New Delhi, Nov 28 : The UK government is seeking a patent in India for a defence invention called 'modulation signals for a satellite navigation system', which can measure satellite signals.
The UK government has approached the Controller General of Patents, Designs and Trademarks by filing a patent application for the invention.
The patent application in India has been filed in the name of Secretary of State for Defence ( Defence Minister of the UK).
The approving authorities have published the claims made by the UK government in their latest Patent Office Journal, giving a notice seeking public opinion on that.
The present invention is related to modulation signals, systems and methods.
The satellite navigation system of the Defence Ministry is broadly based on the technique used in the Global Positioning System (GPS), which operates by using a number of frequencies, according to the patent application.
Friday, November 28, 2008
Wednesday, November 26, 2008
Mphasis posts net profit of Rs 295 cr
Mumbai, Nov 26 : IT firm Mphasis today said its consolidated net profit stood at Rs 295 crore for the seven months ended October 31, 2008, while it had a net profit of Rs 140 crore over the corresponding period a year ago.
Consolidated total income stood at Rs 1,927.4 crore for the period under review, Mphasis Ltd said in a filing to the Bombay Stock Exchange.
On the standalone basis, the software firm posted a net profit of Rs 264.5 crore for the period ended October 31, 2008.
Further, the board has recommended a final dividend of Rs 2 per share for the seven months ended October 31, the company said.
“This has been a year of strong financial performance with record EPS and EPS growth-the highest in the history of the company,” Mphasis CEO Jeya Kumar said.
Mphasis is the part of EDS, a global technology services provider, which was acquired by HP (Hewlett Packard) in August this year.
After the acquisition of EDS, the group has changed the quarter and financial year to November-October with effect from November 1, 2008 to align to the financial year of HP, the company added.
Shares of the company closed at Rs 151.50, down 1.37 per cent on the BSE. PTI SKR
Tuesday, November 25, 2008
Godrej Consumer approves buyback offer
Mumbai, Nov 25 : FMCG major Godrej Consumer Products today said its board has approved to buyback its equity shares from open market at a price not exceeding Rs 150 a piece.
"The buyback will be through open market and subject to a maximum price of Rs 150 per share and a maximum outlay of Rs 14.90 crore,” Godrej Consumer Products Ltd said in a filing to the Bombay Stock Exchange.
Shares of the company closed at Rs 118.50, up 0.98 per cent on the BSE.
"The buyback will be through open market and subject to a maximum price of Rs 150 per share and a maximum outlay of Rs 14.90 crore,” Godrej Consumer Products Ltd said in a filing to the Bombay Stock Exchange.
Shares of the company closed at Rs 118.50, up 0.98 per cent on the BSE.
Great Offshore leases two vessels at USD 22 mn
Mumbai, Nov 25 : Integrated offshore oilfield services provider Great Offshore today said it has chartered its two vessels to Petroleum Marine Services of Egypt for a USD 22 million (Rs 109.84 crore).
"The company has chartered two of its vessels -- Malaviya Thirty Three and Gal Ross Sea -- to Petroleum Marine Services Co," Great Offshore Ltd said in a filing to the Bombay Stock Exchange.
Initially, this contract is for one year, which has an option for two more extensions, the company said.
Further, the vessels have commenced operations in the Khafji Oilfields, it added.
Great Offshore was trading at Rs 267.75, up 0.51 per cent in the afternoon trade on the BSE.
Slump in US retail may recover by 2010
New Delhi, Nov 25 : The US retail sector, which is on a downward spiral largely because of declining consumer confidence on the back of credit crunch, is likely to see some recovery by early 2010, analysts feel.
Retail sales in September and October fell dramatically in the US on the back of global economic turmoil and the trend is emerging as a major concern among economists across the US. The coming holiday season may not be 'merry and bright' for this segment .
According to the US-based ShopperTrak RCT, which provides retail intelligence solutions and services, in the upcoming holiday season retailers will most likely feel the sting of a lagging economy and lowered consumer confidence during this critical shopp ing period.
As per ShopperTrak's Retail Traffic Index (SRTI), total US foot traffic during the 2008 holiday season is expected to decline by nearly 10 per cent as compared to last year.
“With all of the difficulties in the US economy it will take some time for retail sales to rebound. ...We will likely begin to see an economic turnaround until the later half of 2009 or even early 2010,” responding to an e-Mail query the US-based Retail Management Consultants President and CEO, Mr George Whalin said.
A number US retail giants including JC Penny, Aber Crombie, Lowe's, Traget and Saks have reported a fall in their earnings and sales in the latest quarter.
However, Walmart managed to register a growth of 10 per cent in its net income at $3.13 billion in its third quarter ended October 31.
Retail sales in September and October fell dramatically in the US on the back of global economic turmoil and the trend is emerging as a major concern among economists across the US. The coming holiday season may not be 'merry and bright' for this segment .
According to the US-based ShopperTrak RCT, which provides retail intelligence solutions and services, in the upcoming holiday season retailers will most likely feel the sting of a lagging economy and lowered consumer confidence during this critical shopp ing period.
As per ShopperTrak's Retail Traffic Index (SRTI), total US foot traffic during the 2008 holiday season is expected to decline by nearly 10 per cent as compared to last year.
“With all of the difficulties in the US economy it will take some time for retail sales to rebound. ...We will likely begin to see an economic turnaround until the later half of 2009 or even early 2010,” responding to an e-Mail query the US-based Retail Management Consultants President and CEO, Mr George Whalin said.
A number US retail giants including JC Penny, Aber Crombie, Lowe's, Traget and Saks have reported a fall in their earnings and sales in the latest quarter.
However, Walmart managed to register a growth of 10 per cent in its net income at $3.13 billion in its third quarter ended October 31.
Monday, November 24, 2008
Atlanta bags Rs 146.4 cr contract from GIDC
Mumbai, Nov 24 : Diversified firm Atlanta today said it has secured a contract worth Rs 146.4 crore from Gujarat Industrial Development Corporation for infrastructure related works.
Under the contract, the company will provide infrastructure for Dahej Special Economic Zone (Dahez SEZ Ltd), Atlanta Ltd said in a filing to the Bombay Stock Exchange.
Earlier, in October, the company in a joint venture with ARSS had bagged a contract worth Rs 72 crore from Southern Railway for gauge conversation and construction-related works.
Shares of the company closed at Rs 55, down 3.68 per cent on the BSE.
Under the contract, the company will provide infrastructure for Dahej Special Economic Zone (Dahez SEZ Ltd), Atlanta Ltd said in a filing to the Bombay Stock Exchange.
Earlier, in October, the company in a joint venture with ARSS had bagged a contract worth Rs 72 crore from Southern Railway for gauge conversation and construction-related works.
Shares of the company closed at Rs 55, down 3.68 per cent on the BSE.
Thursday, November 20, 2008
AstraZeneca to axe 1,400 jobs by 2013
London, Nov 20 : Global pharmaceutical giant AstraZeneca today said it will slash about 1,400 jobs in the coming years across Europe, as part of the restructuring plan of its manufacturing and supply chain operations.
The UK-based pharma major would exit from its three units in Europe -- Porrino in Spain, Destelbergen in Belgium and Umea in Sweden -- under efficiency improvement programme, the company said in a statement.
Further, there would be roles affected at its facilities in Macclesfield in the UK and Sodertalje in Sweden, it added.
"These moves will result in a net reduction across the business of 1,400 positions by 2013," AstraZeneca said, adding that these job cuts are subject to local consultation.
"I realise these changes are difficult for our affected employees, with whom we will be consulting in the coming months. We believe these changes are necessary for the long-term strength of the business," AstraZeneca Executive Vice President Operations David Smith said.
Anglo-Swedish pharma company has announced proposed changes to its global manufacturing and supply chain operations as part of its ongoing programme to improve efficiency across the business.
However, the company's outlook to investors on restructuring costs remains unchanged for 2008.
"These moves are a continuation of AstraZeneca's programme to improve the organisations productivity and efficiency," David added.
AstraZeneca has a presence in India through its Indian arm AstraZeneca Pharma India.
Shares of AstraZeneca fell 0.84 per cent and was trading at 2,482 pence on the London Stock Exchange. Whereas, AstraZeneca Pharma India's shares settled at Rs 465.85, down 2.09 per cent on the Bombay Stock Exchange.
The UK-based pharma major would exit from its three units in Europe -- Porrino in Spain, Destelbergen in Belgium and Umea in Sweden -- under efficiency improvement programme, the company said in a statement.
Further, there would be roles affected at its facilities in Macclesfield in the UK and Sodertalje in Sweden, it added.
"These moves will result in a net reduction across the business of 1,400 positions by 2013," AstraZeneca said, adding that these job cuts are subject to local consultation.
"I realise these changes are difficult for our affected employees, with whom we will be consulting in the coming months. We believe these changes are necessary for the long-term strength of the business," AstraZeneca Executive Vice President Operations David Smith said.
Anglo-Swedish pharma company has announced proposed changes to its global manufacturing and supply chain operations as part of its ongoing programme to improve efficiency across the business.
However, the company's outlook to investors on restructuring costs remains unchanged for 2008.
"These moves are a continuation of AstraZeneca's programme to improve the organisations productivity and efficiency," David added.
AstraZeneca has a presence in India through its Indian arm AstraZeneca Pharma India.
Shares of AstraZeneca fell 0.84 per cent and was trading at 2,482 pence on the London Stock Exchange. Whereas, AstraZeneca Pharma India's shares settled at Rs 465.85, down 2.09 per cent on the Bombay Stock Exchange.
Tuesday, November 11, 2008
Tough days ahead for media firms as profits shrink
New Delhi, Nov 11 : Hit by a fall in advertisement revenues, media sector firms have witnessed a sharp drop in profits in the September quarter and experts believe they are likely to remain under pressure for the next one year.
According to an analysis of the quarterly earnings of the ten leading media houses including NDTV, HT Media, TV Eighteen and Zee Entertainment as many as seven firms have suffered a significant impact on their bottomlines in the second quarter this fiscal.
Prannoy Roy led-NDTV widened its net loss to Rs 119.38 crore for the second quarter ended 30 September, while HT Media, which publishes Hindutsan Times, Mint and Hindustan, posted a 49 per cent decline in net profit at Rs 16.28 crore in the same period.
The key reason for media firms’ profits getting impacted is the clear fall in the ad spends which have been impacted by the economic environment.
“Pressure is likely to continue in the Media and Entertainment space for the next one year in line with the overall economy,” consultancy firm BMR Advisors Partner for Media and Entertainment Industry Practice Vivek Gupta said.
“However, the long term scenario remains bullish as a lot of the consuming class has still not been penetrated. And several triggers exist in the industry,” Gupta added.
Media conglomerate Television Eighteen posted a net profit of Rs 18.12 crore, whereas it had a net profit of Rs 26.27 crore in the corresponding period previous financial year.
Meanwhile, two media houses, TV Today and Subhash Chandra — led Zee Entertainment Enterprises — posted a growth in their net profit in the second quarter of current fiscal.
Zee Entertainment posted a positive result with a net profit of Rs 178.1 crore, a 45.53 per cent growth as compared to Rs 97 crore for the same period a year ago. While, TV Today Group, which broadcasts news channel Headlines Today and Aaj Tak, posted a net profit of Rs 7.57 crore against Rs 5.35 crore a year ago.
Another analyst from leading brokerage firm believes as corporate houses are cutting their advertisement expenditures, the media sector including print and TV are likely to witness an impact on their revenues.
South-based Deccan Chronicle, who owns Hyderabad team of Indian Premier League (IPL) and publishes Asian Age and Deccan Chronicle, suffered a 45 per cent drop in profits at Rs 45.27 crore against Rs 82.60 for the quarter ended 30 September, 2007.
Globally, the media sector has also not performed well and ad revenues have decline amid the economic crisis impacting the the corporate sector.
Media services firm Zenith Optimedia has cut its forecast for global adspend growth to 4.3 per cent in 2008 down from its earlier 6.6 per cent expectations.
According to an analysis of the quarterly earnings of the ten leading media houses including NDTV, HT Media, TV Eighteen and Zee Entertainment as many as seven firms have suffered a significant impact on their bottomlines in the second quarter this fiscal.
Prannoy Roy led-NDTV widened its net loss to Rs 119.38 crore for the second quarter ended 30 September, while HT Media, which publishes Hindutsan Times, Mint and Hindustan, posted a 49 per cent decline in net profit at Rs 16.28 crore in the same period.
The key reason for media firms’ profits getting impacted is the clear fall in the ad spends which have been impacted by the economic environment.
“Pressure is likely to continue in the Media and Entertainment space for the next one year in line with the overall economy,” consultancy firm BMR Advisors Partner for Media and Entertainment Industry Practice Vivek Gupta said.
“However, the long term scenario remains bullish as a lot of the consuming class has still not been penetrated. And several triggers exist in the industry,” Gupta added.
Media conglomerate Television Eighteen posted a net profit of Rs 18.12 crore, whereas it had a net profit of Rs 26.27 crore in the corresponding period previous financial year.
Meanwhile, two media houses, TV Today and Subhash Chandra — led Zee Entertainment Enterprises — posted a growth in their net profit in the second quarter of current fiscal.
Zee Entertainment posted a positive result with a net profit of Rs 178.1 crore, a 45.53 per cent growth as compared to Rs 97 crore for the same period a year ago. While, TV Today Group, which broadcasts news channel Headlines Today and Aaj Tak, posted a net profit of Rs 7.57 crore against Rs 5.35 crore a year ago.
Another analyst from leading brokerage firm believes as corporate houses are cutting their advertisement expenditures, the media sector including print and TV are likely to witness an impact on their revenues.
South-based Deccan Chronicle, who owns Hyderabad team of Indian Premier League (IPL) and publishes Asian Age and Deccan Chronicle, suffered a 45 per cent drop in profits at Rs 45.27 crore against Rs 82.60 for the quarter ended 30 September, 2007.
Globally, the media sector has also not performed well and ad revenues have decline amid the economic crisis impacting the the corporate sector.
Media services firm Zenith Optimedia has cut its forecast for global adspend growth to 4.3 per cent in 2008 down from its earlier 6.6 per cent expectations.
Thursday, November 6, 2008
Peer to peer lending gains prominence
New Delhi, Nov 6 : Amid a liquidity crunch in banking, a relatively new practice of lending and borrowing without intermediaries like banks and financial institutions is emerging through online sharing of money, making it easier for people to get loans.
According to a study by market intelligence and data analysis services provider Grail Research, peer-to-peer lending -- which refers to an individual or a group lending money to a person in need without the role of any intermediary -- is fast emerging and may reduce dependence on banks.
The market size of the country's informal lending market is estimated to be $ 90-100 billion, with rural areas accounting for a bulk of the market.
Of this, just 30-35 per cent is supposed to be managed through friends and family networks, including the emerging new platform of 'peer-to-peer' lending.
This new form of loan is more popular among people who do not have easy access to bank loans and belong to low income groups.
"P2P lending is one of Web 2.0's less appreciated killer apps. By eliminating intermediaries such as banks, it creates better outcomes for both borrowers and lenders. We expect it to be a key threat for traditional lenders such as banks in the long term," Grail Research country head Amit Kumar said.
While the lack of a fully functional credit bureau inhibits its application in its traditional form, it is also leading to innovation such as the use of micro finance institutions.
"We consider its potential impact to be on par with other innovative models such as ITC's e-choupal," Kumar added.
Unlike traditional banks, which are governed by the Reserve Bank of India's regulations, P2P lending is more independent and flexible on various points.
"In the P2P system, the rate of interest at which one would take loans is negotiable. Unlike regulated banks' practices, paper work and credit checks of borrowers are not so important here, which ultimately saves time," Kumar said.
These firms mainly target poorer segments as they do not have access to formal banking. Moreover, a host of micro-credit institutions operating in India are unable to meet the entire micro-credit demands of the country.
Traditionally, people prefer banks and other similar institutions as they are considered more reliable than lesser-known financial firms.
However, a number of P2P lending firms, like dhanaX, Range De and GlobeFunder, have emerged in recent times. But they are in the initial stages and need protection and support from the government for accelerated growth, the Grail Research study said.
The Internet plays a major role in the fledgling industry as P2P lending through portals of such companies involves online sharing of money between users.
"Borrowers put up their profiles and make requests for loans on the portals, which the lenders can view. The entire process helps the borrower and the lender gets interest rates that are acceptable to both parties," Kumar said.
P2P companies earn revenues through commissions, both from the lender and the borrower or agent, for arranging the servicing the loan.
P2P lending firm dhanaX co-founder Siva Prasad Cotipalli said, "dhanaX is targeting borrowers with an income between Rs 60,000 and 1,50,000 per annum as there are huge opportunities in the Indian credit market with an unmet credit requirement of nearly Rs 2,00,000 crore (Rs 2,000 billion)."
According to a study by market intelligence and data analysis services provider Grail Research, peer-to-peer lending -- which refers to an individual or a group lending money to a person in need without the role of any intermediary -- is fast emerging and may reduce dependence on banks.
The market size of the country's informal lending market is estimated to be $ 90-100 billion, with rural areas accounting for a bulk of the market.
Of this, just 30-35 per cent is supposed to be managed through friends and family networks, including the emerging new platform of 'peer-to-peer' lending.
This new form of loan is more popular among people who do not have easy access to bank loans and belong to low income groups.
"P2P lending is one of Web 2.0's less appreciated killer apps. By eliminating intermediaries such as banks, it creates better outcomes for both borrowers and lenders. We expect it to be a key threat for traditional lenders such as banks in the long term," Grail Research country head Amit Kumar said.
While the lack of a fully functional credit bureau inhibits its application in its traditional form, it is also leading to innovation such as the use of micro finance institutions.
"We consider its potential impact to be on par with other innovative models such as ITC's e-choupal," Kumar added.
Unlike traditional banks, which are governed by the Reserve Bank of India's regulations, P2P lending is more independent and flexible on various points.
"In the P2P system, the rate of interest at which one would take loans is negotiable. Unlike regulated banks' practices, paper work and credit checks of borrowers are not so important here, which ultimately saves time," Kumar said.
These firms mainly target poorer segments as they do not have access to formal banking. Moreover, a host of micro-credit institutions operating in India are unable to meet the entire micro-credit demands of the country.
Traditionally, people prefer banks and other similar institutions as they are considered more reliable than lesser-known financial firms.
However, a number of P2P lending firms, like dhanaX, Range De and GlobeFunder, have emerged in recent times. But they are in the initial stages and need protection and support from the government for accelerated growth, the Grail Research study said.
The Internet plays a major role in the fledgling industry as P2P lending through portals of such companies involves online sharing of money between users.
"Borrowers put up their profiles and make requests for loans on the portals, which the lenders can view. The entire process helps the borrower and the lender gets interest rates that are acceptable to both parties," Kumar said.
P2P companies earn revenues through commissions, both from the lender and the borrower or agent, for arranging the servicing the loan.
P2P lending firm dhanaX co-founder Siva Prasad Cotipalli said, "dhanaX is targeting borrowers with an income between Rs 60,000 and 1,50,000 per annum as there are huge opportunities in the Indian credit market with an unmet credit requirement of nearly Rs 2,00,000 crore (Rs 2,000 billion)."
Wednesday, November 5, 2008
Great Offshore acquires Andhra firms for Rs160 cr
Mumbai, Nov 5 : Great Offshore, integrated offshore service provider said that it has acquired Andhra Pradesh based companies KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services for Rs160 crore.
“The company on 5 November, completed all procedural formalities and acquired 100% equity stake in two companies,” Great Offshore Ltd said in a filing to the Bombay Stock Exchange (BSE).
KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services are in the maritime services business providing offshore support, single point mooring operations and port management services.
The companies have a strong presence on the East Coast of India.Being wholly-owned subsidiaries of Great Offshore, the companies will add to EPS accretion on a consolidated basis for this fiscal, which ends on 31 March, 2009, the company said.
In the first week of September, the company had announced that it would acquire both firms for Rs 160 crore in an all cash transaction.
“The decision to acquire an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earnings,” Great Offshore Vice Chairman cum Managing Director Vijay K Sheth said.
Earlier in July, KEI received a contract for providing comprehensive marine operations services for the Gangavaram Port for a period of 12 years.
In a separate filing to the BSE on 2 September, Great Offshore had announced that the existing management of both companies would continue to manage the day-to-day business.
Tuesday, November 4, 2008
Gail India Signs Agreement With Himachal State Government
Mumbai, Nov 5 : State-run GAIL India on Tuesday said it has entered into an agreement with the Himachal Pradesh government to study the feasibility of extending the Dadri-Bawana-Nangal natural gas pipeline to the state.
Under the agreement, the oil major would work on a joint exercise to assess the demand potential of natural gas and allied products in the state, GAIL India Ltd said in a filing to the Bombay Stock Exchange.
Dadri-Bawana-Nangal is a 610-km pipeline project, which would pass through UP, Delhi, Haryana and Punjab.
"GAIL will use its technical and commercial expertise to study the various options and collate the gas demand potential of Himachal Pradesh," the company said.
Department of Industries of the HP government would facilitate information pertaining to fertiliser, power, industry, domestic and transport sectors, which have potential to consume gas and CHG as fuel, it added.
Under the agreement, the oil major would work on a joint exercise to assess the demand potential of natural gas and allied products in the state, GAIL India Ltd said in a filing to the Bombay Stock Exchange.
Dadri-Bawana-Nangal is a 610-km pipeline project, which would pass through UP, Delhi, Haryana and Punjab.
"GAIL will use its technical and commercial expertise to study the various options and collate the gas demand potential of Himachal Pradesh," the company said.
Department of Industries of the HP government would facilitate information pertaining to fertiliser, power, industry, domestic and transport sectors, which have potential to consume gas and CHG as fuel, it added.
Saturday, November 1, 2008
Zee News acquires 26 pc stake in Sky B
Mumbai, Nov 1 : Subhash Chandra group firm Zee News today said it would acquire 26 per cent stake in Sky B (Bangla), a West Bengal focused media firm, for an undisclosed amount.
In a filing to the Bombay Stock Exchange, Zee News Ltd said its board has approved the acquisition of 26 per cent stake in Sky B (Bangla) Pvt Ltd, which owns infotainment channel Akaash Bangla.
Under a separete agreement, Zee News will now handle marketing, advertisement sales and programming initiatives of Akaash Bangla, at an agreed fee. However, it has not disclosed the fee structure.
The advertisement sales function of Akaash Bangla would now be handled by Zee News, it added. Akaash Bangla is a twenty-four hours Bengali infotainment channel, which is owned by Sky B.
Zee News and Sky B already have a 60:40 partnership in joint venture firm Zee Akaash News Pvt, which owns 24 Ghanta.
"This accord is a win-win for both the companies. We look east as market of strategic importance and would like to strengthen our presence there to emerge as the single largest player in electronic media," Zee News CEO Barun Das said.
In a filing to the Bombay Stock Exchange, Zee News Ltd said its board has approved the acquisition of 26 per cent stake in Sky B (Bangla) Pvt Ltd, which owns infotainment channel Akaash Bangla.
Under a separete agreement, Zee News will now handle marketing, advertisement sales and programming initiatives of Akaash Bangla, at an agreed fee. However, it has not disclosed the fee structure.
The advertisement sales function of Akaash Bangla would now be handled by Zee News, it added. Akaash Bangla is a twenty-four hours Bengali infotainment channel, which is owned by Sky B.
Zee News and Sky B already have a 60:40 partnership in joint venture firm Zee Akaash News Pvt, which owns 24 Ghanta.
"This accord is a win-win for both the companies. We look east as market of strategic importance and would like to strengthen our presence there to emerge as the single largest player in electronic media," Zee News CEO Barun Das said.
Subscribe to:
Posts (Atom)