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Infosys acquires Australian firm
Rain to drive auto sales in region Barclays to export 1,000 jobs to India PNB to finance Hero Honda bikes PNB imposes charges in hi-tech branches |
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Investors in a fix over allotted land
Mittal
gets 613m rand payout from SA firm Billionaire Lakshmi N. Mittal surprised analysts here by opting for a payout of 613 million rands from steel giant Iscor instead of the expected 5 per cent shares that would have given a controlling interest in the firm. London, December 18 Oil prices touched fresh nine-month peaks on Thursday after a heavy fall in US fuel stocks just as the world's biggest energy consumer braces for another bout of cold weather.Dubai, December 18 Wipro has been selected by Qatar Petroleum to provide technology consulting services for its prestigious Ras Abu Aboud Development Project. 
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Infosys acquires Australian firm
Bangalore, December 18 As part of the takeover agreement, privately held Expert Information will become a wholly owned subsidiary of Infosys after the completion of the transaction in January, 2004, said N.R. Narayana Murthy, Chairman of Infosys Technologies. After the completion of the acquisition formalities, Expert Information will be renamed as Infosys Technologies (Australia) Pty Ltd., Murthy told a news conference here. Expert is one of Australia's leading IT service providers specialising in the design, build and integration of business solutions and products to leading companies in Australia. Its clients include medium and large enterprises from a wide spectrum of the industry verticals such as telecom, financial services, retail, and government sector. Around 74 per cent of the company's clients are from the telecom sector. Expert achieved the total revenue of $34.6 million for the fiscal year ended June 30, 2003, and a net profit of $5.2 million. "Australia is a very important market for us and this transaction reaffirms our commitment to this market by significantly enhancing our local presence," said K. Dinesh, member of the board of Infosys Technologies. "Our global delivery model combined with the service capabilities of Expert will enable us to be a premier player in the growing Australian market," said Dinesh, who has been designated as Chairman of the acquired company. Gary Ebeyan, Chief Executive Officer of Expert Information, said: "The merger with Infosys is a perfect fit with Expert's business strategy and we are very excited about it. "The new entity will allow us to continue to deliver high-quality, leading edge solutions to our existing and new customers with an extraordinary value proposition based on the Global Delivery Model of Infosys." Set up in 1994, Melbourne-based Expert has 330 staffs and nearly 40 clients. Infosys, which is listed on the Nasdaq stock exchange, currently has $10 million worth of business in Australia. Infosys' net profit for the July-September quarter in the current fiscal year touched Rs 3 billion, a growth of 33 per cent on Rs.2.26 billion logged in the same period of the previous fiscal year. Income from software development services and products was Rs.11.34 billion for the same period, an increase of 29 per cent over the corresponding quarter in the fiscal year 2002-03. Shares of Infosys soared as much as 4 per cent on the Bombay Stock Exchange in the early trade today after news of the company's acquisition in Australia entered the trading
ring. — IANS
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Rain to drive auto sales in region Chandigarh, December 18 The industry claims that with the better prospects of wheat and other rabi crops, the farmers will spend more money. Usually December is considered a lean period by the auto dealers, but this year the sales are up as far as the comparing figures are concerned. The dealers said the bumper crop of paddy and cotton in Punjab and Haryana and good apple crop in Himachal Pradesh and Jammu and Kashmir had already led to increase in sales of cars, motorcycles, colour television and other FMCG products by as much as 40 per cent in November this year against sales during the corresponding period last year. Mr H.S. Brar, Regional Manager, Maruti Udyog, claimed that after facing a severe fall in demand due to drought-like conditions last year, the rural economy of Punjab and Haryana was witnessing an increase in sales of cars. In the southern districts like Sangrur, Bathinda, Mansa and Muktsar, the sales had increased by over 50 per cent. He asserted that the company had sold over 2,500 vehicles in Punjab in November this year against about 2000 during the corresponding period last year. Interestingly, after bumper apple crop in Himachal and J&K, the auto-dealers noticed a sudden increase in the demand in the rural and semi-urban areas. The company had registered an increase of 90 per cent and 116 per cent in Himachal and J&K during November this year against corresponding period last year. The increased sales were likely to continue till February-end, he added. The two-wheeler dealers were also happy over the quantum jump in sales in the rural areas. Said Mr Dhiraj Mullick, Regional Manager, Bajaj Autos, " The sale of motorcycles in the rural market of the North during November has increased by over 50 per cent as compared to the corresponding period last year. "Out of about 22,000 sales of bikes per month on an average, he said, the Bajaj was selling a major share in the rural areas of Punjab. According to Agricultural Departments of Punjab and Haryana, the rural income has increased by over Rs 2,000 crore from paddy, cotton and other crops leading to the economic revival. In Haryana, the cotton belt in Fatehabad, Sirsa, Hisar and Bhiwani is witnessing a jump in sales of cars, bikes and other consumer durables. Mr Ramandeep Singh, Regional Manager, Phillips, said,"We are expecting that in the rural areas of Punjab and Haryana and even J&K demand for CTV, DVDs, VCDs and music systems will register a growth of over 50 per cent for the November-December period this year, as against the corresponding period during last year. The tremendous growth in the agriculture sector is fueling this growth.”
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Barclays to export 1,000 jobs to India
New Delhi, December 18 Barclays has selected Accenture over IBM and is now in final negotiations with the firm over a six-year contract for the outsourcing of the bank’s “Build Services” application development group. The contract will be worth some £75 million per year and more than 1,000 software development jobs at Barclays’ sites in Poole, Bexley Heath and Radbroke will be affected by the agreement, with up to half of those likely to be moved to India, according to media reports.Thus, if Barclays go ahead with the plan, they will all transfer to Accenture but half the work, around 500 jobs, could go to India. The news was broken to the 1,000 Barclays staff in Poole, Bexleyheath and Radbroke last week. Barclays confirmed the negotiations, but a spokeswoman said, “Nothing is set in stone”. The latest Barclays deal follows insurance group Aviva’s announcement to move 2,500 jobs from Norwich Union to India during 2004. Plans to ship jobs have also been made by HSBC, Prudential and British Telecom.
— UNI
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PNB to finance Hero Honda bikes
New Delhi, December 18 The MoU, signed between Hero Honda Motors Chairman Brijmohan Lall Munjal and Punjab National Bank Chairman-and-Managing Director S.S. Kohli, will see the two companies offer easy finance facilities initially in Punjab and Haryana. “PNB will offer motorcycle financing for all Hero Honda motorcycles at 11 per cent (for one year) and at 11.5 per cent (for a five-year term)”, Mr Kohli said. “The bank will finance up to 90 per cent of the on-road price of the company’s motorcycles,” he said. Mr Munjal said on an average, around 20-25 per cent of Hero Honda’s sales was through the financing scheme. “With this tie-up, where we will be using the PNB platform to market as well as sell our products, we expect an increase in sales and also further growth from the rural market which is expected to fuel the momentum in the two-wheeler market following good monsoon,” the Hero Honda Chairman added. PNB’s General Manager D.L. Rawal said the bank was looking at increased revenue through the tie-ups.
No plan to hike prices
Hero Honda Motors also hinted that it was going slow on its plans to set up a third plant and was focussing on enhanced production from its existing plants. The firm had earlier in the year said that it would announce details about a third plant in December. “Though the process for setting up a new plant is on, it is not an immediate concern with us,” Mr Munjal said. Asked whether the firm was contemplating hiking the prices of its offerings due to the spiralling costs of input material like steel and tyres, Mr Munjal said there was no price increase in the offing.
— UNI
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| PNB imposes charges in hi-tech branches
Chandigarh, December 18 Though a customer can transact, including deposit cash and cheques, from any other networked branch, service charges on withdrawals and deposits, will be payable, even if the transaction is done in the same city, the sources said. The sources said the services charges on deposits and withdrawals would be double in case the transaction is done in a networked branch in another city. The charges on deposits and withdrawals in the same city, excluding the branch where the account was originally opened, would be Re 1 per Rs 1,000 subject to a minimum charge of Rs 10. If a similar transaction is done in a networked branch in another city the charges would be double to Rs 2 per Rs 1,000 subject to a minimum of Rs.20, the sources said. The supply of free cheque books has also been stopped and each cheque would be chargeable at Re1, the sources said.
— PTI
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Investors in a fix over allotted land Solan, December 18 The investors are caught between the lack of coordination of the two departments that have identified different areas for development . The Town and Country Planning Department has drawn up an interim development plan in which different pockets have been earmarked for industrial development. Surprisingly these pockets do not fall under the notified area. Some investors, including Panacea Biotech, A.V.Auto Industries, Grace Locks and Closures, a plywood manufacturing unit and a pharmaceutical unit have been in a fix after investing lakhs for buying land near Jharmajri which was learnt to be earmarked as green zone in the plan. No incentives would be available for the investors setting up units outside the earmarked area. Officials of the department opined that it was an interim plan for which objections had been invited from the public and appropriate changes could be made. But the investors said all cases would not be considered and they would lose their investment. General Secretary of the Baddi Barotiwala Nalagarh Industries Association A.K. Chawla had voiced his concern to the DC as well as officials of the department. Though the industrial policy was announced in January the TCP department did not bother to coordinate with the Industries Department which had prepared its plan only a few months ago. The TCP officials, however, said the Director could consider each case depending on the specific parameters like proximity of other industries. The department clarified that they could not allow an entire industrial area to come up without any green zone.
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Mittal
gets 613m rand payout from SA firm Johannesburg, December 18 London-based Mittal’s LNM Steel entered a business assistance agreement with former state-owned steel producer Iscor two years ago, under which LNM would progressively get more shares in Iscor if it succeeded with cost-reduction plans. A statement issued here today by Iscor said the company had saved 388 million rands through the agreement with LNM, which was now entitled to receive remuneration. Analysts said they were not aware LNM could opt for cash rather than shares in Iscor. But Iscor said the original arrangement for settlement through shares had been agreed to as it was facing “challenging conditions” at the time because of a significant debt burden, losses incurred through technical difficulties and historically low global steel prices. “Since entering into the (agreement), Iscor’s financial position has improved significantly,” the statement said. “Iscor now has adequate cash resources to settle the (agreement) remuneration, being the sum of 613.3 million rands in respect of the second period in cash without prejudicing dividend payments or future growth opportunities.” “Cash settlement will benefit all Iscor shareholders by avoiding both immediate and permanent dilution of earnings.” The statement said both sides had amended the agreement to enable Iscor, “at the election of its Board of Directors, subject to agreement with LNM, to make payment” of the remuneration either by issuing Iscor shares or payment in cash. Iscor’s Board of Directors approved the move and LNM agreed to a settlement in cash.
— IANS
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Oil prices hit 9-month high
London, December 18 New York crude futures had risen 30 cents to $33.65 after hitting $33.78 in electronic trade, the highest front month level since March 18. London Brent was up 33 cents at $30.92 a barrel. Prices have roared higher after the US government's Energy Information Administration (EIA) on Wednesday reported a 5.1-million-barrel drop in commercial crude stocks in the week to December 12.
— Reuters
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Wipro wins deal in Qatar Dubai, December 18 The duration of the project is estimated to be around 12 months and will involve Wipro consultants working on designing, architecting and testing the solutions in Qatar. The Ras Abu Aboud Development Project Manager for QP Nasser A Kamal was quoted by The Peninsula newspaper as saying that the Wipro work was critical to its overall development.
— UNI
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bb
Food, wine show Flights re-routed Sterlite debt TV Today listing SBI MD Orchid product Actifast + tablets Farmers’ clubs BPL i-Sort |
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