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MindTree in deal with Arcelor

MindTree Ltd said Monday it signed a multi-year IT Offshoring agreement with ArcelorMittal. Under this agreement, MindTree will deliver IT services to ArcelorMittal’s Western European operations in partnership with Sopra Group who are an incumbent provider to ArcelorMittal.

In this program, MindTree will partner ArcelorMittal to consolidate current subcontractor activities with an objective to increase cost efficiencies, flexibility and service levels

Pharmaceutical and bio-tech major Wockhardt Ltd on Monday posted its consolidated sales for the first quarter ended March 31, 2008 at Rs 785.7 crore, a jump of 50.3 per cent over the previous year’s period.

Its net profit for the reviewed period stood at Rs 78.8 crore, which is a rise of 18.9 per cent over the last year.

After adjusting for extraordinary item, the net profit is Rs 50.9 crore, a press release issued here stated.

“The acquisition of Negma Laboratories in France and Morton Grove Pharmaceuticals in the US has shown a remarkable performance,” Wockhardt Chairman Habil Khorakiwala said.

“This has enabled us to increase our operating profit by 50 per cent and thus maintain a margin of 22 per cent,” Khorakiwala added.

The company’s marketshare grew 24 per cent and it improved its ranking by five levels to 15th position as compared to Q1 2007, the release said.

Overall, nine brands feature in the list of ‘Top 300′ brands of the industry with Dexolac and Spasmo-Proxyvon still maintaining their position in the ‘Top 100′.

Europe continues to be Wockhardt’s single-largest market accounting for 54 per cent of consolidated sales.

The business grew at 69 per cent, driven largely by a surge in the European formulation business growing at 70 per cent and the opportunities of contract-manufacturing fructifying and gaining momentum for the future, the release said.

Local factors have taken precedence and the Reserve Bank of India has left the repo and reverse repo rate untouched. The central bank has, however, gone in for another 25 basis points (bps) hike in CRR to 8.25 per cent in the annual policy announced on Tuesday. This will drain the system of Rs 8,000 crore of liquidity, effective May 24. There is also a threat of future CRR hike wrapped up in the policy announced by RBI Governor Dr Y V Reddy amidst expectations of a repo rate hike too.

RBI aims at bring down inflation to 5.5 pc in 2009. The inflationary pressures have been aggravated by food and oil prices. Mid-term objective of inflation remains at 3 per cent.

The money supply targets have been downgraded from 17 -17.5 per cent last year to 16.5 to 17 pc for 09. The policy aims at credit growth of 20 per cent in 2008. The bank is very optimistic on growth and had pegged GDP growth target at 8 – 8.5 per cent for 09.

UPS hime loan linit of 50 pc risk rate to Rs 30 lakh from Rs 20 lakh

Sensex at days high, 200 points up immediately after the policy announcement.

Opinion is split on whether it will trigger off a bank rate hike. Says ICICI Chief Executive Officer K V Kamath: “The move will shave off 10 basis points from the PNL of banks but they will not pass the burden on to the customers. There may be a lull in credit offtake but on the back of a strong investment pipeline and balanced corporate results, industry will be able to live with it. All in all it is not a back breaking policy”

3i infotech to buy Regulus for 80M $

DLF, a leading real estate player in the country, plans to invest Rs 1,250 crore for the expansion of its multiplex business. The company has planned to add at least 500 screens in the next four to five years across the country.

DLF’s entertainment wing DT Cinemas will set up a megaplex, which will have 12 screens with a total capacity of 2,500, as part of their upcoming project, Mall of India, at Gurgaon.

Expected to be one of the country’s largest malls, it will cover an area of 40 lakh sq ft.

On Thursday, DT Cinemas announced the opening of their multiplex at DLF Infocity, IT Park, Chandigarh. Infocity covers an area of 1,90,000 sq ft and most of the space has been leased out. The mall will start operating within the next 10-12 days.

Kajal Aijaz, CEO, DT Cinemas, said that with the multiplex offering state-of-the-art facilities like Christie cinema projection system, excellent acoustics, wall-to-wall carpeting, extra legroom with comfortable slideback seating and push back armrests for the audience, they were eyeing about 66 per cent occupancy at the multiplex in the first year.

The multiplex with a total capacity of 786 seats has three screens, which have been imported from Harkness, in the UK.

Aijaz said that initially, ticket-booking would be provided through internet and mobile phone network. DT Cinemas plans to eventually rope in retail chains for the sale of tickets.

With DLF planning to set up another 120 malls in different parts of the country, DT Cinemas would be the chief attraction in most of these malls.

Apart from Ludhiana and Jalandhar, where multiplexes would be opened in a couple of years, the company is also opening multiplexes at Savitri-GK2, Shalimar Bagh, Vasant Kunj and Saket in Delhi and Star Mall, Gurgaon, this year, Aijaz said.

DT Cinemas will also set up multiplexes in Hyderabad, Chennai, Kochi, Bangalore, Mumbai, Pune, Ahmedabad, Goa and Kolkata

IFCI board may discuss stake sale on Apr 29

Pregnant women will be able to insure their unborn babies against birth defects and death under a new policy, a report said today.

The insurance company ING has devised a baby policy for women aged 16 to 40 which will deliver payouts of up to $50,000 for babies born with down’s syndrome, spina bifida or a cleft palate, the Sun-Herald said.

A stillborn baby could get a $10,000 payout while women who suffered complications during pregnancy or birth could also be awarded a payout, it said.

ING spokesman Mark Vilo said the new policy allowed the company to match up with “social trends and advances in medical technology,” the paper said.

“Every woman in the process of having a child knows the risks,” Vilo said. “We don’t make people undergo genetic testing to find out things they don’t want to.”

“With the median age of new mums now nearly 31, (up from 27 in 1985), the risk of pregnancy complications and birth defects increases dramatically.

For a woman aged 35 or more  the risk of stillborn is one in 440, as opposed to one in 1,000 for younger women,” ING said on its website.

The policy drew criticism from the New South Wales Midwives Association, which said it played on the fears of pregnant women.

“It is making women think about the terrible things that can happen when the reality is there are very few mothers who suffer from complications during pregnancy,” secretary Dr Hannah Dahlen told the Sun-Herald.

But Investment and Financial Services Association head Richard Gilbert said it made sense to have appropriate insurance

Reliance Industries

Reliance Power Ltd, on April 25, 2008 annouced date of closure of its Register of Members from June 03, 2008 to June 05, 2008 for the purpose of determining the entitlement of shareholders to the Bonus shares to be issued by the Company.

As approved by the shareholders of the Company, the Company will issue Bonus shares in the ratio of three new equity shares of Rs 10 each for every five existing equity shares of Rs 10 each held, to the public shareholders of the Company.

The bonus shares will be issued to those shareholders whose names appear in the Register of Members as at the end of the close of business hours on June 02, 2008.

Media and entertainment house Pyramid Saimira today said it will list its film production unit, Pyramid Saimira Production International Ltd, on the bourses to raise up to Rs 1,800 crore, for which the prospectus will be filed in the next 3-4 months.

“The prospectus is ready and we will file it with the SEBI in the next 3-4 months,” Pyramid Saimira Group Chairman P S Saminathan told PTI.

The company plans to raise about Rs 1,500 to Rs 1,800 crore by diluting 25 per cent of promoters holding through the IPO, he added.

“Our film production unit will be listed on the bourses as Pyramid Saimira Production International Ltd,” he said.

The company today also announced to invest Rs 2,500 crore across different verticals for expansions in the domestic and overseas markets this year.

The film production unit plans to produce over 50 films this year with a total budget of about Rs 600 crore.

Pyramid Saimira has 11 group companies across different verticals in entertainment and media, like film production, distribution and exhibition, TV serial production, radio stations, advertisement, gaming and animation, food and beverages among others.

“All our entities will be listed by 2010 and the production vertical is to be listed first,” Saminathan said.

The group holding company ? Pyramid Saimira Theatre Ltd ? is the only publicly listed entity on the stock exchanges at present.

Bharti Airtel announced its results yesterday. Its Profit surged 40% to 1800Crs compared to 1300Crs in corresponding quarter. Margin remained high this Q too
Bharti Airtel is currently priced low compared to other peers and considering the leadership position it enjoys Buying can be considered.