National Commodities and Derivatives Exchange (NCEDX) will rope in JP Capital Services as an anchor investor to become the countrys first commodity exchange to have a holding pattern that confirms with the government guideline. R Ramashesan, NCDEXs managing director and chief executive officer, said JP Capital Services would pick up 22% stake in NCDEX, which would lead to dilution of some of the holding companies stake from 15% to 11.5% and scale up the equity from Rs 35.7 crore to Rs 50.7 crore. Three companies Nabard, LIC and NSE are currently holding 15% each in NCDEX and after JP Capital picks up 22% it would come down 11.5%. While there would be a dilution of Nabard, LIC and NSEs holding, there would also be fresh equity issued to offer JP Capital a 22% holding, Ramashesan said. He said the amount JP Capital would have to shell out to take up the stake would be decided next month following, which there would be transfer of shares.
Infosys to bring down attrition levels
Infosys Technologies, the countrys second largest IT exporter, is hopeful of bringing down the attrition levels, according to Kris Gopalakrishnan, CEO, Infosys Technologies Ltd. Infosys attrition levels had touched 17% during the second quarter. He said the IT industry is experiencing a similar phenomenon and predicted that stability is expected to happen over the present quarter and the next. Kris said compared to last quarter, attrition is a little better. The phenomenon is not restricted to Infosys alone. Across the board, attrition has gone up. This is a result of certain growth coming back. We were not actually prepared or ready to take advantage of this growth. There was a scramble in recruitment across companies which resulted in movement of employees from one firm to another firm, he said.
Ace not to roll out from Karnataka before 2012
Tata Motors said it will take at least a year before it starts producing the Ace family of products from its Dharwad plant in Karnataka. The company had earlier expressed interest of producing the Ace light commercial vehicles from the Dharwad plant in a bid to make up for the capacity constraint at its existing mother plant in Pantnagar in Uttarakhand. The company is expanding production capacity at Dharwad with Ace in mind. According to sources close to the development, it will be a full-fledged facility for the Ace at the additional land the company possesses at the site.
Ambience plans IPO by Feb, to raise up to Rs 1,293 cr
Realty firm Ambience on Thursday said it plans to launch its proposed initial public offer (IPO) by February next year to raise up to Rs 1,293 crore.Sebi approval is valid till February 2011. Our endeavour will be to launch the public issue before February, if market conditions are conducive, Ambience group chairman Raj Singh Gehlot said. The company had filed the draft red herring prospectus (DRHP) in September last year and received approval from the market regulator Sebi in February this year. Ambience plans to dilute between 10% and 15% to raise nearly Rs 1,300 crore.
HCL Infosystems to focus on system integration
HCL Infosystems will focus on systems integration and services as new sources of growth and will look for acquisition in emerging overseas markets to expand its base, chairman Ajai Chowdhry said Thursday. Increasingly, we are becoming a service and solutions-driven company. We are looking for more business opportunity in this space, the newly-appointed chief executive officer Harsh Chitle said. HCL Infosystems will look for small capital investment of around $6-10 million for acquisition, he said.
TPL bullish on turnkey power projects
Tata Projects Ltd (TPL), an engineering, procurement and construction (EPC) contracting company, is bullish on turnkey power projects and is expecting big orders from some of the recent tenders. The company is hopeful bagging a `Nano-like project in the power sector which is expected to be the lowest cost gas-based power plant having the highest efficiency in the country.
ADAG plans to set up university in Bhopal
The Reliance Anil Dhirubhai Ambani Group plans to invest Rs 100 crore in setting up a university at Bhopal, Madhya Pradesh. Spread over 110 acres, the university would be called Dhirubhai Ambani University and would be focused on Information and Communication Technology related disciplines.The Government of Madhya Pradesh has issued a letter of intent and also provided land for setting up of the proposed University.