Intense Technologies Inks Agreement With Comverse Inc

Intense Technologies Ltd has announced a partnership agreement with Comverse, one of the worlds leading suppliers of software and systems enabling network-based multimedia enhanced communication and billing services.Speaking to the press on this occasion, Mr. CK Shastri, Managing Director of the Company said, We are really excited about this partnership and are sure that it will enable us to offer our cutting-edge solutions and services to a larger number of clients across the world, thanks to Comverses phenomenal reach and specialist expertise.Elaborating on the partnership, Mr. CK Shastri also said, This is a co-marketing partnership and we will together evolve go-to-market initiatives that effectively leverage our mutual competences and expertise. Under this agreement, Comverse will co-market our solutions as complementary to its own products, custom developed products and other third party products.Mr. Shastri also added, While solidly entrenched in the Indian Telecom space, our flagship solution ReportSuite has already been chosen by a number of global Telecom Service Providers of note. We are sure that our co-marketing partnership with Comverse will further accelerate the implementation of our products and solutions worldwide.Elaborating further on the success of ReportSuite, Mr. Shastri explained, We have always believed in creating solutions that address the current business realities of Companies vis-a-vis IT investment spend, ageing applications and infrastructure, change management, etc. This is exactly the reason why ReportSuite is proving to be a stupendous success - because it delivers a huge Return on Investment and also empowers the conversion of enterprise captive data into process, consumer and marketing competitive advantages.

FII Activity on Feb 5,2007

The gross equity purchased was Rs.3927.40 (in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.3262.80 (in crores), and the gross debt sold was 97.80(in crores). The net investment of equity was 664.60(in crores) and the net debt investment was Rs-97.80(in crores).

Irda Likely To Relax Money Mart Guidelines

The domestic money market likely to get a booster with the Insurance Regulatory and Development Authority (Irda) may increase the proportion of investments made by insurance companies in money market instruments. The regulator may increase the slab for investments to be made by insurance companies in money market instruments to a high of 40-50% of total assets under management from the present 20 per cent. The freedom to infuse more in money market instruments will be for those policies which are nearing maturity. Money market instruments are very short term in nature with less than one year of maturity and ensure maximum liquidity. Such instruments comprise treasury bills, certificates of deposits, commercial papers, repurchase agreements (repo and reverse repo) and the like. In its discussions with market participants, the Irda has observed that the restrictive guidelines for insurance companies investments make it difficult for them to meet the redemption pressure once policies near maturity. Meanwhile, the regulator, in pushing forward the second generation of reforms for the insurance sector, has decided to make the solvency ratio risk-based. The Irda will prescribe solvency ratio-linked criteria, when the promoters decide to invest additional capital to resurrect their company.

Govt To Invest 723 cr For HMT''s Revival

The government on Thursday decided to inject Rs 723 crore through a mix of instruments including preference shares, equity share capital and loan for reviving the ailing HMT Machine Tools Limited by forming a joint venture. The revival package, which was cleared by the cabinet committee on economic affairs (CCEA), involves Rs 443 crore as preference share capital, Rs 180 crore as equity share capital and a special non-plan loan for funding the voluntary retirement scheme (VRS).The joint venture partner will be identified as early as possible, Finance Minister P Chidambaram told reporters after the cabinet meeting. The details of the joint venture are yet to be worked out, he said.With the restructuring of the company, its balance sheet including the debt equity ration will improve, said Chidambaram.He, however, made it to clear that there was no proposal for outright sell or privatisation of HMT.He said the issue of negative net worth of the company would be addressed through repayment of long term loans and discharge of old liabilities.As a result of the Voluntary Retirement Scheme, the wage bill of the company would be reduced and profit margins improved.The restructuring will also result into reduction of the accumulated losses while critical manufacturing facilities will be upgraded.

HCL Technologies - OMX Extends Collaboration With The Company

HCL Technologies Ltd has informed that the Company has signed an agreement with OMX, the leading expert in the exchange industry, to extend its existing collaboration. The Company will take on the responsibility for the development, maintenance and support of securities management systems used by banks and brokers.In August 2005, OMX announced the focusing of its technology business through the divestment of operations targeting banks and brokerages within the Banks & Brokers business area. Following the agreement with the Company, a smaller part of the former Banks & Brokers business area remains, consisting of the UK operations in securities administration services.Rajeev Sawhney, corporate vice president, of the Company, comments: Were delighted to be extending our working relationship with OMX further still. Our specialist still set and sector experience make us an ideal partner and well be helping OMX to drive through benefits such as a more efficient and secure service. The agreement highlights HCLs expertise in the financial services sector and our continued commitment to developing value-add technology solutions to meet the specific needs of our customers.

Mahindra & Mahindra Acquires a Leading German Forging Company Schoneweiss & Co. GmbH

Mahindra & Mahindra Ltd has informed that, on January 29, 2007, the Company through its subsidiary Mahindra Forgings Global Ltd based in Mauritius has acquired 90.47% stake in Schoneweiss & Co. GmbH, a leading company in the forgings sector in Germany. The transaction was consummated on January 01, 2007.Schoneweiss is a family-owned German company with over 140 years of experience in the forging sector. It is one of the top five axle beam manufacturers in the world and specializes in suspension, power train and engine parts. The company has forging capacity of 50,000 tpa and turnover of Euro 90 mn (for CY 2005). Its top customers include the DaimierChrysler Group, MAN, Scania and Volkswagen. Schoneweiss has three manufacturing plants in Hagen and Gevelsberg, Germany with a total manpower of 550 people.Mr. Anand Mahindra, Vice Chairman & Managing Director, of the Company said, This acquisition creates for us a strong European base as it is fully harmonious with our existing presence in Germany through Jaco AG. We are now well on the path to capitalise on and consolidate our position towards becoming a globally significant player in the forgings business. Also by expanding Mahindras Design to Delivery bandwidth in the components space, Schoneweiss would be a huge step in the Mahindras evolution as the first fully integrated auto component provider from India.Mr. Harald Korte and Andreas Voss, members of two of the founding families and driving force behind Schoneweiss will continue as shareholders of Schoneweiss and continue to be in its Advisory Board and work with the Company as Managing Director respectively. Their expertise and strong customer and supplier relationships will help the Company at higher growth trajectory.Kotak Investment Banking, Mumbai and M&A International GmbH, Kronberg, Germany advised the Company while InterFinanz, Dusseldorf acted as consultants for the Schoneweiss Group.

Volvo To Establish Bus Body Manufacturing Plant In Bangalore

Mumbai: Volvo India Bus Technologies Ltd, a 70:30 joint venture between Volvo India and JAICO (bus body manufacturers) will set up a bus body manufacturing plant in Hoskote, Bangalore. The subsidiary will infuse Rs 50 crore in the new plant, which will have an annual production capacity of 1,000 buses on a double-shift basis. The plant will build complete buses for the local as well as the export markets. The company has been exporting to Sri Lanka and Bangladesh, and plans to export to neighbouring countries in West Asia and Africa. In the domestic market, the company sold 400 units in 2006 and has a sales target of 600 units this year. With an ex-showroom, Mumbai price of Rs 64 lakh, it is the first model in the heavy commercial vehicle segment that has the CRDi diesel engine technology. The new model (third-generation) is Euro-III compliant (emission norms) that churns out 290HP (horsepower).