Mahindra Intertrade Ltd (MIL), a wholly owned subsidiary of Mahindra & Mahindra Ltd (M&M), on March 12 opened an electrical steel processing plant here. The company has initially infused Rs 30 crore on the plant, set up in 10 acres, to operate as a one-stop shop for processed electrical steel requirements. It will manufacture laminations for transformer cores, giving a high-tech processing back-end for transformer OEMs located in Gujarat, which has recently saw soaring growth in the power sector led by MNCs such as ABB.

The plant’’s location near Vadodara ensures proximity of the facility to power transformer manufacturers most of whom are located in Central and Western India. The domestic transformer industry is set to gain from the strong demand hoped from reforms in the power sector. The Government has also transferred focus from adding generation capacities to strengthening the distribution system. MIL had opened the country’’s first steel service centre Mahindra Steel Service Centre, in 1993, near Pune together with its Japanese partners Mitsubishi Corporation and Nissho Iwai Corporation for home appliances and transformer industries.

European and US banks will move more IT work to cheaper countries to cut budgets, according to the head of Infosys, the Indian software giant. The move could herald further job cuts in the City. Wages for computer programmers have spiralled upwards in London in recent years amid fierce competition among banks and a dearth of domestic talent. The trend helped fuel a 6 per cent rise in global spending on IT by banks last year, to an estimated £170 billion. Lower-skilled call-centre work may also be affected.

Budget decisions are being delayed as firms across all sectors tighten spending and decide whether they can make do without upgrading the technology that underpins their businesses, he added. Those banks where leading executives have been forced to step down in the wake of the US sub-prime crisis are being especially indecisive, he said.

Singer India Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

1(a). The net worth at the Company as at December 31, 2007 has been completely eroded. The Company has been Declared a sick Industrial Unit in terms of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985. The financial results have been prepared on a going concern basis, where the Company will be able to realize all its assets at their carrying values as at December 31, 2007 and discharge all its liabilities as at December 31, 2007 in the normal course of business.

Since the net worth of the Company has completely eroded, the Auditors are unable to comment on its continuity as a going concern. The financial information does not include any adjustments that may be requited in case the Company is unable to continue its operations as a going concern. Accordingly, the Auditors are unable to ascertain the related financial impact, if any, in case the Company is unable to continue as a going concern.

1(b). Deposits and Prepaid Taxes aggregating to Rs 14,753 thousand have been included under the head Loans & Advances - Considered Good on which the auditors are unable to comment on their recoverability / realisability and further, no provision for Sales Tax Rs 13,915 thousand has been made in the accounts. The management is hopeful that these amounts would be recovered or Liabilities would not arise Residual Liability, if any, on settlement would be provided on crystallization.

1(c). Consequent to Accounting Standard 15 (revised) becoming mandatory, the transitional liability, if any, is in the process of being computed and would be adjusted with the opening balance in Profit & Loss account carried forward.
Via :

The market tumbles after a strong start to the session as the profit booking across the counters prevails. Reliance Power is trading at Rs426.20 on BSE and touched an high of Rs451 as the company’’s board has given the nod for bonus issue of shares in he ration of 3 shares for ever 5 shares held. The market breadth is weak as 1721 stocks are trading in red while 649 stocks are trading in green.
At11.30AM, BSE Sensex is trading lower by 68 points at 17,281 and NSE Nifty is trading down by 13.95 points at 5,096.80. The Realty index is trading down by 62.38 points at 9,598.76 as Penland is trading lower by 4.31% at Rs93.25 followed by Purvankara by 2.60% at Rs310.65, Akruti City by 2.20% at Rs1113, Parsvnath by 2.07% at Rs267.20, Phoenix mill by 1.57% at Rs404.75.
‘The IT index is trading down by 84.45 points at 3,957.52 as Rolta India is trading lower by (3.47%) at Rs314 followed by Mphasis by (3.19%) at Rs236.95, NIIT by (2.89%) at Rs116, Satyam by (2.66%) at Rs446, Infosys by (2.40%) at Rs1591.20, TCS by (2.32%) at Rs897.10, Wipro by (2.14%) at Rs422.40.
Losers from the NSE Nifty are Bajaj Auto trading lower by (4.53%) at Rs2192 in line with HDFC bank by (3.6%) at Rs1421, M&M by (3.02%) atRs610, ICICI bank by (2.64%) at Rs1071, Hindalco Inds by (2.6%) at Rs187, Suzlon energy by (2.3%) at Rs297.
HCL Technologies is trading higher by (2.21%) at Rs277 as the company has expanded its global services partnership with SAP AG. Also, the company has acquired US based Capital Stream Inc, which is a provider of lending and processing software to banks and finance companies for cash of $40mn.
Infosys is trading up by (1.14%) at Rs1599 as the company has opened its first Latin American subsidiary in monterrey in Mexico to enhance IT services for clients in US, Latin America and Europe. The new subsidiary would provide full range of business consulting and information technology services for all verticals including banking, financial services, distribution, retail and more………
[Via]

D-Link ……………………… Ltd has informed ………….. that the Company has received an ……………. for payment of differential ……………. duty of Rs 3.41 crores under Section 11A (2) of the ……………… Excise Act, 1944 for the ……………. February 01, 2001 to ……………. 31, 2005 and equivalent ……………… of penalty under Section 11AC of the Central ………………. Act, 1944 read with Rule 173Q of the ……………… Excise Rules, 1944 and Rule 25 of the Central ………………. Rules, 2002 along with ………………. interest thereon as per the applicable rates ……………. the Central Excise Act, 1944.

The ………….. is taking legal opinion on the above order and …………….. keep posted of any ……………… action taken by the Company in the ……………. matter.

Read More : www.bseindia.com

Patel Integrated Logistics Ltd has ……………………………..formed BSE that an Extra Ord……………………………..ary General Meet……………………………..g (EGM) of the members of the Company will be held on January 11 2008 ……………………………..ter alia to transact the follow……………………………..g bus……………………………..ess

1. To create offer issue and allot upto 1800000 Equity Shares of Rs 10/each and upto 800000 Equity Warrants [hav...................................g option to apply for and be allotted upto 800000 Equity Shares i.e. one Equity Share per Equity Warrant] of face value of Rs 10/…………………………….each to be subscribed by any person whether he ……………………………..she be a shareholder or not ……………………………..clud……………………………..g but not limited to ……………………………..dividuals Firms Companies Bodies Corporate ……………………………..dian F……………………………..ancial ……………………………..stitutions Banks Foreign ……………………………..stitutional ……………………………..vestors Non Resident ……………………………..dians Overseas Corporate Bodies…. Mutual Funds Strategic ……………………………..vestors and ……………………………..or other entities on preferential basis …………………………….. one or more modes or …………………………….. comb……………………………..ation thereof and …………………………….. one or more tranches and on such terms and conditions as the …………………………….. may deem fit subject to necessary provisions & approvals……

2. To create issue offer and allot on private placement basis to Qualified ……………………………..stitutional Buyers (QIBs) Equity Shares Preference Shares and ……………………………..or Fully Convertible Debentures ……………………………..Partly Convertible Debentures ……………………………..Convertible Preference Shares and ……………………………..or any other security ……………………………..f……………………………..ancial ……………………………..strument which is convertible at a later date ……………………………..to Equity Shares of the Company other than Equity Warrants on such terms and conditions ……………………………..clud……………………………..g pric……………………………..g of such ……………………………..struments as the …………………………….. may deem fit provided that such terms and conditions shall be subject to Chapter XIII A of the Securities and Exchange …………………………….. of ……………………………..dia (Disclosure and ……………………………..vestor Protection) Guidel……………………………..es 2000 as amended to date of such other Guidel……………………………..es. Rules Regulations prevalent at the time of mak……………………………..g such placement giv……………………………..g the provisions for Qualified ……………………………..stitutional Placement provided further that the aggregate of the proposed placement along with previous placements made …………………………….. the same f……………………………..ancial year if any shall not exceed five times the net worth of the Company as per the audited balance sheet of the f……………………………..ancial year immediately preced……………………………..g such placement subject to necessary provisions & approvals.

3. Authority to the …………………………….. of Director for borrow……………………………..g from time to time any sum or sums of monies which together with the monies already borrowed by the Company (apart from temporary loans obta……………………………..ed or to be obta……………………………..ed from the Company’s bankers …………………………….. the ord……………………………..ary course of bus……………………………..ess) may exceed the aggregate of the paid-up capital of the Company and its free reserves that is to say reserves not set apart for any specific purpose provided that the total amount so borrowed by the …………………………….. shall not at any time exceed the limit of Rs 100 crores.

Via : www.bseindia.com has ……………………………..formed BSE that an Extra Ord……………………………..ary General Meet……………………………..g (EGM) of the members of the Company will be held on January 11 2008 ……………………………..ter alia to transact the follow……………………………..g bus……………………………..ess

1. To create offer issue and allot upto 1800000 Equity Shares of Rs 10/each and upto 800000 Equity Warrants [hav...................................g option to apply for and be allotted upto 800000 Equity Shares i.e. one Equity Share per Equity Warrant] of face value of Rs 10/…………………………….each to be subscribed by any person whether he ……………………………..she be a shareholder or not ……………………………..clud……………………………..g but not limited to ……………………………..dividuals Firms Companies Bodies Corporate ……………………………..dian F……………………………..ancial ……………………………..stitutions Banks Foreign ……………………………..stitutional ……………………………..vestors Non Resident ……………………………..dians Overseas Corporate Bodies…. Mutual Funds Strategic ……………………………..vestors and ……………………………..or other entities on preferential basis …………………………….. one or more modes or …………………………….. comb……………………………..ation thereof and …………………………….. one or more tranches and on such terms and conditions as the …………………………….. may deem fit subject to necessary provisions & approvals……

2. To create issue offer and allot on private placement basis to Qualified ……………………………..stitutional Buyers (QIBs) Equity Shares Preference Shares and ……………………………..or Fully Convertible Debentures ……………………………..Partly Convertible Debentures ……………………………..Convertible Preference Shares and ……………………………..or any other security ……………………………..f……………………………..ancial ……………………………..strument which is convertible at a later date ……………………………..to Equity Shares of the Company other than Equity Warrants on such terms and conditions ……………………………..clud……………………………..g pric……………………………..g of such ……………………………..struments as the …………………………….. may deem fit provided that such terms and conditions shall be subject to Chapter XIII A of the Securities and Exchange …………………………….. of ……………………………..dia (Disclosure and ……………………………..vestor Protection) Guidel……………………………..es 2000 as amended to date of such other Guidel……………………………..es. Rules Regulations prevalent at the time of mak……………………………..g such placement giv……………………………..g the provisions for Qualified ……………………………..stitutional Placement provided further that the aggregate of the proposed placement along with previous placements made …………………………….. the same f……………………………..ancial year if any shall not exceed five times the net worth of the Company as per the audited balance sheet of the f……………………………..ancial year immediately preced……………………………..g such placement subject to necessary provisions & approvals.

3. Authority to the …………………………….. of Director for borrow……………………………..g from time to time any sum or sums of monies which together with the monies already borrowed by the Company (apart from temporary loans obta……………………………..ed or to be obta……………………………..ed from the Company’s bankers …………………………….. the ord……………………………..ary course of bus……………………………..ess) may exceed the aggregate of the paid-up capital of the Company and its free reserves that is to say reserves not set apart for any specific purpose provided that the total amount so borrowed by the …………………………….. shall not at any time exceed the limit of Rs 100 crores.

Via : www.bseindia.com

Geometric Ltd has announced that Geometric Technologies, Inc. (formerly TekSoft, Inc.), an industry leader in developing advanced manufacturing software, recently held reseller conferences in America, Europe and Asia………………………

Mike Coleman, CEO of Geometric Technologies, hosted all the meetings and reiterated the Companys gratitude and continuing support to the Value Added Resellers (VARs) for promoting and supporting CAMWorks®. Commenting on the outcome of the meetings, he said, With over 50 enhancements in CAMWorks 2008, our VARs were excited to learn how these new capabilities can help their customers to machine faster and more accurately. Our resellers are the first line of support for our customers and the training sessions prepared them to provide quality support services and training. In addition to the CAMWorks 2008 rollout, we outlined our plans for CAMWorks 2008EX and CAM Works 2009. This will help our VARs to prepare for supporting the next major releases……………………..

Geometric Technologies has also added new VARs in Europe and Asia to strengthen its operations in these regions…………………….

CAM Works is a SolidWorks Certified Gold CAM product with state-of-the-art machining capabilities seamlessly integrated into SolidWorks 3D mechanical design software since 1997. The combination of the latest innovations in CAMWorks 2008 and Solid Works excellence in design continue to make CAM Works a premier CAM solution…………………………..

CAMWorks can be purchased to run with SolidWorks or as a cost-effective package - CAM Works Solids, a standalone version of CAMWorks, with integrated solid modeling capabilities……………………………
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Thomas Cook India Ltd has announced that the Company on December 13, 2007 signed a Memorandum of Understanding (MOU) with JTB Corp. Japan, one of the largest travel solutions Companies in the world.

The alliance will allow Thomas Cook to access the JTB Corp. network across 30 countries alongwith affiliates spreading over 800 offices. For JTB Corp. the alliance will provide a ready platform to enter the Indian market.

Speaking on the occasion Mr. Udayan Bose, Chairman, of the Company said, “The year 2007 was designated as India-Japan Tourism Exchange Year. Both countries hope to increase the number of visitors between the two countries to approximately 300,000 by 2010, which will be nearly double that of the 2005. Hence, we are pleased to enter into an alliance with JTB Corp., the largest travel Company in Japan and one of the largest travel companies in the world. We see great potential in this co-operation across a wide range of travel activities including Leisure Outbound, Corporate Travel and Inbound Travel to India. In any case Japan was being looking at by us as a target country for inbound and outbound tourism. This co-operation will benefit both the Companies and countries immensely”.

Thomas Cook expects to witness growth in areas such as in-bound and out-bound tours. With this alliance, Thomas Cook also expects to see tremendous growth in its corporate travel business as it would now have access to the global relationships of JTB Corp. Mr. Madhavan Menon, Managing Director, of the Company said, “With business travel growing at the 20%, this alliance will provide further impetus to our corporate travel business.”

Every year with increasing number of travelers into India from Japan; JTB Corp. being the leader in the Japanese market, would be able to use the network of Thomas Cook to serve its clientele better. The travel cooperation arrangements would be for inbound, outbound and corporate travel across markets such as Japan, China, South-East Asia, Australia, New Zealand, Europe and America.

Steel Tubes of India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from December 24, 2007 to December 27, 2007 (both days inclusive) for the purpose of 48th Annual General Meeting (AGM) of the Company to be held on December 27, 2007.

Punjab Tractors Ltd has announced the following Unaudited results for the quarter ended September 30, 2007:

The Company has posted a profit after tax of Rs 98.00 million for the quarter ended September 30, 2007 as compared to Rs 183.00 million for the quarter ended September 30, 2006. Total Income has decreased from Rs 2273.00 million for the quarter ended September 30, 2006 to Rs 2069.00 million for the quarter ended September 30, 2007.