Intel India on Wednesday announced a $120 million (approximately Rs 742 crore) investment into its existing R&D facility in Bangalore, primarily to consolidate its operations. The chip maker, however, does not expect to see any fresh hiring in the foreseeable future in keeping with its global plan to reduce headcount in 2014. Last week, it had said that it expects to reduce its global workforce by 5% this year. Its actually not a layoff (globally). What we want to do is shift headcount from low priority areas inside Intel to high priority areas. We generally see about 4% attrition globally anyway. This is a bit of a stretch above and beyond that, Kumud Srinivasan, president, Intel India, said.
ONGC eastern offshore gas output may go up
ONGC expects to ramp up natural gas production up to 2 million standard cubic meters per day during the next fiscal as two of its eastern offshore wells are set to get into production. Ashok Varma, executive director (asset manager) Eastern Offshore Asset, said the oil and gas major has chalked out a programme to take up drilling of 40 to 45 wells by 2019. The eastern offshore wing of the PSU has also sent proposals to hire four more rigs to meet the requirements.
Alstom T&D India bags Rs 106-cr contract from RIL
French power equipment maker Alstoms India arm has bagged a contract worth Rs 106 crore from Reliance Industries Limited for supplying equipment for the latters Jamnagar refinery in Gujarat. Alstom T&D India was recently awarded a contract worth Rs 106 crore from Reliance Industries for supplying transformer packages for its Jamnagar refinery in Gujarat, the company said in a statement filed with the stock exchanges on Wednesday.
Zee Entertainment Q3 net jumps 10% to Rs 213.59 cr
Zee Entertainment Enterprises on Wednesday reported 10.03% increase in consolidated net profit at Rs 213.59 crore for the third quarter ended December. The company had registered consolidated net profit of Rs 194.11 crore in the same period of 2012-13 fiscal, Zee said in a filing with the BSE. Its total income in Q3, 2013-14 was Rs 1,188.36 crore, compared with Rs 938.82 crore during the same period of 2012-13.
Sundaram Brake Q3 net loss at Rs 67.44 lakh
Auto components maker Sundaram Brake Linings has reported a consolidated net loss at Rs 67.44 lakh for the third quarter ended December 31, 2013-14 fiscal. The Chennai-based company had reported a consolidated net loss of Rs 85.16 lakh during the same period of the previous year, Sundaram Brake Linings said in a BSE filing. For the nine-month period ended December, its consolidated net profit was Rs 1.57 crore, against Rs 5.82 crore in the year-ago period.
M&M to expand AP plant to manufacture LCVs
Mahindra & Mahindra is in the process of expanding its product line to light commercial vehicles (LCVs) at its manufacturing plant at Zaheerabad in Andhra Pradesh with an investment outlay of R250 crore. According to an official order, M&M has approached the government seeking sops as the existing plant will be expanded to make four wheeler sub-one ton light commercial and passenger vehicles with a capacity of 92,000 vehicles per year.
FHW Mumbai 2014 set to host 300 exhibitors
The 21st edition of Food Hospitality World (FHW) exhibition is slated to be held at MMRDA grounds in Bandra Kurla Complex, Mumbai from January 23-25. The exhibition, organised by Global Fairs & Media that is a joint venture between Hannover Milano Fairs India and The Indian Express, will witness exhibitors coming from different segments of the food and hospitality industry like F&B, interiors, kitchen equipment, housekeeping, bakery to name a few. The exhibition is expected to host approximately 300 national and international participants this time. The international exhibitors will consist of companies from eight countries.
Mazumdar-Shaw to get US foundation award
Biocon chairperson and managing director Kiran Mazumdar-Shaw will be conferred the 2014 Othmer Gold Medal, an award instituted by US-based Chemical Heritage Foundation. The foundation is a nonprofit organisation aimed at preserving the history and heritage of chemistry, chemical engineering, and related sciences and technologies, said a release from Biocon.
Metis Learning launches kids tablet at Rs 9,999
Metis Learning on Wednesday launched an Android 4.2-powered tablet targeting kids. The tablet called Eddy, which is being touted as Indias first Android- powered kids learning tablet, is being offered at an introductory price of Rs 9,999 till February 20 and will be available on Amazon.com.