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Find current news on Indian Industry as Software, Banking, Auto, Communication and many others.
Inter IT staff transfers under screening from British Government:
Transfer of IT staff from India is being monitored by the UK Government officials and may soon be termed as illegitimate. In a recent report published by the British Parliament it has been pointed out the UK Border Agency (UKBA) doesn't have proper management on the relocation of thousands of workers. Giant IT firms as Tata Consultancy Services, Wipro and Tech Mahindra are top companies using this Inter Company Transfer (ICT). Approximate figures show that 1, 81,000 such workers are currently working in UK without permission. This has particularly been brought into notice when UK residents are finding it tough to ensure their employment in the IT industry.
UIDAI Bid to be held without top IT giants IBM and HP:
IBM and HP, two of world's top notch IT majors have opted out of the Unique Identity Development Authority of India bid for one of the biggest outsourcing contract. The UIDAI, headed by co-founder of Infosys Nandan Nilekani has confirmed the news the last day of the submission of the proposal by the vendors. The other IT firms competing for the contract are the Accenture, Wipro, TCS, HCL Infosystems and Mahindra Satyam.
Cheerful news for Facebook users:
Facebook access becomes easier as it can now be used on all handsets without having internet connection. This facility has been developed by U2opia Mobile, a Singapore based company in collaboration with Bharti Airtel, a leader in the Indian Telecom circle. Now Airtel users can keep themselves notified and also post their recent happenings through the use of Unstructured Supplementary Data (USSD) technology. This technology is used in the telecom circle to keep their users updated about their remaining balance at the end of their call. Airtel users get to use this facility at a very minimal cost.
Growth in Personal Computer Market:
The personal computer market in India experienced a positive trend in its sales in the first quarter of 2011with a growth rate of 6.2%. Major vendors as Acer, Dell, Hewllet Packard and Lenovo have registered 50.4% of the total shipments.
India's largest bank The State bank of India is very unlikely to recover from its customers the higher cost of deposit even if there is deregulation in savings rate of bank. This step is welcome news for the customers of SBI unlike other private and PSU Banks where they plan to recover this cost from their borrowers. SBI also has plans to refrain from increasing the charges of transaction which may be required to compensate the increase in deposit cost.
Bank of America assigns Rs. 72 lakh worth shares to Indian business tycoon Mukesh Ambani:
Bank of America awards Mukesh Ambani Indian Business billionaire shares worth Rs. 72 lakh. This is as a part of his annual payment where he is the first non-American director on board.
The Nano project fiasco of the Tata's in Singur, West Bengal in 2008 regarding land acquisition by the auto majors is all set to be terminated in few months time if the land is not being used for any further set up. The lease agreement may be terminated by the West Bengal Industrial Development Corporation as the land has not been in use since the last two and half years. Tata has not yet confirmed of any upcoming project by October this year. So far as any intimation on this or any communication with the Tata's by the winning party of 2011 West Bengal assembly elections; the Trinamool is yet to come.
Another feather in the cap of the Pawan Kumar Ruia Group:
The Ruia Group sealed yet another deal and bought a French automotive company, Sealynx Automotive. The figures have not been disclosed yet. The company has been named as Ruia Sealynx SAS. Top automotive players of France auto industry as Renault, Peugeot- Citroen and Romanian Auto manufacturer Dacia as a result may be added to the client's list of the Ruia group.
Bajaj Finserv plans an investment of Rs. 50-75 crore in alliance with Bajaj Alliance in the asset management sector. Bajaj Finserv is a financial service company. The launch has been decided for 2012 and investment would be divided over 2-3 years as confirmed by Managing Director Sanjiv Bajaj.
New Pension products to come up soon:
New pension products are on board of different insurance companies who plan to launch several new unit-linked products. The products prescribe to the guidelines of the Insurance Regulatory and Development Authority (IRDA) set in September last year.
Retiresurance Milestone Pension Plan is for instance a newly launched product of the IDBI Federal Life Insurance that meets the guidelines. Other companies as India First Life Insurance, MAX New York Life and others are planning to come up with new pension products very soon.
Sify technologies win the IT awards.
Sify Technologies has been awarded the "Best Data Centre" and "Innovations in Enterprise Solutions" Award by Comunication and Manufacturing Association of India (CMAI). CMAI is a not for profit trade promoting organization of India. The Union Minister of State for IT and Communication, Sachin Pilot and Union Minister of State for Commerce and Industry Jyotiraditya Madhavrao Scindia offered the award at the 5th National Telecom Awards 2011, New Delhi.
LAVA International Limited bags "Fastest Growing Mobile Phone Indian Brand" award:
The "Fastest Growing Mobile Phone Indian Brand" award has been offered to LAVA International Limited during National Telecom Awards 2011 by CMAI, which is a not for profit trade promoting organization based in India.
The Pantaloons Retail arena comprising of Pantaloon Retail India Limited and its subsidiary Future Value Retail Limited (FVRL) have reported a net growth in sales by 18% to Rs.2811.92 crore till the end of quarter March 2011. The value retail sales showed figures of 10.2% and 10.3% respectively.
Government soon to take up a decision on foreign direct investment:
A decision is expected by the Government of India on foreign direct investment in the multi- brand retail arena in the coming three months. It has been an issue kept on hold since long. In the current scenario, FDI is being allowed by India only in particular brand retail chains namely; Nike, Louis Vuitton. A National Manufacturing Policy is on the cards very soon as said by Jyotiraditya Scindia, the Minister of State for Commerce and Industry.
Last Updated on 12/7/2011
To get listed here contact:: business@mapsofindia.com
Software Industry News
Infosys founder Narayana Murthy to quit: Infosys chief N R Narayana Murthy is to retire from Infosys this August. He has gone a step ahead and expressed in public his anguish and distress over the charges of carrying wrong business ethics and also felt disheartened at the quitting of some co-founders.Transfer of IT staff from India is being monitored by the UK Government officials and may soon be termed as illegitimate. In a recent report published by the British Parliament it has been pointed out the UK Border Agency (UKBA) doesn't have proper management on the relocation of thousands of workers. Giant IT firms as Tata Consultancy Services, Wipro and Tech Mahindra are top companies using this Inter Company Transfer (ICT). Approximate figures show that 1, 81,000 such workers are currently working in UK without permission. This has particularly been brought into notice when UK residents are finding it tough to ensure their employment in the IT industry.
UIDAI Bid to be held without top IT giants IBM and HP:
IBM and HP, two of world's top notch IT majors have opted out of the Unique Identity Development Authority of India bid for one of the biggest outsourcing contract. The UIDAI, headed by co-founder of Infosys Nandan Nilekani has confirmed the news the last day of the submission of the proposal by the vendors. The other IT firms competing for the contract are the Accenture, Wipro, TCS, HCL Infosystems and Mahindra Satyam.
Cheerful news for Facebook users:
Facebook access becomes easier as it can now be used on all handsets without having internet connection. This facility has been developed by U2opia Mobile, a Singapore based company in collaboration with Bharti Airtel, a leader in the Indian Telecom circle. Now Airtel users can keep themselves notified and also post their recent happenings through the use of Unstructured Supplementary Data (USSD) technology. This technology is used in the telecom circle to keep their users updated about their remaining balance at the end of their call. Airtel users get to use this facility at a very minimal cost.
Growth in Personal Computer Market:
The personal computer market in India experienced a positive trend in its sales in the first quarter of 2011with a growth rate of 6.2%. Major vendors as Acer, Dell, Hewllet Packard and Lenovo have registered 50.4% of the total shipments.
Banking News
SBI customers to get relief from savings account rate increase:India's largest bank The State bank of India is very unlikely to recover from its customers the higher cost of deposit even if there is deregulation in savings rate of bank. This step is welcome news for the customers of SBI unlike other private and PSU Banks where they plan to recover this cost from their borrowers. SBI also has plans to refrain from increasing the charges of transaction which may be required to compensate the increase in deposit cost.
Bank of America assigns Rs. 72 lakh worth shares to Indian business tycoon Mukesh Ambani:
Bank of America awards Mukesh Ambani Indian Business billionaire shares worth Rs. 72 lakh. This is as a part of his annual payment where he is the first non-American director on board.
Auto Industry News
Singur Lease deal of TATA to end this October, 2011:The Nano project fiasco of the Tata's in Singur, West Bengal in 2008 regarding land acquisition by the auto majors is all set to be terminated in few months time if the land is not being used for any further set up. The lease agreement may be terminated by the West Bengal Industrial Development Corporation as the land has not been in use since the last two and half years. Tata has not yet confirmed of any upcoming project by October this year. So far as any intimation on this or any communication with the Tata's by the winning party of 2011 West Bengal assembly elections; the Trinamool is yet to come.
Another feather in the cap of the Pawan Kumar Ruia Group:
The Ruia Group sealed yet another deal and bought a French automotive company, Sealynx Automotive. The figures have not been disclosed yet. The company has been named as Ruia Sealynx SAS. Top automotive players of France auto industry as Renault, Peugeot- Citroen and Romanian Auto manufacturer Dacia as a result may be added to the client's list of the Ruia group.
Insurance News
A 75 crore investmemt planned by Bajaj Finserv:Bajaj Finserv plans an investment of Rs. 50-75 crore in alliance with Bajaj Alliance in the asset management sector. Bajaj Finserv is a financial service company. The launch has been decided for 2012 and investment would be divided over 2-3 years as confirmed by Managing Director Sanjiv Bajaj.
New Pension products to come up soon:
New pension products are on board of different insurance companies who plan to launch several new unit-linked products. The products prescribe to the guidelines of the Insurance Regulatory and Development Authority (IRDA) set in September last year.
Retiresurance Milestone Pension Plan is for instance a newly launched product of the IDBI Federal Life Insurance that meets the guidelines. Other companies as India First Life Insurance, MAX New York Life and others are planning to come up with new pension products very soon.
Communication Industry News
Telecom Technology Award 2011 has been given to Tejas Networks Ltd.: Tejas Networks Limited, a major player in the optical networking industry has been awarded "Innovative Indigenous Telecom Equipment Company Award" by the Federation of Indian Export Organization. FIEO is an apex body of the Trade Promotion Organization, Government of India.Sify technologies win the IT awards.
Sify Technologies has been awarded the "Best Data Centre" and "Innovations in Enterprise Solutions" Award by Comunication and Manufacturing Association of India (CMAI). CMAI is a not for profit trade promoting organization of India. The Union Minister of State for IT and Communication, Sachin Pilot and Union Minister of State for Commerce and Industry Jyotiraditya Madhavrao Scindia offered the award at the 5th National Telecom Awards 2011, New Delhi.
LAVA International Limited bags "Fastest Growing Mobile Phone Indian Brand" award:
The "Fastest Growing Mobile Phone Indian Brand" award has been offered to LAVA International Limited during National Telecom Awards 2011 by CMAI, which is a not for profit trade promoting organization based in India.
Retail Industry News
Growth in retail business Performance reported for the quarter ended March 2011:The Pantaloons Retail arena comprising of Pantaloon Retail India Limited and its subsidiary Future Value Retail Limited (FVRL) have reported a net growth in sales by 18% to Rs.2811.92 crore till the end of quarter March 2011. The value retail sales showed figures of 10.2% and 10.3% respectively.
Government soon to take up a decision on foreign direct investment:
A decision is expected by the Government of India on foreign direct investment in the multi- brand retail arena in the coming three months. It has been an issue kept on hold since long. In the current scenario, FDI is being allowed by India only in particular brand retail chains namely; Nike, Louis Vuitton. A National Manufacturing Policy is on the cards very soon as said by Jyotiraditya Scindia, the Minister of State for Commerce and Industry.
Last Updated on 12/7/2011
To get listed here contact:: business@mapsofindia.com
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