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Infosys’ Q1 net up by 49.2 pc at Rs 794 cr
MUL to form jv with Japanese firm
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Maran rules out unbundling of BSNL/MTNL network
Mumbai blasts cannot deter growth: PC
Oil cos to have MS software to check adulteration
Microsoft fined $357 m by EU
IOC to send supplies to Lanka pumps
LG unveils ovens, washing machines
Gold zooms
Statistical panel assumes charge
Singapore Airlines
CORPORATE NEWS
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Infosys’ Q1 net up by 49.2 pc at Rs 794 cr
Bangalore, July 12 Keeping in view the spectacular showing, the company has revised its outlook for the quarter ending September 30, 2006, and the fiscal year ending March 31, 2007. It now expects an income of Rs 3,257 crore for the quarter ending September 30, 2006 with an year-on-year growth of 42 to 43 per cent. Earnings per share are expected to be between Rs 29.47 and Rs 29.78. For the fiscal year ending March 31, 2007, the company has projected income to be in the range of Rs 13,350 crore to Rs 13,400 crore with an year-on-year growth of 40.2 to 40.7 per cent. Earnings per share are expected to be between Rs 124.51 and Rs 125.74. "Our efforts in building the brand, developing the client base, and expanding strategic accounts have fuelled our robust organic model," said Mr Nandan M Nilekani, CEO, President and Managing Director. He said the company had come out with an upward guidance due to success of its new business model which was faster, cheaper and better than that of its rivals. He said the company had also been helped by the depreciation of the rupee vis-a-vis dollar, pound and euro. "We have also gone in for wage increases of both offshore and inshore workers as well as visa charges for the year", he said while explaining why the company would be able to maintain its guidance figures for the next quarter. The company also disclosed that it had acquired 87.5 lakh shares of Progeon Limited, Infosys’s BPO arm, from Citicorp International Finance Corporation for Rs 530 crore. “As of June, 2006, Infosys holds 96.96 per cent of the outstanding equity shares of Progeon Limited,” the company said. Giving details of the first quarter, Mr Nilekani said 38 new clients had been added during the quarter by the company as well as its subsidiaries. He said there had been a gross addition of 8,097 employees for the quarter and that the total headcount of the company and its subsidiaries had risen to 58,409. Infosys’ Customer Sales and Delivery Head, Mr S.D. Shibulal, said, during the quarter, revenues from two of its clients had crossed $100 million. The Board has fixed July 14, 2006, as the record date to determine the shareholders and holders of ADSs who will receive the bonus equity shares and additional ADSs, respectively.
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MUL to form jv with Japanese firm
New Delhi, July 12 Maruti will hold a 30 per cent stake in the jv while the remaining stake will be owned by Bellsonica Corporation. The new company— Bellsonica Auto Component India Pvt Ltd (BACI)— will have a total paid-up capital of Rs 12 crore, a company statement said here. The India operation, being set up by Bellsonica on the recommendation of Japan’s Suzuki Motor Corporation, is expected to go on stream in November, 2007. The company’s proposal has been approved by Foreign Investment Promotion Board (FIPB). The manufacturing plant will be located in the same campus as the company’s new car plant in Manesar, Haryana. In addition, Bellsonica has been providing technical support since 1995 to Jay Bharat Maruti Ltd (JBML), an auto component supplier in which, too, the company holds a minority stake. After the formation of BACI, the relationship between Bellsonica and JBML will continue. Bellsonica’s support to JBML, in terms of skill upgrade in areas like new processing technology, will be maintained, the statement added. — UNI
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Maran rules out unbundling of BSNL/MTNL network
New Delhi, July 12 "There are 48 million landlines, of which 70 per cent are in urban areas. At present, we have 1.5 million broadband connections.. wireless is the major growing area and it is going to dominate the medium of broadband services.. in fact, the landlines are not picking up as the cost of landlines are quite expensive. It is evident from the worldwide experience that wireless means of communications is going to lead the world. In fact, we have taken the earlier call that there is no need to unbundle", Mr Maran said on the sidelines of a Nasscom function. "We want to be dynamic, but at this moment, I don't think there is any need to unbundle because it is not going to solve the purpose", he said. The world is going on wireless. Korea is introducing an wireless technology — WiBro and in India, we are focusing on WiMax. TRAI and Prime Minister's Office have urged the DoT to look at the possibility of opening up BSNL and MTNL's fixed line to push up the slow growth of broadband in the country. Investment Commission led by Ratan Tata has also asked DoT to give its views on the issue. As of now, the 1.5 million broadband subscriber level is much below the target of 3 million fixed by the government. The argument for unbundling is that BSNL and MTNL with their wide reach in fixed lines have a near monopoly in broadband and if private players are allowed to ride on their infrastructure, it will lead to fall in tariffs and rise in subscribers. — PTI
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Mumbai blasts cannot deter growth: PC
New Delhi, July 12 “The long-term India growth story is intact as India’s growth is driven by strong domestic demand and productivity gains in many sectors. Investors should continue to repose confidence in the Indian economy. The markets are resilient,” he said here today. “There’s no reason why the rupee should come under pressure,” Mr Chidambaram said, adding that “It has nothing to do with the fundamentals of the economy. The markets are quite resilient.” After an early decline, Sensex rose sharply on Mr Chidambaram’s comments. Mr Chidambaram said India’s stock market regulator and the central bank “are alert and watching the situation” and appealed to investors “not to panic.” “I spoke to the Governor of the central bank and the capital market regulator and both are confident that these attacks will not have an adverse impact on the rupee or the stock market,” Mr Chidambaram said. “No. Why should there be any pressure?” he replied, when asked whether the attacks would put pressure on the currency. The rupee slipped against the dollar today following deadly bomb blasts in the financial capital yesterday, to stand at 46.21/22 per dollar. It touched a three-year low of 46.57 at the end of May. India expanded 9.3 per cent from a year earlier in the quarter ended March 31, rounding off the financial year with growth of 8.4 per cent, the fastest after China among the world’s 20 biggest economies. Overseas funds have bought a net $2.75 billion in stocks and $23.4 million in bonds this year. They invested a record $9.46 billion in stocks and bonds in 2005. “We would like to assure investors that this was a cowardly attack,” Chidambaram said. “It was an act by professional terrorists. We will pursue them and find them. The economy is driven by other factors which are intact.” Mr Chidambaram said. Investors continued to repose confidence in the Indian economy.
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Oil cos to have MS software to check adulteration
New Delhi, July 12 “The Petroleum Ministry has given an ultimatum to the oil companies to take effective steps within six months to check the adulteration of oil products through technological measures and effective surveillance of oil tankers, oil depots and retail outlets,” said a senior official of the Petroleum Ministry. He disclosed Petroleum Minister Murli Deora had called a meeting of Marketing Directors of the IOC, HPCL, ONGC, BPCL and IBP last week . Microsoft representatives made a presentation at the meeting offering software solutions for checking oil adulteration Microsoft had offered to network the dealer retail outlets with the regional and head offices of the oil companies that would enable the company officials to check the “real-time” sale and stocks of oil products at the retail and depot level - thus lowering the chances of meter tampering and adulteration of petrol and diesel with kerosene. Initially, Microsoft and oil companies could cover the urban outlets. There are around 30,000 retail outlets, including IOC (11,739), HPCL (7313), BPCL (7318), IBP( 3768), apart from around 1,200 outlets of Reliance, and 500 of the Essar Group. The ministry had been receiving complaints from consumer forums and MPs about large-scale adulteration of oil products, especially in Bihar, UP, MP and remote rural hinterland. Notably, Reliance had already implemented the global positioning system (GPS ) for its transport tankers and software-based seals at the outlet level to check adulteration and meter tampering. The National Council of Applied Economic Research (NCEAR) in a report to the ministry had noted that about one fifth of the kerosene meant for below poverty line (BPL) households was diverted to non-household use. The Petroleum Minister had asked the oil companies to install GPS equipment on all oil tankers by March, 2007, to track their movement, and explore the possibility of launching large-capacity tankers to move oil products. The minister had directed the oil marketing companies to get third party certification for all their retail outlets selling more than 100 kilolitres per month within a year.
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Microsoft fined $357 m by EU
Brussels, July 12 Microsoft immediately said it would appeal the fine in court, claiming the hefty fine was unfair. The EU said the new fines would take effect unless the company supplies "complete and accurate" technical information to developers to help them make software that works smoothly with its ubiquitous Windows operating system. "I regret that, more than two years after the decision... Microsoft has still not put an end to its illegal conduct," said EU Competition Commissioner Neelie Kroes. "I have no alternative but to levy penalty payments for this continued compliance. No company is above the law." Microsoft General Counsel Brad Smith said the company would ask the courts if the "unprecedented" fine was fair. "We do not believe this fine is justified," he said in a statement. The EU imposed daily fines of $ 1.91 million from Dec 15 to June 20 when it decided that Microsoft was still violating EU law — below a maximum of $ 2.55 million a day. In comparison, Microsoft earned $2.98 billion in the quarter ended March 31 on revenues of $10.9 billion.
— AP
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IOC to send supplies to Lanka pumps
New Delhi, July 12 The 170-odd petrol pumps owned by the Lanka IOC ran out of petrol stocks due to mounting losses resulting from the Sri Lankan Government’s refusal to compensate it for selling fuel below the cost. “A tanker carrying 7,000 tonnes of petrol and 15,000 tonnes of diesel from Haldia will reach Trincomalee in the next three or five days. Another parcel of 10,000 tonnes of petrol and 18,000 tonnes of diesel from the Chennai refinery will be dispatched by next week,” he said. With the second tanker reaching Colombo in the first week of August, supplies at 170 Lanka IOC petrol pumps would be replenished for normal operations. — PTI
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LG unveils ovens, washing machines
Chandigarh, July 12 He said as the market for these products was growing, they were now outsourcing production. "As compared to 2.18 lakh units of microwave ovens sold in 2004, we sold 2.80 lakh units in 2005. Similarly, as compared to 4.80 lakh units of washing machines sold in 2004, six lakh units were sold last year. This year we are aiming to increase the sales and have set a target for Rs 9,000 crore turnover, as compared to Rs 7,500 crore last year," he said. |
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Gold zooms
New Delhi, July 12 The buying was triggered after the serial blasts in Mumbai forcing general investors and retailers to buy gold as a hedge during such a crisis. The market also received a booster as the metal gained in overseas markets and rose to $643.30 following tension over Iran’s nuclear research programme. Spot gold had jumped $9.73 to $643.89 in London last evening, the highest price since June 5, after reports of the serial blasts in Mumbai. Standard gold and ornaments shot up by Rs 240 each at Rs 9750 and Rs 9600 per 10 gm while sovereign rose by Rs 50 at Rs 7650 per piece of 8 gm.
— PTI |
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Statistical panel assumes charge
New Delhi, July 12 I deny that there has been any such thing”, Dr Tendulkar said here, after the commission took charge of office at Sardar Patel Bhavan, which houses the Ministry of Statistics and Programme Implemen-tation.
— UNI |
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Singapore Airlines
Chandigarh, July 12 |
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Tatas working on upgraded Ace
New Delhi, July 12 “We are working on a higher payload, high power version of Ace for some of the developed markets which we plan to tap by next fiscal,” Tata Motors President (Light and Small Commercial Vehicles) P. M. Telang said here. Mr Telang said the target markets for Ace included South Africa, Thailand and Indonesia, apart from the SAARC countries. The company, which currently manufactures Ace at its plant in Pune, sold 30,000 units of its blockbuster vehicle last fiscal after its launch in May, 2005. Buoyed by the success, it has upped the production capacity for the vehicle to 60,000 units at Pune while going in for a greenfield plant at Uttaranchal. MUMBAI: Tata Motors is in talks with US conglomerate GE to use the engineered plastic for its ambitious small car, which will result in making the vehicle lighter and fuel efficient. “We have had talks with GE...but at present the cost of this material (engineered plastic) is higher than steel,” Tata Group Chairman Ratan Tata said at 61st annual general meeting of Tata Motors here on Tuesday. About the small car, Mr Tata expressed confidence that it would be launched in 2008 and said, “hopefully...the price would be around what we announced earlier.” The company was also exploring the possibility of using the Ranjangaon-located Fiat facility for a joint production. iGate net falls
Software and BPO company iGate Global Solutions today reported a 26 per cent year-on-year fall in its net profit in the first quarter ending June 30 to Rs 1.1 crore. The revenue of the company during the quarter, however, increased by 23 per cent to Rs 181.6 crore. “The decrease in net profit was due to wage increase and property tax pay-out for the Bangalore campus,” Chief Executive Officer of iGate Global Solutions Phaneesh Murthy said. He said that the revenue visibility and growth for the coming quarters looked good. “As we deepen our engagement with our clients our revenue predictibility is becoming better,” Mr Murthy said, adding that with revenue growth looking good the company would now get the profits growing. The company is building phase three of its campus in Bangalore which will have 900 seats and will become operational by March, 2007. In Chennai too iGate has taken space on lease.
— PTI
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Bangalore, July 12
