Infosys Q3 net up 51 per cent
Bangalore: Infosys Technologies has reported a 51 per cent growth in its profits for the third quarter at Rs497.34 crore, and a 49 per cent rise in revenues to Rs1,875.61 crore, over the corresponding period in the previous year.

With a strong interest in outsourcing, it has given a revenue guidance of Rs1,956 crore-Rs 1,964 crore for the last quarter of this fiscal. Full-year revenues are expected to be between Rs7,098 crore and Rs7,107 crore, a lower-than-forecast 46 per cent growth due to the rising rupee. Earnings per share are expected to rise 47 per cent for the year.

The impact of the rise in the rupee was to be expected as 78 per cent of the company's revenues came in dollars. The company said that new clients were coming in at 4-4.5 per cent higher rates, and existing clients would likely agree to higher rates too.

Infosys added 38 new clients during the quarter.

Insurance, banking and financial services contributed 35.2 per cent of the quarter's revenues, followed by telecom at 18.1 per cent and manufacturing at 14.3 per cent.
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Essar Group announces Rs.16,000 crore investments in Gujarat
Mumbai: Essar Power Ltd (EPL) is setting up a 1,500-MW plant at Hazira that already has a 515-MW plant. This will take EPL's aggregate capacity at Hazira to 2,015 MW. The plant, which qualifies as a mega power project, is expected to cost some Rs4,000 crore, at Rs2.67 crore per MW.

According to company officials the power project was at its initial stages of development and was likely to be completed by 2006-end. Essar Power is understood to have approached Power Finance Corporation (PFC) for financing the project. The project will have gas as fuel and the company is eyeing gas from either Dahej (Petronet LNG) or Hazira (Shell).

The project funding is structured in such a way that tariffs could be below Rs2.50 per unit for the new facility. The current tariff of power produced by EPL's combined cycle power plant is around Rs 2.80 per unit.

Of the 515 MW, 300 MW is supplied to Gujarat Electricity Board while Essar Steel consumes 215 MW.

The other projects announced by the company include a Rs6,000-crore investment by Essar Steel Ltd in two phases. The 2.4 million tpa Essar Steel will first take up its capacity to 4.6 million tpa by 2006 and then to seven million tpa by 2008. Essar also announced a Rs6,000-crore investment plan for the completion of its Vadinar refinery.
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Zicom's Rs.15 crore expansion plans for India and abroad
Hyderabad: The Mumbai-based Zicom Electronics Security System Ltd will be investing about Rs15 crore in its expansion activities both in India and abroad during the current year.

According to the Promoter and Chairman of Zicom, Manohar Bidaye, the company would be launching a joint venture in West Asia next month involving an initial investment of Rupees one crore.

The company is also planning to acquire a couple of domestic companies that have the technology to provide electronic security solutions. The company is in an advanced stage of negotiations in this regard.

Zicom had recently started a Z security division for providing electronic security solutions to small shops, houses and banks at a monthly fee ranging from Rs700 to Rs2,000.

The company is currently providing electronic security to 87 branches of various banks.
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Maruti acquires land for fourth plant
Hyderabad: Maruti Udyog Ltd has acquired 100 acres of additional land in Haryana for its fourth assembly line in the country. The expansion plans, spread over three years, will see a total investment of about Rs6,000 crore that includes Rs1,000 crore for its diesel engine plant announced late last year.

Maruti accounts for about 65 per cent of petrol-driven cars in the country across all segments.

The A2 segment comprising Zen and Wagon R has grown significantly this year; the same is true with the A3 segment too. The relaunched Maruti Esteem is a hit, selling about 2,500 cars a month - up from 800-900; there continues to be wait-list.

The company also indicated that they wereare all set for the launch of the Swift in the Indian market.

The fourth plant will have a capacity to manufacture about 2,50,000 cars a year, thereby, expanding the capacity significantly from about 6,00,000 now to 8,50,000.
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Bharti ties up $354 million in foreign loans
New Delhi: Bharti Tele-Ventures Ltd said it had tied up a $354-million loan for paying equipment vendors Ericsson and Nokia for the supply of mobile network hardware.

Bharti has tied up with Swedish export credit agency EKN for $254 million and with FinnFund for the remaining $100-million long-term foreign loan.

ABN Amro was the lead arranger for these facilities.
The funds would be deployed in further expanding the networks for Bharti's mobile services and for new circle rollouts. The total cost of funding is approximately 4.4 per cent, without currency hedge.

The $100-million loan facility, from FinnFund shall be used for payment to Finnish equipment manufacturer Nokia for supply of capital equipment.
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TRAI: MTNL told to pull out `misleading' Garuda ad
New Delhi: The Telecom Regulatory Authority of India (TRAI) has asked the State-owned Mahanagar Telephone Nigam Ltd (MTNL) to withdraw its advertisement of Garuda fixed wireless services on grounds that it gives the impression that the service is similar to a mobile service.

TRAI had earlier asked Tata Teleservices and Reliance Infocomm to stop its advertisements promoting fixed wireless phones as mobile phone. While Reliance has decided to comply with the order, Tata Teleservices has filed an appeal with the Telecom Dispute Settlement Appellate Tribunal (TDSAT) against the TRAI order.
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Sterlite Optical net up at Rs. 6.5 crore
Mumbai: Sterlite Optical Technologies has reported a net profit of Rs6.48 crore for the quarter ended December 31, 2004, as against a net loss of Rs16.62 crore for the corresponding year-ago quarter.

Revenues grew 300 per cent, to Rs95.86 crore (Rs 23.86 crore). Other income for the quarter stood at Rs26.4 crore (Rs7.65 crore). Total expenditure rose to Rs 80.8 crore, up from Rs 32.7 crore.

Profit before interest depreciation and tax amounted to Rs17.69 crore as against a negative Rs8. crore during the corresponding year-ago quarter. Net interest rose to Rs2.8 crore (Rs.0.9 crore). Operational cash profit amounted to Rs14.9 crore, as against a loss of Rs8.97 crore.
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Mastek to pay 40 per cent interim
Mumbai: Mastek Ltd has reported a net profit of Rs11.69 crore for its second quarter ended December 31, 2004. This is around 10 times the net profit of Rs1.01 crore reported by the company for the corresponding quarter of the previous year.

Income from operations rose 83 per cent to Rs46.71 crore (Rs25.48 crore), while total income at Rs47.23 per cent showed a 74 per cent growth. The company's UK operations rose 123 per cent in revenues to Rs34.63 crore; and 107 per cent in profit before tax and interest to Rs14.4 crore. Its US operations showed a marginal loss before tax and interest.

The company has announced an interim dividend of 40 per cent or Rs2 per share with a face value of Rs5.

Mastek Ltd has divested a further 30 per cent stake (valued at £307,000) in favour of its partner Capita Group Plc in its IT-enabled services joint venture Capital Mastek BPO Pvt Ltd, having already divested 60 per cent in it to Capita last November.
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