Category: Breaking Corporate India Earnings News

IQMS Software has bagged a contract for the outsourcing of 35 seater equity research on 24*7 basis. The contract value is directly linked to the output of the research work churned by the company.

To meet the requirement, the company has already started the recruitment process for equity research analysts to be stationed at its state of the art center located at Hyderabad. The equity research outsourcing (ERO) set up by the company is going to cater to the requirements of FII’s / FI’s / institutions and mutual funds.

The ERO is getting equipped to do the trend tracking of world markets, Indian markets, sectoral analysis, fundamental and technical analysis in all the active sectors of the markets. The technical know-how for the operations is supported by Mumbai based leading equity research firm Firstcall India equity advisors.

The board of MIC Electronics has accorded its consent to the company for setting-up of subsidiary companies in Singapore and Korea for development and marketing of LED display and lighting related products.

Further, the board has considered and approved the acquisition of two companies, up to 51% equity of a power electronics company to strengthen the LED lighting products business, and up to 74% equity of an entertainment company to build LED based digital theme parks.

Quintegra Solutions has informed us about the launch of its Knowledge Process Outsourcing Services (KPO) with an initial investment infusion of Rs 27 crore consequent to the approval of shareholders at the extra ordinary general meeting held on 10 January 2008. The company plans to set up a new office in Chennai, dedicated to the new vertical, slated to be ready by the end of this quarter March 2008.

The company plans to focus its KPO services on the telecommunication, healthcare and BSFI industries to begin with. The company enjoys strong foothold with the clients in BFSI, telecom, health care in US market, which will continue to be the target for the new segment to start with. Later, the company would expand the services to clients at Europe in the first quarter of next financial year 2008-09.

India’s Worst Bank, ICICI Bank is planning to list its subsidiaries on the Indian bourses.

As per reports, the process would commence within six months, starting with ICICI Bank’s brokerage arm ICICI Securities, followed by two insurance arms — life insurance unit ICICI Prudential Life Insurance and general insurance arm ICICI Lombard General Insurance, and the bank’s housing finance arm. The other subsidiaries that may list on the bourses are the mutual funds assets management business, home finance business, and also ICICI Ventures, which is its private equity arm.

Larsen & Toubro (L&T) has announced that Larsen & Toubro’s (L&T) construction division has recently secured orders on design and build / turnkey basis from leading developers / owners. Prominent amongst these include Rs 2000 crore order from Kingston Properties for construction of various office & residential buildings in Mumbai, to be developed in a span of 4 years.

Apart from this project the buildings and factories (B&F) business unit of L&T’s construction division (ECC) has secured orders for many assignments including Rs 665 crore design & build contract from Cognizant Technology for their development centres in Chennai and Kolkatta.

L&T has also bagged a Rs 187 crore turnkey order from ITC Hotels for their Grand Chola Hotel at Chennai. The scope involves construction of 1.52 million sq ft area to house 600 rooms.

The company has secured a Rs 408 crore contract from ICICI Bank for construction of their office building at Hyderabad. The scope involves construction of 4.0 million sq ft building area, having basement plus 16 floors.

Hindustan Construction Company has incorporated a special purpose vehicle (SPV) company i.e. HCC Singapore Enterprises as a wholly owned Subsidiary of the company for promoting its business including those of the group companies.

HCC Real Estate (HREL), the wholly owned subsidiary of the company has also incorporated a special purpose vehicle (SPV) company i.e. Charosa Wineries for undertaking wine business.