Archive for the ‘Business News’ Category
Tata, Reliance Power, Lanco infra among 13 cos in race for Tilaiya 4,000-mw project
State run NTPC Ltd and private rivals TAta Power as well as Reliance Power are among the 13 companies, which on monday submitted preliminary bids for setting up the 4,000 MW tilaiy ultra mega power project in Jharkhand.Power finance Corpo the nodal agency for handling the UMPPs received request for qualifications from 13 companies for the Tilaiya project on the closing day for submitting initial bids today. These companies also include Lanco Infratech, Sterlite Industries,
Jindal Steel and power Essar,GVK power and infrastructure Ltd, AES and Malayais Sian Wijaya, according to the official sources. Lanco infratech, which had to lose the first such project at Sasam in Madhya Pradesh after placing the rece for UMPPs. Anil Ambani Reliance Power has emerged as the lowest bidder for krishnapatnam project in AP.
Wipro Q2 revenues up 35 p.c.
Good business will continue to come from the U.S. market : Premji
Wipro has reported a 35 percent year on year revenues for the second quarter ended September 30, 2007 to Rs. 4,785 crore. The net profit stood at Rs. 824 crore against Rs. 700 crore in the corresponding quarter last year, an increase of 18 percent.
The company has announced an interim dividend of Rs. 2per share. Wipro’s Global IT services and products revenue grew only 9.7 percent sequentially to $ 796.5 million.
Wipro’s Chairman Azim Premji told reporters “Several large overseas deals were won during the quarter, including one with a total contact value of $ 275 million and another for $160 million over multiple years. Our partnership with SAP and acquisition of the U.S. IT services company, Infocrossing , whose revenues added to consolidated revenues from August, added up to global revenues of $ 796.5 million, ahead of our guidance …
Biggest single day fall in Sensex
Nifty sees 500-point swing during the day
The stock market witnessed the biggest single day fall on Thursday as the Bombay Stock Exchange 30 share sensitive index (Sen sex) lost 717.43 points at 17998.39. Metal, realty and bank stocks were the worst hit. On the National Stock Exchange (NSE) the 50-share Nifty also was down by 208.30 points at 5351.
The Participatory Notes (PNs) issued by the foreign institutional investors (FIIs)are still creating confusion in the stock market as the capital market regulator plans to impose a cap on the investments through this route, where the identity of the investor is unknown The heavy institutional selling took the indices to below the 18000-mark, which was achieved few days back.
Nifty saw a 500-point swing during the day and Nifty Junior, one of the indices which was hit badly as it was down by five per cent.
ACC’s results failed to enthuse the stock market …
TCS wins $1.2 b contract
Signs 10 year agreement with Nielsen of the Netherlands
The Nielsen Company, a leading provider of consumer and media information services, head-quartered in the Netherlands, has tied up with Tata Consultancy Services (TCS) for out-sourcing a portion of Nielsen’s information technology (IT) and operations functions worldwide.
Under the ten-year agreement, valued at $1.2 billion, TCS will assume responsibility for important IT and help Nielsen integrate and centralise multiple systems, technologies and processes on a global scale. It will also assume responsibility for certain finance and human resource business processes, which will be executed on new BPO platforms built by it.
The Nielsen Company provides a wide range of gl0obal services, including television and Internet audience measurement, insight and analysis of consumer behaviour for the packaged goods and retail industries, and is a major provider of business publications and trade shows.
“This arrangement with TCS will help us streamline and simplify our IT infrastructure and …
Bubbly Sensex tumbles
When market regular Sebi put out a draft note on Tuesday night with a proposal to control Participatory Notes it was obvious the markets would react badly when it opened on Wednesday. What was not obvious was the viciousness with which the indices would temple. Afew minutes after the stock markets opened for trading, the Sensex lsta staggering 1,744 points the most it ever had in its history.
It was the kind of number that pushed the index to hit the lower circuit and shutters were pulled on trading for a hour. By the end of the day, investors were poorer by an eye popping Rs 1 lakh crore. In the interim,foreign fund managers had pulled out a record $1.7 billion out of the system in a single trading session.
The damage could have been worse had FM P chidambaram and Sebi chief M damodaran not frayed tempers. They told …
Reliance plans to double oil reserves to 10 bn barrels
Reliance Industries which has the largest oil and gas acreage among private companies in the country, plans to double its hydrocarbon reserves to over 10 billion barrels of oil equivalents which at current crude oil price works up to $840 billion. At present, RIL has 4.4 billion barrels of oil equivalent reserves which at the current price of $84 per barrel stands at $369.6 billion.
RIL chairman Mukesh Ambani revealed this for the first time during the company’s AGM on last friday. The company has been acquiring hydrocarbon assets in Columbia, Yemen, Egypt, East Timor and Russia apart from India.
RIL has got one of the largest gas fields in the Krishina-Godavari basin and also found oil and gas in Kaveri basin .”Currently, the global 2p gross reserve base of Reliance is estimeated at about 4.4 billion barrels of oil equivalent of 2p gross reserves globally,” RIL …
RIL To Spend $9-bn To Build World’s Biggest Petro Complex
Reliance Industries has unveiled five fundamental strategic shifts for growth, laying emphasis on acquisitions and partnerships rather than merely organic growth.
“Traditionally Reliance has growth by building businesses from scrath. Now, Reliance is actively pursuing an acquisition mode of growth,” RIL chairman and managing director Mukesh Ambani told shareholders at the 33rd annual general meeting of the company here on friday.
Organic growth strategy cannot entirely drive growth in an era of intensive global competitiveness, rapid technological change and limited Windows of market opportunities, he said.
Ambani highlighted RIL recent acqisitions in Malaysia and Africa as “Forerunners to the unfolding of an acquisition led strategy.” RIL currently has a market capitalisation of Rs 3,82,259 crore.
While acquisition led growth would be the first of the ‘five fundamental strategic shifts” talking place in Reliance, Amabani said the second would be the first of the ‘five fundamental strategic shifts” talking place in Reliance, …
Birla-Lodha case: single bench order set aside
Divison Bench sees no reason to appoint an administrator
The Division Bench of the Culcutta High Court on Thursday set aide the order appointing Administratrors over the business and companies of M. P. Birla group passed on May 19, 2006, by the single bench, giving a new twist to the row over three-year-long legal battle between the Birls and their former auditor R. S. Lodha over the property of the late M.P Birla. Mr. Lodha’s solicitor, Debanjan Mandal of Fox Mandal, said the division bench went on to hold, after having considerd the arguments of the Birls and on behalf of R.s Lodha, that it did not find any ‘necessity’ to appoint any administrator over the M.P. Birls group.
However, Mr. Lodha will have to maintain and furnish accounts of the estate of M.P. Birla’s widow, Priyamvada Birla, including the income and divided from shares of late Priyamvada Birla.
Thursday’s judgment and …
Infosys revenues cross $1 b in Q2
Revises upwards guidance for 2007-08
Infosys Technologies has reported an 8.8 percent sequential growth in its revnues for the quarter ended September 30, 2007, to earn Rs. 4,106 crore. The net profit after taxes was Rs.1,100 crore, representing an 18.4 percent year-on-year growth.
Earnings per share increased by15 percent (compared to the same quarter last year) to Rs. 19.26.
The company will declare an interim dividend of Rs.6 per share (120 percent ona par value of Rs.5 per share).
Infosys CEO and Managing Director, S. Gopalakrishnan told reporters here in Thursday that, “We reached another milestone by crossing $1 billion revenues this quarter. The offshoring model continues to be popular even with North American clients though we have increased focus on markets less impacted by the U.S. dollar; clients in Europe now account for 26.4 percent of total client base”.
With revenues foing up 48 new clients added during the quarter, the company has …
RBI board to meet in Ranchi today
To review monetary developments ahead of mid-term credit policy
Amid problems caused by a depreciating dollar and rising foreign exchange inflows, the Reserve Bank of India board is meeting in Ranchi on Thursday to review monetary developments and discuss steps that may be initiated during the mid-term review of the credit policy on October 30.
The meeting of the RBI’s central board assumes significance as the central bank is in the process of firming up measures to deal with conflicting problems that include sluggish demand and slow growth of credit on one side and rising liquidity fuelled mainly by foregin exchange inflows on the other.
Ahead of its board meeting RBI Governor Y.V. Reddy had met heads of major banks and representatives of industry chambers to elicit their views on monetary developments and the steps that the central bank could take in its mid-year review of the credit policy to meet the aspirations …
iGATE to de-list from stock exchanges
iGATE Corporation, a U.S. based provider of global IT and BPO services (iGATE), announced on Wednesday its intention to de-list its offshore subsidiary, iGATE Global solutions, Phaneesh Murthy, told this correspondent that the de-listing was subject to the approval of regulatory agencies and the shareholders. iGATE would be de-listed after IGATE Corporation and its affiliate iGATE inc. acquired over 90 percent of iGATE Global solutions’ shares, he said.
At present, iGATE Corp and iGATE Inc. own 81.1 percent of iGATE Global Solutions. The balance 18.9 percent was with the public, which was equal to 5.9 million shares.
Mr.Murthy said the floor price for the buy-back would be calculated by taking 26 week average price from the date of public announcement, which follows immediately after the shareholder meeting.
The shareholder’s meeting seeking approval for de-listing is set for November 13.
Mr. Murthy said that three years ago, the company wanted to change its capital …
Hero Ultra introduces electric scooters
Hero Ultra Pvt Ltd, a joint venture between Hero Cycles and the U.K based Ultra Motor Company, on Wednesday said it was planing to come out with a battery powered three-wheeler for the Indian market to be launched in the next 12-15 months.
Also, here Exports and Ultra Motor Company announced the conversion of their technical alliance into 50:50 joint venture to expand their operations in the country.
The joint venture, which sells electric scooters in India, is working on two prototypes for a global hydrid three-wheeker battery and CNG/diesel powered models.
Ultra Motor Co. U.K. Chief Executive Officer Joe Bowman told media persons here that the development of hybrid three-wheeler was complete and the commercial launch would take at least 15 months.
It would be a global model, which would be first unvelied in the India market.
The global launch of the hybrid product would be in India as it was the world’s largest …
Can a plucky U.S economy surmount $80 oil?
The U.S. still accounts for nearly a quarter of the world oil market
Oil prices an economic scourge indecades past, have soared to record levelsin recent years. But the fallout often seemed negligible: Americans kept spending; employment keep growing; factories, construction crews and retail stores stayed busy.
Now , however, the economy may be starting to sputter as damage from the weak housing market drags down growth. If payrolls drop significantly, will high-price crude oil begin to cause pain in a way that it hasn’t in nearly three decades?
Many economists do not think so, entered a recession, the price of oil would quickly drop.
“The U.S. is the single largest oil-consuming nation in the world.” said Stephen P.A. Brown, director of energy economics at the Federal Reserve Bank of Dallas. “A slowdown here ought to bring the price of oil down.”
Global economy
That view is by no means unanimous. The global economy
…
Firefox extensions roundup
Several add-ons are being released for the Firefox (FF) browser to enhance its potential. This edition of Netspeak takes yet another look at a few of them.
Besides being a preferred email service, for many, Gmail has become a major communication/file storage tool as well. A couple of FF extensions, ment for exploting Gmail’s file storage/communication feature are discussed here.
Gspace
NetSpeak has already discussed a few tools (such as the G,aildrive http:// www.vikasoe.dk/code/gamil.htm) that enable you to use your Gmail account as an online file storage device. The FF extension Gspace (http://www.getgspace.com/) is a similar product with additional features.
One advantage of Gspace is the availability of an easy-to-use graphics user interface (GUI). Another feature worth a mention is the facility to manage multiple Gmail accounts. However, you cannot log into multiple accounts simultaneously. Once installed, multaneously. Once installed, Gspace leaves an icon on the browser’s bottom the Gspace control panel.
gTalk
One of the …
Mukesh Ambani gets richer by Rs 40L/min!
In this age of high economic growth, it is not uncommon to hear of annual salaries of Rs 40 lakh. some top executives and CEOs even earn that kind of money every month. but, every minute?
Hold your breath. In the past three months, Reliance Industries boss Mukesh Ambani increased his wealth by roughly Rs 40 lakh every minute. Thanks to the rapid rise in stock prices of his company, his wealth is a staggering rs 2.20,463 crore or $55.8 billion. The elder Ambani is also clsose to becoming the planet’s richest individual.
The men who stacked their bets on bussinesses have come into incredible wealth. A splurge by foreign investors combined with an unexpectedly good performance in the first quarter of the year saw the sensex soar by 3,000 points. Delhi based DLF’s stock price in the past few days had made …
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