Infosys signs 3-year services pact with Microsoft

Infosys Technologies has entered into a three-year services agreement with Microsoft wherein Infosys will manage the internal IT services for Microsoft worldwide.

As part of this managed services agreement, Infosys will streamline implementation processes, simplify support and service, at the same time lower the enterprise costs through the use of the latest Microsoft solutions such as Windows 7.

Internal services

Infosys will provide Microsoft with IT help desk, desk-side services, and infrastructure and application support from multiple global centres. Infosys will also manage Microsoft's internal IT services for applications, devices, and databases in 450 locations across 104 countries. The company will establish a dedicated ‘Service Excellence Office' to help Microsoft implement ISO 20000 and ITSM Processes.


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Export duty slapped on cotton

The Government has imposed export duty of Rs 2,500 a tonne on raw cotton and 3 per cent of the free-on-board value of cotton waste. The duty comes into effect from April 9.

In another development, the Centre has stipulated that cotton yarn exports be registered with the Textiles Commissioner's Office in Mumbai.

No yarn will be allowed for exports by the Customs Department until it is registered, a notification by the Directorate- General of Foreign Trade said.

"The duty has been imposed due to rising cotton prices in the domestic market. The Textile Ministry had recommended it as the spinning industry is facing shortage of raw material and the prices were ruling higher," a Finance Ministry source said.

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Life insurers await outcome of IRDA, SEBI stand-off

Life insurance companies are eagerly awaiting the outcome of the stand-off between the Insurance Regulatory and Development Authority and the Securities and Exchange Board of India on unit-linked insurance plans (ULIPs).

“Monday's temporary truce has been broken with SEBI's order that a certificate of registration should be obtained from it for new ULIP schemes from April 9, 2010. This has pushed the issue into greater confusion,” the chief financial officer of a life insurance company told Business Line.

Caught between the two regulators, the insurance companies are hesitant to come on record about the future course of action and the impact of the order.

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Mahindra bets big on US

Mahindra & Mahindra believes its global vehicle volume sales could contribute to 20 per cent of total business by 2012.

This marks a near three-fold jump from current levels, said Mr Pravin Shah, Chief Executive, International Operations. Two years ago, global numbers accounted for barely 5 per cent of the overall sales while in 2008-09 they are expected to close a tad higher at around seven per cent.

Mr Shah was, however, confident that bigger numbers would be comfortably achieved in the short-term.

“We are entering the US this year which is the world's largest market for sport-utility vehicles pickups. It is going to change M&M's international business volumes and take the brand to a different level in the SUV and pickup space,” he told Business Line.

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Solar power scheme draws Rs 2.29-lakh cr proposals

India's Special Incentive Package Scheme (SIPS), aimed at galvanising investments in semiconductor fabs, ecosystem units and solar PV projects, has attracted 26 proposals, together worth more than Rs 2,29,000 crore.

The ambitious scheme — the Government's endeavour to position India in the league of global hi-tech manufacturing destinations — closed on March 31, 2010, three years after it was flagged off by the Centre. With the SIPS counter now closed, no new applications will be accepted by the Department of IT (DIT) under the scheme, although the processing of existing applications will continue.

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Himalya to invest $2.5 m on canned soup facility

Food processing company Himalya International on Monday said it will invest up to $2.5 million (around Rs 12 crore) to set up a facility for manufacturing canned soup at Vadnagar (Gujarat).

The company has tied with US-based Wayne Farms for technical collaboration for the plant which will be operational in October this year and have an installed capacity of 15 crore cans annually.

"The plant will be set up with an initial investment of $2.5 million and around hundred trained employees would be deployed to run the plant. Wayne Farms will provide technical and other know-how and training to the employees," Mr Manmohan Mallik, Chairm an, Himalya International said in a statement.

He said the plant would process 15 crore cans every year at full capacity and would produce mushroom, tomato and lentil soups under the brand names 'Himalya Fresh' and 'Uno Italiano'

He, however, did not disclose the source of investment for the facility. It will market canned soups in both the domestic and international markets.

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SEBI cuts listing time to 12 days after IPO

Market regulator SEBI has made it mandatory for companies to list shares within 12 days after the closure of a public issue. On Tuesday, the regulator said that this would be applicable to public issues opening on or after May 1^St.

With this, the number of days between the closing of a public issue and its listing has been reduced by 10 days, from the existing 22 days. The ASBA (Application Supported by Blocked Amount) process would also undergo suitable modification to make it consistent with the new timelines, SEBI added.

In a statement on Tuesday, SEBI said the new rule meant to make the “existing public issue process more efficient.” The SEBI Chairman, Mr C.B. Bhave, had said last year that the market regulator was looking at reducing the listing time to seven days.

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