Hindujas
and Qatar to set up JVs for infrastructure projects
New
Delhi: The Hinduja group has announced major investment
initiatives, totaling up to $10 bn, with Qatar for infrastructure
projects. The investments will come through an Indo-Qatar
fund with an initial corpus of $1 bn.
"Hindujas
and Qatar government would contribute equally to the fund
($500 mn dollars each) as corpus for projects in India
and Qatar to set up manufacturing facilities and infrastructure
projects," said R J Shahaney, Chairman of Hinduja
group company Ashok Leyland Project Services Ltd.
As
part of the initiative, Hinduja Group has signed a Memorandum
of Understanding with the Ministry of Economy and Commerce
of Qatar towards joint participation in projects and investment
in the two countries.
Hinduja Group's overall exposure could be to the tune
of 2.5 billion dollars, officials have said.
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USTR
report accuses VSNL of adopting restrictive practices
Washington: The
Videsh Sanchar Nigam Limited has drawn flak from US companies
who have complained about the restrictive policies adopted
by it on international bandwidth access. "They (US
companies) complained about the discriminatory and monopolistic
practices of VSNL," United States Trade Representative
(USTR) has said in its latest report.
The
USTR has also requested that the Indian government to
intervene to ensure VSNL makes available submarine cable
capacity to other suppliers on a reasonable and non-discriminatory
basis.
US
companies have recorded protest against restrictive policies
by VSNL, where the Indian government holds twenty six
per cent equity, on international submarine cable access
and landing stations.
VSNL
officials in India said similar allegations had been made
last year as well and the same were found incorrect after
scrutiny by appropriate authorities.
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Infosys
to spend Rs1,100 crore on expansion
Bangalore:
Infosys Technologies expects to sustain the robust hiring
momentum in fiscal 2006 and also plans to invest between
Rs950 crore - Rs1,100 crore in expanding its infrastructure
and new technologies during the year.
The company plans to hire some 12,600 people on a gross
basis during the year. The company added 1,521 employees
during the fourth quarter, lower than the previous quarter's
hires of 2280. For fiscal 2004-05, Infosys and its subsidiaries
have added some 11,116 employees, taking the overall headcount
to 36,750.
Infosys plans to effect a salary hike of 14-15 per cent
for its offshore employees and about three per cent hike
for its onsite employees, effective from this month, said
T.V. Mohandas Pai, Chief Financial Officer and board member.
Infosys also plans to raise the salary for newcomers by
15 to 18 per cent, Pai said adding the company's variable
compensation plan had helped it align the employee costs
to the growth in the business.
The company has seen employee attrition declining during
the year to around 9.7 per cent as compared to 10.45 per
cent in the previous year. It planned to add 20,000 seats
to its infrastructure during the year, Pai added.
The company will also be investing about Rs250 crore on
technology upgradation. The company is investing in increasing
its data communication links to the US to 90-mega bit
as compared to 20 mega bit earlier. The company has set
up its second redundant data communication hub in Chennai
and has started using wide area network to provide remote
access to its employees.
Over 10,000 Infosys employees are also being provided
with laptops.
Infosys spends about 6.8 per cent of its revenues on training
and research and development, the company said.
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Infosys
subsidiaries performing well
Bangalore:
Infosys Technologies plans to increase the employee strength
in China to around 1,000 from the current level of 122.
Though the operations in China had incurred a loss, the
company saw better prospects in the long term as there
has been an increase in number of clients as well as business.
On revenues of Rs8 crore, the China operations posted
a loss of the same amount. Some of its other subsidiaries
have, however, performed well.
Its BPO arm Progeon generated revenues of about Rs191
crore and a net income of Rs30.6 crore. For the fourth
quarter, Progeon posted a net profit of Rs16 crore on
revenues of Rs63.6 crore. It added two new clients during
the last quarter taking the total number of clients to
19. Its employee base stands at 3,966 up from 3,422 in
the previous quarter.
Its operations in Australia have yielded revenues of Rs303
crore for 2004-05 and it has already broken even. Infosys
Consulting has posted revenues of Rs21 crore, but has
incurred a loss of Rs33 crore for the same period.
Infosys has considered rupee conversion versus dollar
at 43.62.
Revenues from onsite operations for the last quarter fell
five per cent to 48.1 per cent compared with a year ago
figures while revenues from offshore operations rose five
per cent to 51.9 per cent. The company generated about
5 per cent of its revenues from new business while the
rest came from repeat orders from existing clients.
Infosys' revenues from North America continue to be the
highest though it fell six per cent to 65.2 per cent during
the last 12 months ended March 2005. Revenues from Europe
rose nearly three per cent to 22.3 per cent during the
same period.
From fixed price offering, its revenue during the last
12 months fell nearly four per cent to 30 per cent while
revenues from time and materials rose nearly four per
cent to 70 per cent.
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Cushman
& Wakefield plan private equity fund for India and
China
Chennai: Cushman
& Wakefield plans to set up a private equity fund
in the next 6-10 months for the India and China markets,
for which it is in talks with major private equity investors,
Michael W. J. Thompson, Group CEO, Asia-Pacific, Cushman
& Wakefield said.
The company, a global real-estate consultant, is planning
acquisitions in India in order to scale up operations.
Indian operations contribute about ten per cent of its
global turnover. Cushman & Wakefield officials said
it would look at acquiring BPO companies to service the
mid-segment market.
Thompson said though the opening of foreign direct investment
(FDI) into real estate is an excellent step, there is
a need for private domestic real estate mutual funds,
which do not exist as of now. Private domestic real estate
mutual funds would ensure that significant capital flows
into the sector; it would provide opportunities for domestic
investors to invest in commercial real estate and accelerate
growth.
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Gail
and Petroleum ministry sign MoU for performance targets
New Delhi: Gail (India) Ltd has signed an annual memorandum
of understanding (MoU) with the Ministry of Petroleum
and Natural Gas, regarding performance targets for the
financial year 2005-06.
During 2005-06, the company has targeted a transmission
of 75.10 MMSCMD (metric million standard cubic meters
per day) of natural gas, including 16.22 MMSCMD of regasified
LNG, according to a company release.
The MoU also provides for a production target of 3,10,000
million tonnes (MT) of polymers (HDPE and LLDPE) and about
one MT of LPG.
The company's performance will be assessed in terms of
key financial parameters as also dynamic parameters such
as project implementation, gas sourcing, customer focus,
safety, and enterprise-efficiency.
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Trisha
is brand ambassador for Tata Indicom
Chennai: Tata
Teleservices Ltd has signed on Tamil actress Trisha as
the new brand ambassador for the Tamil Nadu, Kerala and
Andhra Pradesh circles of Tata Indicom.
Madhusudan, Chief Operating Officer, Tamil Nadu &
Kerala Circle, Tata Teleservices, said, "Tata Indicom
is a youthful and vibrant brand and Trisha reflects these
very qualities, her association with Tata Indicom personifies
the brand's identity. The youth are a growing segment
in the telecom sector and Trisha as a brand ambassador,
is one such effort to connect with this segment."
The contract is valid for one year.
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Quarterly
Results: REL, Infosys, iGate
REL net up 39.07 per cent
Mumbai: Backed by a huge growth in its EPC and contracts
business, Anil-Ambani controlled Reliance Energy Ltd has
reported a 39.07 per cent rise in net profit at Rs520.29
crore for the fiscal ended March 31, 2005.
The
board has declared a quarterly dividend of 14 per cent
taking the total dividend outgo of 47 per cent for the
reporting fiscal.
The company's net stood at Rs374.12 crore in 2003-04.
Total income during the reporting fiscal rose to Rs4,592.55
crore as compared to Rs3,582.70 crore in 2003-04.
The
net sales from energy during the last fiscal remained
flat at Rs2895.99 crore as compared to Rs2,820.96 crore.
The income from Engineering Procurement and Construction
(EPC) and contracts have doubled to Rs1,234.68 crore (Rs578.55
crore).
The
other income of the company also doubled to Rs461.88 crore
(Rs183.19 crore).
The
EPC and contracts division has an order book position
of about Rs3,500 crore compared to Rs1,200 crore in the
previous fiscal. The company has decided to "slightly
revise" the time schedule for its upcoming gas-based
3,740 MW project at Dadri in Uttar Pradesh.
Infosys
Q4 net rises 53 per cent
Bangalore: A
sluggish volume growth coupled with overriding client
issues have forced Infosys Technologies to issue lower-than-expected
earnings guidance for fiscal 2006 even as it posted a
tepid fourth quarter results.
Infosys' net profits rose 53 per cent to Rs 513 crore,
while revenues grew 47 per cent to Rs 1,987.32 crore for
quarter-ended March 31, 2005, over corresponding last
year.
Sequentially, the growth in net profits and revenues was
at 3.25 per cent and 5.96 per cent respectively. Onsite
volumes grew by 4.6 per cent while offshore volumes rose
by 6.6 per cent during the March quarter, as compared
to double digit-volume growth the company used to post
in the last few quarters.
After including a realisation of Rs45 crore through a
stake sale in subsidiary Yantra Corporation, Infosys'
net profit for the fourth quarter of FY05 stood at Rs558
crore. For fiscal 2005, net profits grew by 52 per cent
to Rs1,891.7 crore, while its revenues grew by 47 per
cent to Rs7,129.65 crore, over previous year.
The company has recommended a final dividend of Rs6.50
per share (130 per cent on a par value of Rs5 per share)
for fiscal 2005 amounting to Rs175.87 crore. Including
the interim dividend of Rs5 per share amounting to Rs133.93
crore, the total dividend recommended for the year is
Rs11.50 per share amounting to Rs309.8 crore. For fiscal
2006, Infosys expects income to be in the range of Rs8,890
crore and Rs9,029 crore, a growth of 24.7 per cent to
26.6 per cent.
Analysts said the outlook was below expectations of the
market, which was looking for thirty per cent guidance.
iGate
posts Rs.2 crore net in Q4
Bangalore:
iGate Global Solutions has posted a net profit of Rs2.2
crore for the fourth quarter of 2004-05 on revenues of
Rs145.6 crore. A company release said that for the same
quarter in 2003-04, it posted a loss of Rs5.6 crore on
revenues of Rs138 crore.
Revenues for the entire fiscal rose by nearly two per
cent to Rs580 crore, while net profit was Rs21.2 crore
compared to Rs0.08 crore for the previous financial year.
"The past year was one of consolidation for us and
we had mixed outcomes," said Phaneesh Murthy, CEO.
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