Deloitte values BSE Ltd at Rs 239.5 crore
Mumbai: Deloitte Haskins & Sells, a global onsultancy company, has projected BSE Ltd's net worth at Rs 239.50 crore on 1 April 2004. Deloitte was appointed by the Bombay Stock Exchange (BSE) to review the estimates of BSE Ltd's net worth, made in the draft scheme for demutualisation and corporatisation. The draft scheme envisages a trade guarantee fund of up to Rs 50 crore as "reasonable" as it has paid only Rs 13.58 crore in the last six years. This is expected to grow to Rs 151.47 crore by 31 March 2004.

BSE proposes to amend its bye-laws, after obtaining the necessary approvals from the Securities and Exchange of India to enable it to earmark a lower amount towards the trade guarantee fund. BSE's draft scheme recommended a membership deposit of Rs 65 lakh as representing the value of trading rights. The exchange auctioned the membership cards of defaulting members for Rs 65-83 lakh between 1 January 2002, and 30 June 2003, yielding an average price of Rs 70 lakh.
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Terex Vectra to open unit in UP for construction tools
New Delhi: Terex Corporation, the world's third largest construction equipment manufacturing company, and the UK-based Vectra Investments have joined hands to commence production of construction equipment in India. The two entities have set up a 50:50 joint venture by the name of Terex Vectra Equipment and are in the process of setting up a manufacturing facility at Greater Noida (Uttar Pradesh) near Delhi.

Eash Jaitly, chief executive officer, Terex Vectra, said the facility will be used to produce heavy equipment such as backhoe loaders, excavators and skid steering compaction equipment. Production is set to commence from January 2004. Though not disclosing the exact level of investment being pumped into the facility, Pankaj Kapoor, project director, Terex Vectra, said that the company has received permission from the Foreign Investment and Promotion Board (FIPB) to invest up to $8 million over a period of two years. "The plant will have a capacity of 1,000 units per annum. Though initially, it would serve to meet the domestic demand, this facility may become a global hub for certain products," Kapoor said.
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Ranbaxy to invest Rs 120 crore in research facility
Hyderabad: Ranbaxy Laboratories is planning to invest about Rs 120 crore in its proposed research and development centre in an extent of 100 acres in the second phase of the Shapoorji Pallonji bio-tech park in Andhra Pradesh, said B P Acharya, state secretary for industries and commerce. Phase-2 of the SP Biotech Park in the Genome Valley comprises an area of 160 acres where Biological E, the city-based vaccine manufacturer has already proposed to establish its unit in an extent of 50 acres. Sigma Aldrix of the US has also evinced interest to set up a unit at the place.

Over 80 per cent of the 140 acres area in the first phase of the valley was already booked, Acharya said. Briefing about the three-day Biotec India International 2003, an exhibition and conference on biotechnology to be held here from Wednesday, he said the state government is sponsoring 100 post-graduate students and members of the biotechnology faculty from colleges and universities to attend the conference at a very nominal fee. This gesture, which costs the government Rs 2 lakh, will be continued in future for the benefit of students provided there was a good response.
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TCS to offer banking software on ASP platform
Bangalore: Tata Consultancy Services (TCS) is planning to offer its flagship banking software package, Quartz, on an application services provider (ASP) platform. TCS plans to target small and medium-sized banks through this initiative, according to N G Subramaniam, vice-president and head (banking industry practice), TCS. The company expects to leverage the network of Tata Teleservices and the strengths of CMC in offering the ASP service, he said. "There is tremendous potential for hosted services in the banking sector, especially in the small and medium segment banks, co-operative and regional banks."

The ASP model is said to help smaller banks cut down investments on automation and also help them get rid of headaches like upgrading, hiring trained and expensive personnel and cost of maintenance. "Initially, we are planning at launching the ASP service in India and may look at the overseas market later," Subramanian said. "We are also evaluating the option of taking the managed services route as banks, especially the larger ones, are now looking at outsourcing their technology functions to concentrate more on core banking operations."
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Finolex to promote safety in Durga puja pandals
Kolkata: Finolex Cables has planned to present awards to promote safety and efficient energy use in the Durga puja pandals. Finolex assistant vice-president G K Banerjee said the main objective of these awards is to educate the electricians as well as the common man on the importance of safety and efficiency in use of electricity and allied arrangements made in and around the pandals during the festival period lasting over a week.

He said not only the organisers, who will be given awards ranging from Rs 15,000 to Rs 1 lakh, even the electrical contractors and the chief electrician would be given awards ranging from Rs 2,000 to Rs 10,000. The selection will be done by a panel comprising personnel from CESC, West Bengal Fire Services and Kolkata Police. Aspects which would be looked into were earth connections, adherence to load, insulation and mounting of switches.
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