Archive for the ‘EdServ SoftSystems’ Category

Equity News Round Up 30th August – 3rd September

DOMESTIC NEWS


Economy

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•The food price index rose to an annual 10.05% in the week ended August 14 as against 10.35% in the previous week.

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Oil & Gas

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•ONGC is set to get permission from the Centre to pay only a third of its total royalty obligation to the Rajasthan government on the revenues earned from the oil blocks owned by Cairn India, removing a possible obstacle to the Vedanta-Cairn deal and saving the oil explorer an annual outgo of $350 million.

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•The Supreme Court refused to restrain Vedanta Group’s bid to acquire Cairn India through an open offer of $3 billion. Billionaire Anil Agarwal-owned Vedanta Group plans to acquire around 60% stake in Cairn India for over $9 billion, including the 20% proposed to be bought by Sesa Goa.

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Telecommunication

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•Reliance Communications’ 3G Innovation Lab has started with hopes of providing the operator with applications that will drive higher data consumption among mobile phone users as the company launches third generation (3G) wireless services.

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Ship Building

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•ABG Shipyard exited Great Offshore by selling its 4.66 per cent stake in the offshore oil and gas service provider for `64.50 crore through open market transactions.

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Information Technologies.

•Tata Consultancy Services (TCS) has signed a 130 crore e-governance contract with the Madhya Pradesh government.

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•EdServ announced that it has tied up with the Canada-headquartered Corel to become its authorised online training partner. EdServ thus have the rights to train and certify students on the Corel Technology, Graphics Design and Desktop Publishing.

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Auto Ancillaries

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•Lumax Industries plans tosetuptwoautomotivelightingplants intwoyears.The first plant isbeing setupat SanandinGujarat tosupplyTataMotors’Nanocar and will become operational inthethirdquarter this fiscal.

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Power

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•Power Grid Corporation is among the three firms shortlisted by the Nigerian Government to manage the country’s electricity grid to be constructed at a cost of $ 3.5 billion.

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Tea.

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•Jayshree Tea & Industries (JTIL), a BK Birla Group company, is eyeing tea estates in Rwanda. It has decided to participate in the auctioning of tea estates that is likely to be kicked off by the Rwanda Tea Authority shortly.

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Pharmaceuticals

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•Cipla has approved the acquisition of Mumbai-based Meditab Specialities for a consideration of 133.35 crore. The acquisition of Meditab will help the company consolidate its business invariouscountries includingChina & Africa.

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INTERNATIONAL NEWS

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•US Existing home sales fell 27.2 percent in July to a 3.83 million annual rate for the lowest level in 15 years. The 3.83 million rate compares with expectations for 4.65 million. Supply at the current sales rate ballooned from June’s already swollen 8.9 months to 12.5 months for the worst reading in 11 years.

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•US New factory orders for durable goods in July rebounded 0.3 percent, following a 0.1 percent decline the prior month. The July rebound came in significantly belowthe consensus forecast for a 2.5 percent comeback.

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•US Jobless claims swung lower in the August 21 week in what should slow the deepening pessimism. Initial claims fell 31,000 for the second biggest decline of the year. Yet the 473,000 level is still on the high side when compared to levels in July, evident in the four-week average of 486,750 which is the worst since November.

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•US Gross domestic product grew at a 2.4 percent annual pace, less than forecast, after a 3.7 percent first-quarter gain that was larger than previously estimated. The U.S. economy slowed in the second quarter as a scarcity of jobs eroded consumer spending, leaving the rebound dependent on a surge in business investment.

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EdServ SoftSystems (EdServ) to raise $25million through GDR/FCCB issue

Chennai based Education and Placement Company EdServ SoftSystems (EdServ) has announced that it plans to raise $25miUion through a GDR/FCCB issue. This fund raising process is subject to the shareholder approval at the EGM (Extra-Ordinary General meeting) which will be held in Chennai on 11* January 2010. The GDR/FCCB issue is expected to be completed by the first quarter of next year.

The proceeds of the issue will be utilised to fund the company”s aggressive plans in the Schools segment and Online Tuition services market, tor upgrading the Learning Management System to include Institutions Management Systems, for Content Development, Infrastructure Expansion and towards expanding its presence Pan India in the Higher Education and Career Placement segments. The funds will also be utilised towards the company”s promotion campaign exercise for the roll out Pan India.

As part of its IDEA (Industry Demand Alignment) based education programme for Schools, EdServ will support and guide every student from K-12 to Careers in a Progressive Education Model through a smart learning process. The long term plan is to provide career seeding and mapping for students from as early as the primary and secondary education levels. EdServ”s presence in Higher Education and Careers engagement space will further help achieving the IDEA based education end-to-end to a student so as to get a fitment to the most suited career that is industry demand aligned.

EdServ, through Vidhyadhana Academy of Excellence, plans to expand its presence into 250 EdSchools over the next 12-18months.

Commenting on the plans, S. Giridharan, Chairman and CEO, EdServ said, “We have already got over 50 schools, across Tamil Nadu, interested to sign-up under the Vidhyadhana School model and we expect to roll out our Vidhyadhana Academy programme early next year. We have in the last month expanded our online tuition services to now include Engineering Students as well. Our plan is to invest significantly in building a huge Tutor base across the country in our effort to expand our presence and reach in the Online Tuition Services market.”

Giridharan added, “Our plan is also to expand our presence in the Higher Education segment across India, where we provide academic performance support to colleges, both through the in-campus and outside-campus routes. We plan to upgrade our Learning Management System tool to accommodate School and College Management Systems. Our target is to partner with leading universities across the country and to have a strong pan India presence over the next 12months.”

EdServ currently provides academic support to students of Anna University and Mother Teresa University. EdServ also has relationship with Manonmaniam Sundaranar University,Tirunelveli and is also an Associate Training Provider of Apex Hitech Institute, under DGE&T, Government of India. In September this year, EdServ acquired 2tion.com with an online student base of 50,000 students.