Posts Tagged ‘Government of India’

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.

India Inc Raises Rs.40K cr in Debt Market in Q1 :)

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Improved investment sentiments have led corporate India‘s fund raising plans to sky high level.

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With more than half of the fund being mobilized by financial institutions, India Inc’s fund raising through private placement of debt has touched Rs 40,300 crore in the Q1 of the current fiscal.

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This is an increase of huge 42% from first quarter of last financial year.

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However, the April-June quarter of the present financial year saw a mobilization through debt (bonds) on private placement basis of Rs 40,300 crore, staggering 42% up from Rs 28,385 crores, raised in the first quarter of last financial year.

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Moreover, the largest mobilization through the route came in from financial institutions and banks with more than 67 institutions and corporate houses raising the full amount during the June quarter.

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Private placement of Debt is issue of securities, usually bonds that are sold without an initial public offering to a small number of private investors.

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Further, fund raising of financial institutions through debt private placement increased 35% to Rs 21,002 crore in the June quarter.

Additionally, private sector beat public sector in terms of fund raising where its mobilization increased by 50% from Rs 11,184 crore to Rs 16,753 crore.

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On the other hand, public sector financial institutions combined together, saw a decline in fund raising activity, whose mobilization stands 58% of the total amount, slipping 61% that mobilized in the previous year.

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Gold Touches a New High of Rs 16,220 per 10 gram !

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Due to the speedy buying by stockists in advance of the festival season, in the midst of the global rates climbing to an 18-month high of $ 1,018.15 an ounce, GOLD rose by Rs 250 to touch a new high of Rs 16,220 per 10 gram in the gold market.

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However, it is said that after the metal in London increased to an 18-month high, the buying action gathered momentum as stockists indulged in buying gold.

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While, the concern was that a global economic revival may strengthen inflation in the midst of a weak dollar, enhancing demand for the metal as an alternative investment.

On the other hand, gold in overseas markets advanced 10.60 dollar, or 1.1%, to 1,018.15 dollar an ounce whereas silver coins also touched a record high of Rs 31,800 per 100 pieces.

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Further, standard gold and ornaments spurted by Rs 250 each to Rs 16,220 and Rs 16,070 per 10 gram, respectively.

On the other side, sovereign increased by Rsย  50 to Rs 12,950 per piece of 8 gram.

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Marketmen said the precious metal might see new peaks in the coming days once the festival and marriage season starts on September 19.

Current upsurge maybe purely out of reason of stockists buying as retailers refrained from buying gold during ‘Sharaadh’, the ongoing inauspicious fortnight in Hindu mythology.

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According to analysts, gold may climb a high level of $1,100 an ounce in the overseas market in the next six months.

Silver ready shot up by Rs 700 to Rs 26,600 per kg and weekly-based delivery by Rs 910 to Rs 27,570 per kg.

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Silver coins rose to an all-time high by gaining Rs 200 to Rs 31,700 for buying and Rs 31,800 for selling of 100 pieces.

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However in between due to the increasing investment demand with the commencement of festival and marriage season, gold imports observed a huge rise during August at 21.8 tonnes as compared to the previous month where the import of the precious metal was 7.8 tonnes this year.

This shows that India’s gold imports have trebled in a gap of one month.

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Indian Stocks Rose to a 15-Month High :)

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Indian stocks rose to a 15-month high yesterday. ๐Ÿ™‚

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DLF Ltd led gains as investors judged recent declines as excessive. Mahindra & Mahindra Ltd climbed on a report it will make sports utility vehicles for overseas markets.

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DLF, the biggest real estate developer, jumped 5.5% after losing 10% in the previous five trading sessions.

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Mahindra & Mahindra, the largest sports utility vehicle maker, advanced 1.5%.

Sterlite Industries (India) Ltd, the No 1 copper producer, added 3.8% after metals prices climbed.

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The Bombay Stock Exchangeโ€™s Sensitive Index (Sensex), rose 240.26, or 1.5%, to 16,454.45, the highest since May 28, 2008.

The gauge declined 0.3% on Monday, snapping a six-day rally.

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โ€œThere is strong liquidity supporting the market,โ€ Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd in New Delhi. โ€œYesterdayโ€™s fall has made some stocks attractive.โ€

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The rupee advanced against the US dollar as overseas investors added to holdings of the nationโ€™s assets amid signs economic growth is quickening.

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The rupee climbed 0.2% to 48.655 per dollar at the 5pm close in Mumbai, according to data compiled by Bloomberg.

The currency has risen 0.4% this month.

Indiaโ€™s $1.2tn economy expanded 6.1% in the three months to June from a year earlier, accelerating for the first time since 2007, the government said last month.

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Note : For More latest Industry,Stock Market and Economy News Updates, Click Here

India on way to Become 3rd Largest Steel Producer by 2013.

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The capacity expansions being carried out by various steel majors and the increase in crude steel production has pushed up Indiaโ€™s ranking to the fifth largest crude steel producer in the world.

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However, during the financial year 2008-2009, India produced 55 million tonne of steel and became the fifth largest steel producer stated Goutam Kumar Basak, Executive Secretary of the Joint Plant Committee (JPC) constituted by the Government of India.

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Additionally, as per the data available with JPC they have produced 22.14 million tonnes of steel during April-August this year, a jump by 6.6% compared to the figure of corresponding period last year.

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The capacity expansions being carried out by various steel majors and the increase in crude steel production has pushed up Indiaโ€™s ranking to the fifth largest crude steel producer in the world.

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Moreover, he expressed assurance that the steel sector would produce 60 million tonne steel this financial year.

On the other hand, China, which produced 501 million tonnes last year, was the leading steel producers in the world followed by Japan(119 million tonnes), USA (91 Million tonnes), Russia (69 Million tonnes).

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India, which had earlier set itself the target of becoming the worldโ€™s third largest steel producer by 2013, is also aiming to produce 124 mt of steel by 2011-12, as per the 11Th five year plan.

Going by the production of steel in the country so far, India is on its way to become the third largest steel producer in the world very soon.

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Mobile Number Portability Not Before Dec 31!

Mobile number portability not before Dec 31: DoT

The Government of India extended to December 31 implementation of mobile number portability, a facility allowing subscribers to retain their numbers even after changing service providers.

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However, the 100-day delay in the planned implementation of the MNP is credited to operators‘ inability to upgrade their network.

On top of that the delay on part of regulator TRAI to come out with tariff for the service.

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On the other hand, this required customization and upgradation of the existing network to be capable of providing the MNP service while certain technical and commercial issues related to it are also being resolved.

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Additionally, it is said that it requires considerable time and effort hence it has been decided by the Department of Telecom to extend the date of implementation of MNP in Metro Category A service areas to December 31, 2009 in the first phase.

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Moreover, it is said that the service is expected to be available by end of 2009 to begin with in Delhi, Mumbai, Kolkata, Maharashtra, Gujarat, Andhra Pradesh and Tamil Nadu.

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The Department of Telecommunications had issued guidelines for its implementation in the country in August last year.

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