Company News

Infosys Opens Its First Latin American Subsidiary In Mexico

Software Major, Infosys Technologies has opened its first Latin American subsidiary in Monterrey in Mexico to enhance IT services for clients in the US, Latin America and Europe.

The company has unveiled its new centre at a ceremony, attended by the President of Mexico.

The Subsidiary, Infosys Technologies S. De R.I.De CV, would provide full range of business consulting and information technology services for all verticals including banking, financial services, distribution, retail, and more.

Alstom Projects India Bags Two Export Orders Worth Rs. 592 Crore

Alstom Projects India Ltd announced that it has bagged two export orders worth Rs
592 crore from two different firms.

The company secures first order worth Rs. 242 crores for the supply of equipment to Fujairah Independent Water and Power Plant in UAE.

While the company has secured second order worth Rs. 350 crore for the set up of a 255 MW hydro electric power station at Jinja, Uganda

ALSTOM Projects India Ltd (APIL) is a majority owned subsidiary company of Alstom SA France – the global leader in power generation and rail infrastructure.

UCO Bank Signs Pact With ECGC

UCO Bank has signed its 24th corporate agency agreement with Export Credit Guarantee Corporation (ECGC) for marketing export credit insurance products through the bank's network.

The agreement was signed between V G Dhingra, Executive Director and ECGC Executive Director S Prabhakaran.

Recently, UCO Bank announced earnings results for the third quarter ended December 31, 2007. For the quarter, the company posted a lower net profit of Rs. 827.8 million as compared to Rs. 1,229.5 million in the same period last year.

HDIL Sells Commercial Building Project For 900 Cr To Mack Star Marketing

Housing Development & Infrastructure (HDIL), a part of the Wadhawan group, has entered into sale of Developmental rights agreement with a private company, Mack Star Marketing.

Under the pact, HDIL has sold a commercial building project in Andheri in the western suburb of Mumbai to Mack Star Marketing, for nearly Rs 900 crore.

The project, named Kaledonia, has nearly 0.5 million sq ft of commercial space and HDIL has sold the space at around Rs 18,000 per sq ft.

HDIL operates as a real estate development company in India with primary operations in Mumbai metropolitan region.

Future Venture Files DRHP With SEBI: Plans To Raise Rs. 3736 Crore Through IPO

Future Ventures India Ltd (FVIL), the venture capital arm of Kishore Biyani's Future Group, has finally filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Rs.3736 crore initial public offering (IPO).

The IPO comprises a net issue to the public of 266 crore equity shares and a reservation of up to 5 crore shares for employees and 2.5 crore shares for the shareholders of Pantaloon Retail. The net issue would constitute 66.52 per cent of the post issue paid up capital of the company.

NKG Infra Files DRHP; Plans To Raise Between Rs. 80 - 90 Crore

NKG Infrastructure, one of the fastest growing private sector organizations in India with experience in infrastructure development and civil constructions, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to enter the capital market with its initial public offering of equity

The company plans to float an initial public offering (IPO) in the second week of April, to raise about Rs 80-90 crore for funding its expansion plans.

Samsung Launches “Guru100”

Samsung Telecommunication India (STI) has announced the launch of its entry level mobile handset – “Samsung Guru100” in Indian market. The handset offers a strong value proposition to its users with its consumer relevant features and affordable pricing.

Samsung Guru100 is a stylish bar-shaped handset that offers features such as MP3 ringtones, mobile tracker and 9-hour long battery.

NALCO Gets Approval For Worth Rs. 9000 Crore Bauxite Mining Project

State-owned National Aluminium Company Limited (Nalco) has received in-principle rights for bauxite mining from the Andhra Pradesh Government.

The state government has also assured the company that additional mining leases would be granted if it meets the required parameters and work under suitable environment.

The Rs 9,000 crore project was struggling to progress in the last two years due to a row between Andhra Pradesh Mineral Development Corporation and Nalco on the issue of bauxite mining leases.

Deccan Aviation To Raise 1600 Crore From Domestic Or Overseas Market

Deccan Aviation has announced that the company board of directors has decided, to raise Rs 1600 crore, the issue that was subject to their approval.

The company will raise funds by way of domestic or overseas offerings to institutional investors, NRIs, Indian public companies, corporate bodies or approved mutual funds.

The board resolved to consider banks, insurance companies, pension funds and qualified institutional buyers for allotment.

Maharashtra Seamless Plans To Build A 1 MT Billet Plant

Pipe manufacturer Maharashtra Seamless Ltd (MSL) is planning to set up a 1 million tonne per year billet plant in Maharashtra to feed its planned seamless pipe expansion.

The backward integration project is part of MSL`s aim to increase pipe capacity to 5,00,000 tons per year from the current 3,50,000 tons.

Estimated to cost $ 44.8 million, the project involves relocation of the firm's newly acquired pipe plant in Romania to India and is expected to go online by 2010-2011.