Dalal Street

Wipro has signed the R&D partnership contract in Germany by Nokia Siemens Networks and Wipro Technologies, a division of Wipro. Nokia Siemens Networks and Wipro Technologies, the global IT arm of Wipro have agreed on the terms and conditions of a business transfer and asset sale of Nokia Siemens Networks radio access related R&D activities in Berlin.

All radio rccess R&D activities currently performed in Berlin are planned to be provided to Nokia Siemens Networks by Wipro technologies in the future. As part of the partnership, 58 employees of Nokia Siemens Networks are planned to be fully integrated into the operations of Wipro technologies. Through this agreement, Nokia Siemens Networks will leverage Wipro technologies’ global expertise as one of the largest independent R&D services providers in the world.

Wipro is one of the leading players in telecom engineering solutions space, covering wireless, wireline, broadband and enterprise communication, legacy and next generation products. Wipro has been focusing significantly in competency development for next generation radio access technologies.

iGate surprised us this quarter with the announcement to buy back and de-list from Indian stock exchanges by December 2007. The tendering process would be through a reverse book building route with the average price prevailing prior to November 13th, 2007 as a base price. Our analsyt recommends investors to tender their shares with a price of Rs 450 which discounts our FY09E EPS of Rs 30 by 15x. The buyback price would be decided based on the price tendered by the highest number of shareholders.

The manufacturing facilities of this joint venture company will be located in Manesar, in the industrial district of Gurgaon, India.

The initial investment of this project is 15 million Euros (about Rs 75 crore) and it will be funded through a mix of equity and debt. As per the agreement, Magneti Marelli will contribute 51% of the share capital of the new company, Suzuki Motor Corporation will contribute 30% and Maruti Suzuki 19%.

The production will commence in end 2008. Initially, the elctronic control unit (ECU) produced at Manesar will be used for Maruti Suzuki diesel cars and later on, it will also cater to other car manufacturers.

Meanwhile, as per recent reports, Maruti Suzuki’s proposal to set JV with Japan based Futaba Industrial Co, for manufacture and sale of exhaust system components for automobiles has been approved with foreign equity of up to 51% amounting to Rs 45.9 crore, company said.

Bharati Shipyard has announced that the Shipping Corporation of India board has accorded approval for acquisition of four numbers anchor handling tugs cum supply vessels from Bharati Shipyard. The total price of each vessel is US $ 22.32 million totaling to US $ 89.28 million. The contract signing ceremony will be held on 15 October 2007.

These vessels are the first of its kind being built by shipping corporation of India in India using such advance design. These vessels will be constructed by using havyard design which will be used for the first time for such vessels built in India. The design allows for achieving high bollard pull and fuel efficiency as against equivalent designs. Further, the design allows higher DWT and higher cargo carrying capacity compared to other 80 tons AHTSVs with similar dimensions.