India Business Insight articles from September 2010

India Business Insight archives from September 2010

MAHINDRA SATYAM LOSS TOTALS Rs8,300 CRORE FOR FY09, FY10 (the company has a cash balance of Rs2,170 crore).
September 30, 2010... Mahindra Satyam Ltd has announced a total loss of Rs8,300 crore for 2008-2009 and 2009-2010. The company has reduced the losses from Rs8,176.80 crore in 2008-2009 to Rs124.6 crore in 2009-2010. Its income has declined from Rs8,812.60 crore to...

RIGHTS ISSUE TO REPAY DEBT, FUND CAPITAL EXPENDITURE: EIH (the company intends to raise Rs1,300 crore through the rights issue).
September 30, 2010... EIH Ltd is planning to use the proceeds from rights issue to repay its debt and to fund capital expenditure. The company intends to raise Rs1,300 crore through the rights issue. EIH had consolidated debt of Rs1,435 crore as on 31 mar 2010....

POWER SUPPLY TO STERLITE'S TUTICORIN UNIT CUT (the Madras High Court has ordered Sterlite to close down the unit immediately).
September 30, 2010... The Tamil Nadu Electricity Board has disconnected the power supply to the copper smelter unit of Sterlite Industries at Tuticorin. The Madras High Court has ordered Sterlite to close down the unit immediately. Sterlite has a smelter,...

PUNJ LLOYD ARM PARTNERS FRENCH NUKE ENGINEERING FIRM (to provide nuclear engineering and support services).
September 30, 2010... PL Engineering Ltd has signed an agreement with the Indian unit of Nuvia of France to set up a 50:50 joint venture. The company is a subsidiary of the Punj Lloyd group. The joint venture will provide nuclear engineering and support services to...

AREVA T&D BAGS Rs150-CRORE ORDER FROM INDIABULLS (for supplying generator transformer packages).
September 30, 2010... Areva T&D India Ltd has bagged an order of Rs150 crore from Indiabulls for supplying generator transformer packages. The company will supply 5x330 MVA, 400 kV generator transformers, 2x63MVA, 400 kV station transformers and 10x20MVA unit...

OMEGA PHARMA KEEN TO GROW IN INDIA VIA BRAND ACQUISITION (the company has introduced nine products in India).
September 30, 2010... Omega Pharmaceuticals of Belgium is planning to expand its operations in India through acquisition of brands. The company had set up a joint venture in India with Modi-Mundipharma in 2009. Omega has introduced nine products in India...

HIND COPPER GETS PROSPECTING LICENCE IN RAJASTHAN (the State Government has granted the lease for Baniwal Ki- Dhani).
September 30, 2010... Hindustan Copper Ltd (HCL) has received a new prospecting licence for a copper deposit in Rajasthan. The State Government has granted the lease for an area of 36.0738 square kilometre at Baniwal Ki-Dhani in Sihar district. The company holds...

HIGH COURT OKAYS TEXMACO RESTRUCTURING (the scheme will come into effect from 1 Apr 2010).
September 30, 2010... The Calcutta High Court has approved the restructuring scheme of Texmaco. The company will demerge its heavy engineering and steel foundry divisions to its subsidiary, Texmaco Rail & Engineering Ltd (Texrail). Texmaco will retain the real...

RESTATEMENT OF ACCOUNTS, A MAMMOTH TASK (the management of Mahindra Satyam has announced the results for 2008-2009 and 2009-2010).(Financial report)
September 30, 2010... The management of Mahindra Satyam is of the opinion that restatement of accounts is a very huge task. The management has announced the results for 2008-2009 and 2009-2010 on 29 Sep 2010. A team of 400 auditors had reviewed contracts of over...

MAHINDRA SATYAM ADR PLUMMETS 11.7% (the stock is expected to do well in the long term).
September 30, 2010... The American Depository Receipts (ADRs) of Mahindra Satyam Ltd declined by 11.7 percent to $4.01 on 29 Sep 2010. The stock of the company went up marginally on the Bombay Stock Exchange and remained steady on the National Stock Exchange....

LONG LIST OF AUDIT QUALIFICATIONS (regulatory authorities are expected to carry out further adjustments in Mahindra Satyam).
September 30, 2010... The auditors have completed the audit of Mahindra Satyam Ltd with a number of qualifications. The auditors have estimated the adjustment to the shareholders at Rs7,990 crore. Regulatory authorities are expected to carry out further...

FINANCIAL NUMBERS MAY BOOST CLIENT CONFIDENCE: ANALYSTS (Mahindra Satyam intends to announce the quarterly results on 15 Nov 2010).(Financial report)
September 30, 2010... Financial analysts expect the announcement of financial results by Mahindra Satyam Ltd to boost the confidence of the clients. The company has managed to retain nearly 350 of the 500 clients during the difficult period. Mahindra Satyam has cash...

INFRASTRUCTURE INDUSTRIES' GROWTH DIPS TO 3.7% IN AUGUST (output of petroleum refinery products has declined by 2.3 percent).
September 30, 2010... The growth in output of infrastructure industries in India has declined to 3.7 percent in Aug 2010 (6.4 percent in Aug 2009). The output of crude oil has gone up by 15 percent (-2.5 percent). Output of petroleum refinery products has declined by...

PERFORMANCE OF SIX CORE INDUSTRIES (overall production in India has gone up by 4.1 percent in Apr-Aug 2010).
September 30, 2010... Six core industries in India have recorded an overall growth in production of 4.1 percent in Apr-Aug 2010 (4.8 percent in Apr-Aug 2009). Crude oil production has gone up by 6.5 percent (1.6 percent). Production of petroleum refinery products...

TAX HOLIDAY EXTENSION RULED OUT FOR SOFTWARE TECHNOLOGY PARK UNITS (the Government of India intends to introduce the DTC from 1 Apr 2012).
September 30, 2010... The Government of India has ruled out extension of tax holiday for the units in Software Technology Parks of India (STPI) beyond Mar 2011. The Government intends to introduce the Direct Taxes Code (DTC) from 1 Apr 2012. The National...

RBI ALERTS BANKS ON ZERO COUPON BONDS (investments in large scale may pose systemic problem).
September 30, 2010... The Reserve Bank of India (RBI) has cautioned banks against investing in zero coupon bonds. The RBI has advised the banks to invest in zero coupon bonds within limits only if the issuer builds sinking fund. The apex bank is of the view that...

UNION BANK EYES OVERSEAS EXPANSION (the bank intends to enter into Canada and Belgium in the next two years).
September 30, 2010... Union Bank of India is planning to enter into Canada and Belgium in the next two years. The bank has a branch in Hong Kong and representative offices in Abu Dhabi, Sydney, Shanghai, Beijing and London. Union Bank intends to convert the...

RUPEE GAINS 20 PAISE (the rupee closed at 44.95 to the US dollar on 29 Sep 2010).
September 30, 2010... Indian rupee gained 20 paise against the US dollar on 29 Sep 2010. The rupee opened at 44.94 and closed at 44.95 to the dollar (45.15 on 28 Sep 2010). The forward premium for six months closed at 5.86 percent (6.01 percent) and that for 12...

BONDS END MIXED (due to bouts of buying and selling).
September 30, 2010... Bond prices in India closed mixed due to bouts of buying and selling on 29 Sep 2010. The 7.8 percent 2020 paper closed at Rs99.68 (Rs99.63 on 28 Sep 2010). The 7.17 percent 2015 paper closed at 97.96 (Rs97.94). The 8.13 percent 2022 paper closed...

CALL RATES END LOWER (at 5.75-6 percent on 29 Sep 2010).
September 30, 2010... The inter-bank call rates in India closed at 5.75-6 percent on 29 Sep 2010 (6.9-7 percent on 28 Sep 2010). The Reserve Bank of India accepted 51 bids for Rs89,925 crore in the repo auction. The collateralised borrowing and lending obligation...

SBH HOME LOAN CAMPAIGN (the bank is offering loans at a fixed rate of 8.25 percent for the first year).
September 30, 2010... State Bank of Hyderabad (SBH) has launched a special housing loan scheme at a fixed rate of interest at 8.25 percent for the first year. The bank will charge a rate of 8.25 percent for loans up to Rs50 lakh for the second and third years. SBH...

STATE BANK OF MYSORE IN PACT FOR ID PROJECT (the UIDAI will launch the programme in Karnataka on 8 Oct 2010).
September 30, 2010... State Bank of Mysore has signed a memorandum of understanding with the Unique Identification Authority of India (UIDAI). The bank will act as a registrar for the unique identification (UID) project in Karnataka. The UIDAI intends to launch...

MOBILE BIOMETRIC ATM (Indian Bank has launched the mobile van in West Bengal).
September 30, 2010... Indian Bank has launched a mobile biometric automated teller machine (ATM) on a van in West Bengal. The van will move to villages to provide online banking facilities to the villagers. The mobile bank will also have a coin vending machine.

APOLLO TYRES PLANS BIG SALES PUSH IN EUROPE (AVBV intends to manufacture Vredstein tyres in Vadodara).
September 30, 2010... Apollo Tyres Ltd is planning to expand its sales in Europe through exports. Apollo Vredstein BV (AVBV) of the Netherlands intends to manufacture Vredstein tyres in Vododara. Apollo tyres is exporting 50,000 units of Amazer, Acelere, Aspire and...

AFTER FIXING PAST, BAJAJ AUTO TURNS TO BUILD FUTURE (the company expects to produce five million units in 2011- 2012).
September 30, 2010... Bajaj Auto Ltd (BAL) intends to build the future after resolving the past problems. The company has regained its position in the motorcycle segment within 18 months. BAL expects to sell 3,00,000 units in Sep 2010. The company expects to produce...

DIAMOND POWER COMMENCES TRIAL PRODUCTION AT TOWER FACILITY (the company has set up the facility in Vadodara district at a cost of Rs40 crore).
September 30, 2010... Diamond Power Infrastructure Ltd (DPIL) has started trial production at its transmission tower facility. The company has set up the facility in Vadodara district with an investment of Rs40 crore. DPIL intends to start commercial production in...

JCB INDIA UPBEAT ON INDIA MARKET (the company has invested Rs800 crore to set up plants).
September 30, 2010... JCB India Ltd is optimistic about its growth in Indian market. The company has captured over 50 percent of the market and has sold over one lakh machines in the country. JCB has invested Rs800 crore to set up four plants in Pune and a unit at...

TEXTILE COMPANY TT PLANS Rs150-CRORE CAPACITY EXPANSION (the company intends to tap the TUF scheme).
September 30, 2010... TT Ltd (TTL) is planning to expand its capacity with an investment of Rs150 crore. The company intends to tap the Technology Upgradation Fund (TUF) scheme of the Government of India to fund the expansion. TTL intends to sell a ginning factory...

ADANI TO SPEND $4 BILLION ON AUSSIE MINE (investment will include a rail link and a coal terminal in a port facility).
September 30, 2010... Adani Enterprises will make an additional investment of $3.5-4 billion (Rs15,700-18,000 crore) to develop the necessary mining infrastructure and logistics at its newly acquired coal mine in Australia. The investment will include a rail link...

RIL OFFERS TO BUY LAND OF FUEL RETAILERS SEEKING AN EXIT (over 75 dealers in Gujarat have written to the company requesting an exit).
September 30, 2010... Reliance Industries Ltd (RIL) has offered to buy the land of RIL fuel retailers who wish to exit its dealership. Some of the retailers have been planning to exit the dealership as they are making losses in the venture. Over 75 dealers in...

AIRCEL TO INVEST $500 MILLION IN 3G LAUNCH (is expected to launch 3G services in the first quarter of 2011).
September 30, 2010... Aircel will invest $500 million in the first year of launch of its third generation (3G) mobile services. The company is expected to launch 3G services in the first quarter of 2011. The company will invest over $1 billion for the expansion...

LIFE INSURERS' NEW BIZ COLLECTION JUMPS 70% (private sector insurance reported a 34% increase in income from sales of new policies).
September 30, 2010... Life insurance companies have reported a 70 percent increase in new premium collection in Apr-Aug 2010. Insurance companies collected Rs52,749 crore in new business premium (Rs31,040 crore in Apr-Aug 2009). LIC reported an 88 percent increase...

FUTURE TO SET UP DISTRIBUTION CENTRES FOR FRESH PRODUCE (will be set up at an investment of Rs120 crore).
September 30, 2010... Future Group plans to set up a dozen fresh produce and consumer goods distribution centres (DCs) in India as part of an integrated food strategy. The centres will be set up at an investment of Rs120 crore. Each DC will have a space of one lakh...

SHRIRAM GROUP FLOATS SUBSIDIARY IN US (to acquire coal mines in the US).
September 30, 2010... Haldia Coke and Chemicals Pvt Ltd (Haldia Coke), a Shriram Group company, has set up a new subsidiary, Shriram Mineral Inc, to acquire coal mines in the US. The new company has already acquired two coal mines for $23 million (Rs105.8 crore) and...

SUNDARAM CLAYTON TO INVEST Rs100 CRORE OVER THE NEXT 2 YEARS (includes setting up a greenfield facility at Oragadam).
September 30, 2010... Sundaram Clayton Ltd, part of the TVS Group, plans to invest about Rs100 crore over the next two years. The investment includes setting up a greenfield facility at Oragadam at a cost of Rs40 crore. The facility will manufacture heavy truck...

NABARD UPS AID TO STATE (has sanctioned Rs30.07 crore to Karnataka).
September 30, 2010... The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs30.07 crore as loan assistance to the Government of Karnataka for building rural infrastructure in various districts of the State. The projects sanctioned include...

US-BASED SEMLER TO INVEST $10 MILLION (plans to increase the workforce to 500 in the next two years).
September 30, 2010... Semler Research Centre Pvt Ltd (SRC), a subsidiary of US-based Semler Group, will invest an additional $10 million in its unit in Bangalore over the next three years. The company has till date invested $10 million in the last three years for...

TRADITIONAL BANKING STILL THE PREFERRED WAY: ACCENTURE (over 78% respondents stated the branch and ATM as the preferred banking channel).
September 30, 2010... Traditional banking is still preferred by most Indians, according to a study by Accenture. Over 78 percent respondents mentioned the branch and ATM as the preferred channel for priorities such as accessibility, quality of service and speed of...

IDFC PLANS TO TRIPLE LOAN BOOK (achieved a net profit of Rs11 crore in 2009-2010).
September 30, 2010... Infrastructure Development Finance Company (IDFC) plans to triple its loan in the next three to four years. The company achieved a net profit of Rs11 crore in 2009-2010. The company has launched tax-free infrastructure bonds to raise Rs3,400...

BoI TARGETS Rs4,500-CRORE BUSINESS (plans to add 23 more branches by Mar 2011 in the Bhubaneswar zone).
September 30, 2010... Bank of India (BoI) has targeted a business volume of Rs4,500 crore in 2010-2011 from its operations in the Bhubaneswar zone. The zone registered business worth Rs3,494 crore in 2009-2010. The bank, which has 69 branches under the Bhubaneswar...

DEMAND FROM BANKS STRAINS LIQUIDITY (liquidity is expected to improve in the first week of Oct 2010).
September 30, 2010... Bank borrowing at the Reserve Bank of India's (RBI) repo window increased to over Rs89,000 crore on 29 Sep 2010 (Rs70,310 crore on 28 Sep 2010). The demand for funds increased as banks were working to meet second quarter targets. Liquidity is...

HCL, TCS BAG CONTRACT FOR BoI'S IT-BASED INCLUSION PLAN (the contract is worth Rs243 crore).
September 30, 2010... Tata Consultancy Services (TCS), HCL Infosystems and Integra Micro System have secured a contract worth Rs243 crore from Bank of India (BoI) to provide information technology (IT)-based solutions for financial inclusion. The bank has a...

SHOPPERS STOP LAUNCHES QIP TO RAISE OVER Rs130 CRORE (from mutual funds, foreign institutional investors and qualified institutional buyers).
September 30, 2010... Retail chain Shoppers Stop has launched a qualified institutional placement of equity in order to raise over Rs130 crore. The company has launched the QIP for up to 20 lakh equity shares from mutual funds, foreign institutional investors and...

MICROMAX FILES IPO PROSPECTUS (with the regulator Securities and Exchange Board of India).
September 30, 2010... Micromax of Delhi has filed the draft red herring prospectus (DRHP) with the regulator Securities and Exchange Board of India for its proposed initial public offering (IPO). Micromax is a manufacturer of mobile handsets and intends to offer 2.15...

SCI ROPES IN SBI CAPS, IDFC FOR FPO (expects to get permission from the Government of India soon).
September 30, 2010... The Shipping Corporation of India (SCI) has roped in SBI Caps, ICICI Securities and IDC as investment bankers for its proposed follow-on public offer (FPO). SCI hopes to get permission from the Government of India soon for the FPO, which may...

COMMEXES GIVEN MORE TIME TO UP EQUITY CAPITAL (till 31 Mar 2011 compared to the earlier time limit of 30 Sep 2010).
September 30, 2010... The Forward Markets Commission (FMC) has given more time to the national commodity exchanges (commexes) to raise their equity capital. The commexes have been given time till 31 Mar 2011 compared to the earlier time limit of 30 Sep 2010. ...

FCI TO PAY PADDY FARMERS DIRECTLY BUT MIDDLEMEN MAY STAND IN WAY (who are on a strike to protest the direct payment to farmers).
September 30, 2010... The Food Corporation of India (FCI) is looking at paying farmers directly for paddy in the new procurement season starting 1 Oct 2010. However, FCI may face problems from the middlemen or arthiyas in the grain marketing chains in Punjab and...

ASSAM TO PRODUCE MORE RICE THAN IT NEEDS THIS YEAR (and may sell the surplus stock to the Food Corporation of India or Manipur).
September 30, 2010... The Ministry of Agriculture, Government of Assam, has stated that the state is set to produce more rice than it needs for 2010-2011 and may sell the surplus stock to the Food Corporation of India or Manipur. The state needs around 41 lakh tonne...

ANAND JAIN FUND OFFERS BUYBACK OPTION (of up to 5,000 fully paid Class A units at Rs1,03,877 per unit).
September 30, 2010... Urban Infrastructure Venture Capital (UIVC) has decided to offer its investors a partial repurchase of their units. UIVC is the investment manager to Urban Infrastructure Opportunities Fund, promoted by Anand Jain. UIVC has decided to buyback up...

BASMATI COMPANIES GET A TASTE OF LOOK-ALIKES (which are available at a price that is 40-45% lower).
September 30, 2010... Leading brands of basmati rice such as Dawat, Tilda and Kohinoor are seeking for benchmarking of standards following a sudden surge in the packaged rice segment. Look-alike basmati rice brands of well-known brands are available at a price that...

NOKIA HITS OUT AT IDC ON MARKET SHARE (loss in India).
September 30, 2010... Nokia has criticised the findings of research firm IDC, which had stated that the company had drastically lost its market share in India. Nokia has disputed the findings of IDC for Apr-Jun 2010, which had reported that Nokia's market share...

FITCH 'A-' RATING TO SSTL'S LOAN (denoting that the risk of default by the company is low).
September 30, 2010... Fitch Ratings has assigned 'A-' rating to the Rs1,300 crore term loan of telecom operator Sistema Shyam Teleservices Ltd (SSTL) raised from a consortium led by the State Bank of India. The rating denotes that the risk of default by the...

ZYDUS COMMISSIONS JV API FACILITY (with molecules such as Pantoprazole, Lornoxicam and Urapidil).
September 30, 2010... Zydus Nycomed Ltd (ZNL) has commissioned its newly expanded active pharmaceutical ingredient (API) manufacturing facility at Navi Mumbai. It expects to commence commercial production of APIs by Dec 2010, starting with molecules such as...

'OUR MANTRA IS TO DOUBLE PROFITS AND TURNOVER IN THREE YEARS' (says the Chairman of RPG Enterprises).
September 30, 2010... The Chairman of RPG Enterprises has stated that it is working on a plan to double its turnover and profits in three years time. The RPG group is engaged in distribution, cables and transmission towers business in the power sector and intends to...

'TRANSFORMING SATYAM A BIG CHALLENGE' (says the CEO of Mahindra Satyam).
September 30, 2010... The Chief Executive Officer (CEO) of Mahindra Satyam has stated that it is on a challenging journey to transform the company. The number of clients of the company has reduced to 350 in 2009-2010 from 400 in 2008-2009 following a financial scam...

MAHINDRA GETS 44 CLIENTS AFTER SATYAM TAKEOVER (with the majority of the clients coming from the BFSI segment).
September 30, 2010... Mahindra Satyam has roped in 44 new clients across sectors from the time the Mahindra group took over the erstwhile Satyam Computer Services, with the majority of the clients coming from the banking, financial services and insurance (BFSI)...

TATA STEEL SIGNS PACTS TO REFINANCE LOANS IN EUROPE (with a syndicate of 13 banks).
September 30, 2010... Tata Steel Ltd (TSL) has signed agreements for refinancing of its European operations. TSL's subsidiary, Tata Steel UK Holdings, signed an agreement with a syndicate of 13 banks for a pound sterling 3.53 billion term loan and revolving credit...

MARUTI SUZUKI'S SHARE IN A&B SEGMENTS IS STILL 50% (but the addition of the C segment lowers the company's market share to around 46-47%).
September 30, 2010... Maruti Suzuki India Ltd has stated that its market share in the A and B segment in the passenger car market continues to be over 50 percent. However, the addition of the C segment lowers the company's market share to around 46-47 percent. ...

INDIA INC RAISES $1.09 BILLION FROM OVERSEAS MARKET IN AUGUST (2010 via external commercial borrowings and foreign currency convertible bonds).
September 30, 2010... Indian companies raised $1.09 billion from the overseas market in Aug 2010 via external commercial borrowings and foreign currency convertible bonds compared to $1.16 billion raised in Jul 2010. According to data from the Reserve Bank of India,...

COTTON TRADERS LOOK AT RENEGOTIATING EXPORT CONTRACTS (following the decision of the Government of India to delay shipments).
September 30, 2010... Cotton traders are looking at renegotiating export deals and even cancelling some following the decision of the Government of India to delay shipments owing to a surge in local prices for the commodity. Cotton exporters have so far contracted to...

FMC NOD TO ADAG ON 26% STAKE IN ICEX (to be picked from one of its promoters, the Indiabulls group).
September 30, 2010... The Forward Markets Commission (FMC) has given permission to the Anil Dhirubhai Ambani Group (ADAG) to pick up a 26 percent stake in Indian Commodity Exchange (ICEX). Following the approval, ADAG will acquire the stakes in ICEX from one of its...

COMMEXES TURNOVER INCREASES 54% (to Rs47.13 lakh crore during 1 Apr 2010-15 Sep 2010).
September 30, 2010... The Forward Markets Commission has stated that the turnover of 23 commodity exchanges (commexes) increased by 54 percent to Rs47.13 lakh crore during 1 Apr 2010-15 Sep 2010 from Rs30.65 lakh crore during 1 Apr 2009-15 Sep 2009. The surge in...

WHEAT ACREAGE IN MP TO SHRINK (during the rabi season of 2010-2011 following scanty rainfall).
September 30, 2010... The sowing area of wheat in Madhya Pradesh (MP) is expected to shrink during the Rabi season of 2010-2011 following scanty rainfall. The Government of MP has set a target of wheat sowing in 41 lakh hectares for this Rabi season.

BANK DEPOSITS AND CREDIT SLOW IN Q4 (of 2009-2010).
September 30, 2010... Data from the Reserve Bank of India showed that pace of growth in bank deposits and credit slowed during Jan-Mar 2010 compared to Jan-Mar 2009. Though deposits of scheduled commercial banks rose by 16.9 percent to Rs46,01,926 crore during Q4 of...

INDIAN BANK OPENS 52 OUTLETS ONLINE (on 29 Sep 2010).
September 30, 2010... The Chief Minister, Government of Tamil Nadu opened 52 banking outlets of Indian Bank of Chennai in a single online ceremony on 29 Sep 2010. Indian Bank has announced its decision to open a branch at Jaffna in Sri Lanka soon.

SBI EXTENDS TEASER RATES TILL DEC, TO REVIEW DEPOSIT RATES SOON (and will also review its base rate of 7.5%).
September 30, 2010... The State Bank of India (SBI) has extended its eight percent concessional home loan rate till 31 Dec 2010. SBI's popular home loan and car loan teaser schemes were due to expire on 30 Sep 2010. SBI has stated that it will soon take a call on...

MARG IN TIE-UP WITH IIC FOR ADVISORY SERVICES IN EPC (vertical).
September 30, 2010... Infrastructure major Marg Ltd of Chennai has tied up with International Infrastructure Consultants (IIC) for management advisory services in the engineering, procurement and construction (EPC) vertical. The tie-up will help to establish a...

RECOVERY AUDIT SERVICES FIRM PRGX GLOBAL SETS UP INDIA ARM (at Pune to serve its global clients having a presence in India).
September 30, 2010... PRGX Global Inc of Atlanta has opened an Indian subsidiary at Pune to serve its global clients having a presence in India. PRGX Global is a business analytics and recovery audit services company. Asia represents a significant growth opportunity...

GOVERNMENT PLANS TO FORM MSME PROCUREMENT POLICY (to ensure that 20% of all government purchases come from MSMEs).
September 30, 2010... The Ministry of Micro, Small and Medium Enterprises (MSMEs), Government of India, is developing a procurement policy to ensure that 20 percent of all government purchases come from MSMEs. The proposal for the policy will have to go to the...

TATA HOUSING TO INVEST Rs4K CRORE IN PROJECTS ACROSS INDIA (including residential, commercial and retail projects involving 13-14 million square feet).
September 30, 2010... Tata Housing Ltd (THL) is planning to invest Rs4,000 crore for developing several residential, commercial and retail projects involving 13-14 million square feet (sq ft). It currently has 14 projects under various stages of development with...

OMAXE BAGS Rs70 CRORE PUNJAB HIGHWAY DEAL (that includes constructing three high-level bridges).
September 30, 2010... Omaxe Infrastructure & Construction Ltd (Omaxe) has bagged a contract worth Rs70.4 crore to construct a highway and three high- level bridges in Punjab. The Greater Mohali Area Development Authority awarded the contract to Omaxe.

BESTECH GROUP ADDS RADISSON HOTEL INDORE TO ITS HOSPITALITY PORTFOLIO (that comprises the Radisson Suites in Gurgaon and the Park Plaza in Noida).
September 30, 2010... The real estate developer Bestech group has added The Radisson Hotel Indore in Madhya Pradesh to its hospitality portfolio that comprises the Radisson Suites in Gurgaon and the Park Plaza in Noida. The Radisson Hotel Indore features 18 suites...

A CATALYST FOR INDUSTRIAL GROWTH (is UPSIDC).
September 30, 2010... The Uttar Pradesh State Industrial Development Corporation Ltd (UPSIDC) was set up in 1961 to facilitate industrial development, industrial promotion and infrastructure development in Uttar Pradesh. The organisation owned by the Government of...

TCS BAGS AGL ENERGY DEAL (to manage its technology infrastructure).
September 30, 2010... AGL Energy has awarded a five-year contract to Tata Consultancy Services (TCS) to manage its technology infrastructure. The deal has been valued at 50 million Australian Dollars. TCS has tied up with BMC Software to implement the contract.

MINDTREE TO LAUNCH SMARTPHONE IN US (during Oct 2010-Mar 2011 and is in talks with carriers in the US for the launch).
September 30, 2010... MindTree Ltd plans to launch its 3G smartphone in the US during Oct 2010-Mar 2011 and is in talks with carriers in the US for the launch. It expects its 2010-2011 revenue growth to exceed the industry average of 13-15 percent. MindTree posted...

UK COMPANY LATENS' GLOBAL R&D UNIT NOW IN HYDERABAD (with an investment of $3 million).
September 30, 2010... Latens of the UK will establish a 10,000-square feet global research and development (R&D) centre at Hyderabad with an investment of $3 million. The R&D facility, which will initially hire 100 professionals, will work on Latens'...

HUGE OPPORTUNITY FOR CLOUD IN INDIAN HEALTHCARE, SAYS ZINNOV (and is expected to be worth $600 million by 2020).
September 30, 2010... Zinnov Management Consulting conducted a study, 'Cloud Computing: An enabler of IT in Indian Healthcare Sector', which revealed that the sector will have addressable opportunities for cloud solutions worth $600 million by 2020. There is a gap of...

VIRTUSA OPENS FACILITY IN HYDERABAD (with the capacity to seat 6,000 employees).
September 30, 2010... Virtusa Corporation of the US has set up a 3.25-lakh square feet facility on six acres in Hyderabad with the capacity to seat 6,000 employees. Initially, the facility will have 1,500 employees. The project has entailed an investment of Rs75.3...

AIRCEL TO INVEST $500 MILLION FOR INITIAL 3G ROLL-OUT (in Jan-Mar 2011).
September 30, 2010... Aircel, a joint venture between Maxis Communications of Malaysia and the Apollo group, plans to launch 3G mobile services in Jan-Mar 2011 in 13 circles where it has won 3G spectrum with an investment of $500 million. Initially, the service...

BLACKBERRY-MAKER EXPRESSES INABILITY TO GIVE ACCESS TO ENTERPRISE E-MAIL (owing to underlying technology).
September 30, 2010... Research In Motion (RIM), the manufacturer of Blackberry mobile devices, has informed the Department of Telecom, Government of India, of its inability to provide access to corporate e-mails sent through the Blackberry enterprise server owing to...

SMILE-KPMG TEAM LAUNCHES CWG MOBILE APPLICATION (which will provide users with the latest developments about the event).
September 30, 2010... Smile of India of Ahmedabad and KPMG have jointly launched a mobile application, Zoomi, to provide information related to the Commonwealth Games 2010 (CWG). The application will provide users with the latest developments about the event. It...

GO! CHAATZZ COMES SOUTH (through its franchisee Platinum Avenues).
September 30, 2010... Go! Chaatzz of the Yes India Hospitality Services, the chain of vegetarian chaat foods of north India, plans to open outlets in south India. The chain, which has a network of 32 outlets in north India, has opened five outlets at Hyderabad...

ITC LAUNCHES ANTI-HAIRFALL SHAMPOO (under the brand, Fiama Di Wills, in Tamil Nadu).
September 30, 2010... ITC Ltd has launched an anti-hairfall shampoo and conditioner under the brand, Fiama Di Wills, in Tamil Nadu. The shampoo is available in two sizes, 200 millilitres (ml) priced at Rs115 and 100 ml priced at Rs59. The conditioner is available at...

ENTHIRAN - CURIOUS AUDIENCE, OPTIMISTIC KOLLYWOOD (and the movie is expected to gross revenues of Rs350 crore).
September 30, 2010... The Tamil film, Enthiran, which will be released on 1 Oct 2010 in 2,250 screen across the world, is expected to gross revenues of Rs350 crore. The movie will be released in 500 screens in Tamil Nadu, 35 in Andhra Pradesh and 700 in north India...