New Delhi: IT services provider HCL Technologies Ltd has strategically aligned with Cisco to announce the opening of a South Africa Glocal Centre of Excellence (GCoE) in Johannesburg.
This will serve as a local support centre for HCL and Cisco's South African clients. It will also train local engineers on advanced Cisco technologies to support clients across Africa, especially in South Africa.
HCL had earlier established a Global Cisco Hub in India. The new GCoE, to be operated by HCL, will be aligned with the India hub to address the skills shortage for advanced technologies in both regions.
HCL has already trained an initial batch of 26 local engineers who are already deployed on key projects in five regional hubs across South Africa, with plans to train 100 engineers at the centre over next 12 months.
The GCoE will serve customers through HCL's partner network throughout Africa. It will also service clients by developing ICT skill sets, creating trained local personnel to deploy and manage advanced solutions.
The centre will support a number of vertical sectors, including telecom service providers, banking and financial services, public sector and the retail and mining industry.
Mr Ashish Gupta, Senior Vice-President and Head - EMEA, HCL Infrastructure Services Division, HCL Technologies, said, “As more and more companies in the West look for new avenues of growth, we are seeing a large demand for leading edge IT solutions coming in from emerging markets like Africa.”
Mr Stefano Mattiello, Director, Channels for Cisco South Africa, said “The centres of excellence we operate help us provide a global reach through technology use.”
Success in my Habit
Friday, March 30, 2012
RBI allows cross border remittances through mobiles
Mumbai: The RBI has permitted banks to enable cross border remittance between bank accounts through the medium of mobile, subject to clearance from the local regulator.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
BRICS signs pact to extend credit in local currencies
New Delhi: To reduce transaction costs of intra-BRICS trade, the five-member emerging economies' group on Thursday inked a pact to extend credit in respective local currencies.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The grouping also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter's bank or importer's bank.
The Prime Minister, Dr Manmohan Singh, also called for greater interaction amongst business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
Development Bank
Addressing the Summit, Dr Singh said, a suggestion had been made to set up a BRICS Development Bank. “We have directed our Finance Ministers to examine the proposal and report back at the next Summit,” he said. The BRICS Finance Ministers will study the feasibility and viability of the initiative and set up a joint working group for the study.
The proposal on the BRICS Development Bank formed part of the Summit's Delhi Declaration.
The proposed development bank will be for mobilising resources for infrastructure and sustainable projects in BRICS and other emerging economies and developing countries. The proposed bank's resources are to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.
IMF, World Bank Reform
Significantly, the BRICS countries called for reforming the International Monetary Fund and World Bank by increasing representation from developing countries.
They agreed to support a developing country candidate for the post of World Bank President.
Taking serious note of the impact of the Euro Zone crisis on the world economy, the grouping said “The immediate priority is to restore market confidence and get global growth back on track.”
Referring to the risks of large and volatile cross-border capital flows being faced by emerging economies, they said, “We call for further international financial regulatory oversight and reform, strengthening policy coordination, financial regulation, supervision cooperation, and promoting the sound development of global financial markets and banking systems.”
The BRICS countries also called for closer co-operation to revive the stalled Doha Round talks for a deal on further liberalising global trade.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The grouping also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter's bank or importer's bank.
The Prime Minister, Dr Manmohan Singh, also called for greater interaction amongst business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
Development Bank
Addressing the Summit, Dr Singh said, a suggestion had been made to set up a BRICS Development Bank. “We have directed our Finance Ministers to examine the proposal and report back at the next Summit,” he said. The BRICS Finance Ministers will study the feasibility and viability of the initiative and set up a joint working group for the study.
The proposal on the BRICS Development Bank formed part of the Summit's Delhi Declaration.
The proposed development bank will be for mobilising resources for infrastructure and sustainable projects in BRICS and other emerging economies and developing countries. The proposed bank's resources are to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.
IMF, World Bank Reform
Significantly, the BRICS countries called for reforming the International Monetary Fund and World Bank by increasing representation from developing countries.
They agreed to support a developing country candidate for the post of World Bank President.
Taking serious note of the impact of the Euro Zone crisis on the world economy, the grouping said “The immediate priority is to restore market confidence and get global growth back on track.”
Referring to the risks of large and volatile cross-border capital flows being faced by emerging economies, they said, “We call for further international financial regulatory oversight and reform, strengthening policy coordination, financial regulation, supervision cooperation, and promoting the sound development of global financial markets and banking systems.”
The BRICS countries also called for closer co-operation to revive the stalled Doha Round talks for a deal on further liberalising global trade.
Thursday, March 29, 2012
Central Bank, Angel Broking launch three-in-one online trading platform
Mumbai: Central Bank of India and Angel Broking have tied-up for the launch of a three-in-one online share trading facility. The facility will only be available to the bank's customers, said the broking firm at a press meet on Monday. Customers will be given a three-in-one account which will include a savings, a demat and a trading account. “The central theme of the solution is to make it easy for Central Bank of India customers to trade online, and manage all the three accounts i.e. deposit, demat and trading with a single online interface on a real-time basis,” said a release from the firm.
The platform will enable customers to mark funds from their deposit account towards the angel trading account. The customer can opt for trading in equities, futures and options, exchange traded currency derivatives among other segments. Within a month's time, customers will be able to make IPO bids on the platform as well, said Mr Vinay Agrawal, Executive Director, Angel Broking.
Kerala plans nation's first telecom tech incubator
Thiruvananthapuram: Startup Village, purported to be the country's first technology business incubator in telecom, is preparing to take off in Kerala.
Also the first public-private partnership incubator, it will go on stream in Kochi in early April with a projected investment of Rs 100 crore.
At least 1,000 student startups are expected to set up base here, Chief Minister, Mr Oommen Chandy, announced in New Delhi.
National Science and Technology Entrepreneurship Development Board (NSTEDB) and Kerala Government-run Technopark are the promoters.
MobME Wireless, a student start-up and has grown to become one of the country's top-10 emerging companies, will be the private partner.
The project will seek to transform the State into a ‘Silicon Coast,' an official spokesman quoted Mr Chandy as saying.
Among those present with him were Dr Kiran Karnik, former president of Nasscom; Dr H. K. Mittal of the Department of Science and Technology; Mr Rajan Mathews, Director-General, Cellular Operators Association of India; Mr Abhishek Goyal, Chief Executive Officer, UrbanTouch.com; and Mr Sanjay Vijayakumar, Chairman of the Board of Governors, Startup Village.
First Steps
Technopark took its first steps into incubation when MobME Wireless, promoted by then engineering students, was launched in 2006.
The Technopark incubator quickly rose in six years to become one of the most prominent national technology incubators.
It also won the President's award for best technology business incubator in the country for 2008.
There are now 125 companies here employing 3,000 people and generating Rs 100 crore in annual revenue, Mr Chandy said.
Mr Kris Gopalakrishnan, Co-Founder of Infosys, would be the Chief Mentor for the startups at the Village.
The telecom and information technology industry has extended support to this venture, the official spokesman said.
Among those likely to join as mentors or investors are: Dr Kiran Karnik; Mr Abhishek Goyal; Mr Sharad Sharma, former CEO, Yahoo India R& D; Mr Ganesh Lakshminarayan, Managing Director, Dell India; Mr K. K. Natarajan of Mindtree; Mr Arun Kumar, Global Board Member of KPMG; Dr Ravi Pillai, the biggest employer of Indians in West Asia ; and Mr K. Nanda Kumar, CEO and President, SunTec Business Solutions.
Also the first public-private partnership incubator, it will go on stream in Kochi in early April with a projected investment of Rs 100 crore.
At least 1,000 student startups are expected to set up base here, Chief Minister, Mr Oommen Chandy, announced in New Delhi.
National Science and Technology Entrepreneurship Development Board (NSTEDB) and Kerala Government-run Technopark are the promoters.
MobME Wireless, a student start-up and has grown to become one of the country's top-10 emerging companies, will be the private partner.
The project will seek to transform the State into a ‘Silicon Coast,' an official spokesman quoted Mr Chandy as saying.
Among those present with him were Dr Kiran Karnik, former president of Nasscom; Dr H. K. Mittal of the Department of Science and Technology; Mr Rajan Mathews, Director-General, Cellular Operators Association of India; Mr Abhishek Goyal, Chief Executive Officer, UrbanTouch.com; and Mr Sanjay Vijayakumar, Chairman of the Board of Governors, Startup Village.
First Steps
Technopark took its first steps into incubation when MobME Wireless, promoted by then engineering students, was launched in 2006.
The Technopark incubator quickly rose in six years to become one of the most prominent national technology incubators.
It also won the President's award for best technology business incubator in the country for 2008.
There are now 125 companies here employing 3,000 people and generating Rs 100 crore in annual revenue, Mr Chandy said.
Mr Kris Gopalakrishnan, Co-Founder of Infosys, would be the Chief Mentor for the startups at the Village.
The telecom and information technology industry has extended support to this venture, the official spokesman said.
Among those likely to join as mentors or investors are: Dr Kiran Karnik; Mr Abhishek Goyal; Mr Sharad Sharma, former CEO, Yahoo India R& D; Mr Ganesh Lakshminarayan, Managing Director, Dell India; Mr K. K. Natarajan of Mindtree; Mr Arun Kumar, Global Board Member of KPMG; Dr Ravi Pillai, the biggest employer of Indians in West Asia ; and Mr K. Nanda Kumar, CEO and President, SunTec Business Solutions.
BSE Institute ties up with German school of finance
New Delhi: Giving a thrust to cross-border understanding of capital markets, BSE Institute, a subsidiary of the Bombay Stock Exchange, on Wednesday signed a Memorandum of Understanding (MoU) with the Frankfurt School of Finance & Management.
Under the MoU, students of the two institutes would get greater insights into global markets through exchange programmes and joint courses, a company release said. The programmes will start in the academic year 2012-13.
The institutes are also planning joint programmes for senior executives.
“With the global integration of financial markets and the challenges that the world economy has faced in the recent past, there is an urgent need to come together to develop finance professionals who can steer through turbulent waters,” said Mr Ambarish Datta, Managing Director and Chief Executive Officer, BSE Institute.
DRL launches anti-depression generic in US
Hyderabad: Pharma major Dr Reddy's Laboratories has launched Quetiapine fumarate tablets in the US market.
A bioequivalent generic version of Seroquel tablets, it is indicated for the treatment of schizophrenia and other depression-related disorders.
The Hyderabad-based company has launched the drug in the US market from March 27, according to a release issued here on Wednesday.
The Seroquel brand had US sales of approximately $4.6 billion for the most recent 12 months ending December 2011, according to IMS Health, the release said.
The launch of Quetiapine was part of Dr Reddy's strategy to focus on limited competition products in the US market.
According to the information shared by the company in the after the announcement of third quarter results, it had lined up a ‘good' number of launches in the US market which is expected to drive revenue growth in the next financial year.
Dr Reddy's stock climbed 1.11 per cent on Bombay Stock Exchange on Wednesday to end at Rs 1,698.65.
A bioequivalent generic version of Seroquel tablets, it is indicated for the treatment of schizophrenia and other depression-related disorders.
The Hyderabad-based company has launched the drug in the US market from March 27, according to a release issued here on Wednesday.
The Seroquel brand had US sales of approximately $4.6 billion for the most recent 12 months ending December 2011, according to IMS Health, the release said.
The launch of Quetiapine was part of Dr Reddy's strategy to focus on limited competition products in the US market.
According to the information shared by the company in the after the announcement of third quarter results, it had lined up a ‘good' number of launches in the US market which is expected to drive revenue growth in the next financial year.
Dr Reddy's stock climbed 1.11 per cent on Bombay Stock Exchange on Wednesday to end at Rs 1,698.65.
Foreign direct investment norms for Indians relaxed
Mumbai: The Reserve Bank of India (RBI) on Wednesday announced a slew of revisions aimed at liberalising the norms for direct investment abroad by Indian residents. These include liberalisation in regulations on qualification shares, professional services rendered and Esop (employee stock option plan) schemes.
The central bank has removed the cap of one per cent on resident individuals acquiring qualification shares for holding the post of a director in a foreign company. “Accordingly, remittance shall be allowed from resident individuals for acquiring the qualification shares for holding the post of a director in a foreign company to the extent prescribed in the law of the host country where it is located,” said the RBI notification.
It has also decided to grant general permission to resident individuals to acquire shares of a foreign entity in part or full consideration for professional services rendered to the foreign company or in lieu of a director’s remuneration.
And, Indian resident employees or directors have been permitted to accept shares offered under an Esop scheme globally, on a uniform basis, in a foreign company irrespective of the percentage of the direct or indirect equity stake. Earlier, the facility was subject to equity holding of not less than 51 per cent.
However, shares under the Esop scheme should be offered by the issuing company globally on a uniform basis and the annual return filed by the Indian company to RBI through the authorised dealer category- I bank, giving details of remittances and beneficiaries.
RBI also announced several modifications to ease the process of direct investments abroad. “It has been decided that issuance of personal guarantee by the promoters of the Indian party as presently allowed under the general permission shall also be extended to the indirect resident individual promoters of the Indian party, with the same stipulations as in the case of personal guarantee by the direct promoters,” it said.
The central bank has removed the cap of one per cent on resident individuals acquiring qualification shares for holding the post of a director in a foreign company. “Accordingly, remittance shall be allowed from resident individuals for acquiring the qualification shares for holding the post of a director in a foreign company to the extent prescribed in the law of the host country where it is located,” said the RBI notification.
It has also decided to grant general permission to resident individuals to acquire shares of a foreign entity in part or full consideration for professional services rendered to the foreign company or in lieu of a director’s remuneration.
And, Indian resident employees or directors have been permitted to accept shares offered under an Esop scheme globally, on a uniform basis, in a foreign company irrespective of the percentage of the direct or indirect equity stake. Earlier, the facility was subject to equity holding of not less than 51 per cent.
However, shares under the Esop scheme should be offered by the issuing company globally on a uniform basis and the annual return filed by the Indian company to RBI through the authorised dealer category- I bank, giving details of remittances and beneficiaries.
RBI also announced several modifications to ease the process of direct investments abroad. “It has been decided that issuance of personal guarantee by the promoters of the Indian party as presently allowed under the general permission shall also be extended to the indirect resident individual promoters of the Indian party, with the same stipulations as in the case of personal guarantee by the direct promoters,” it said.
Elecon Engineering commissions new manufacturing plant to double gear making capacity
Ahmedabad: Anand based material handling equipments and transmission products maker Elecon Engineering Company Limited announced commissioning of new manufacturing plant as an expansion of the Elecon Gear Division.
The new plant will produce internal components of the helical gear box and has a capacity of manufacturing 1000 gear boxes per month.
Located near Prayas Engineering, this engineering plant has been built to double the gear box manufacturing capacity using world class quality and to ensure on-time delivery within a short span of time, read a media statement issued by Elecon. Commenting on the development, Elecon Engineering CMD Prayasvin Patel said
"The construction of this modern facility is another step towards our motto 'always a step ahead in technology'. The new shed is designed to be an icon and will represent the image of the Elecon Group of companies. With this enhanced facility we aim to increase our turnover by 33% within the period of one year."
Different types of lean tools like 5 S, 7 waste, SMED, TPM, KANBAN, KAIZEN will be implemented at the new facility.
The overall efficiency and condition of the equipment as well as the selection of work holding devices, tool management, swarf management, coolant management and work handling systems will be optimal, thus minimising labour fatigue, claimed Elecon. The components will be produced in a dust-free & eco-friendly environment.
Elecon has gear division in place since its inception in 1951 and it is considered pioneer inintroducing the modular design concept, case hardened and ground gear technology in India. The division caters to core sectors such as power, sugar, cement, chemicals, fertilizers, steel, plastic extrusion and rubber.
The new plant will produce internal components of the helical gear box and has a capacity of manufacturing 1000 gear boxes per month.
Located near Prayas Engineering, this engineering plant has been built to double the gear box manufacturing capacity using world class quality and to ensure on-time delivery within a short span of time, read a media statement issued by Elecon. Commenting on the development, Elecon Engineering CMD Prayasvin Patel said
"The construction of this modern facility is another step towards our motto 'always a step ahead in technology'. The new shed is designed to be an icon and will represent the image of the Elecon Group of companies. With this enhanced facility we aim to increase our turnover by 33% within the period of one year."
Different types of lean tools like 5 S, 7 waste, SMED, TPM, KANBAN, KAIZEN will be implemented at the new facility.
The overall efficiency and condition of the equipment as well as the selection of work holding devices, tool management, swarf management, coolant management and work handling systems will be optimal, thus minimising labour fatigue, claimed Elecon. The components will be produced in a dust-free & eco-friendly environment.
Elecon has gear division in place since its inception in 1951 and it is considered pioneer inintroducing the modular design concept, case hardened and ground gear technology in India. The division caters to core sectors such as power, sugar, cement, chemicals, fertilizers, steel, plastic extrusion and rubber.
Mitsubishi Pencil buys 13.5% in Linc Pen & Plastics for Rs 20 cr
Kolkata: Japan's Mitsubishi Pencil has picked up a 13.5% stake in Linc Pen & Plastics, one of the country's top three writing instrument makers, for around 20 crore.
The Japanese firm now plans to manufacture pens out of India for its global market in the facilities of Linc, which has been distributing Mitsubishi's 'Uni-ball' range of pens in India for the past 20 years. Mitsubishi may also launch its office stationary products in India.
"Mitsubishi wanted to invest in one of the writing instruments company in India and since we already had a marketing arrangement, Linc became their first choice," Linc Pen MD Deepak Jalan told ET.
In a notice issued to BSE, Linc Pen said Mitsubishi will subscribe to 2 million equity shares of the company at 100 per share, comprising 13.53% of the enhanced capital of Linc on a preferential allotment basis. Linc intends to increase its equity share capital from the present 13 crore to 15 crore.
The Kolkata-based Jalan family, which had more than 70% in Linc Pens, will now be left with 60% stake. The Mitsubishi range contributes nearly 15% to Linc's 250-crore revenue, which the company expects will now grow substantially.
Last year, Japanese writing instrument firm Kokuyo Co announced plans to acquire more than 50% stake in Camlin for some 365 crore. French stationary firm BIC Group plans to buy a sizeable stake in market leader Cello Pens.
The Japanese firm now plans to manufacture pens out of India for its global market in the facilities of Linc, which has been distributing Mitsubishi's 'Uni-ball' range of pens in India for the past 20 years. Mitsubishi may also launch its office stationary products in India.
"Mitsubishi wanted to invest in one of the writing instruments company in India and since we already had a marketing arrangement, Linc became their first choice," Linc Pen MD Deepak Jalan told ET.
In a notice issued to BSE, Linc Pen said Mitsubishi will subscribe to 2 million equity shares of the company at 100 per share, comprising 13.53% of the enhanced capital of Linc on a preferential allotment basis. Linc intends to increase its equity share capital from the present 13 crore to 15 crore.
The Kolkata-based Jalan family, which had more than 70% in Linc Pens, will now be left with 60% stake. The Mitsubishi range contributes nearly 15% to Linc's 250-crore revenue, which the company expects will now grow substantially.
Last year, Japanese writing instrument firm Kokuyo Co announced plans to acquire more than 50% stake in Camlin for some 365 crore. French stationary firm BIC Group plans to buy a sizeable stake in market leader Cello Pens.
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