Development Group at UGSI, which employs over 600 people in Bangalore, includes architects, engineers and testing experts. The group is engaged in activities related to product engineering, solution development, and application services for Unisys customers worldwide.

 

US IT firm opens shop in Kakinada

Avineon, a leading US-based provider of engineering, geospatial and information technology solutions, commenced its operations in Kakinada on April 2. It has also unveiled plans to set up another facility in Visakhapatnam and to expand its facilities in Hyderabad. Inaugurating the company's Kakinada facility, Union Minister of State for Defence and Kakinada MP MM Pallam Raju expressed happiness that IT companies like Avineon were looking at Tier-II cities like Kakinada where the cost of operations were lower than what is incurred in bigger cities like Hyderabad and even Visakhapatnam.

 

Read More

CDC Software Completes Acquisition of Majority Stake in Leading

CDC Software, a wholly owned subsidiary of CDC Corporation and a provider of industry-specific enterprise software applications and business services, today announced it completed its acquisition of a 51 percent stake in Integrated Solutions Limited, a Hong Kong-based vendor of ERP systems designed for small and medium-sized discrete manufacturers in China. With this investment, along with our award-winning solutions, services, extensive infrastructure and deep expertise of the China market, we are now strongly positioned to more fully exploit the significant opportunities in the largest manufacturing market in the world, said Peter Yip, executive chairman of CDC Software.

We plan to leverage ISL's impressive track record of hundreds of successful deployments in southern China as we expand our market presence throughout the country. With our highly-popular Ross Enterprise applications for process manufacturers and the addition of ISL's applications for discrete manufacturers, we now have solutions for the entire industry. A top priority for us will be to expand rapidly in China, particularly targeting the millions of small and medium-size manufacturers with our complementary software solutions. As previously announced, ISL joins CDC Software's successful Franchise Partner Program that includes Franchise Partners located in India, Argentina, Spain and Mexico. Under this program, CDC Software establishes strategic relationships with partners in selected geographies through majority control, as well as minority investments.

Read More

Moving towards a global future for BPO

The $50-billion opportunity for the business process outsourcing (BPO) industry that the NASSCOM-Everest study has revealed shows that India has established a fairly substantial lead over competing countries with a market share of 37 per cent ahead of Canada at 27 per cent and Philippines at 15 per cent. A clutch of other competing countries that include Ireland, Mexico and China have single digit market shares. More than 70 per cent of the revenues come predictably from the banking and insurance, manufacturing and telecommunication sectors with industry players having established both industry or domain specific capabilities and the ability to transition widely-used processes to offshore destinations. The argument made in the study is that it will need a focus on new markets, new services and new ways of delivering the service for the growth rate to be accelerated to close to 50 percent which is needed to get close to the $50-billion dream.

Read More

Market News 03 April 2008

Kotak Mahindra Bank - FY 08 results by Jun 30, 2008

Kotak Mahindra Bank Ltd has informed that a meeting of the Board of Directors of the Bank will be held on or before June 30, 2008, i.e. within the prescribed period of three months of the close of the accounting year, at which the audited financial results of the Bank for the year ended March 31, 2008 will be considered by the Board.

Accordingly, the Bank will furnish its audited financial results for the year ended March 31, 2008 within the aforesaid period of three months and will also arrange for publication of the said results in the prescribed manner. Hence there will be no necessity of publishing unaudited financial results for the quarter ended March 31, 2008.

         

Pritish Nandy - Updates

Pritish Nandy Communications Ltd has informed that Ideas.com India Pvt Ltd, a promoter group Company has acquired 1,04,989 (0.73%) equity shares of the Company during March, 2008 and its holding has increased from 2,56,524 (1.77%) equity shares to 3,61,513 (2.50% equity shares in the FY 2007-08.

Accordingly, the holding of Promoters of the Company has increased from 42,56,994 (29.43%) equity shares to 43,61,983 (30.15%) equity shares in the FY 2007-08.

 

Bata India fixes Book Closure for Dividend & AGM

Bata India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from May 10, 2008 to May 28, 2008 (both days inclusive) for the purpose of payment of dividend & 75th Annual General Meeting (AGM) of the Company to be held on May 28, 2008.

 

NMDC to increase authorised capital

The members of NMDC have approved for splitting of the company's equity shares of face value of Rs 10 each into ten shares of the face value of Re 1 each.

The members have approved to issue bonus shares at two equity shares for every one equity share held.

Further, the members have approved to increase the authorised capital of the company from Rs 150 crore to Rs 400 crore.

This was approved at the extraordinary general meeting held on 03 April 2008.

 

Read More

L&T files over 100 patents for electrical & electronic products

The Electrical & Electronics Division (FBG) of Larsen & Toubro highlighted its dynamic approach to product innovation, filing over a hundred patent applications on its range of electrical and electronics products for 2007-08. It achieved a significant landmark of filing 101 patent applications across the division with 65 patents accounting for switchgear products followed by 20 patents for medical products, 10 for energy meters and 6 for petroleum dispensing pumps. In addition, EBG has applied for 32 design registrations and 11 trademarks during the year.

The total number of patent applications, filed by EBG, now stands at 345. Out of this, switchgear products have been the major contributors with 234 filings while medical products contributed 58 patent applications. Similarly, till now EBG has to its credit 346 design registration filings and 105 trademark filings.

For some of its newer products with export potential, EBG has been filing patents overseas as well. For one of its exported switchgear products, the U-POWER ACB, EBG has filed 7 overseas patents which include a US patent grant titled design system of secondary isolating contacts in circuit breakers' and a Chinese patent grant titled a novel design of rail driving mechanism for draw-out circuit breaker'. Three patents have also been filed in China for protection relays.

For its latest export version of medical products, EBG has filed 3 patents in the USA. EBG's IPM cell proactively scans the universe for emerging technology trends and patent search for potential infringements before a patent is filed and gives its report to technologists and design engineers. This proactive approach ensures that none of EBG's products infringe on any competitors' products unknowingly. Once a patent is filed by EBG, the IPM Cell also constantly searches for similar patents being filed by competitors to ensure that nobody infringes or copies its products or features.

The company made this announcement during the trading hours today, 03 April 2008.

 

 

Read More

Investors withdraw from SBI

The company made this announcement after trading hours on Wednesday, 2 April 2008.

Meanwhile, the BSE Sensex was up 14.15 points, or 0.09%, to 15,764.55 as Asian stocks edged higher after as a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.

On BSE, 1.45 lakh shares were traded in the counter. The scrip had an average daily volume of 3.99 lakh shares in the past one quarter.

The stock hit a high of Rs 1669.90 and a low of Rs 1600 so far during the day. The stock had a 52-week high of Rs 2396.54 on 14 January 2008 and a 52-week low of Rs 863.42 on 3 April 2007.

The large-cap scrip had underperformed the market over the past one month till 1 April 2008, declining 15.54% compared to the Sensexs fall of 6.30%. It had also underperformed the market in the past one quarter, declining 28.88% compared to Sensexs decline of 23.64%.

The banks current equity is Rs 631.56 crore. Face value per share is Rs 10.

The current price of Rs 1634.10 discounts its Q3 December 2007 annualized EPS of Rs 137.46, by a PE multiple of 11.89.

The bonds will mature in five years and carry a coupon of 3.36%, State Bank of India (SBI) said. The bonds will be issued on 8 April 2008, the bank added.

On 26 March 2008, State Bank of India (SBI) got in-principle approval from the Monetary Authority of Singapore to open as many as 25 branches in Singapore and offer its full range of financial services.

On 11 February 2008, the bank cut its prime-lending rate by 25 basis points to 12.5% with effect from 16 February 2008.

SBIs net profit rose 69.8% to Rs 1808.64 crore on 36.3% growth in operating income to Rs 15,364 crore in Q3 December 2007 over Q3 December 2006.

SBI is India's biggest commercial bank.

Read More

Filmcity Media - Outcome of EGM

Filmcity Media Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 31, 2008, inter alia, have accorded to the following:

1. To increase the Authorised Share Capital of the Company from Rs 11,00,00,000/- (Rupees Eleven Crore Only) divided into 11,00,00,000/- (Eleven Crore) Equity shares of Re 1/- (Rupee One only) each to Rs 30,00,00,000/- (Rupees Thirty Crore Only) divided into 30,00,00,000 (Thirty Crore) Equity shares of Re 1/- (Rupee One Only) each and consequential amendments in the Memorandum & Articles of Association of the Company.

2. Authority to the Board of Directors to offer, issue and allot Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs) / Equity shares / warrants and / or instruments convertible into Equity shares optionally, otherwise ("Securities") subscribed in foreign currency to permitted investors (whether institution and / or incorporated bodies and / or individual or otherwise, and whether or not such investors are members if the Company) for an aggregate sum up to US $ 10 million (United States Dollars Ten Millions) or equivalent in Indian and / or any other currency(ies) inclusive of such premium as may be permitted by the Ministry of Finance / such other authorities, to all eligible investors including Foreign / Resident / whether Institution, Incorporated Bodies, / Foreign Institutional Investors / QIBs / Banks and / or otherwise, whether or not such investors are members, promoters, directors or their relatives / associates, of the Company) through Public issue(s), Private Placement(s), preferential allotment(s), by way of cash or stock swap or towards acquisition of business or a combination thereof at such time of times in such tranche or tranches at such price or prices at a discount or premium to market price or prices in such manner and on such terms and conditions and other relevant factors, wherever necessary in consultation with the Lead Managers, Underwriters, advisors or including by way of Initial Public offer in US or other countries, so as to enable the Company to get listed at any Stock Exchange in India and / or Luxemburg / London / New York / Singapore / Hong Kong Stock Exchange and / or any of the Overseas Stock Exchange, subject to necessary provisions and approvals.

3. Authority to the Board of Directors to make any loan to any body corporate, give any guarantee, to provide security, in connection with a loan made by any other person to, or to any other person to, or any other person by, any body corporate; and acquire, by way of subscription, purchase or otherwise the securities of any other body corporate; in excess of the limits prescribed under Section 372A, as they may, in their absolute discretion deem beneficial and in the interest of the Company upto an aggregate amount of Rs 100 Crores, subject to necessary provisions & approvals.

4. Revision in the remuneration of Mr. Surendra Gupta & Ms. Ruchika Gupta from March 01, 2008, on terms & conditions.

Read More

Economy News 3 April 2008

Rupee falls 22 paise against US dollar

A sharp slide in Asian stocks and renewed fears of capital outflows wiped out March 28 gains in rupee, which fell 22 paise at 40.11/12 against dollar on March 31 with heavy buying of the US currency by oil refiners. Indian equity markets closed 726.85 points down at 15,644.44, following weak global cues as well as the announcement of a new accounting norm for companies. In wide movements at the Interbank Foreign Exchange (Forex) market, the domestic unit fluctuated in a range of 39.84 and 40.15 during the day after resuming at 39.85/86 a dollar from Friday's close of 39.89/90 a dollar.

 

Infrastructure output up 8.7% in February 2008

Infrastructure sector output grew 8.7% in February 2008 from a year earlier, faster than a downwardly revised 3.1% growth in January 2008, government data showed on Thursday, 3 April 2008. Output had risen an annual 7.6% in February 2007.

 

Fiscal steps will help moderate inflation: Montek

Fiscal steps taken by the government will help moderate inflation, Montek Singh Ahluwalia, deputy chairman of the planning commission, said on Wednesday, 2 April 2008. He said there was need to recognise that high inflation is a global phenomenon.

On Monday, 31 March 2008, the government announced a slew of measures to rein in rising prices. It has scrapped import duties on all crude edible oil forms. It has cut import duty on refined palm, sunflower, soyabean, coconut oils and hydrogenated vegetable fats to 7.5%. The government has banned export of non-basmati rice.

 

Exports jump 35.3% in February 2008

Exports from India rose 35.3% in February 2008 from a year earlier to $14.24 billion, government data showed on Tuesday. Imports rose an annual 30.5% to $18.47 billion. The trade deficit for February 2008 widened to $4.23 billion, compared with $3.62 billion in the same month a year earlier. The trade deficit was $72.47 billion in the first eleven months of the fiscal year to February 2008.

 

Consumer price index up 5.47% in February 2008

Inflation based on the consumer price index rose 5.47% in February 2008 from a year earlier, lower from January 2008's annual rise of 5.51%. Inflation based on the whole sale price index had surged to over 13-month high of 6.68% in mid-March 2008.

 

Read More

RBI fully geared to tackle inflation: Reddy

Concerned over ballooning inflation, the Reserve Bank on March 31 hinted at tighter monetary measures in its forthcoming credit policy, saying it was in full readiness for appropriate action to contain prices. Inflation is unacceptably high. We are very concerned and we are in full readiness to take appropriate action to contain inflation, Reserve Bank Governor Y V Reddy said, a month ahead of the credit policy, to be announced on April 29.Inflation spiralled to 6.68 per cent, much beyond the RBI's comfort level of five per cent, prompting Finance Minister P Chidambaram to stress that the government would take all measures, monetary, fiscal and supply side, to combat it. Attributing the sudden spurt in inflation to a surge increase in prices, mainly of food, fuel and metals, Reddy said that some inflationary pressures were expected when the central bank reviewed its monetary policy in January.

Read More

Mfg growth slowest in eight months: Report

Country's manufacturing sector grew at its eight-month low in March amid high input costs and easing of new order growth rate, a report states. The seasonally adjusted ABN AMRO India Purchasing Managers' Index (PMI) edged down in March to 57.5 from 59.5 in the previous month, the data compiled by NTC Research revealed. This was the lowest reading for eight months, but nevertheless pointed to a considerable improvement in operating conditions in the sector, it showed.

The PMI has printed lower than its previous month's reading for three consecutive months now. That suggests that the manufacturing sector growth momentum is losing steam. But, the March reading of 57.5 is still higher than the 36-month survey average of 57.1, ABN Amro Bank said.Both input and output price indices fell quite sharply in March. Considering that the WPI inflation has spiralled to a 13-month high, the easing of inflationary pressures is an encouraging sign. Indian manufacturers continued to expand production at their plants in March, reflecting strong sales growth and efficiency gains. Although the rate of output growth remained marked, it was the weakest for eight months, the NTC Research report stated.

Read More

Government cuts import duty on edible oil to rein in inflation

The government on Monday, 31 March 2008, announced a slew of measures to rein in rising prices. It has scrapped import duties on all crude edible oil forms. It has cut import duty on refined palm, sunflower, soyabean, coconut oils and hydrogenated vegetable fats to 7.5%. The government has banned export of non-basmati rice, while basmati rice minimum export price has been enhanced to $1,200 per metric tonne, from $1,100 at the moment. The ban on pulses exports, already in place since last year has been extended by one more year. All these decisions came into effect from the midnight of 31 March 2008.

The import duty on butter and ghee has been cut to 30% from 40%. Import duties on maize have been abolished, from the current 15% for 5,00,000 metric tonnes under the tariff rate quota.

The Cabinet Committee on Prices (CCP) also decided that for imposition of stock limits, the removal of licensing restrictions on edible oil and oil seeds has been kept in abeyance for one year.

Finance Minister P Chidambaram said the government was extremely concerned over steel prices and it would advise steel makers to observe restraint (and not to raise prices).

Read More

Mutual funds- upcoming Dividends announced by MFs- 03 April 2008

SBI MF launches new debt fund series   

SBI Mutual Fund launched SBI Debt Fund Series - 18 Months Series 3. The objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in portfolio comprising of debt instruments. The fund will invest 0%-80% in Government of India dated securities and treasury bills and money market instruments. It may invest 20-100% in AAA/AA+ bonds/ debt instruments. The investment in securitised debt will be up to 20%.

         

Reliance MF launches new Fixed Horizon Fund Series

Reliance Mutual Fund launched Reliance Fixed Horizon Fund -VIII-Series 1. It is a close-ended income scheme. Duration of the scheme is 376 days from the date of allotment. The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/ debt securities normally maturing in line with the time profile of the series with the objective of limiting interest rate volatility.

         

Birla Sun Life MF launches FTP

Birla Sun Life Mutual Fund launched Birla Fixed Term Plan Series AR. The scheme seeks to generate current income by investing in a portfolio of fixed income securities maturing normally in line with the duration of the scheme. The scheme will have dividend and growth option. Minimum Investment Amount: The minimum investment amount is Rs 5,000 and in multiple of Re 1 thereafter.

         

UTI MF declares dividend

UTI Mutual Fund has announced the dividend under dividend option of UTI Fixed Maturity Plan Yearly Series-February 08 (YFMP/02-08). The record date for the declaration of dividend is 28 March 2008. The quantum of dividend will be 100% of distributable surplus available on the record date. The NAV for the scheme under retail plan and institutional plan was recorded at Rs. 10.0589 on 26 March 2008. UTI Fixed Maturity Plan (YFMP/02-08) is a close-ended umbrella income scheme seeking to generate returns through investments in debt and money market securities, normally maturing in line with the time profile of the fund.

 

HSBC MF declares dividend under FTS

HSBC Mutual Fund approved the declaration of dividends under both regular and institutional plans of the HSBC Fixed Term Series 21, HSBC Fixed Term Series 23 and under only regular plan of HSBC Fixed Term Series 27.

 

DSP Merrill Lynch MF declares dividend

DSP Merrill Lynch Mutual Fund has declared 1 April 2008 as the record date for distribution of dividend under the regular plans of both DSP Merrill Lynch Fixed Term Series 3C and DSP Merrill Lynch Fixed Term Series 3E.

The details are as follow:

Scheme Name Quantum of dividend Face value NAV as on 27 March 2008 (Rs) (Rs per unit) per unit (Rs)

DSP Merrill Lynch Fixed Term Plan-Series 3C-Regular Plan 52.690800 1000 1005.1127

DSP Merrill Lynch Fixed Term Plan-Series 3E- Regular Plan 49.739300 1000 1004.7390

           

Reliance MF declares dividend

Reliance mutual fund has declared the dividend under the dividend options of the Reliance Interval Fund- Quarterly Interval Fund-Series I with both retail and institutional plans and Reliance Fixed Tenor Fund-Plan B.

 

Reliance MF declares dividend

Reliance mutual fund has declared the dividend under the dividend options of the Reliance Fixed Horizon Fund-III -Annual Plan-Series III-Retail plan and under both retail and institutional plans of Reliance Fixed Horizon Fund-III -Annual Plan-Series IV.

           

ICICI MF declares dividend

ICICI Mutual Fund has announced 3 April 2008 as the record date for declaration of dividend under dividend option of ICICI Prudential Fixed Maturity Plan-Series 37-One Year Plan A. The fund house has decided to distribute 100% of surplus available as on record date. The NAV for the scheme was Rs.11.0035 as on 26 March 2008.

ICICI Prudential Fixed Maturity Plan-Series 37-One Year Plan A is a close-ended debt scheme. The investment objective of the scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments normally maturing in line with the time profile of the plan.

 

Franklin Templeton MF declares dividend

Franklin Templeton Mutual Fund has announced the declaration of dividend for Templeton Fixed Tenure Fund-Series VII-370 Days Plan. The record date is set as 2 April 2008. The fund house has decided to distribute 100% of surplus as on record date on the face value of Rs 10. Templeton Fixed Tenure Fund-Series VII-370 Days Plan is a close-ended income fund that seeks to provide investors steady returns.

 

ICICI MF declares dividend

ICICI Mutual Fund has announced 7 April 2008 as the record date for declaration of dividend under dividend option of ICICI Prudential Fixed Maturity Plan-Series 39-Three Months Plan C. The fund house has decided to distribute 100% of surplus available as on record date. The NAV for the scheme was Rs.10.1898 as on 26 March 2008.

ICICI Prudential Fixed Maturity Plan-Series Series 39-Three Months Plan C is a close-ended debt scheme. The investment objective of the scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments normally maturing in line with the time profile of the plan. The scheme charges 1% an exit load for redemptions made during repurchase facility period. Redemption on maturity, it may not ask for exit load.

 

DBS Chola MF comes out with dividend for its Interval Income Fund

DBS Chola Mutual Fund announced 4 April 2008 as the record date for declaration of dividend under dividend option of both retail and institutional plan of DBS Chola Interval Income Fund-Quarterly Plan B. The fund house has decided to distribute 100% of surplus available as on record date. The NAV for the scheme was Rs.10.0146 as on 31 March 2008.

DBS Chola Interval Income Fund-Quarterly Plan B is an open-ended income scheme. The objective of the scheme is to generate regular income through investments in debt including securitised debt, money market and government securities normally maturing in line with the time profile of the respective plans and also with a provision to offer liquidity at periodic interval.

 

Read More

Reliance MF garners Rs. 150 crore through its ELSS Series I

Reliance Mutual Fund has collected Rs 150 crore through its Reliance Equity Linked Saving Scheme Series I during its initial offer period from 19 December 2007 to 17 March 2008. Reliance Equity Linked Saving Scheme Series I is a 10-year close-ended equity linked saving scheme. The primary objective of the scheme is to generate long-term capital appreciation from a portfolio that is invested predominantly in equities along with income tax benefit. Reliance Equity Linked Saving Scheme Series I offers growth and dividend plan. The dividend option will have dividend payout and dividend reinvestment. The fund will invest can invest 80%-100% in equities. Whereas the investment in debt and money related instruments will be 0% - 20%.

Read More