Year: 2007

Educomp Solutions Ltd has signed an Memorandum of Understanding (MOU) with Raffles Institution, Singapore. The Scope of Services would include consultancy advice & services of Raffles Institution for schools set up by the company though its related entities. The essence of this MOU is to bring the best of global education in India. Raffles institution is the leading school in Singapore and renowned for its innovative practices and its curriculum. Citigroup has a SELL / Book Profits Recommendation on Educomp.

CS Software Enterprise has bagged orders from Maharashtra State Electricity distribution Company to implement electricity billing in the city of Nasik, Maharashtra. The estimated value of the orders is around Rs 14.20 million.

Hexaware Technologies on 04 October 2007 has won a large engagement with a leading German Financial Institution. The order is worth 5 mn Euros.

This is a major development project which entails building a new core application for the client. The scope of the build also involves integration of the new built solution with the back-end system involving three different businesses of the client. A fairly large J2EE programming team and Oracle experts have already been deployed on the project.

Panacea Biotec has entered into a MOA with Family Vaccines, Philippines to provide access to value added combination vaccines under the umbrella of easy vaccines manufactured by the company, to the people in Philippines through a chain of 50 immunization clinics, run by Family Vaccines.

Philippines has a birth cohort of around 2.5 million with an EPI immunization coverage of about 80%. At a GNI per capita at US $ 1170 and a GDP per capita at US $ 4614, Philippines has been accorded a developing country status. The global vaccine market is expected to top US $ 10 billion in 2007 and US $ 23.8 billion in 2012.

Ranbaxy Laboratories on 04 October 2007 the company has received final approval from U.S. FDA to manufacture and market clarithromycin for oral suspension, USP, 125 mg/5 ml and 250 mg/5 ml. The company is the first company to have been granted a generic approval for the oral suspension form along with clarithromycin tablets. Total annual market sales for clarithromycin were $99.7 million with suspension sales totaling $25.3 million.

The office of generic drugs, U.S. FDA, determined the Ranbaxy formulation to be bioequivalent and to have the same therapeutic effect as that of the reference listed drug Biaxin Granules (clarithromycin for oral suspension, USP), 125 mg/5 ml and 250 mg/5 ml of abbott laboratories.

European automobile major Volvo is reportedly in advanced negotiations to acquire a majority stake in Eicher Motors. As per reports, Volvo has emerged as the front-runner after inspecting the Indian truck makers’ books, pipping DaimlerChrysler.

Report suggests that Volvo had offered Rs 675 an Eicher share against Daimler’s Rs 500. The deal price is expected to be above Volvo’s offer, translating into a market capitalisation of around Rs 2,000 crore for Eicher Motors. This is way above Eicher’s current market price and market capitalisation of Rs 1,202.53 crore.

Volvo may acquire the majority stake in the company either from the promoters or through fresh issue of shares trough the preferential route. The existing promoters headed by Siddhartha Vikram Lal will continue to own a minority stake in Eicher Motors, which could be less than 26%, the report added.