LATEST BUSINESS NEWS

Persistent Systems acquires digital content management solutions business of Akumina

The company has also entered into a strategic partnership and investment in Akumina
Persistent Systems, a global software developer, has acquired the digital content management solutions business of Akumina, maker of InterChange, an innovative software platform that optimizes user experiences for digital businesses using Microsoft SharePoint. The company has also entered into a strategic partnership and investment in Akumina, strengthening its Partner Ecosystem for Digital Transformation.

Persistent Systems is a global company specializing in software product and technology services. Persistent develops best-in-class solutions in key next-generation technology areas including Analytics, Big Data, Cloud Computing, Mobility and Social, for the telecommunications, life sciences, healthcare, and banking & financial services verticals.
source : ventura

 

Hinduja Global Solutions launches community outreach programme in Siliguri

The objective of the programme is to create awareness and impart information on preventive health amongst children and the community etc.
Hinduja Global Solutions (HGS) has launched its community outreach programme in Siliguri, West Bengal. HGS has partnered with Magic Bus, an NGO at the forefront of Activity-Based Learning for child and youth, for this programme.

The objective of the programme is to create awareness and impart information on preventive health amongst children and the community as well as enable improvement in school enrolment using sports- and activity-based learning. This initiative would be carried out with the active participation of the children and youth, their parents, larger community and the teachers/ health workers.

Hinduja Global Solutions, a part of the multi-billion dollar conglomerate ‐ Hinduja Group, excels in providing outsourcing solutions that include Back Office Processing, Contact Center services and customized ITES solutions to its global clientele comprising several Fortune 500 Companies.
source : ventura

 

Mahindra Lifespace Developers acquires land parcel in Maharashtra

The company has acquired a land parcel in Palghar district admeasuring 85,000 square meters for residential development
Mahindra Lifespace Developers has acquired a land parcel in Palghar district in the state of Maharashtra admeasuring 85,000 square meters for residential development.

Mahindra Lifespace Developers, the real estate and infrastructure development business of the $16.9 billion Mahindra Group, is a leader in sustainable urban development, through the creation of residential and integrated large format developments across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore.
source : ventura

 

RBI allows Pipavav Defence to raise foreign shareholding

The company has passed resolutions at its Board of Directors and shareholders’ level for allocating the sub limits for the purchase of its equity shares by RFPI/FII/QFIs/NRI/PIOs
Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Pipavav Defence and Offshore Engineering to 12% of its paid-up capital. RBI has notified that Registered Foreign Portfolios Investors (RFPIs)/FIIs/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of Pipavav Defence and Offshore Engineering under the Portfolio Investment Scheme (PIS). The company has passed resolutions at its Board of Directors and shareholders’ level for allocating the sub limits for the purchase of its equity shares by RFPI/FII/QFIs/NRI/PIOs.

Pipavav Defence and Offshore Engineering Company is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).
source : ventura

 

ITC’s arm enters into strategic partnership with Ramco Systems

This partnership will enable ITC Infotech to strengthen its aviation capabilities and expand its expertise in the HCM domain
ITC’s fully owned subsidiary - ITC Infotech has entered into a strategic partnership with Ramco Systems that will enable ITC Infotech to strengthen its aviation capabilities and expand its expertise in the Human Capital Management (HCM) domain. The partnership will also facilitate Ramco to expand its footprint across the commercial airlines space and further strengthen its client portfolio across key markets, including North America, Europe, Middle East & Africa and Asia-Pacific.

The partnership will enable ITC Infotech to extend its Aviation solution through Ramco’s MRO (Maintenance, Repair and Overhaul) offering, integrated with the latest technology stacks such as Cloud, Mobility and simplified user experience. This will enable ITC Infotech and Ramco to jointly provide comprehensive cloud-based applications, and enhance enterprise business solutions with latest innovations such as email based transactions, straight-through processing and real-time optimization with In-memory computing, among others.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
source : ventura

 

Sun Pharma unveils Volini Spray with 360 degree technology

The company has hinted at consolidation of its consumer healthcare business across five major brands
Sun Pharmaceutical has launched its Volini Spray with 360 degree technology and hinted at consolidation of its consumer healthcare business across five major brands. Under the Consumer healthcare business, Sun Pharma has five major brands of Revital, Volini, Pepfiz, Garlic Pearls and Olesan Oil and expects to expand their market presence.

Sun Pharma is the fifth largest specialty generic pharmaceutical company in the world. The company provides high quality, affordable medicines trusted by healthcare professionals and patients in over 150 countries worldwide.
source : ventura

 

Tech Mahindra’s arm launches first-of-its-kind Mooditt Digital Store

Mahindra Comviva has created this unique Digital Store that brings the entire ecosystem of content providers, application providers and distribution channels on a single platform
Mahindra Comviva, the mobility solutions arm of IT services major Tech Mahindra, has launched ‘first-of-its-kind’ Mooditt Digital Store. Mahindra Comviva has created this unique Digital Store that brings the entire ecosystem of content providers, application providers and distribution channels on a single platform and leverages multiple channels of content distribution like Web, APP, WAP, DTH, Radio, TV, IPTV, Text, and IVR for seamless distribution. Besides enabling a robust content sharing ecosystem, the Mooditt Digital Store adds value by bringing automated partner management and data analytics to the table, enabling seamless content flows to various participants of the ecosystem.

Through Mooditt Digital Store, content publishers will easily be able to publish their digital content, be it music, video, audio, text, images, eBooks etc. on a channel that would be directly open to application providers and distribution channels. Besides solving the problem of content discovery and distribution, the Digital Store will also take care of all the necessary intermediary activities like making commercial arrangements, content publishing and business operations.

Mahindra Comviva’s global content portfolio includes over 1,000,000 digital content spanning audio, video, games, e-books, etc. and partnership with more than 150 content providers across various regions. In Africa alone, the company has collaborated with over 70 content partners including local and international content providers/copyright bodies/ local artists and production houses in the region. Its global footprint spans 31 customers, who provide content-based services.
source : ventura

 

Shasun Pharma temporarily suspends production at Cuddalore unit due to fire accident

The company is working with the Government authorities to resume operations at the earliest
Shasun Pharmaceuticals has temporarily suspended the production at its Cuddalore API facility on account of fire accident in one of the manufacturing blocks of the said unit. The company is working with the Government authorities to resume operations at the earliest. Though, there will be no material impact on the revenue of the group during the current financial year.

Shasun Pharmaceuticals manufactures active pharmaceutical ingredients (APIs), their intermediates and enteric coating excipients with a significant presence in some key generics. Shasun has created a strong product portfolio, building on its R&D Expertise, regulatory capabilities and multi scale production capacities.
source : ventura

 

Nse HDFC 2 lacs @ 1199.55 value 23.99 crs (Bulk/ Block Deals )

 

Nse IDEA 10.15 lacs @ 131.95 value 13.39 crs (Bulk/ Block Deals )

 

Nse INFY 1.24 lacs @ 1034 value 12.92 crs (Bulk/ Block Deals )

 

Orient Green Power to divest 26% equity shares in Sanjog Sugars & Eco Power

The company has received approval to enter into MoU with Chandrabhan Katewa for the same
Orient Green Power Company has received an approval to enter into a Memorandum of Understanding (MoU) with Chandrabhan Katewa to divest 26% equity shares held by the company in Sanjog Sugars & Eco Power through an investment vehicle to be identified by Chandrabhan Katewa subject to all required approvals.

The Investment and Borrowing Committee Meeting of Board of Directors of the Company held on November 17, 2015, has approved for the same.

Orient Green Power is the largest independent operator and developer of renewable energy power plants in the country based on aggregate installed capacity. The company’s portfolio currently includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
source : ventura

 

GoI approves 10% stake sale in Coal India

The stake sale could fetch the government a little over Rs 21,000 crore
In a bid to meet its disinvestment target for 2015-16, Government of India (GoI) has given its approval for a 10 per cent stake sale in Coal India (CIL). The stake sale could fetch the government a little over Rs 21,000 crore. However, this would be less than the Rs 22,557 crore mopped up by the government when it had sold 10 per cent stake in CIL last time in January 2015.

Budget 2015-16 had set a target of Rs 69,500 crore from disinvestments, including Rs 500 crore from strategic stake sales and Rs 41,000 crore from minority stake sales, such as is being planned in CIL. Till now the government has raised Rs 12,600 crore through disinvestments in four PSUs - Indian Oil Corporation, Dredging Corporation of India, Power Finance Corporation, and Rural Electrification Corporation.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
source : ventura

 

Amtek Auto plans to sell Tekfor: Report

The company is looking to receive bids from about a dozen bidders next month
Debt-ridden Amtek Auto is reportedly planning to sell Tekfor, the German forging company it acquired in 2013, for Rs 6,000 crore. In this regard, the company is looking to receive bids from about a dozen bidders next month.

Tekfor is engaged in manufacturing components related to transmissions, engines, drivelines, special applications and safety fasteners. It generates $700 million (Rs 4,600 crore) of annual revenue and is a profit-making business.

The company had appointed Morgan Stanley to find buyers for some of the international businesses and also appointed EY and Grant Thornton in India to sell non-core assets.

Amtek Auto manufactures components such as connecting rod assemblies, flywheel ring gears and assembly, steering knuckles, suspension and steering srms, CV joints, crankshaft assemblies and torque links. It is backed by in-house design and development facilities engaged in developing new product and processes.
source : ventura

 

Nse INFY 1.10 lacs @ 1030.50 value 11.40 crs (Bulk/ Block Deals )

 

CCI slaps Rs 42.48 crore penalty on SpiceJet

The ruling has come on a complaint filed by Express Industry Council of India, which alleged that the five airlines indulged in anti-competitive practices
Competition Commission of India (CCI) has imposed a penalty of Rs 42.48 crore on SpiceJet for alleged concerted action in relation to cargo fuel surcharge. The ruling has come on a complaint filed by Express Industry Council of India, which alleged that the five airlines indulged in anti-competitive practices. According to CCI, such anti-competitive ways in the air cargo industry undermines economic development of the country and ultimately acts to the detriment of end-consumers. The Company is examining the order and shall be taking such steps, including challenging the order in appropriate forum as may be advised and deemed necessary to defend the Company's position.

SpiceJet was among the first private companies that stepped into the Indian aviation sector. The airline was launched with an objective to deliver the lowest air fares with the highest consumer value, to price sensitive consumers. The company has alliance with some of the best names known globally like Honeywell, Weber Seats, etc, to ensure highest safety standards.
source : ventura

 

Indian Metals files $600 million claim against Indonesia in the international court: Report

The Permanent Court of Arbitration will hold a hearing on the case in Singapore on December 6
Indian Metals and Ferro Alloys has reportedly filed a nearly $600 million claim against Indonesia in the international court, alleging that overlapping mining permits have disrupted its operations. The Permanent Court of Arbitration will hold a hearing on the case in Singapore on December 6.

The company is holding mining business permits but it cannot produce because they overlap with seven other permits in East Barito, Tabalong and South Barito. Land disputes and overlapping permits for plantation and mining operations are a common problem in Indonesia as various government agencies use different maps and data.

Indian Metals & Ferro Alloys is primarily involved in the production of ferro alloys including charge-chrome (high-carbon ferro-chrome), and has an installed furnace capacity of 157 MVA in its two units in Therubali and Choudwar districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.
source : ventura

 

Bharti Airtel enters into an exclusive long-term strategic pact with OYO Rooms

The tie-up is to provide wi-fi and DTH services in OYO branded hotels, initially covering 3,000 rooms within the next three months
Bharti Airtel has entered into an exclusive long-term strategic pact with OYO Rooms, under which the telecom major will provide its wi-fi and DTH services in OYO branded hotels, initially covering 3,000 rooms within the next three months.

In the first phase, the telecom major is looking at rolling out services within a quarter across 3,000 rooms and once the model is settled it will look at connecting all the properties under the OYO Rooms umbrella.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
source : ventura

 

State Bank of India plans to hire 7000 people

The recruitment will be made to fill in the requirements of the branch expansion and the regular needs of the bank
State Bank of India (SBI), country’s largest public sector lender is planning to hire 7000 people this financial year out of which 2000 for Probationary Officers and the rest of them is for Clerks. The recruitment will be made to fill in the requirements of the branch expansion and the regular needs of the bank. The bank is also planning to add 700 new branches this year taking the count to more than 17,000.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.
source : ventura

 

Ramco Systems features as preferred Next-Gen MRO IT Vendor by ARSA

This recognition comes close on the heels of Ramco announcing its association with Air France Industries KLM E&M for setting up a new co-innovation center in Singapore
Ramco Systems has added yet another notable accolade to its name as the Aeronautical Repair Station Association (ARSA), the only association devoted to the unique needs of the global civil aviation maintenance industry, has recognized the company as an association-approved Next-Gen IT Vendor for MROs.

This recognition comes close on the heels of Ramco announcing its association with Air France Industries KLM E&M for setting up a new co-innovation center - ‘The MRO Lab’ in Singapore.

Ramco Systems is a leading software company focused on consulting, product and managed services business. The company focuses on providing innovative business solutions that can be delivered quickly and cost-effectively in complex environments.
source : ventura