Quick view: TCS deploys core banking solution for Chinese bank

Updated: Aug 8 2013, 08:43am hrs
IT services firm Tata Consultancy Services (TCS) on Wednesday said it has deployed its core banking solution at Panzhihua (PZH) Commercial Bank, making it the first Chinese city commercial bank to use TCS BaNCS solution. TCS, however, did not reveal the size of the deal. PZH is the first city commercial bank in China to use the TCS BaNCS solution. The Bank selected TCS BaNCS based on the solutions highly successful implementation track record, especially in the Chinese market, and an in-depth domain expertise, TCS said.

Cadila Healthcare Q1 net up 1.33% to R203.61 cr

Cadila Healthcare on Wednesday reported 1.33% increase in net profit at R203.61 crore for the quarter ended June. The growth rate was modest as expenses saw an increase of over 9%. The company had reported net profit of R200.93 crore in the same quarter a year ago. Net sales in the quarter under review were at at R1,607.45 crore, an increase of 6.02%, against R1,516.1 crore in the corresponding period last year, the company said in a BSE filing. Overall expenses in the quarter were at R1,397.82 crore, an increase of 9.16%, compared with R1,280.44 crore in the same quarter last year.

Apollo Hospitals Q1 net up 13% at R79 crore

Apollo Hospitals Enterprise on Wednesday reported a 13.19% rise in net profit to R78.94 crore for the first quarter ended June, mainly on account of robust business in all verticals. The company had posted a net profit of R69.74 crore for the corresponding period previous fiscal, Apollo Hospitals Enterprise said. Net sales of the company also rose to R895.04 crore for the quarter under consideration from R777.39 crore for the year ago period, it added. The private healthcare provider has over 8500 beds across 51 hospitals besides diagnostic clinics, dispensing pharmacies and consultancy services.

Firdose Vandrevala joins Essar Steel as executive VC

Essar Steel India on Wednesday announced the appointment of former deputy managing director of Tata Steel Firdose A Vandrevala as the executive vice-chairman of the steel major. He joins Essar Steel from HIRCO, where he held the post of chairman and MD. The company said the appointment will be effective from August 12. Vandrevala, an alumni of Institute of Technology, Kharagpur and XLRI Jamshedpur, had been associated with the Tata Groups for three decades before joining Motorola India as its chairman in 2005.

ASK Pravi invests R60 cr in OMNI Hospitals

ASK Pravi, a JV between ASK Group and Pravi Capital, invested R60 crore in Hyderabad-based OMNI Hospitals for a substantial minority stake. The funding will enable OMNI Hospitals expand its network of hospitals across south and east India. Anand Vyas, managing partner of ASK Pravi Capital Advisors, is joining the board of directors. Hospitals is a tertiary care hospital chain promoted by INCOR group founded by Anand Reddy Gummadi and Surya Reddy Pulagam. It already operates two hospitals in Hyderabad and Visakhapatnam. Spark Capital acted as the sole financial advisor to OMNI Hospitals for this transaction.

Bijou Kurien of Reliance Retail quits as CEO

Reliance Retails lifestyle divisions chief executive officer Bijou Kurien has put in his papers, according to company sources. Kurien will take a break for sometime before deciding the further course of action, the sources added. Kurien did not respond to phone calls made by FE. Kurien had joined Mukesh Ambanis RIL in 2006 after a stint at Tatas Titan Industries where he served as the chief operating officer.