Satyam & Pegasystems Expand Partnership; Establish First-of-its-Kind Pega BPM Center of Excellence in Malaysia

Satyam Computer Services Ltd on March 27, 2008 has announced the establishment of a Pega Business Process Management Center of Excellence (CoE) at its 2000-seat Global Solutions Center (GSC) at Cyberjaya, Malaysia. Satyam teamed with US-based business software maker, Pegasystems Inc., (NASDAQ: PEGA) to create the facility.

Satyam will leverage the capabilities of Pegasystems SmartBPM® Suite to drive business agility, grow revenue, and improve productivity for its global customers. Pega, the market leader in BPM software, introduced its latest version of SmartBPM in February at Gartner's BPM Summit in Las Vegas.

The CoE will develop unique frameworks and methodologies to implement BPM solutions featuring Pega. These will result in speedier, more flexible options that will facilitate development, testing, implementation, and maintenance. In addition, customers of Satyam and Pega-some of the most sophisticated organizations in the world-will gain the agility to respond rapidly to changing market conditions.

"Pega continues to drive the BPM market with its robust products and innovative ability to bring competitive advantage to its customers," said Sriram Krishnan, senior vice president of Satyam's Consulting and Enterprise Solutions Practice. "The new capabilities for capturing business requirements directly in the tool are revolutionary, and significantly increase the efficiency with which applications are delivered. These capabilities also reflect business objectives more accurately. We are pleased to launch the Pega BPM CoE, and look forward to implementing these robust applications for our customers."

Satyam has had a global strategic partnership with Pegs since 2003, and provides consulting and implementation services on SmartBPM, notably design and delivery of industry solutions for insurance, healthcare, banking, and financial services customers.

Satyam also helps Companies use the tool to create horizontal business solutions for key processes; integrated Pegs solutions with SOA, ECM, and EAI technologies; and compliance solutions for fraud detection, anti-money laundering, and Sarbanes-Oxley. The organization provides full architecture, design, and delivery of Smart Pega applications by leveraging its methodologies and design principles for reuse, and to provide onsite-offshore delivery through a team of more than 500 BPM consultants.

"Satyam has consistently proven itself to be a reliable, scalable partner in delivering Pega solutions to our joint customers. This investment by Satyam further complements our growth plans for Asia", said Luke McCormack, Managing Director of Asia Pacific for Pegasystems. "Satyam's rapid ability to embrace new technologies and quickly leverage these industry advances to benefit its customers is the essence of a mature consulting and systems integration Company. We are proud of our longstending relationship with Satyam."

In addition, establishment of the CoE is evidence of Satyam's commitment to making Malaysia a software development hub. These efforts support Satyam's Global Delivery Model 2.0 (GDM), an integral part of its strategy to provide a distributed delivery capability for global customers via an alternative, multi-country workforce.

"Pega is one of our key practice partners and we are pleased to have them join our Malaysia GSC, a strategic part of our global delivery model," said Virender Aggarwal, Satyam's director and Senior vice president, Asia Pacific, Middle East, India, and Africa.

Specifically, Aggarwal said, Satyam has "leveraged Malaysia's world-class infrastructure to build a pool of impressive IT talent since 2001. Today, we have approximately 500 associates in the GSC, two-thirds of whom are Malaysians. The rapid strengthening of our Malaysian operations has bolstered our GDM and in turn, our international expansion. Pega will benefit similarly from its participation."

"We are delighted that Satyam is committed in its quest to grow its Global Solutions Center here in Malaysia, said "Multimedia Development Corporation (MDeC) CEO Dato' Badlisham Ghazali. "Satyam has always had a key presence in MSC Malaysia, and MDeC will continue to support Companies that show confidence in the country. We hope to provide the capacity and capability to meet to the very high standards of the Pega BPM CoE, so that it can deliver high-quality service to its clients globally."

Moreover, Aggarwal said, Satyam is committed to growing its presence in Malaysia as it embarks on an aggressive expansion initiative. "We plan to make Malaysia our largest software development hub outside of India over the next few years."

Prime Securities incurs losses in capital markets

Prime Securities Ltd has informed about the following:

"Prime Securities Ltd and its subsidiary, Prime Broking Company (India) Ltd, have been the subject matter of several unsubstantiated rumours over the last few days, of huge losses, hence, for the benefit of the investing community and shareholders at large, wish to clarify the following:

a. The Loss in the Futures & Options segment for the current financial year, till date, is marginally under Rs 3 crores.

b. The Profit in the Capital Market segment for the current financial year, till date, is approximately Rs 38 crores.

c. In keeping with established accounting norms, the entire investments will be marked to market at year end, at the lower of market value or cost. Consequently, the estimated. provision for depletion in value of the Securities as on date would be approximately Rs 23 crores.

d. Post the Investments write down of Rs 23 crores, the PBT for the year is expected to be around Rs 27 crores.

e. Further, there is no outstanding Futures & Options position as on date."

Ambalal Sarabhai t o sell land

Ambalal Sarabhai Enterprises Ltd has informed that the Board of Directors of the Company took a note of the CLB Order dated March 26, 2008, the gist of which is as follows:

The CLB, Principal Bench, New Delhi has given permission to the Company to sell 3,63,000 sq. ft of land at the Company's Baroda campus to Neptune Infrastructure and Monet Securities Pvt Ltd as per the terms of offer if it is acceptable to both these parties. Further the Company is permitted to sell 82,900 sq. ft of Land situated at the Company's Baroda campus also.

In this connection the Company is directed to form a committee of 5 members with retired Judge as the chairman to invite offers for 82,900 sq. ft of land area and if the above named parties do not convey their acceptance before April 02, 2008 then the committee is required to invite offers for both the plots of land as stated above and submit the details of offers received to CLB, New Delhi.

The proceeds will be utilized as per the directives of CLB with a preference for payment of workers dues.

Infosys Technologies Cited as a Leader in Oracle Implementation Services by Independent Research Firm

Infosys Technologies Ltd has announced that the Company has been recognized as a leader among Oracle implementation providers in a March 2008 report issued by independent analyst firm Forrester Research.

The Forrester report, entitled The Forrester Wave: Oracle Implementation Providers Q1 2008, states that Infosys' placement within the leader category was "fueled by strong business process consulting capabilities, technical skills, large offshore practices, and strong technical IP including pre-built, industry-specific solutions."

"Infosys is committed to working closely with our clients as their trusted strategic partner to help them strengthen their business and gain efficiencies throughout their organization," said Chandra Shekar Kakal, senior vice president and global head for enterprise solutions, Infosys Technologies. "Our placement in the Forrester report reflects our ability to deliver valuable strategic insight coupled with strong implementation capabilities and industry solutions for our global clients running packaged applications from Oracle."

In addition to citing Infosys as a leader in Oracle implementation services, the report recognizes the Company's impressive growth rate of "50% year-over-year for the past four years" noting that "the provider has expertise across a range of industries including banking and financial services, hi-tech and discrete manufacturing, and retail."

The report also mentions customer satisfaction depicted by "strong client reference scores, particularly around value for the money and project management." Infosys notably received the highest customer reference scores (in a three-way tie) for value for the money and client reference scores on knowledge of business process related to the scope of the Oracle implementation were tied for best in the evaluation.

This report is a quarterly assessment of 13 global Oracle implementation providers and tracks across 107 criteria to determine competitive standing. Forrester Research factors in scores rated against overall strategy, market presence and current offerings.

Siemens launches PETNET services in India

Siemens Ltd has informed that Siemens Medical Solutions on March 27, 2008 announced the launch of its project to set up the Company's first molecular imaging biomarker production facility in Chennai. The new facility will enable the healthcare providers in and around Chennai to access the PET.CT technology for diagnosis of patients with life-threatening diseases such as cancers, as well as cardiac and neuro ailments. with this facility, Siemens makes another significant contribution to strengthen healthcare infrastructure in the country.

PETNET Solutions, a fully owned subsidiary of Siemens Medical solutions, operates the largest PET radiopharmacy network over 44 radiopharmacies and distribution centers at multiple locations that produce and distribute PET radiopharmaceuticals to hospitals, clinics, and research facility for PET imaging. The new facility in Chennai will produce and supply the requited radiopharmaceuticals to the hospitals that have PET.CT (Positron Emission Tomography. Computed Tomography) facilities, which will ease the burden of healthcare providers to produce their own radiopharmaceuticals. As a result, it will also help in bringing down the cost of nuclear medicine and expand its reach to a wider community. The new facility will house the Siemens Eclipse HP cyclotron which will be deployed to manufacture FDG (fluorodeoxyglucose), the imaging biomarker used in PET.CT facilities to assist with the diagnosis and staging of disease processes and to monitor cellular response to treatments such as chemotherapy and radiotherapy.

Currently, there is no PET.CT in Tamilnadu because of non availability the vital imaging biomarker FDG, which is essential to do the imaging in PET.CT. FDG has a half-life of only 110 minutes (losing half of its activity every 110 minutes) and hence needs to be produced locally. The new cyclotron will guarantee reliable delivery of PET radiopharmaceutical and will vastly increase availability of FDG, which means that many more patients in Chennai and in other locations within transporting distance will have access to world-class PET.CT imaging. For cancer patients, this will allow for earlier lesion detection and differential diagnosis of primary cancers, which is important for treatment and disease management.

Speaking on this initiative, Mr. Ragavan, Head-Siemens Medical Solutions-India said "In India, over a million people are diagnosed with cancer every year and there is a growing need among the healthcare providers to access the latest technology in fighting this life-threading disease.

PET.CTs help doctors to detect cancer early and comprehensively and help them and even patients to check if the treatment applied has been successful. World over, PET.CTs are helping doctors to understand the stage and progress of cancer and accordingly treat it more holistically. The local availability of FDG is very critical for healthcare providers, to put the PET.CT technology to the benefit of the patients, and therefore we are very proud to establish this facility which will fill a critical gap in the Healthcare Infrastructure of Tamil Nadu. Apart from Chennai, we are also considering expansion of this network to other parts of the Country."

Reliance Energy buy back of shares

Reliance Energy Ltd has announced that the Company on March 27, 2008 has bought-back 2,00,000 equity shares of the Company.

Since the commencement of the buy-back on March 27, 2008, the Company has so far bought back 6,50,000 equity shares aggregating Rs 83.15 crore.

The Board of Directors of the Company has approved buy-back of equity shares of the Company up to an aggregate amount of Rs 800 crore.

Tata Chemicals announces successful acquisition of General Chemicals

Tata Chemicals Ltd has informed that the Company on March 27, 2008, after fulfilling all necessary regulatory requirements and approvals, successfully completed the acquisition of General Chemical Industrial Products Inc. (General Chemicals) in the USA for a total consideration US $ 1,005 million.

General Chemicals is one of the largest Soda Ash producers in the USA with a capacity of 2.5 million TPA of natural Soda Ash. The Company's mining and manufacturing facilities located at Green River Basin in Wyoming, USA, are assets of a very high quality, providing access to some of the world's largest and most economically recoverable trona ore deposits that are then converted to Soda Ash. It has significant reserves of extractable trona ore from the current mines for which there are long-term Federal, State and private leases. The Company has a strong and committed management team, which is highly focused on ethical conduct, strong customer relationships and performance excellence.

The acquisition of General Chemicals takes Tata Chemicals total global capacity up from around 3.0 Million Tonnes to around 5.5 Million Tonnes of Soda Ash per annum. Tata Chemicals Ltd had in 2005-06 acquired the Brunner Mond Group of Companies, a leading producer of Soda Ash with a presence in the UK, Netherlands and Kenya.

Tata Chemicals Ltd now enjoys a unique advantage of having majority of its capacity from natural Soda Ash, which is not only cheaper but more environmentally-friendly than Soda Ash made by the synthetic route. The acquisition also gives Tata Chemicals Ltd, access to two of the lowest cost natural Soda Ash reserves in the world (Wyoming, USA and Magadi, Kenya). With this acquisition, Tata Chemicals Ltd now has manufacturing locations in four continents and access to consumers around the world, including new markets it was not earlier in, viz. North America, Latin America and certain markets in the Far East.

Tata Chemicals Ltd has funded the said acquisition through a mixture of term financing (ECB) of $ 500 m. and bridge financing (in the US) of $ 350m, raising a total of US$ 850 m at very competitive rates.

Advani Hotels Update

Fasttrack Impex Pvt Ltd (Acquirer) has informed in terms of Disclosure under Regulation 22(17) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 as amended ["Takeover Regulations"] that Fasttrack Impex Pvt Ltd (Acquirer) on March 27, 2008 has acquired 1,562 fully paid up equity shares of Rs 2/- each of Advani Hotels & Resorts India Ltd ("AHRL") at an average price of Rs 90.98 per equity share from the open market through the stock exchange mechanism of Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd. The Shares constitute 0.003% of the paid up share capital of AHRL. The highest price paid on March 27, 2008 for acquisition of part of the aforesaid shares is Rs 91/- per share.

In light of the public announcement issued by Fasttrack Impex Pvt Ltd (Acquirer) / Arrow Webtex Ltd (Person Acting in Concert) under Regulation 10 of the Takeover Regulations on February 29, 2008 and the open offer to be made by Fasttrack Impex Pvt Ltd (Acquirer) and Arrow Webtex Ltd (Person Acting in Concert) pursuant thereto ("Open Offer"), this disclosure is being made under Regulation 22(17) of the Takeover Regulations.

The highest purchase price of Rs 91 per Share paid on March 27, 2008 by Fasttrack Impex Pvt Ltd (Acquirer) towards the above mentioned open market purchase is less than the price of Rs 103.00 per share payable by Fasttrack Impex Pvt Ltd (Acquirer) / Arrow Webtex Ltd (Person Acting in Concert) under the Open Offer.

Accordingly, the above mentioned acquisition will not impact the price payable to the shareholders of AHRL who tender their shares in the Open Offer.

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Marico , Nissin alliance over

Marico Ltd has informed that the Company and Indo Nissin Foods Ltd. have mutually decided to discontinue their distribution alliance with effect from April 01, 2008.

In this regard the Company has issued the following Press Release:

"Marico Ltd (Marico) has announced that the end of its distribution alliance with Indo Nissin Foods Ltd (INFL). Marico has been distributing the Top Ramen & Cup Noodles range of products for INFL, a subsidiary of Nissin Foods of Japan, in India, since 1998.

Marico had entered into a Marketing-cum-Distribution alliance with INFL, with the objective of leveraging its extensive distribution network, which used to then service a turnover of only about Rs 500 crore. Since then, Marico's Indian Consumer Products Business has more than trebled. Said Saugata Gupta, CEO, Consumer Products Business, "Our size and portfolio of brands have grown smartly over the past few years. The imperative now is to channel our energies into brands from our own stable". INFL too has achieved a critical turnover mass at which it is keen to set up a distribution network in India to service its own products.

The Alliance between Marico and INFL would have anyway expired in March 2009. It had initially covered even Marketing by Marico. However, when the agreement was Last renewed in 2006, the alliance had been scaled down to cover only distribution by Marico. The increased scale of business has prompted the Companies to end the agreement, a year in advance - with effect from April 01, 2008."

KS Oils happy with Govt move on import duties

KS Oils Ltd has announced that the Company on March 21, 2008 welcomed the Government's move in reducing import duties of crude and refined edible oils. The Company feels that this move will help provide relief and parity to Indian players from the impact of increase in the global vegetable oil prices in the last 12 months.

Congratulating the Central government on this visionary move, Ramesh Chand Garg, Chairman, K S Oils said, "The government's move of cutting duty is in the right direction. K S Oils had already requested the government to decrease duty of imported edible oils as the price increase was more than 50% in the last 12 months. Higher prices affect consumption of all edible oils and add to inflationary pressures. The consumption which was growing at 6% per annum was being affected."

"This move will greatly benefit the Indian edible oil industry and also result in increased buying by retail consumers. As a leader in the edible oil industry, we have decided to pass on the price benefit to the consumers with immediate effect; this will see increased off take of retail packs thus giving us higher volumes and better margins."

K S Oils will pass on the benefit of about Rs 2/- per kg for mustard oil to the consumers with immediate effect; the Company's procurement cost for mustard seeds will come down similarly and the Company will see increased demand and consumption.

Indian IT Companies with heavy BFSI exposure

I-Flex Solutions (Oracle)

Nucleus Software

Polaris Software Labs

Infosys Technologies

3i Infotech

Applabs

Tata Consultancy Services

ThinkSoft


Know any other ? Please leave a comment

Asian Electronics clarifies on the Global Trade Finance petition

Asian Electronics Ltd (AEL) has clarified to as under:

"1. We have come across a news item / ticker in electronic media (mainly in CNBC TV18) stating that a winding-up petition is filled by Global Trade Finance Ltd against Asian Electronics Ltd for alleged default of repayment of about Rs 2 crores.

2. The Company has received a Notice Bearing No. Mum/9115/3241/2007 dated November 02, 2007 from the above party through their Advocates, M/s. Paras Kuhad Associates pursuant to the provisions of Section 433/434 of the Companies Act, 1956. The said Notice and other relevant papers were submitted to our Solicitors for taking suitable action.

3. Since the matter is sub judice, we would not like to enter into any correspondence except saying that all the actions taken by the above Company are baseless and frevolous. Company will take all the actions to defend itself through proper channel.

4. Since the Agreement provided for arbitration, a Sole Arbitrator has been appointed by Global Trade Finance Ltd. (GTF), who will adjudicate the rival claims between the parties.

5. Basically the dispute has arisen with regard to interpretation of Global Accounts Receivable Management Agreement, i.e. a Factoring Agreement regarding bills discounted with a U.S. party for the sum of US$ 573009.

6. It may please be noted that as per the said Agreement, Credit Protection was specifically offered. Thus, the debtors' risk was covered under the Credit Protection upto 90%. Thus the risk was assumed by GTF and the Client Credit Risk Limit is 10% on AEL Account. The Company has yet to receive balance 15% from GTF.

7. GTF has not received payment from the said U.S. customer and it is wrongfully claiming the entire payment from AEL though AEL is protected under 90% Credit Protection.

8. GTF failed and neglected to protect the interest of its client viz. AEL, inspite of having factored the receivables and taken the responsibility of collection and received the charges thereof. In spite of pending Arbitration and without having due regards for the pendency of the same, GTF has filed this misconceived Winding up Petition.

9. The Company is legally advised that the Company has substantial defence to the Winding up Proceedings and Arbitration Proceedings.

10. The aforesaid facts are conveyed with a view to keep the Stock Exchange and all stake holders duly informed as the Company believes in maintaining highest standards of integrity, transparency and uprightness."

Natco Pharma completes API facility

Natco Pharma Ltd has announced that the Company's API facility situated at Mekaguda village, in Mahaboobnagar District, Andhra Pradesh (which is already approved by the US FDA) has just completed, successfully, an inspection by US FDA for approval of the following additional products :

a) Imatinib Mesylate — medicine for blood cancer;

b) Anastrazole — medicine for breast cancer;

c) Granisetron — treatment for nausea

d) Rizatriptan — for the treatment of migrane.

With these approvals in place, NATCO remains a preferred source of supply for multinational Companies around the world.

Larsen to ramp up capacity

Larsen & Toubro Ltd (L&T) has announced that the Company is all set to ramp up its manufacturing capacity of super-critical boilers and super-critical turbine generators to 4000 mw per annum. The foundation stone for the upgraded facility was laid at Hazira on March 19, 2008 in presence of Mr. A M Naik, Chairman and Managing Director, L&T, and Mr. Ichiro Fukue, Representative Director, Mitsubishi Heavy Industries Ltd.

L&T is the only private sector Company in India to enter the space of super-critical boilers and steam turbine generators. The Company will be manufacturing and marketing these critical components of the large power plant through two separate joint ventures with Mitsubishi Heavy Industries (MHI) of Japan. MHI is a global leader in this business.

L&T holds 51 per cent in both the JVs with MHI holding 49 per cent. The JVs will have an investment of Rs 1500 crore.

The JVs had already started their operations in existing facilities at Hazira last year and have already constructed two new workshops. To further add capacities by 4000 mw, the new dedicated facilities coming up at Hazira marks a significant milestone in India's power sector.

Super-critical boilers and turbines are integral components of energy efficient, coal-based power plants. They will help meet the demand supply gap for power plant equipment as India ramps up its power generation capacity using the super-critical technology.

Manufacturing capability of these products integrates into L&T's existing strengths in the power sector. L&T is currently engaged in total EPC contracts for power projects as well as manufacture of complete condensing and feed heating systems and 'balance or plant' for power projects. With L&T also declaring its intent to enter the generation space as a developer of power projects, the Company has developed capabilities for becoming a single point solution provider for the power sector.

L&T -MHI will have a product configuration catering to super-critical power plants, ranging between 500 mw-1000 mw. The engineering design centre for the boilers is based in Faridabad, near New Delhi, and that for steam turbines in Vadodara, Gujarat. The new fabrication and manufacturing facilities will be extension of present complex and will be state of the art world class set up.

Aban Offshore to deploy rigs

Aban Offshore Ltd has informed that a Letter of Intent has been received for the deployment of the newly built jack-up rig Aban VIII in the Middle East for a 18 wells plus 4 optional wells programme. The estimated revenues from the Contract (with an estimated duration of approx. 4 years) is approx. USD 300 million. The deployment is to commence following delivery of the rig, which is expected in the second quarter of 2008.

Pritish Nandy joins hands with DQ Entertainment International

Pritish Nandy Communications Ltd has announced that it has joined hands with DQ Entertainment International, one of the world's leading animation, game art and film production Companies, to co-develop and co-produce 6 movies in the next 3 to 4 years time within a budget of $45 Mn. These films will be in animation and live action and each project will be separately announced once the global co-production budgets are closed.

The understanding, which was concluded in Hyderabad early this morning, will see the two Companies co-produce unique movies in both the animation and live action space. Pritish Nandy, Chairman of PNC says, "DQE is a world leader in the high-end animation and film content space and the range and quality of their work has impressed us. We are delighted to associate with their extremely talented team of 3000 professionals across the globe. We are also exploring gaming extensions for all platforms to be co-developed with DQE including comic book spin-offs."

DQ Entertainment, Academy award winner and London listed Company, is a leading producer of animation and VFX for global TV series, feature films, DTH videos including online, mobile and next-gen console game art and in-game animation. DQE is engaged in global co-production: with world majors including American Greetings and Marvel Comics in the US and Method Films and Moonscoop in France and works with over 80 client-partners worldwide out of its production, creative and business support facilities in India, Philippines, Los Angeles, Tokyo and Paris. DQE has won many award nominations and been recognised for its technological and creative excellence, corporate governance and growth by Red Herring Asia 100, Deloitte Technology Fast50 and Deloitte Fast500 Asia Pacific.

Sical Logistics achieves financial closure for greenfield project

Sical Logistics Ltd on March 19, 2008 announced that it has achieved financial closure for its greenfield iron ore terminal project at Ennore Port.

YES BANK, India's new age private bank, is the lead arranger and sole underwriter for the INR 3.4 billion loan, the other members of the loan syndicate being United Bank of India, UCO Bank and India Infrastructure Finance Company Ltd.

The project is being undertaken by a special purpose vehicle (SPV), Sical Iron Ore Terminals Ltd, promoted by Sical Logistics, with 89% equity stake, and L&T Infrastructure Development Projects Ltd.

The iron ore terminal is being developed on a build-operate-transfer (BOT), revenue-sharing contract with Ennore Port for 30 years including the construction period. The terminal will have a capacity for 12 million tonnes of cargo per year. Facilities include a jetty, ship loader, mechanized handling system with conveyor, storage, and wagon unloading system.

Initially, the terminal will handle Panamax and Cape sue vessels up to 150,000 MT DWT; after dredging, the terminal would be able to handle vessels of 250,000 MT DWT. Other features include the capability of an average 75,000-tonnes-per day ship loading rate; a stockpile area that can store 2.4 million MT of Iron ore; and a railway wagon unloading system that can handle up to twelve 3500-tonne rakes per day.

Construction work at the terminal began recently. In-principle approval has also been obtained from the Indian Railways for dedicated rail siding.

COMMENT FROM ASHWIN MUTHIAH, CHAIRMAN, SICAL LOGISTICS

The financial closure of the entire debt component for Sical Iron Ore Terminals was a significant achievement considering the market conditions, said Sical Logistics Chairman Ashwin Muthiah.

"We are impressed with the dedication and professionalism of the team at YES BANK; taking up and delivering on the responsibility of underwriting and arranging an INR 3.4 billion loan in a single shot is no doubt a proud achievement for YES BANK," Ashwin Muthiah said.

The Ennore terminal will open up major possibilities, both in terms of direction and volume of movement, given its location on India's eastern coastline, close to the strong demand centers in the Asia-Pacific, Ashwin Muthiah said.

The terminal further strengthens Sical's strategic framework of multi-modal integrated logistics, Ashwin Muthiah said, "Taken together with Sical's trucking and container train operations, the value proposition to the customer is clear--a significant debottlenecking of the supply chain, resulting in a seamless flow from the mines to the terminal and to the ultimate destination ports," he said.

Subex implemets its fraud management system in Poland

Subex Ltd on March 19, 2008 announced that a leading mobile communications provider in Poland is implementing its Nikira™ Fraud Management system.

The service provider, with a user base of over 11 million GSM, 3G and mobile IP access customers, was looking to replace its existing Fraud Management system in order to support its fast-growing customer base and meet the requirements of emerging next-generation IP and content services.

Following a highly-competitive tender, the contract was awarded to Subex along with its system integrator partner, Alcatel-Lucent. A key differentiator was the ability to implement a proof of concept within a short deadline. The new Fraud Management deployment will help the service provider to automatically deliver content based services over one IP infrastructure, ensuring maximised revenues at minimised cost.

Sudeesh Yezhuvath, COO, Subex Ltd, said, "Detecting and preventing fraud is a very important issue for telecoms operators, particularly those in fast-growing deregulated markets. This implementation is a great endorsement of the Nikira product and our partnership with Alcatel-Lucent."

Nikira uses flexible rules-based alarms and artificial-intelligence driven advanced
analytics to identify likely fraudulent behavior, helping operators to detect known fraud types and patterns of unusual behavior in all telecoms environments — wireline, wireless and across all services.

Leading service providers around the world turn to Subex to combat fraud, conduct revenue assurance, correct configuration and interconnect billing errors, and manage third-party relationships to maximize margins and adopt lean operations.

Pyramid Saimira enters China

Pyramid Saimira Theatre Ltd has informed that Pyramid Saimira signs Memorandum of Cultural Cooperation with CSMRB, Ministry of Culture, Government of People's Republic of China and also a Joint Venture Agreement with Longzhe Group - forms a new JV "Jiangsu Pyramid Longzhe Group"

"Pyramid Saimira Theatre Ltd (PSTL) has now entered the Chinese market. The China Society of Music Research Board (CSMRB), Ministry of Culture, Government of People's Republic of China and India's Pyramid Saimira Theatre Ltd (PSTL) have signed an Arts & Cultural cooperation agreement by which CSMRB and PSTL will take many measures to promote cultural cooperation between India & China. PSTL will bring cultural specialist in the field of Arts, Film, TV, Music & Dance. CSMRB will also offer policy guidelines and business consultations for PSTL's foray in China's cultural industry.

Further to the agreement above, A new joint venture Company Jiangsu Pyramid Longzhe Group supported and approved by China Society Music Research Board (CSMRB), which is under the Ministry of Culture of the People's Republic of China, has been formed to operate theatres / distribute films and engage in other entertainment / arts & cultural activities in China.

The MOU between PSTL and CSMRB was signed at Beijing, in the presence of top delegate from the Chinese government. As part of cultural co relation agreement CSMRB & PSTL successfully presented Ey Aa O, a cultural exchange event between the two countries in Nanjing. As a part of the exchange, PSTL had brought a huge cultural delegation that had performed twice in Nanjing and their 3rd show was in Beijing on March 19, 2008 at China Child Art Theatre Hall, Beijing. It is a matter of great pride for PSTL not only to enter China but also to organize for a cultural show in the year that the Olympics would take place.

China has a regulated entry on arts / culture / films and hence this entry of Pyramid Saimira group symbolizes the credibility the group enjoys and a dawn of new refigured entertainment industry in mainland china.

Mr. P S Saminathan,, MD — Pyramid Saimira Group, said "It is a matter of great pride for our company, to sign the agreement with CSMRB. It is a great honor to pyramid Saimira group to get entry into china's highly regulated growing culture & entertainment industry. Pyramid Saimira always believed in faster growth and expanding in uncharted territories. China has great entertainment potential given the growing affordability of the entire population and the willingness of new generation to avail multi faceted entertainment product & services. We will create a huge theatre chain network / food courts / gaming parlors and offer other entertainment services. We will also bring international content to china and will also showcase and market local Chinese content across the world. This entry will strengthen the growing Exhibition & content business of our group and will in a very short time make us the largest exhibitor in the world."

Diamond Cables gets a EPC order

Diamond Cables Ltd has announced the receipt of EPC — Turnkey Order for Implementation of Rajiv Gandhi Gramin Vidyutikaran Yojna (RGGY) for Bhavnagar District of Gujarat. The entire District RGGY in three lots has been awarded to the Company. The project will entail providing power to appex 21295 consumers resulting in Setting up of 139 Transformer Centers and Erection and Commissioning of Distribution Lines aggregating 382 Kms. The said Project is expected to be completed within 22 months from the date of Award. This project is in addition to the already existing contracts for Vadodara and Anand District of Gujarat.

Ram Informatics receives orders

Ram Informatics Ltd has informed the Company has received an orders from Saptagiri Grameena Bank and Pallavan Grameena Bank (Sponsored by Indian Bank) for SmartBanker Software for 25 New Branches. This will bring greater strengths and revenues to the Company.

Infosys Technologies - Finacle Powers Transformation at Aspis Bank, Greece

Infosys Technologies Ltd has informed that Finacle from Infosys and Aspis Bank on March 19, 2008 announced that Aspis Bank, Greece is live on Finacle Universal Banking Solution. While the core banking solution went live in the last quarter of 2007, the treasury solution has been operational at the bank since September 2005. The state-of-the-art solution that has gone live across 83 branches has enabled the bank to embark on its ambitious business transformation strategy aimed at aggressive growth and rapid differentiation. Post implementation, the bank has seen the launch of 7 new products in a short span of 12 weeks, almost 40% increase in average transactions/day and a threefold increase in ATM charges.

Leveraging Finacle, the bank is now empowered to create a differentiated customer experience through innovative product offerings, unified customer view and seamless integration across channels for greater customer convenience. Finacle has also enabled the bank to achieve greater efficiency in workflows, manage operational risks, and increase fee-based income.

Mr. Haragopal M, Vice President and Business Head - Finacle, Infosys Technologies said, "We are delighted to see Finacle powering the business transformation at Aspis Bank. Greece, Cyprus and the Balkans constitute a strategic market for Infosys and we are looking to enable banks in this region to become more competitive and customer focused by leveraging technology. We look forward to closely working with Aspis Bank helping them further hamess the capabilities of Finacle."

Finacle is built on new generation technologies, open industry standards and a services oriented architecture. It has effectively replaced the bank's legacy systems and provided the bank with a future proof technology platform that promises the flexibility of STP (Straight Through Processing) for channel transactions, agility to respond to business needs, true scalability and reduced total cost of ownership.

Finacle customer base spans across 60 countries. Finacle solutions have been recently recognized by top analysts including Gartner, Forrester and Celent. Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was also positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**.

*Source: "The Forrester Wave: Retail Banking Platforms, Q4 2006", Forrester Research, Inc., November 2006

**Source: Gartner, Inc. "Magic Quadrant for International Retail Core Banking, 2006" Don Free, January 25, 2007.

Tata Communications Launches Cisco® Certified TelePresence Connection services globally

Tata Communications Ltd March 19, 2008 announced the launch of its global TelePresence network service which has achieved Cisco Certified TelePresence Connection status. Cisco TelePresence is an innovative realistic virtual meeting solution that creates unique, "in-person" experiences allowing real-time, face-to-face communication over a converged IP network. It delivers life-size images, ultra-high-definition video (1080p), spatial audio and a specially designed environment to create a "room within a room" meeting space.

Cisco TelePresence is transforming the way organizations conduct business. Companies can utilize the TelePresence solution to enhance collaboration, to make decisions faster, to improve cross-cultural communications, to scale scarce resources and to move products to market faster. Tate Communications is the first Asian service provider to achieve Cisco Certified TelePresence Connection status enabling the delivery of the Cisco TelePresence solution.

The Cisco certification program for TelePresence services provides businesses with an added level of confidence, that providers such as Tate Communications can deliver the capabilities needed for an optimal TelePresence experience. The Cisco TelePresence certification process goes beyond static service measurement of network performance. It adds leading practices based on current industry standards for network architecture, management and performance including measurement, staff, processes and tools. These are audited regularly to help ensure that service providers are committed and able to offer an optimal Telepresence experience providing customers with robust, end-to-end communication solutions that meet their business needs today and into the future.

John Landau, Senior Vice President, Global Managed Services, Tata Communications commenting on the Company's newest achievement said, "This is a testament to the performance of our global MPLS capability, and is the first step to a rich range of TelePresence Managed Services which Tata Communications will be rolling out in the coming months."

YES bank clarifies on derivatives exposure

Yes Bank Ltd has clarified to as under:

"There have been unfounded rumors on Yes Bank's foreign exchange derivatives exposure and its implications on the Bank's operations.

Yes Bank confirms that it has a highly qualified top management and treasury team responsible for the Bank's foreign exchange risk portfolio with highly robust risk management and mitigation systems, processes and controls embedded within the Bank.

Yes Bank reiterates it has no uncovered exposure in the foreign exchange derivatives business and has a highly valuable treasury customer base which is consistently meeting all its maturing financial obligations.

Yes Bank continues to execute its strategy across Corporate, SME and Retail Banking businesses. The Bank currently has 60 operational branches and is in the process of launching 57 additional branches taking the total licensed network to 117.

The Bank reported a Net profit of INR 1355.2 million for the nine months period ended December 31, 2007, a growth of 114% over the corresponding period last year. Other key operating parameters include:

- Q3FY08 Return On Assets of 1.53% (annualized) and Return on Equity of 20.46% (annualized)

- Deposits at Rs 111.29 billion as at December 31, 2007

- Capital Adequacy Ratio of 14.18% as at December 31, 2007

- Book value per share of Rs 42.53 as at December 31, 2007

- Nil NPA portfolio as of December 31, 2007."

Country Club Plans Pan India Foot Print, Undertakes Major Expansion

Country Club India Ltd has announced that the company, is on an acquisition spree having brought properties in cities such as Chennai, Pune, Delhi, Cochin, Kolkatta, Ahmedabad, Vadodara and Surat during the past two months.

The acquisitions amounting to Rs 96.04 crores are a part of the strategic expansion plan undertaken by the Company to consolidate and strengthen its pan-India footprint. The Company is currently owns/operates 33 properties across the country.

Armed with war chest of Rs 486 crores through a recently completed GDR/QIP issue, the Company has set a scorching pace for itself. The GDR/QIP issue, priced at Rs 770 per share, evinced tremendous response. Leading global investment institutions such as Fidelity Investment International picked up 9.88% equity in the company, while Goldman Sachs International and New Vernon picked up 6.59% and 4.94 % equity respectively.

According to the Company Chairman Mr. V Rajeev Reddy, the expansion has initiated on account of the fact that clubbing has become more or less a way of life in metros.

Further the Company has recently launched its first Spa in Hyderabad which has been received an overwhelming response. The Company proposes to set up such spa’s near Mumbai, Bangalore and Chennai

Mr. Reddy pointed out most of the acquisitions in the aforesaid destinations have been of existing clubs or properties conducive for creating clubs. The Company would spend a considerable amount to refurbish these properties and bring them up to the Country Club standards. Once refurbished, these new Country Clubs would offer state of the art club amenities such as swimming pools, multi-cuisine restaurants, gymnasiums, squash/tennis courts, lounge bars, dhabbas etc.

Tulip IT changes name to Tulip Telecom

Tulip IT Services Ltd has informed that the Board of Directors of the Company at its meeting held on March 14, 2008, inter alia, has considered the following business, subject to the approval of the shareholders, through the postal ballot:

1. Change of name of the Company from "TULIP IT Services Ltd" to "Tulip Telecom Ltd".

2. Appointment of Mr. Deepinder Singh Bedi, as a Whole Time Director pursuant to Section 269 read with schedule XIII of the Companies Act, 1956.

Fasttrack Impex updates

Fasttrack Impex Pvt Ltd (Acquirer) has informed in terms of Disclosure under Regulation 22(17) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 as amended ["Takeover Regulations"] that Fasttrack Impex Pvt Ltd (Acquirer) on March 14, 2008 has acquired 4,41,424 fully paid up equity shares of Rs 2/- each of Advani Hotels & Resorts India Ltd ("AHRL") at an average price of Rs 95.86 per equity share from the open market through the stock exchange mechanism of Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd. The Shares constitute 0.96% of the paid up share capital of AHRL. The highest price paid on March 14, 2008 for acquisition of the part of the aforesaid shares is Rs 97 per share.

In light of the public announcement issued by Fasttrack Impex Pvt Ltd (Acquirer) / Arrow Webtex Ltd (Person Acting in Concert) under Regulation 10 of the Takeover Regulations on February 29, 2008 and the open offer to be made by Fasttrack Impex Pvt Ltd (Acquirer) and Arrow Webtex Ltd (Person Acting in Concert) pursuant thereto ("Open Offer"), this disclosure is being made under Regulation 22(17) of the Takeover Regulations.

The highest purchase price of Rs 97 per Share paid by Fasttrack Impex Pvt Ltd (Acquirer) towards the above mentioned open market purchase is less than the price of Rs 103.00 per share payable by Fasttrack Impex Pvt Ltd (Acquirer) / Arrow Webtex Ltd (Person Acting in Concert) under the Open Offer.

Accordingly, the above mentioned acquisition will not impact the price payable to the shareholders of AHRL who tender their shares in the Open Offer.

GAIL commisions IT Disaster Recovery Centre

Gail India Ltd has announced that the Company on March 14, 2008 formally commissioned an IT Disaster Recovery Centre at Jaipur to ensure uninterrupted business operations in case of any eventuality.

The Disaster Recovery Centre at Jaipur will help GAIL mitigate the risks of potential disasters to its IT infrastructure whether from fire, earthquake, prolonged power outage, war, riot, flood, bombing, terrorist attacks, cyber attacks etc. which in turn will help GAIL to continue uninterrupted services and supply to its customers.

The Centre will help GAIL to achieve the zero data loss and restoration of business within 2-3 hours time in case of any eventuality. The three way Disaster Recovery Centre has been set up by GAIL with state-of-the-art infrastructure at a cost of Rs 15 crores.

Speaking on the occasion, Dr. U D Choubey, GAIL emphasized the importance of business continuity to retain the confidence of stakeholders in today's business environment and described the Disaster recovery setup at Jaipur as a major risk management initiative taken by GAIL. He further said that GAIL proposes to take the Disaster Recovery Plan beyond IT and ERP to include business operations too and to develop an organization-wide Business Continuity Strategy. He also emphasized the need for proper identification, planning and implementation to ensure not only Business Survival but also long term success particularly when GAIL is planning to double its pipeline infrastructure and aiming for almost a three fold increase in revenues from the current Rs 16,047 crore to Rs 50,000 crore by 2011-12 and expanding its major spheres of pipelines, petrochemicals and distribution business.

GAIL has set up the Data Recovery Centre at Jaipur considering factors such as different seismic zones (vis-a-vis existing Datacentre at Noida), proximity and connectivity to Delhi, probability of dangers such as flood, tsunami etc. and robust connectivity with GAIL's own telecom bandwidth. The Centre is equipped with all infrastructure required for such systems. The design engineering for the Data Recovery Centre has been carried out in-house and the job was executed by Wipro.

Initially, the Data Recovery for business critical SAP R/3 Systems have been covered. Subsequently, all critical applications like GMS, E-mail and Customer Relationship Management / SRM would be covered.

GAIL implemented SAP-ERP in 2005 to cover business functions like Marketing and Sales, Collections and Payments, Finance Operations, Material Management, Human Resource etc. The entire ERP infrastructure is hosted at GAIL's state-of-the-art datacenter at Noida. A low capacity standby ERP server is placed at a separate location to cater to the requirement for 200 critical users, in case of any contingency at the Primary datacenter at Noida.

Pyramid Saimira to raise $400 million

Pyramid Saimira Theatre Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 14, 2008, have unanimously approved the following:

1. Raising additional funds through FCCB / GDR / ADR upto US$ 400 Millions.

2. Increase of Borrowing Powers to the Board from the present Rs 1,500 Crores to Rs 3,000 Crores.

3. Increase of powers to the Board for Mortgage, creation of charge or lien on the assets of the Company upto Rs 2,500 Crores from the present limit of Rs 1,200 Crores.

4. Commencement of Food & Beverages business as contemplated in the "other object" of Memorandum of Association.

5. Additional investment upto a sum not exceeding Rs 300 Crores in group Companies.

Man Industries announces new manufacturing facility

Man Industries India Ltd on March 14, 2008 announced plans to locate a new manufacturing facility on a 162 acre site at the Little Rock Port. The Company will invest $100 million in the facility, which will employ 250 people. Production will begin by mid 2009.

Man Industries' Little Rock location will have the capability of producing 300,000 tons of HSAW (Helical Submerged Arc Welded) pipes annually. These pipes will be used primarily in the petroleum industry. A coating facility will also be on site.

"The execution of this first facility is significant for Man, as we strengthen our presence in the U.S. market and take an important step towards investing in this region," said Ramesh Mansukhani, Chairman of Man Industries (India) Ltd. "Based on the U.S's growing demand, Man is very confident about its future growth opportunities in the U.S. Man is committed long-term to strengthening infrastructure in this region so as to serve the fast-growing American market, as well as partnering with the local community to be a good citizen and a good neighbor. It's of utmost importance that a strong manufacturing base, supported by the projects and O & M team, seamlessly intertwines to help Man deliver quality products on time and on budget to all its esteemed customers."

Man Industries currently has two manufacturing facilities in Gujarat and Madya Pradesh, India. The addition of the Little Rock manufacturing facility will allow the Company to expand and better serve the U.S. market, according to Mansukhani.

The location of Man Industries marks the fourth major Company to locate in the Little Rock Port area during the past year.

Fame India to start operations in Kolkata

Fame India Ltd has informed that the Company has commenced its operations at Fame South City -Kolkata, w.e.f. March 14, 2008 which consists of total 6 screens and 1426 seats.

The USP of this property is the introduction of 1 exclusive screen consisting 74 seats all with Gold Class Recliners, accompanied by an exclusive Gold Class Lounge with butler service; being the first one in Eastern India.

With the opening of this site, the total number of operational properties and screens of the Company are 15 & 54 respectively including the above.

Pyramid Saimira to launch DTH across Europe

Pyramid Saimira Theatre Ltd has informed vide its letter dated March 14, 2008 regarding press release with respect to the strategic partnership of Associate Company with UK-based pan European DTH platform, Spize TV.

Subject : Launch of Direct TO Home (DTH) services across Europe, North Africa & Middle East

Body:

- Pyramid Saimira Entertainment Ltd, a wholly owned subsidiary of Pyramid Saimira Theatre Ltd has entered into a strategic partnership for content agglomeration / new channels / services launching with Spize TV, A Direct To Home Platform.

- Associate Company of the group has earlier picked up equity stake in Spize TV.

- SpizeTV is a pan-European direct-to-home (DTH) TV platform offering Asian and niche content to viewers in Europe. Spize TV is available on the EuroBird-9 (EB9) satellite, which allows viewers to benefit from the 500+ free-to-air channels on the HotBird satellite by a simple dual-LNB upgrade. The technical details of SpizeTV platform are EB9 @9° East, 11,843 V, Txp 56, Symbol 27,500 and 3/4 FEC

- Spize TV will have "North" — Urdu, Hindi, Punjabi, Bangla and Gujarati other lingua) bouquet, a "South" bouquet of Tamil, Telugu, Malayalam, Kannada, and Singhalese, & Malay. It will also have Chinese & Spanish Bouquet shortly.

- Spize TV also announces the start of the platform with the complete suite of the ARY Network channels (ARY Digital, ARY OneWorld, QTV, and The Musik) and also the two B4U Network channels (B4U Movies & B4U Music) in its "North" bouquet. Other channels will be added in due course, The "South" bouquet currently has DAN (Tamil) and TV Lanka (Sinhalese), and others being added.

- Since the above "soft launch" of the bouquet, the channels are available, and the formal full scale commercial launch for viewers will be in April — May 2008.

- The Hot Bird platform has available to over 130 million housel holds: 23 Mil in North Africa & middle east, 30 Mil in Central & Eastern Europe, 77 Mil in Western Europe. SpizeTV plans to target the 30 million strong European "niche and expat" viewers across the region.

- Spize TV will have BOTH Viaeccess and Irdeto conditional access systems to allow both bouquets to watch a mix of channels including LIVE international Cricket matches played in India and Pakistan. SpizeTV will be arranging the installation of "dual-LNBs" on the existing viewers' of HotBird dishes to allow them to continue watching their other favourite channels on the HotBird satellite, as well as a large bouquet of channels on SpizeTV on the EB9 satellite.

- Quotes By respective People

P S Saminathan, MD of Pyramid says "Spize TV is yet another giant baby step for our global entertainment strategy. With this we are now creating last mile access which will synergize and will also leverage our content significantly. This also sets us well on the way on our European expansion strategy. Personally for me this is a re entry into cable & satellite space and this will a start of an exiting journey in this space."

Lanco Hills construction by Sembawang

Lanco Infratech Ltd has informed about the signing of an Agreement by M/s. Lanco Hills Technology Park Pvt Ltd (a Subsidiary of the Company) with M/s. Sembawang Infrastructure India Pvt Ltd, (a Wholly Owned Subsidiary of Sembawang Engineering and Construction, Singapore) for execution of structural work of Tower 9 for the prestigious SEZ IT Park at Hyderabad worth Rs 50 Crores.

In this regard the Company has issued the following Press Release:

"Sembawang Infrastructure India Pvt Ltd has bagged the order for construction of an IT Tower in the Lanco Hills Technology Park Pvt Ltd's IT Park in the SEZ area. To this effect Lanco Hills Technology Park Pvt Ltd and Sembawang Infrastructure India Pvt Ltd on March 10, 2008 signed an agreement for execution of the structural work of Tower 9 for their prestigious SEZ IT Park. The agreement involving this tower worth Rs 50 Crores was signed by Mr. S Pochendar, CEO of Lanco Hills and Mr. JD Stuart Macaskie, Managing Director of Sembawang in Hyderabad. Lanco Hills is a mega project coming up in 108 acres in Hyderabad including IT Park, Residential Towers, Mall, Multiplex, Hotels, Recreation and many futuristic amenities.

Mr. Pochendar, CEO of Lanco Hills, comments "We are developing 8 Million sq.ft of office space in our IT Park spread over 12 towers of SEZ and Non SEZ areas. Out of this the first Non SEZ Tower with 4 lakhs sq.ft is already under construction and is expected to be ready in an year. The first SEZ Tower with 30 floors will have 9 lakh sq.ft of office space and the work order has been given to Sembawang. We expect the work to start in a month's time. When completed this whole project will be one of its kind with the best of infrastructure and amenities anywhere in the world."

Lanco Hills is part of Lanco Group headquartered in Hyderabad with business interests in Property Development, Power, Infrastructure and Construction with mega projects across India.

Sembawang Infrastructure India Pvt Ltd, a wholly owned subsidiary of Sembawang Engineering and Construction, Singapore one of South East Asia's leading EPC / Design and Build Contractors, has other major ongoing projects in India, China, Indonesia, Singapore and the Middle East."

Mastek announces acquistion of STG International

Mastek Ltd on March 08, 2008 has announced the acquisition of Systems Task Group (STG) International Ltd, an IP-based enterprise solutions provider to the North American property & casualty (P&C) insurance industry. This acquisition is the second such initiative by Mastek during the current financial year, and follows the acquisition of another insurance-focused IT Company Vector Insurance Services in July 2007. Under the terms of the agreement, Mastek's wholly owned US subsidiary MajescoMastek will hold 100% equity stake in STG. The consideration for this acquisition will be paid partly in cash and partly by way of future cash earn outs. Following this transaction, STG will operate as "STGMastek".

Headquartered in New York with a fully integrated offshore competency centre in Mumbai (India), STG leverages its enterprise applications "Renaissance" suite and "ParadigmASP" to provide the full spectrum of solutions and services to customers in the North American P&C insurance industry in the areas of policy and billing administration, claims processing, and point-of-sales administration. The Company has about 350 employees with significant P&C insurance domain expertise and a robust customer base that includes over 35 small and mid-sized American insurance carriers.

Keeping in view that Mastek already has an intellectual property (Elixir™) and a growing market presence in the life & annuity segment that was accelerated by the acquisition of the US-based Vector Insurance Services (now VectorMastek) in July 2007, this latest transaction in the non-life segment is expected to noticeably strengthen Mastek's market position and expand the opportunity pipeline in the overall insurance vertical.

Commenting on the acquisition, Sudhakar Ram, Chairman & MD, Mastek, said: "This acquisition is another important step in furthering our strategy to expand our presence in both the life and non-life segments of the high opportunity US insurance market. STG enjoys very strong brand recognition and has over the years built a satisfied customer base in the P&C insurance industry. With STG's established strengths in the P&C segment complementing our own competencies in the life & annuity segment, our status as a leading IP-based enterprise-wide solutions provider in the insurance vertical will be reinforced with this initiative."

Rationale for the transaction

STG comes with a very attractive operating profile, comprising of an IP that is successful and well-accepted in the marketplace, a unique go-to-market business model, deep domain expertise and project management skills embedded in about 350 senior professionals, proven track record that spans more than 17 years with a 100% implementation success rate, and over 35 customers that include names like Tokio Marine Management (TMM), GMAC Insurance, RLI Insurance, FCCI Insurance, Amerisure, Bituminous, Max Specialty, and Ford Financials amongst others.

A strong IP backed by an integrated offshore competency centre located in Mumbai enable STG to deliver end-to-end solutions and services to customers. Its offerings for the P&C segment enjoy positive ratings in the marketplace by leading industry research groups such as Celent on many parameters such as technical flexibility, depth of client services, and breadth of functionality. The P&C segment itself is a high potential market, with IT spending by P&C insurers expected to cross US$20 billion by 2010 from US$16 billion in 2007 (as per Celent estimates).

The acquisition will be value accretive to Mastek both financially and operationally. STG reported revenues of US$17 million and an EBITDA of US$1.73 million for the financial year ended December 31, 2007. With more than 17 years of experience in building and delivering enterprise class applications around its own IP, STG has a proven and evolved capability across multiple technology platforms: host based, client-server, and web-browser based. Its capabilities in the area of IP development and product lifecycle management fits very well with Mastek's own focus on IP creation and IP-led IT solutions.

Mastek's larger scale of operations and strong IP-led capabilities in the life & annuity segment of the insurance vertical, combined with STG's IP-led client base and presence in the property & casualty segment, is expected to enable significant leverage across the entire insurance space and at multiple points in the value chain.

This initiative is in line with Mastek’s three-pronged strategy to drive revenue and earnings expansion over the long term by enhancing SG&A productivity through a verticals approach, adding new partnerships and strategic accounts in focus verticals, and making well-considered acquisitions that complement its existing strengths in terms of skill-sets or customer base.

Details of the transaction

Mastek will be acquiring a 100% equity stake in STG International Ltd in an all-cash transaction for US$29 million, with 85% of the total consideration payable at this time and the remainder to be linked to ongoing performance and paid by way of earn-outs. The acquisition is being funded through internal accruals and bank borrowings. STG was advised by Avenues in this transaction.

Integration process to be completed by June 2008

The integration of STGMastek with Mastek’s existing operations is likely to be completed in about 90 days, and its contribution will be reflected in Mastek’s consolidated performance partly in FY2008 and fully in FY2009. STG has built a loyal customer base in the region and will continue to serve its customers with enhanced abilities enabled by the acquisition. The STG management team, including its founder Praful Nikam, will continue o be actively involved in its operations and support William McCareter, who will be taking over as President of STGMastek. McCarter had joined Mastek last year as head of its US operations and has over two decades of experience in the North American P&C insurance industry. He will now focus on leveraging the newly created synergies following this transaction to drive growth in STGMastek’s operating and financial performance. All other managers and employees, including about 350 professionals with extensive experience in the P&C insurance segment, will also be retained and will continue to support Mastek in its objective to grow its insurance vertical business in North America.

Given STGMastek’s IP offerings and track record, this acquisition is expected to strengthen Mastek’s market position in the insurance vertical and enable greater value creation for the company’s shareholders going forward.

Gitanjali Gems acquisition

Gitanjali Gems Ltd has informed that in continuance of Company's policy towards strategic acquisition, Company has acquired 'Trinity Watch Company Pvt Ltd' through its wholly owned subsidiary Gitanjali Lifestyle Ltd.

Further the Company has informed that, the 'Trinity Watch Company Pvt Ltd' is engaged in the business of sale of watches under its registered premium brand 'Iris'. The Company also distributes various international watch brands under license from various principals.

Subex launches new version of Optima

Subex Ltd on March 05, 2008 has announced the launch of Optima™ 4.5, a new version of its Route Optimization system designed to help telecom operators better manage network cost information, analyze the impact of current operator tariffs and provide forecasts on future operator tariffs.

The key new feature in this latest version of Optima is the support of Oracle Database 10g, one of the most widely deployed enterprise databases in the telecom industry. With the product currently supporting SQL, the new Optima version offers service providers with increased options when choosing among the two leading database systems.

"With service provider rates changing constantly - and often at short notice - it's important to provide a solution that responds quickly to such shifting market conditions so that our customers' subscribers can benefit from a high quality of service at competitive rates," said Anuradha, Senior VP - Engineering, Subex Ltd. "Oracle 10g helps providers reduce costs and speed the time to market for new services, so offering the ability to support Oracle 10g was a top priority for this rollout as it helps us better serve our customers and expand our reach of this important product."

Optima is part of the Rocware suite of solutions, supporting the concept of the Revenue Operations Center (ROC) - a consolidated framework of systems that enables advanced revenue management, cost control and profit enhancement. Optima is designed as a modular system enabling service providers to invest in only those software elements required for their specific needs. This reduces the initial system cast and allows additional modules to be easily added at a later date if the business demands it.

As with all solutions in the Subex Revenue Maximization product suite, Optima helps service providers optimize their margins and promote lean operating principles.

Pratibha Industries secures contract

Pratibha Industries Ltd has informed that the Company has secured a contract for 'Construction of 900 MLD capacity water pumping station at Bhandup Complex' from Municipal Corporation of Greater Mumbai. The project is in joint venture with Kirloskar Brothers Ltd. The total value of the contract is Rs 53.81 crores.

The project involves 'construction of 900 MLD capacity water pumping station at Bhandup Complex under IV Mumbai Water Supply Project of Municipal Corporation of Greater Mumbai'. The project is to be executed in 30 months.

The Company is engaged in the business of infrastructure and manufacture of SAW pipes. As the Company moves ahead, it has laid increased emphasis on devising its business strategy on aggressive top line growth, a de-risked business model and increased operational efficiencies.

Brushman India launches Sally Hansen in India

Brushman India Ltd has informed  that the Company has launched 'Sally Hansen', the World's No.1 Nail Care brand in Indian Market on February 27, 2008 at New Delhi.

In this regard the Company has issued the following press release:

"Mr. Kapil Kumar, Managing Director of Brushman India Ltd through his untiring efforts and to establish the Company as pioneer in Beauty segment has launched Sally Hansen the World's No.1 Nail Care brand. Sally Hansen is provider of innovative, high-quality and high value, problem-solving nail treatment products, continues to lead this beauty segment true to its 'mantra' —

Beauty with treatment

Sally Hansen the global leader in nail care technology offers the most comprehensive portfolio of nail care products — a solution for every nail problem, the world over.

Sally Hansen pioneered the nail treatment category in the late 1950's with the introduction of Hard As Nails, touted as "the nail clinic in a bottle". This breakthrough nail protection formula, redefined the nail care market by combining beauty with treatment benefits. The innovation was followed by Hard As Nails with Color, the first nail strengthener that combined nail color with treatment. Since then the brand has and dominated the market with an ever expanding bouquet of nail treatment products. At present the global portfolio with over 50 nail care products vis-a-vis Strengtheners & Hardeners, Nail Growth Boosters, Cuticle Care, Base & Top coats and Anti-Fungal products, provide solutions to almost all nail dilemmas. So whether the dilemma is regarding how to maintain healthy cuticles, prevent brittle nails, make them grow faster or even how to keep them looking good 24/7, Sally Hansen provides all the solutions.

Sally Hansen leads the industry with the most innovative and safe products. All Sally Hansen products are free of Toluene, Formaldehyde and Di-Butyl Phthalate (DBP).

In the course of its eventful journey across the globe, Sally Hansen has gathered numerous sobriquets and awards, reiterating the brand's winning formulas with a record 75 awards in the past 4 years alone. The year 2007— 2008 has witnessed prodigious honours like

- 2008: Bridal Beauty Awards
Gold Award - Nail Growth Miracle

- 2007: She Beauty Awards
A winner in 'best for hands and nails' category- Nail Growth Miracle.

- 2007: Beauty Awards
Winner-Miracle Cure

- 2007: Essence
Readers Choice Award — Hard As Nails

- 2007: Brides Beauty Award
Winner—Diamond Lip Treatment

Sally Hansen Nail Colors and hand & foot care products perfectly complement the Sally Hansen nail treatments. The hand & foot care portfolio includes from scrubs and exfoliators to luxurious moisturizers and soothers.

News 24 to be available on Tata Sky

BAG Films & Media Ltd has informed that NEWS 24, a 24X7 National Hindi News Channel promoted by the Company will now be available on TATA SKY starting February 29, 2008. The channel, with its youthful look and appeal has captured a sizeable market share in less than three months of going on air. Its presence on TATA Sky is bound to get the news channel counted as a premium brand amongst the news channels operating in the country.

NEWS 24 recently managed to leave behind older players in the news market like Sahara Samay and India Live in the recent TRP ratings that were revealed. With its presence on TATA sky, the channel hopes to reach out to more viewers and earn premium for its brand of news telling. With a strong foothold in the market, NEWS 24 is likely to pose stiff competition to its counterparts in the near future. In the words of Ajit Anjum, Managing Editor News 24, its presence on TATA sky for the team 'is just the beginning'.

Commenting on the development, Ms. Anurradha Prasad, Managing Director, B.A.G. Films and Media Ltd, said:

"We are delighted with the development. Television viewers will have one more platform to watch NEWS24 wherein TATA Sky would definitely work as a catalyst in better brand positioning of the Channel. Going forward, we are confident of bringing back the discerning Hindi viewers to watch NEWS24 as our message to all the viewers is that NEWS IS BACK."

Dabur Pharma launches Ironotecan Hydrochloride injection in the US

Dabur Pharma Ltd has informed that the Company has announced approval and launch of Irinotecan Hydrochloride Injection in United States.

In this regard, the Company has issued the following Press Release:

Dabur Pharma Ltd on February 28, 2008, has announced the approval & launch of Irinotecan hydrochloride injection in United States.

Speaking on the occasion, Mr. Ajay Kumar Vij, CEO said “This is a major milestone for Dabur Pharma. This is our 4th product approval in the US market, wherein we have already submitted 13 dossiers. Dabur Pharma is vertically integrated in the product and is already one of the largest producers of Irinotecan API (Active Pharmaceutical Ingredient) in the world. The approval in US will provide a quantum jump to our aggressive growth plans”.

Irinotecan Injection is the generic version of Camptosar®, which had sales of over US$ 556 million in the US (IMS - MAT 03/07). Irinotecan is indicated as a component of first line therapy in combination with 5- fluorouracil and leucovorin for patients with metastatic carcinoma of the colon or rectum. Irinotecan is indicated for patients with metastatic carcinoma of the colon or rectum whose disease has recurred or progressed following initial fluorouracil- based therapy.

Maruti Suzuki small cars to be cheaper

Maruti Suzuki India Ltd has announced that the Car market leader Maruti Suzuki India Ltd has passed on the full benefit of excise duty reduction to customers. This follows the announcement by the Union Finance Minister for reduction in excise duty for small cars to 12 per cent from 16 per cent in his Union Budget speech, on February 29, 2008.

The Company has announced price reduction in all the six models that qualify for the lower excise benefit: Maruti 800, Omni, Zen, Wagon R, Swift Diesel and Alto - India's largest selling car.

After passing on the complete excise duty reduction benefit, the price reduction ranges from Rs 6,500/- for Maruti 800 to Rs 18,030/- for Swift Diesel (ex-showroom Delhi).

Previously, in February 2006, upon announcement of reduction in excise duty on small cars from 24 per cent to 16 per cent, the Company had passed on the full benefit to the customers.

Unitech gets telecom licences for all circles

With reference to the earlier announcement dated February 28, 2008, regarding Issuance of Unified Access Services Licences, Unitech Ltd has informed that the Department of Telecommunications, Ministry of Communications & Information Technology, Government of India ("DOT") has issued to the subsidiaries of the Company the Licences for providing Unified Access Services (UAS) in remaining 10 telecom circles and the Licence Agreements in this regard have been signed on February 29, 2008 by the said subsidiaries with DOT.

With this, the Company have been issued by DOT the Unified Access Services Licences for all the 22 telecom circles across the country.

Thakkers Developers to issue bonus shares

Thakkers Developers Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 08, 2008, inter alia, to consider the following business:

1. To consider the increase in authorized capital from Rs 4.5 crores to Rs 15 Crores.

2. To consider the capitalization of profit / Reserves and issue of bonus shares to the shareholders.

3. To give authority to the Board to mortgage the property and to borrow fund.

4. To appoint Shree Sudhakar V Joshi, I.A.S. (Retd.) as independent director of the Company.

5. To approve the draft notice of Postal Ballot for obtaining the approval of the members for above matters.

6. To appoint the Scrutinizer for conducting the Postal Ballot Process.