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| ICICI announces increase of 0.50% in Prime Lending Rates |
On July 21, 2000 the Reserve Bank of India (RBI) announced a package of monetary tightening measures aimed at containing the volatility in the foreign exchange market and aligning the rupee interest rates with interest rates in the US markets. The measures included a two stage increase in CRR (Cash Reserve Ratio) from 8% to 8.5%, bank rate hike from 7% to 8% and a 50% reduction in refinancing available to banks from RBI.
As a consequence of the above measures, there has been considerable volatility in the interest rates coupled with tight liquidity conditions. Interest rates have gone up across the maturity spectrum and ICICIs own borrowing costs have also increased across the spectrum.
In line with the current market conditions, the three Prime Lending Rates of ICICI (PLRs) have been increased by 0.50%. The revised PLRs of ICICI Ltd., effective September 12,2000 are given below:-
1. STPR Variable maturity, with interest rate to be re-set annually 13.00%
2. MTPR Greater than 1 year and upto 3 years 13.00%
3. LTPR Beyond 3 years 13.00%
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| Wipro net spreads corporate internet services to 3 new cities |
Wipro Net Limited, the Internet Services Provider arm of Wipro Corporation, has just set up 3 new nodes in Cochin, Coimbatore, and Jamshedpur thereby expanding its presence to 11 cities in India. Already operating in the 8 cities of New Delhi, Mumbai, Calcutta, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune, Wipro Net has, since the last 5 years, been the largest provider of communication services to Corporate India, including end-to-end managed Internet, Intranet and Extranet Services, enabling companies to increase reach and communicate more speedily and cost effectively.
Wipro Nets complete range of services, now to be offered from the 3 new nodes, comprise of Internet email, Messaging, Virtual Private Networks, Managed Network Services, Multicasting, Web Hosting and Co-location services, and corporate Internet Access services through dedicated leased lines and ISDN Lines, Wipro Net provides bundled hardware solutions wherein the Customers do not have to invest upfront in expensive datacom equipment.
Wipro Net has multiple 2 megabits per second (Mbps) inter-city bandwidth and multiple 2Mbps Internet connectivity to upstream Internet gateways at New Delhi, Mumbai, Calcutta, and Bangalore. In addition to the present Internet bandwidth, Wipro Net is in the process of setting up its own Internet gateways both through the Satellite as well as the International Private Leased Circuit (IPLC) through the terrestial route. |
| Welspun India incorporates subsidiary in USA |
| Welspun India Ltd. has informed BSE that a wholly owned subsidiary in the name of Welspun USA Inc has been incorporated in the United States of America. The said subsidiary was formed solely with the object of opening of a showroom for displaying of the company's terry piece products for prospective customers abroad for which purpose the subsidiary company has also taken on lease premises in New York USA. |
| Maars Software to enter into telecom segment |
Maars Software International Ltd. (MAARS) has announced on September 09, 2000 its entry into the telecom segment, with the offering of, 'Quantum:Settlements' - an interconnection settlements management system for national and international calls that provides for fast, flexible and accurate billing verification and settlements. Among the major customers of the product are Cable & Wireless, UK.
The product covers 12 modules including settlements, CDR Imports, Call Reprocessing, Price Plans & Ratings. This product comes to Maars on completion of the acquisition of Technical Direct Ltd. (TDL), a UK based software development sectors. The take over as announced earlier was done at an approximate cost of US $ 3 million.
This will enable Maars to build its experience in the area, and provide an opportunity to offer telecommunications solutions and products in the Far East and Middle East, apart from India. |
| e18 enters into strategic alliances with multiple online brokers |
e-Eighteen.com Private Limited (e18), TV 18's internet focussed subsidiary has entered into multiple alliances with leading online brokers including Ask Raymond James, Hometrade, Indiabulls, Investsmart India and Khandwala Securities with a strategic objective to extend its audience reach brand relationships by offering transaction capabilities.
As a part of the agreements with its partners, e18 will have a share in the transaction fee in addition to a commitment fee. The e-broking partners will benefit from an increase in their customer base through referred traffic from www.moneycontrol.com - e18's business and personal finance web portal.
The Company has also established itself as the leading provider of business and finance content by signing up most of the above online brokers for distribution of its live content feeds.
ICICI Venture Funds has signed an agreement with e18 to take a 10% equity stake for a cash consideration of Rs 100 million. The funds generated from this placement will be deployed to further strengthen content development capabilities, brand building and pursue value-enhanced strategies for the company. |
| Raymond Board approves sale of Steel division |
Raymond Ltd. Board has approved the sale of the Steel Division of the Company to EBG India Private Limited, a joint venture of EBG, Germany, a subsidiary of Thyssenkrupp Stahl and Raymond Ltd, in which EBG Germany would hold 76% controlling interest and Raymond will hold the balance 24%. The total consideration for the sale of the steel division of Raymond is Rs 4122.6 million.
The Board of Raymond Ltd. approved the draft agreement to sell undertaking to be entered into with EBG India Private Ltd., under which the Company would be paid a sum of Rs 3868.6 million in cash & allotted 2,54,00,000 Equity Shares of Rs 10/- each aggregating Rs 254.0 million in the share capital EBG India Private Limited. |
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