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SummaryIT major Polaris Financial Technology has posted a 33% drop in net profit at R34 crore for the third quarter against R51 crore it posted in the same quarter last financial year.

Polaris net falls 33% in Q3 on revenue erosion

IT major Polaris Financial Technology has posted a 33% drop in net profit at R34 crore for the third quarter against R51 crore it posted in the same quarter last financial year. The Chennai-headquarterd company has also posted a lower net income at R448 crore as against R494 crore. Arun Jain, founder, chairman & CEO of Polaris Financial Technology, said, “This has been a challenging quarter. However, we continue to build momentum with 16 new business wins. These wins will lead to revenue accruals in the coming quarters.”

Prestige Estates BoD fixes price band for issue

Prestige Estates Projects has informed BSE that IPP committee of the board of directors of the company has fixed the price band at R161 to R170 per equity share for the proposed issue of upto 1.99 crore equity shares with over allotment option of up to 19.9 lakh equity shares being offered by way of institutional placement programme (IPP). The Issue opens and closes on January 23.

Swelect Energy picks up 49% in HHV Solar

Swelect Energy Systems, formerly known as Numeric Power Systems, has announced acquisition of 49% equity in HHV Solar, a leading solar modules manufacturing company in India. As per the agreement, Swelect Energy will assume board control and R Chellappan, the managing director of the company has been appointed as CEO of HHV Solar. Swelect sealed the deal for a consideration of R22 crore. Swelect Energy Systems MD R Chellappan said, “Several of our customers have expressed a high level of comfort in getting their complete supplies from a single source and a reliable corporate like Swelect offers the highest uptime.”

Ramco System, Emirates ink aviation deal

Chennai-based aviation software provider Ramco Systems has signed a master supply agreement with Emirates to implement reliability information management System for the airline’s engineering department. Virender Aggarwal, CEO, Ramco Systems, said, “We have signed the master supply agreement for five years with the Emirates Group, the world’s largest commercial carrier. We have been growing our footprint in the global aviation industry and are excited about this undertaking, which opens up opportunities for future business endeavors.”

Aeon to invest R250 crore in solar energy in TN

Aeon Renewable Energy Solutions, a new solar energy venture of Chennai-based popular restaurant chain Madurai Appu, is setting up a 25-mw solar generation plant in Tamil Nadu. The company has roped in Yingli Solar, one of the world’s largest solar panel manfacturers, as its technical partner. The company will invest around R250 crore in phases to set up the power plant and to install rooftop solar equipment for houses and institutions. Chairman of Aeon Renewable Energy R Chandrasekaran said, “We have extended our business vertical to solar energy along with the existing restaurant chain of business. We will set up a 25-MW solar power generation plant at Pudukottai and Virudhunagar in Tamil Nadu.”

TCS BaNCS goes live at BNP Paribas for custody ops

Tata Consultancy Services’ banking solutions product TCS BaNCS has gone live in the United States at BNP Paribas for its custody operations. The platform is used for post-trade services for local custody of all major asset classes in the US market and connects directly to the US Depository Trust & Clearing Corporation. The solution provides real time processing and has multi-entity capability to service operational units in a 24/7 environment. The solution provides ease of integration with external market infrastructure such as brokers, depositories, custodians, counter-parties and clients internal systems.

Samsung Electronics launches new smartphone

Samsung Electronics Mobiles on Tuesday launched a five-inch screen smartphone Galaxy Grand. The dual-SIM smartphone, which will be available in India from February, is priced at Rs 21,500. It is powered by Android jellybean operating system, and runs on 1.2 Ghz dual core processor. Galaxy Grand has some of the best features of Galaxy S3 and Note 2, Asim Warsi, vice president, Samsung Mobile said at the event.

Airtel launches platform to access enterprise data

Bharti Airtel has launched a platform, Airtel Dynamic Mobile Exchange (DME), to allow corporate workforce to access enterprise data from anywhere on a device of their choice, in a secure manner. As a unique feature, Airtel DME allows employees to segregate official & personal data on the same device by containerising the information such as e-mails, data applications and documents. In case of loss of the mobile device, the corporate container can be remotely locked and data can be wiped off, thereby protecting sensitive corporate information.

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