RCOM completes merger with MTS

Oct 31, 2017 0

Mumbai/Moscow– Reliance Communications (RCOM) on Tuesday said it has completed merger with Sistema Shyam Teleservices (SSTL) telecom business in India, which runs under the brand name MTS.

“The Board of Directors of Reliance Communications, at its meeting held in Mumbai, took on record the demerger of Sistema Shyam Teleservices Ltd’s telecom business in India, run under the brand name MTS, with the company,” a RCOM statement said.

“The Board also approved the issuance of shares to the tune of 10 per cent of the equity shareholding of Reliance Communications, to SSTL, as part of the agreement between the two companies,” the statement said.

Under the terms of the agreement between RCOM and Sistema, RCOM will acquire the telecommunications business of SSTL including its licenses.

In addition, RCOM will acquire 30 MHz of the most valuable and superior 800/850 MHz band spectrum, ideally suited for 4G LTE services and other evolving technologies, to complement its own unique nationwide footprint.

This will result in extension of the validity of RCOM’s spectrum portfolio in the 800/850 MHz band in eight important Circles (Delhi, Gujarat, Tamil Nadu, Karnataka, Kerala, Kolkata, UP-West and West Bengal) by a period of 12 years – from 2021 to 2033.

As a result of the demerger, SSTL will receive a 10 per cent equity stake in the fully diluted equity share capital of RCOM.

In addition, RCOM will assume the liability to pay the Department of Telecommunications instalments for SSTL’s spectrum, amounting to Rs 390 crore per annum for the next eight years.

In another statement, Sistema said: “Sistema PJSFC, a publicly traded diversified Russian holding company, announces that it has completed the merger of its Indian telecommunications business with Reliance Communications, one of India’s leading telecommunications operators. The merger has been approved by all relevant Indian regulators and courts.” (IANS)

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Zaggle signs Bumrah as brand ambassador

Oct 31, 2017 0

Hyderabad– Zaggle, a payments and group dining company, Tuesday announced it had signed up India’s latest bowling sensation Jasprit Bumrah as its brand ambassador.A

This association comes at a point when Zaggle is making rapid strides in increasing its market share in the Indian domestic market in the payments space, it said.

“It is a perfect alignment for Zaggle. We at Zaggle, like Jasprit Bumrah are performing at our best, and are catering to the needs of our customers and captain respectively,” said its founder Rajan Phani.

Bumrah, who has signed his first-ever endorsement, said: “I am happy to be in association with Zaggle. Being a foodie myself, I could instantly relate the offerings on Zaggle App, and am confident; customers will find it hugely beneficial. And the campaign we shot will be out soon and will capture the imagination of all.”

Avinash Godkhindi, CEO & MD, Zaggle said that the company is growing at an exponential pace, and this association with Bumrah will strengthen brand recall.

He said Zaggle, growing at a CAGR of over 100 per cent since inception in 2011, today has strong presence across nine key Indian cities, with over 2.5 million users, over 1,500 corporate affiliations and a million cards in circulation.

“Our revenues for 2017-2018 are expected to cross Rs 350 crore, which will be 4 times last year’s numbers,” he said. (IANS)

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Vodafone India announces new brand positioning

Oct 31, 2017 0

New Delhi– Vodafone on Tuesday announced its new brand positioning in India, using the new tagline, “The Future is exciting. Ready” as part of its global rebranding exercise across 36 countries.

“India is entering a new exciting era – an era of digital, convergence, big data, IoT, cloud, augmented realities, robotics and artificial intelligence. The real and virtual worlds are converging at an unprecedented pace to create a bold new future,” said Sunil Sood, Managing Director & Chief Executive Officer, Vodafone India.

“Our new brand positioning emphasizes Vodafone’s mission and purpose to help customers and communities adapt, navigate and prosper from the remarkable new trends reshaping the world,” he added.

The new visual identity will place greater emphasis on Vodafone’s ‘speech mark’ logo. The ‘speech mark’ will now appear as the central graphical focus overlaid on all marketing and marketing communications collateral. The logo will also appear in a new 2D design in place of a skeuomorphic 3D approach. (IANS)

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SC asks Unitech to deposit Rs 750 cr by December end

Oct 30, 2017 0

New Delhi– The Supreme Court on Monday asked realty major Unitech Managing Director Sanjay Chandra to deposit Rs 750 crore by December end and directed the Tihar Jail authorities to provide him video conferencing facilities to interact with people outside to raise the amount.

The bench of Chief Justice Dipak Misra, Justice A.M.Khanwiljar and Justice D.Y. Chandrachud said that the jail authorities would permit Unitech officials and Sanjay Chandra’s lawyers to visit him in the jail for facilitating the raising of this money.

The top court asked Unitech to deposit Rs 750 crore as amicus curiae Pawanshree Agrawal told the court that the firm would require Rs 2,000 crore to refund the investors and the flat buyers’ money.

The top court also asked different forums to refrain from taking any coercive step against Chandra on any complaint that may be filed by the flat buyers. (IANS)

 

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EIH net profit down 48% in Q2

Oct 30, 2017 0

Kolkata– Hospitality major EIH Ltd on Monday reported a 48 per cent fall in its net profit to Rs 1.97 crore in the quarter ended September 30, 2017 as compared to Rs 3.79 crore in the year-ago period.

Its revenue from operations, in the quarter under review, remained flat at Rs 272.33 crore, as against Rs 272.60 core for the same period a year ago.

During the six-month period ended September 30, the company posted Rs 13.49 crore of net profit from a net loss of Rs 8.45 crore in corresponding period last year.

Shares of EIH Ltd on Monday closed at Rs 155.95 on the BSE, up by 6.65 points or, 4.45 per cent from the previous close. (IANS)

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Farmers who gave land for Andhra capital leave for Singapore

Oct 30, 2017 0

Amaravati– The first batch of farmers from Amaravati, who gave their land for the upcoming capital of Andhra Pradesh, on Monday left for Singapore to learn about the best practices in entrepreneurship.

Chief Minister N. Chandrababu Naidu flagged off the bus carrying first batch of 34 farmers to Hyderabad, from where they will catch the flight for Singapore.

The state government is sending a total of 123 farmers to Singapore. They were selected from among the farmers who have given their land for the development of new state capital.

The state government will bear expenditure for their accommodation and food while farmers are paying for their tickets.

In his speech on the occasion, Naidu said he was happy to send farmers to Singapore and those who gave their lands for the capital should become entrepreneurs.

The Chief Minister reiterated that Amaravati would be developed on the lines of Singapore. He exuded confidence that the new state capital would attract all top global firms.

About 26,000 farmers have given 33,000 acres of land under a unique Land Pooling System (LPS), the largest exercise of this kind in the country.

The Capital Region Development Authority (CRDA) has handed over developed residential and commercial plots to the farmers.

Officials said the farmers visiting Singapore would learn how to use the land and the compensation to become successful entrepreneurs. (IANS)

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Bharat Electronics net up 19% in Q2

Oct 30, 2017 0

Bengaluru– State-run Bharat Electronics Ltd (BEL) on Monday reported Rs 412 crore net profit for the second quarter of 2017-18, registering 19 per cent annual growth from Rs 346 crore in the same period year ago.

“Sales turnover for the quarter under review at Rs 2,432 crore is up 46 per cent annually from Rs 1,664 crore in the like period year ago,” said the defence firm in a statement here.

Profit before tax grew 26 per cent annually to Rs 587 crore for Q2 from Rs 464 crore last year.

“The company’s order book position is at Rs 41,746 crore as on October 1 after the first six months of the fiscal,” added the statement. (IANS)

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Biocon net down 53% in Q2

Oct 26, 2017 0

Bengaluru– Biotechnology major Biocon Ltd on Thursday reported Rs 69 crore consolidated net profit for the second quarter of fiscal 2017-18, a 53 per cent decline from Rs 147 crore in the same period last year.

In a regulatory filing on the BSE, the city-based drug maker said consolidated revenue from operations marginally grew 2 per cent to Rs 969 crore in the quarter under review from Rs 955 crore in the like period year ago.

Sequentially too, net income declined 15 per cent from Rs 81 crore while revenue increased a modest 4 per cent from Rs 934 crore quarter ago.

Earnings before interest, tax, depreciation and amortisation (Ebitda) also declined 16 per cent annually to Rs 233 crore for Q2 from Rs 278 crore last year and down five per cent from Rs 246 crore last quarter.

Research and Development expense declined 17 per cent annually to Rs 93 crore for Q2 from Rs 113 crore in same quarter last year.

“With the growth recovery of our research services (Syngene) and branded formulations business segments, our earnings performance was, however, muted due to multiple factors,” said Biocon Chairperson Kiran Mazumdar-Shaw in a statement.

Plant modifications to comply with regulations disrupted production, while regulatory and tender delays in some emerging markets for biosimilars business also impacted operations.

“Malaysia facility costs and pricing pressures in our APIs (Active Pharmaceutical Ingredients) business continue to weigh on our P&L (Profit & Loss). We expect the headwinds to ease by this fiscal-end.”

The company has submitted its insulin (Glargine) dossier to the US Federal Drug Administration.

Licensing income for the quarter was Rs 1 crore as against Rs 33 crore in the like period year ago.

“The operating margins were impacted due to inclusion of fixed and operating costs related to the Malaysia facility and reduced gross margins due to pricing pressure in key markets,” said the statement.

The company’s API unit at Vishakapatnam in Andhra Pradesh completed a US Federal Drug Administration audit without observations.

“Our generic formulations business debuted in the US with Rosuvastatin Calcium tablets during the quarter. We also commissioned our first solid oral dosage forms manufacturing facility in Q2,” said Shaw.

The company’s scrip of Rs 5 face value quoted at Rs 365.60 per share at the end of Thursday’s trading on the BSE as against Wednesday’s closing rate of Rs 366.75 and opening price of Rs 370, after touching high of Rs 371.75 and low of Rs 355.50 during the intra-day trading sessions. (IANS)

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TiE to form Amaravati chapter

Oct 26, 2017 0

Hyderabad– The Indus Entrepreneurs, the world’s largest network of entrepreneurs, will form its Amaravati chapter to cater to the state of Andhra Pradesh, its Board of Trustees decided on Wednesday.

With the approval from TiE Global in place, TiE Amaravati is expected to have a formal launch early next month in Amaravati.

Sateesh Andra, Managing Director, Endiya Partners, Suresh Rayudu Chitturi, Vice Chairman & Managing Director, Srinivasa Hatcheries and Purnima Kamble, Partner, Fox Mandal & Associates along with other board members made the announcement at a news conference here.

“An organization like TiE is the need of the hour to foster entrepreneurship in the new state of Andhra Pradesh. A large number of successful entrepreneurs/operating executives are keen and dedicated to the virtuous cycle of wealth creation and giving back to the community. TiE Amaravati chapter is a perfect platform for contribution and realizing their goals,” said Rayudu.

Andra said that TiE will play a crucial role in focusing on creating and nurturing next generation of entrepreneurs in Andhra Pradesh.

“Our immediate focus will be Fintech, IT/ITES, pharma/life sciences, manufacturing, agriculture & food processing sectors. TiE Amaravati will also work closely with educational institutions to introduce entrepreneurship based courses in the curriculum, assist in setting up E-cells and incubators to inculcate the entrepreneurial aspirations in young minds,” he said.

TiE, a non-profit organization founded in 1992 in the Silicon Valley, currently boasts over 13,000 members in 61 chapters across 18 countries. (IANS)

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Dell Technologies to invest $1 billion in IoT R&D

Oct 26, 2017 0

New Delhi– Unveiling its Internet of Things (IoT) vision and strategy, Dell Technologies on Thursday said it will invest $1 billion in new IoT products, solutions, labs, partner programmes and ecosystem over the next three years.

“IoT is fundamentally changing how we live, how organisations operate and how the world works,” Michael Dell, Chairman and Chief Executive Officer of Dell Technologies, said in a statement.

“Dell Technologies is leading the way for our customers with a new distributed computing architecture that brings IoT and artificial intelligence together in one, interdependent ecosystem from the edge to the core to the Cloud,” the Dell CEO added.

As part of its new IoT strategy, the Round Rock, Texas-headquartered company also announced a new IoT division as well as new IoT specific products.

“As per NASSCOM, the global market for IoT in 2020 will be worth $373 billion in revenue, with India accounting for $10-12 billion of this revenue,” said Rajesh Janey, President & MD, India Enterprise, Dell EMC.

“India is currently undergoing a massive transformation to become a digitally enabled nation; and technology is at heart of this digital transformation. Smart cities, IoT, building a modern architecture, connecting devices – all these are building blocks of achieving the goal of realising a digitally transformed India,” Janey added.

The company’s new IoT Division will be led by VMware CTO Ray O’Farrell, and is chartered with orchestrating the development of IoT products and services across the Dell Technologies family.

The IoT Solutions Division will combine internally developed technologies with offerings from the vast Dell Technologies ecosystem to deliver complete solutions for the customer.

“Our new IoT Division will leverage the strength across all of Dell Technologies family of businesses to ensure we deliver the right solution – in combination with our vast partner ecosystem – to meet customer needs and help them deploy integrated IoT systems with greater ease,” O’Farrell said.

Dell Technologies family of brands include Dell, Dell EMC, Pivotal, RSA, Secureworks, Virtustream and VMware.

“In India, IoT is increasingly gaining importance in any modern organization’s digital transformation story. It has unleashed a whole new world of possibilities by connecting the physical and digital worlds, that can transform customer experience, create new business models and improve business agility,” said Arun Kumar, MD, VMware India

“To the Indian customer, looking to take advantages of all that is possible with IoT, we can offer the combined technology expertise of Dell and VMware and apply it at the edges of the business where all things reside and help Indian organizations manage the next stage of their evolution,” Kumar added. (IANS)

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