Geometric inks pact with IBM
Mumbai: Geometric Software Solutions and IBM Global Services India have reached an agreement under which Geometric will provide its PLM expertise and resources for executing projects for IBM Global's customers around the world.

There is no assured or minimum revenue specified in the contract, according to a release issued by the company to the BSE.
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LIC, UTI to sell IBP stake
Mumbai: The Life Insurance Corporation of India (LIC), General Insurance Corporation (GIC) and the Unit Trust of India (UTI) have decided to put up their entire holding for sale in Indian Oil Corporation's open offer for IBP.

The three institutions have a combined stake of about 20.5 per cent in IBP. IOC's offer for the 20 per cent additional stake is at Rs 1551.25 per share.

GIC has already sold its shares in the open offer, while LIC and UTI have taken the final decision to sell out in the offer which closes on 11 May.
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OrbiTech in merger talks with Polaris
Chennai: Citigroup's wholly-owned Indian technology firm OrbiTech Solutions is discussing merging with Polaris Software Lab.

OrbiTech is interested in merging with India's eighth-largest software services firm by market value in part to gain access to Polaris' customer base in banking.

Polaris, which began by writing code for Citigroup's Indian operations and whose key clients include AIG Inc, has 30 clients in the banking and financial services sector.
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NIIT launches Rs 50 cr ITES initiative
New Delhi: Software and training company NIIT has announced its initiative in the IT Enabled Services training with a projected investment of Rs 50 crore in three years.

The training initiative has been branded as Planetworkz.

Planetworkz will be a division of NIIT. The companys BPO initiative announced earlier will be a separate subsidiary called Smartserve.

NIIT is working in close cooperation with IT enabled service providers (ITES) like Daksh, iSeva, Amex, Spectramind among others to understand their business needs and provide tailor-made training programmes for these companies.

Planetworkzs first offering, certificate in customer service, is a 30-day programme aimed at preparing the students for a career in IT enabled services.
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Sidbi to set up technology bank
New Delhi: Small Industries Development Bank of India plans to set up India's first technology bank this fiscal.

The bank, which would be the first of its kind in the country would source technology and export technology.

The bank would be set up as a separate company under the Companies Act.
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NTPC plans Rs 1,500 crore IPO
New Delhi: The National Thermal Power Corporation (NTPC) is gearing up to tap the capital market with an initial public offer (IPO) of about Rs 1,500 crore. This will make NTPC the first public sector undertaking to launch an IPO since the Videsh Sanchar Nigam Ltd issue in 1999.

The funds would be utilised to bridge the resource gap of around Rs 8,000 crore for capacity addition over the next five years.

In the Tenth Five Year Plan (2002-2007), NTPC is planning to add 9,100 mw, of which the generation of around 4,000 mw will be funded through internal resources. The company has sought government support of Rs 13,000 crore for the balance 5,100 mw. However, the Centre is likely to release around Rs 5,000 crore.
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Telco commercial vehicle sales up 39%
Mumbai: Tata Engineering & Locomotive Company (Telco) has posted a 39.5 per cent jump in the sales of its commercial vehicles in April.

The company sold 6,447 commercial vehicles of all categories in April, against 4,620 units in April 2001. The last two years saw a sharp decline in the sale of commercial vehicles and passenger cars.

The strong growth in the sale of commercial vehicles in April was driven by an 86.5 per cent growth in the sale of light commercial vehicles. In April 2002, 1,897 light commercial vehicles were sold, against 1,017 in April 2001. This growth was significant because sales were flat for most of the previous year.

Medium and heavy commercial vehicles grew 26.3 per cent, from 3,602 in April 2001 to 4,550 in April 2002. The number of passenger cars sold was 3,212 in April 2002, against 4,604 vehicles in April 2001. This was a decline of 30 per cent because of the closure of the Indica plant to switch to the production of the Tata Sedan.
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B4U to add 2 music channels
Mumbai: B4U Television Network (India) is all set to add two new music channels to its bouquet.

It is targeting the affluent NRI Punjabis and South Indians. The investment envisaged for the new Punjabi and the south Indian music channel is around Rs 150 crore.

At present, B4U Networks bouquet comprises of two channels - B4U Movies and B4U Music. B4U is also in the process of entering into a promotional alliance with AXN, the action channel promoted by Sony.
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Lenders take over Spectrum Power board
Mumbai: IDBI-led lenders have taken over the reins of the Spectrum Power Generation board by infusing four additional nominee directors.

SPGL, which runs a 208 mega-watt project in Kakinada (Andhra Pradesh), has continuously defaulted in its interest and loan payments, forcing ECGD of UK to invoke guarantees.

UTI, IIBI, LIC and ICICI have got their nominees, M Sankaranarayanan, Narasimha Murthy, S Sathyanarayana and M Surendranath on the board.

With this, total number of FI nominees in the board has gone up to seven.
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Bajaj plans to launch 135cc Kawasaki bike by Sept
Mumbai: Bajaj Auto is gearing up to launch a Kawasaki bike in the 125cc to 135cc category.

This bike, designed and styled by Kawasaki will be launched in September this year. Having clocked sales of 6.5 lakh motorcycles the last fiscal, BAL has set a target of 9 lakh motorcycles in the year ending March 03.

Kawasaki plans to target this performance bike as an universal model, which will be exported to markets world-wide.
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Zurich (I) picks 8% in Fortune Informatics
Kolkata: Zurich India, the Swiss fund, has acquired 7.65 per cent stake in Fortune Informatics. The fund has mopped up 5,59,150 shares of the company from the open market.

While Zurich India Equity Fund picked up 4,09,150 shares, representing 5.60 per cent of the companys total equity, the remaining 1,50,000 shares, or 2.05 per cent, was acquired by Zurich India Tax Saver Fund.
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GNFC net dips 32.09%
Mumbai: Gujarat Narmada Valley Fertilisers Company has posted a 32.09 per cent lower net profit at Rs 71.68 crore for the year ended 31 March as compared to Rs 105.55 crore in the previous year.

The board has decided to recommend a 25 per cent dividend for the year ended 31 March 31 at Rs 2.50 per equity share of Rs 10 each, GNFC informed the Bombay Stock Exchange.

Total income has increased from Rs 1,478.7 crore in the fiscal 2001 to Rs 1,507.9 crore in the financial year ended 31 March 2002.
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Maya Entertainment may buy Hollywood studio
Kolkata: Maya Entertainment Ltd is likely to acquire a technical film studio for post- production activities in Hollywood.

If the acquisition takes place, it will be through the company's California-based wing, called Maya Entertainment Ltd Offshore Services. Currently, this office is functioning as the marketing outfit of the parent company.

The final decision will be taken after three or four months when the company goes for a second round of funding through stake divestment. Prior to it, a reputed agency will revalue the company.

Maya Entertainment was floated in 1996 and it has a modern studio in Mumbai and provides latest digital technology.

Immediately after incorporation, the advertising agency, Concept Communications, joined it as a partner. In September 2000, two more partners - Intel Capital and Enam Financial Securities - were roped in.
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ECIL signs MoU with Israel co
Hyderabad: Electronic Corporation of India Ltd (ECIL) has signed a memorandum of understanding with GM Advanced Fencing & Security Technologies Ltd of Israel for undertaking projects on a wide range of electronic and electric security fencing and security systems in India.

According to an ECIL press release, this strategic alliance will give the necessary boost to protection of vital installations. An advanced Electric Perimeter Protection System would go a long way in protecting installations such as airports, air stations, oil refineries, nuclear and defence outfits against any intrusion.
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Mascot Systems net up 21 pc
Bangalore: Software services firm Mascot Systems Ltd reported a net profit of Rs 45.3 crore for financial year 2001-02, up 21 per cent from Rs 37.5 crore last year.

The company reported revenue of Rs 407.4 crore in fiscal 2001-02, up 20.8 per cent from Rs 340.3 crore a year ago. However, net profit for January-March quarter of the last fiscal dived to Rs 7.8 crore from Rs 10.5 crore a quarter ago and revenue slipped to Rs 88 crore from Rs 97.5 crore a quarter ago.

The company's board has recommended a dividend of 40 per cent, which would result in a cash pay-out of Rs 4.34 crore. The company said that offshore efforts grew by 64 per cent in the last financial year and contributed 24 per cent to the revenue.
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