Year: 2007

In a currency report released just a while ago, UBS expects a weaker USD against the Indian Rupee in 2008. Here is the chart that details its expectations.

Here is another prediction of Rupee Vs Dollar from the world’s local bank – HSBC.

MindTree Consulting has signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions, the India-based fully-owned subsidiary of TES Electronic Solutions SA, the global electronic design and manufacturing services company based in France.

MindTree will acquire Purple Vision in an all-cash deal of $ 6.55 million. The transaction will become effective upon completion of certain closing conditions, as is customary in such circumstances. The company expect to complete the closing conditions in 4-6 weeks.

Purple Vision is a 150-person subsidiary of TES Electronic Solutions, providing differentiated services in the IC design area.

The solid rally in the stock materialized on reports the private sector diesel and petrol seller has increased prices of auto fuels by Rs 4.5 to Rs 5 a litre even as the high international crude oil prices are worrying the government.

As per reports, government owned companies make a loss of Rs 6 per litre on petrol while at an increased price, private players such as Essar Oil will earn Rs 1.50 per litre more than what they would have earned by exporting it. Besides, private players get duty benefits on account of being exporters. If despite the price increase they do not gain Rs 1.5 per litre, they then chose not to sell in the domestic market.

The BSE SENSEX is up by whopping 900 points. HDFC and ICICI Bank followed by Reliance Industries are the major gainers in the SENSEX stocks.

In a FAX received just a while ago from Mumbai, The board of Orient Paper & Industries has decided to split / sub-divide the existing equity shares of Rs 10 each into 10 shares of Re 1 each.

KEC International (KEC), the RPG Group transmission line EPC major has bagged two major projects one each in Middle East and North Africa aggregating Rs 637 crore. The order from Abu Dhabi Transmission & Despatch Company is worth Rs 391 crore involving erection of 400 KV double circuit and quad circuit transmission lines of 173 kms. length connecting Fujairah substation to Sweihan substation on turnkey basis. And the order from SONELGAZ of Algeria is worth Rs 246 crore for erection of 400 KV single circuit transmission line from Cheffia to Ain Bedia and from R. Djamel to Djendouba also on turnkey basis. The Abu Dhabi order has to be completed in 24 months and the Algerian order has to be completed in 15 months.

HCL Technologies and CA Inc. has announced an agreement to establish a strategic partnership in which HCL will assume all research and product development connected with CA threat management security business. CA will retain all sales and marketing functions.

The goal of the strategic partnership is to grow CA’s threat management business by combining the strengths of both organizations. The company and CA will achieve goal alignment and financial targets through revenue sharing. The annual revenue of CA’s threat management security business is in excess of U.S. $100 million.

i-flex Solutions just a while ago informed us that it has completed the rollout of FLEXCUBE, its flagship banking product, in 67 countries within Citi’s markets and banking division. After careful evaluation of the market, Citi selected FLEXCUBE in 2000 to replace its older legacy banking system.

This ambitious implementation is the culmination of seven years of work. With the completion of the rollout, FLEXCUBE now supports citi markets & banking’s extensive, complex operations in the U.S., Europe, Africa, Asia-Pacific and Latin America. With offices in countries including the UK, Germany, Italy, Japan, Australia, Singapore and Hong Kong, FLEXCUBE technology will help the firm manage ODA, loans, treasury, cash and liquidity management products.