Citigroup goes in for full ownership of e-Serve
Mumbai: The US financial conglomerate Citigroup has said that it would buy out the public in its India-based back-office affiliate, e-Serve International Ltd, paying upto Rs 800 per share. Citigroup currently holds 44.4 per cent ownership of e-Serve and wishes to raise it to 100 per cent. It would also like to de-list the shares from the exchanges.

A company release said the acquisition of the outstanding e-Serve shares would be made as per the new SEBI de-listing guidelines by the Citibank Overseas Investment Corporation, a wholly-owned subsidiary of Citigroup. Citigroup, however, said that it might not go ahead with the offer if the final price as determined by SEBI's delisting guidelines works out to more than Rs 800. The offer price for e-Serve shares is 27 per cent higher than their closing price on April 8. The stock rose to Rs 800 on the BSE yesterday but closed at Rs 777.75; nearly 24 per cent up from its previous close of Rs 630 a share.
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ONGC for hike in paid-up equity of ONGC Videsh
New Delhi: Oil and Natural Gas Corporation (ONGC) has made a proposal to the Government for increasing the paid-up equity capital of ONGC Videsh from Rs 300 crore to Rs 500 crore.
ONGC Videsh is a subsidiary of ONGC that invests in oil ventures abroad.
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Hero Honda shortlists four states for its third plant
New Delhi: Hero Honda has short-listed the four States of Tamil Nadu, Karnataka, Rajasthan, and Maharashtra for setting up its third manufacturing plant in the country. The company will arrive at a decision after the elections. The company says that it has earmarked an investment of Rs. 200 crore towards the new facility, which would have a capacity of about 2,00,000-2,50,000 units.
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BHEL sets up centre to manufacture magnet machines
Hyderabad: A centre to develop permanent magnet machines (C-DPPM) is being set up at the R&D division of BHEL at an investment of about Rs 2.25 crore, and is expected to be operational by December, according to BHEL officials.

The C-DPPM will aid in the development of a range of special permanent magnet machines, which have applications in strategic areas such as space and defence, as well as in the power sector. The centre would also have facilities for magnetisation of high-energy magnets and will develop fixtures for the assembly of machines with the magnets. The C-DPPM, in addition to meeting the demands of BHEL group units, will also take up the development of such machines for applications in other industries.
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50 per cent dividend from Hughes Software
New Delhi: Hughes Software Systems Ltd on Monday reported that its net profits had doubled during 2003-04 to Rs 77.40 crore from Rs 37.9 crore on a sales income of Rs 358.3 crore.
After including the financials of the company's subsidiary Tenet Technologies Ltd, the net profit for the recently ended financial year comes to Rs 76.9 crore on a sales turnover of Rs 360.4 crore. The board of directors have recommended a dividend of 50 per cent for 2003-04. For the current financial year, Hughes Software has projected a 28-32 per cent rise in net profit and a 25-30 per cent year-on-year growth in sales.
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Mastek group net dips in first quarter of '04
Mumbai: Mastek group has reported a 37.5-per cent drop in net profit at Rs 10 crore for January-March 2004 as compared to Rs16 crore for the corresponding quarter in the previous year.
The group's total income of Rs 105.3 crore showed a 6.3-per cent increase as against Rs 99.1 crore achieved during the same quarter the last year. For the nine-month ended March 31, 2004, income stood at Rs 292.2 crore (Rs 288.1 crore) while net profit showed a 63.7-per cent dip at Rs.17.2 crore (Rs 47.5 crore).
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ISDAC is Preferred Training Partner for Red Hat
Bangalore: Red Hat, the authorised open source and Linux provider, has announced that ISDAC, the CDAC centre for Excellence, as its Preferred Training Partner. Red Hat's diverse course offerings range from basic Linux administration skills such as system administration and networking to specific areas of expertise, such as kernel internals, clustering and security.
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Trilogy to upgrade Bangalore centre
Bangalore: Trilogy Software Inc., which employs close to 100 people in India at present, plans to add 300 professionals at its development centre in Bangalore by 2005. The company also plans to invest Rs 200 crore in research and development, product development, human resources, marketing and support, over the next three years. Trilogy provides industry-specific enterprise software for the automotive, communications, computer hardware, and insurance sectors. According to the company its India centre would be upgraded and expanded from a satellite centre to become an independent organisation.
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