HCL Tech to set up software delivery centre in Dublin

IT firm HCL Technologies today said it will establish a software delivery centre in Dublin, Ireland, that will create 80 jobs for IT graduates over three years.

With this centre, HCL will service a growing number of HCL clients and prospects in the financial services, insurance and healthcare/pharmaceutical industries, HCL Technologies said in a statement.

The plans for the development centre were motivated by a forecast for rapidly increasing demand for IT services in this region, it added.

HCL Technologies, which is an IDA Ireland client, will create 80 jobs over three years for IT graduates, the statement said.

"If we are to get out of the crisis we're in and create the jobs we so badly need, a key part of that will be to build on our established strengths and once again now take advantage of the rapid growth in the global IT industry," Minister for Jobs, Enterprise and Innovation Richard Bruton TD said.

HCL Technologies has global delivery centres in the UK, Poland, Finland, US, Brazil, China, India, Malaysia and northern Ireland.

"This facility, with its specialist skills in software development, including multilingual talent and proximity to our European customers, will add significant value to our global delivery model, from which we can provide onshore and offshore support to meet their specific requirements," HCL
President (Europe) Rajeev Sawhney said.     

Listed IPO's (Jan 2011 to till date)

Equity	Issue Price	Current Price	%Gain/Loss
September-2011
SRS	58.00	35.55	-38.71
TD Power System	256.00	290.00	13.28
Brooks Labs	100.00	31.50	-68.50
August-2011
Tree House Edu	135.00	148.90	10.30
L&T Finance	52.00	50.10	-3.65
Inventure Grow	117.00	148.10	26.58
July-2011
Bharatiya Glob	82.00	15.47	-81.13
Readymade Steel	108.00	49.50	-54.17
Rushil Decor	72.00	179.50	149.31
Birla Pacific	10.00	21.80	118.00
June-2011
Timbor Home	63.00	33.85	-46.27
VMS Industries	40.00	20.41	-48.98
May-2011
Aanjaneya Life	234.00	485.00	107.26
Sanghvi Forging	85.00	27.25	-67.94
Innoventive Ind	117.00	86.95	-25.68
Servalakshmi	29.00	7.55	-73.97
Future Ventures	10.00	8.91	-10.90
Paramount Print	35.00	23.30	-33.43
Muthoot Finance	175.00	174.50	-0.29
April-2011
Shilpi Cable	69.00	14.10	-79.57
March-2011
PTC India Fin	28.00	16.50	-41.07
Lovable Lingeri	205.00	531.00	159.02
Fineotex Chem	70.00	288.00	311.43
Sudar Garments	77.00	86.65	12.53
Acropetal Tech	90.00	17.64	-80.40
February-2011
Omkar Special	98.00	68.00	-30.61
January-2011
Midvalley Enter	70.00	113.25	61.79
C Mahendra Expo	110.00	186.15	69.23
Shekhawati Poly	30.00	23.15	-22.83

NTPC likely to exit coal joint venture ICVL

National Thermal Power Corporation ( NTPC ) is likely to exit from its coal special purpose vehicle (SPV) International Coal Ventures Private Limited (ICVL), reports CNBC-TV18 quoting sources. 

IVCL — formed in May, 2009 jointly by Steel Authority of India Ltd (SAIL), NTPC, Coal India Ltd (CIL), Rashtriya Ispat Nigam Ltd (RINL) and National Mineral Development Corporation (NMDC) — has a capital base of about Rs 10,000 crore and enjoys the powers of a navaratna company. The SPV aims to secure about 500 million tonnes of metallurgical coal reserves by 2019-20.

Ever since its formation, the SPV has not been able to acquire any overseas coal assets either through bids or through takeovers.

Sources tell CNBC-TV18 that NTPC has made an exit case to power ministry on September 19. It has a 14% stake in the joint venture.

NTPC requires thermal coal for firing its power plants and SAIL needs coking coal for steel-making. The availability of coking coal is more compared to thermal coal and therefore, more beneficial to steel companies.

At the same time, NTPC is also sourcing coal on its own.

"NTPC has made a presentation to the (Power) Ministry stating that the coal requirement of NTPC and steel companies like SAIL and RINL are different... NTPC needs thermal coal and RINL coking coal, there is a clash of interest," a Power Ministry official said.

The power ministry will take a call on the matter in a week's time and Cabinet approval for NTPC's exit will be sought.

CBI may file case against Reliance Industries

The Central Bureau of Investigation (CBI) is considering filing a case or multiple cases againstReliance Industries over its operations of its gas block in the Krishna Godavari (KG) basin, the Mint reported on Tuesday.

The CBI is likely to name officials in the country's upstream regulator and the petroleum ministry in the case, the newspaper said, citing officials at the CBI who declined to be named.

Earlier this month, Reliance Industries said there was no evidence to suggest that costs in development of the country's key natural gas field in the KG basin were overstated.

A Reliance Industries spokesman in Mumbai and a spokeswoman for the CBI in New Delhi declined to comment on the newspaper report, when reached by Reuters on Tuesday.

"The preliminary inquiry against RIL and others is in final stages and very soon a case will be registered," one of the officials at the investigative agency told the Mint newspaper, referring to Reliance Industries.

The CAG has criticised Reliance Industries and the government over development of a key natural gas field in the KG basin and called for revamping profit sharing arrangements from oil and gas blocks.

The offshore KG basin was expected to contribute up to one-quarter the gas supply for India, but lower-than-expected output has left the energy-hungry nation more dependent on expensive, imported LNG to fuel power and fertiliser plants.

Bajaj Auto top pick in auto space

Bajaj Auto top pick in auto space, says Amit Dalal, Executive Director, Tata Investment Corporation.

Dalal told CNBC-TV18, “In auto space Bajaj Auto and Hero Honda has done exceedingly well. To a large extent we do have confidence in the consumer play continuing in India. It’s apparent also in the FMCG products so it is either of the two. I think both of them have their own strengths.”

He further added, “Bajaj Auto is right now no doubt the leader and it has got a huge export potential. I think baring any major drop in demand because of the increase in petrol which he is very worried about, Mr Bajaj I would say Bajaj still remains the favorite for the market.”