Mumbai : Oracle Financial Services Software, a majority owned subsidiary of Oracle, today announced that Caribbean Development Bank, one of the largest and most prominent development finance institutions in the Caribbean, has selected Oracle FLEXCUBE to meet its requirements for a state-of-the-art lending platform.
  The selection by the bank is the third by a development financial institution in the Caribbean/ Latin American region and the latest by a number of development financial institutions globally. 
  “This selection of FLEXCUBE by Caribbean Development Bank underlines our ability and expertise in providing solutions to development financial institutions. We are happy to be associated with one of the largest development banks in the region, and are confident that FLEXCUBE will help the bank now and in the future,” says N.R.K. Raman, Managing Director and CEO, Oracle Financial Services Software.

- The VC Circle conference for the PE/VC industry is presented by India Value Fund and was held in Hyderabad on 13th November 2008 at the Taj Krishna Hotel
- The conference brought together the leading venture capital and private equity players, deal makers and companies in the country
- VC Circle is organizing its third private equity forum titled “Investing In A Perfect Storm”

Hyderabad, 13th November, 2008: India Value Fund presented the VC Circle conference titled “Investing in a perfect storm” in Hyderabad to bring together a large number of delegates representing Venture capital investors/PE Professional/Entrepreneurs/Late stage, growth capital & large companies/Investment bankers &advisers/Corporate professionals/policy makers/firms seeking capital.

Mr. George Thomas, Partner, India Value Fund and one of the speakers at the conference said, “IVF is delighted to be associated with such a prestigious forum and is aligned with IVF’s belief that there is huge and untapped potential for private equity and venture capital outside the main metros of India and in powerhouses of entrepreneurship like the city of Hyderabad.”
He added, “In the current market situation when the stock markets are at a two year low and the US and European markets have been in turmoil, fund raising in the current environment has gotten tough, but not impossible. The deals may have come down, but they are indeed happening. There are funds still sitting with cash and looking for deals in this market. So it’s not the time for inaction, but action. It’s not the end of the road, but just a sharp turn which you need to navigate carefully. The forum attempted to discuss all this and much more.”
There were a total of 19 panelists at the forum, all of whom were distinguished PE and VC partners and entrepreneurs who have tremendous experience. They covered topics related to private equity and the need for capital growth.

The forum also focused on infrastructure, healthcare and education along with the current market issues.
The topics of discussion included:

§ Is Indian private equity (and venture capital) all about growth capital investing?
§ Private equity beyond metros: Where, and what are the opportunities?
§ The India story – Domestic consumption, outsourcing, infrastructure development
§ Is US recession a threat or an opportunity for VC/ PE fund flows to India?
§ The impact of the stock market on unlisted/PE plays
§ What value does PE investor bring at mid- and growth- stage?
§ Are Indian entrepreneurs prepared for private equity investors?
§ Key issues in fund raising, valuation, due diligence
§ Entrepreneur’s first hand experiences with VC/PE funds

November 07, 2008, Gurgaon and Tokyo – Ranbaxy Laboratories Limited (NSE/BSE: Ranbaxy/500359) (“Ranbaxy”) and Daiichi Sankyo Company Limited (TSE: 4568.JP) (“Daiichi Sankyo”) today announced the successful closure of their transformational deal with the execution of the final transfer of the remaining equity shares of the Singh family, in Ranbaxy. Pursuant to this, Daiichi Sankyo has now acquired 63.92% of the equity share capital of Ranbaxy comprising 268,711,323 shares as under:

Acquisition of Shares under Open Offer:  92,519,126
 
Allotment of Shares on Preferential basis :  46,258,063
 
Acquisition of Shares from the Singh family :  129,934,134
 
Mr. Takashi Shoda, President & CEO of Daiichi Sankyo said, “We are pleased to announce that all the planned transactions of this landmark deal have been successfully completed. We are determined to work with Ranbaxy to realize sustainable growth.”

Mr. Malvinder Mohan Singh, CEO & MD, Ranbaxy, said, “We are pleased that the deal has been closed successfully.  This puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders.”

Ranbaxy earlier had received an amount of Rs. 3,585 crores (USD 736 Million) from Daiichi Sankyo for the preferential issue of equity shares and warrants. This will be used to further drive the Company’s growth through organic and inorganic means while also retiring some debt at an appropriate time.

Continuing to operate as an independent & autonomous Company, Ranbaxy will work closely with Daiichi Sankyo to explore and optimise the growth opportunities across the pharmaceutical value chain.

Pune: Suzlon Energy Limited (SEL), the world’s fifth leading and India’s largest wind turbine manufacturer* and the Martifer Group of Portugal made a joint announcement on Suzlon’s planned purchase of Martifer’s stake in REpower.

Suzlon and Martifer entered into an agreement in August this year to complete an early purchase of Martifer stake of 22.4 percent in Repower Systems AG in mid December 2008 which was initially due in May 2009. The payment of the purchase price in May 2009 is secured by an International Bank Guarantee. Both Suzlon and Martifer are currently in discussions to arrive at a mutually acceptable payment Schedule.

New Delhi, 4 November, 2008 – Religare Enterprises Limited (REL) one of the leading integrated financial services groups of India, confirmed that it has agreed to acquire Lotus India Asset Management Company (Lotus India AMC) from the majority shareholders, Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capital. The acquisition is subject to regulatory approvals.

Lotus India AMC manages in excess of Rs. 5000 Crores in domestic mutual funds. Religare will immediately strengthen this position further by infusing additional funds into the schemes of Lotus India AMC. Existing investors in Lotus mutual funds will continue to be supported and served in a seamless fashion.

Confirming this development Mr Sunil Godhwani-CEO & Managing Director, Religare Enterprises Limited said “We are delighted to take on a business that has been backed and promoted by institutions of such stature and pedigree and look forward to taking it to the next level of growth. Like all other businesses that Religare operates globally we are committed to building it further as a business of excellence with a leadership position.”

Mr Gerard Lee, CEO Fullerton Fund Management said “We are pleased to transfer ownership to a leading financial services brand such as Religare with its strong reach and distribution might. Under the new stewardship we firmly believe that Lotus will scale greater heights and we see this stake sale as the beginning of a new strategic relationship with Religare.” 

Religare has an existing presence in the asset management space through a JV with Aegon and post approvals of this acquisition it intends to further strengthen its position in this category in the Indian market.

About Religare Enterprises Limited

Religare Enterprises Limited (REL), (NSE Code-RELIGARE, BSE Code-532915, Bloomberg Code-RELG IN), is one of the leading integrated financial services groups of India. REL’s businesses are broadly clubbed across three key verticals, the Retail, Institutional and Wealth spectrums, catering to a diverse and wide base of clients.

The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the ‘Investment Gateway of India’. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence and transparency.

REL offers a multitude of investment options and a diverse bouquet of financial services with its pan India reach in more than 1550 locations across more than 460 cities and towns. REL also currently operates from 10 countries globally following its acquisition of London’s oldest brokerage & investment firm, Hichens, Harrison & Co. plc.

With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare also operates its Life Insurance and Asset management businesses in partnership with the global major – Aegon. For its wealth management business Religare has partnered with Australia based financial services major-Macquarie. Religare has also partnered with Vistaar Entertainment to launch India’s first SEBI approved Film Fund offering a unique alternative asset class of investments.

Hosur November, 2008: TVS Motor Company has registered total two wheeler sales of 117,101 units in October 2008 against 129,614 units in the corresponding period of the previous year.

This year, both the important festivals of Dussera and Deepavali were celebrated in October and consequently, placement of stocks with the dealers for the festival season was effected in September. Restricted availability of retail finance, high liquidity and general inflationary trends witnessed by the market also affected sales. However, the cumulative sales of September 2008 and October 2008, show a growth of 4% when compared to the same period of the previous year.

The company’s motorcycle sales stood at 59,217 units in comparison with 67,752 units recorded in October 2007. Scooters recorded 23,487 nuits as against 28,119 units during the same period of the previous year.

During the month, the company won two prestigious IT Awards, namely the SAP ACE 2008 award and the 2008 Symantec South Asia Visionary Award. While the company won the SAP ACE Award for digitization of new product development process in SAP by implementing PLM (Product Lifecycle Management), the Symantec South Asia Visionary Award was conferred for the way the company secured and managed systems and information.

Exports continued its upward growth trend, posting an increase of 30%; registering 17,013 units of two wheelers in October 2008 as against 13,042 units in the corresponding period of the previous year.

Mumbai, November: Bilcare Ltd., service provider to the pharmaceutical companies spanning across their value chain from drug discovery to market, posted their results for the second quarter ended September 30th, 2008.

For the second quarter ended September 30, 2008, the India stand alone sales of the Company stood at Rs 118.61 Cr. as against Rs 97.95 Cr. in the corresponding quarter of the previous year, showing a growth of 21 percent. This resulted in a better operating EBITDA of Rs 31.33 Cr. as against Rs 26.70 Cr. in the corresponding quarter of the previous year, registering a growth of 17 percent. Net profit was at Rs 11.31 Cr.

For the half year ended September 30, 2008, the India stand alone sales were higher by 22% at Rs 232.37 Cr. as compared to Rs 190.83 Cr. in the corresponding period of the previous year.

The Consolidated Sales for the second quarter of FY09 stood at Rs 211.04 Cr. with an EBIDTA of Rs 30.14 Cr. and Net Profit of Rs 14.62 Cr.

The Consolidated sales for the first half were higher by 48% at Rs 398.54 Cr. as compared to the corresponding period in the previous year. This resulted in the EBIDTA levels being higher by 25% at Rs 84.86 Cr. as compared to Rs 68.06 Cr. in the corresponding period of the previous year. Net Profit stood at Rs 35.70 Cr. 

“During this quarter, the overseas sales growth has been more than 130% as a resultant of the investments made earlier.

With India sales growth at 21%, the overall business grew by 50%.” said, Mohan Bhandari, Chairman & Managing Director, Bilcare Limited.

Unaudited  Results for the  Quarter ended 30th September, 2008

Bangalore: GMR Infrastructure Limited (GIL) is pleased to release its consolidated financial performance, as approved by the Company’s Board in its meeting held on 28th October, 2008.
Highlights for Q2 FY 2008 – 09 Vs Q2 FY 2007 – 08:

·         Gross Revenues up by 91.47% from Rs. 500.45 crore to Rs. 958.23  crore

·         Net Revenues up by 114.21% from Rs. 395.31 crore to Rs. 846.81 crore

·         EBITDA up by 58.72% from Rs. 155.71 crore to Rs. 247.14 crore

·         PAT (before  notional forex losses) increased by 36.80% from Rs.67.07 crore to Rs.91.75 crore

·         PAT (after notional forex losses) declined by 54.33% from Rs.71.85 to Rs.32.81 crore

·         PAT (after minority interest, but before notional forex losses) increased by 135.53% from Rs. 44.80 crore to Rs. 105.52 crore

·         PAT (after minority interest and after notional forex losses) declined by 6.05% from Rs. 49.58 crore to Rs. 46.58 crore

Highlights for H1 FY 2008 – 09 Vs H1 FY 2007 – 08:

·         Gross Revenues up by 83.75% from Rs. 1,062.84 crore to Rs. 1,953.00 crore

·         Net Revenues up by 98.68% from Rs. 871.90 crore to Rs. 1,732.28 crore

·         EBITDA up by 65.12% from Rs. 294.29 crore to Rs. 485.92 crore

·         PAT (before  notional forex losses) increased by 43.63% from 124.01 crore to 178.12 crore

·         PAT (after  notional forex losses) declined by 47.99% from Rs. 141.34 crore to Rs. 73.50 crore

·         PAT (after minority interest, but before notional forex losses) increased by 146.45% from Rs. 78.65 crore to Rs. 193.10 crore

·         PAT (after minority interest and after notional forex losses) declined by 7.81% from Rs. 95.98 crore to Rs. 88.48 crore

Profit after tax (PAT) for the quarter and the half year is lower by 6.05% and 7.81% respectively as compared with the profit of corresponding periods of the previous year mainly due to notional foreign exchange loss of Rs. 58.94 crore for the quarter and Rs.104.62 crore for the half year, accounted mostly by two of the Company’s subsidiaries on the foreign currency project loans borrowed by them. But for these non-cash accounting losses, recognised pursuant to the Accounting Standard 11, the consolidated PAT of the Company would have been higher by 36.70% at Rs. 91.75 crore for the quarter and higher by 43.63% at Rs. 178.12 crore for the half year as compared to the PAT of Rs. 67.07 crore for the previous quarter and Rs. 124.01 crore for the previous half year. These two subsidiaries namely, Vemagiri Power Generation Limited (VPGL) and GMR Hyderabad International Airport Limited (GHIAL), have adequate dollar revenues to provide natural hedge for the currency fluctuations that may arise with respect to interest and principal payments/repayments.

GMR Infrastructure Ltd (GIL) has four principal business verticals namely, Airports, Energy Highways and Urban Infrastructure. These are administered through Special Purpose Vehicles (SPVs) for the operations and management of various infrastructure projects.

The consolidated results given in this press release present the full revenues, expenses and the results of the business operations of the Company and its subsidiaries.
The Statutory Auditors of the Company have carried out a Limited Review of the consolidated financial results of the company for the quarter ended September 30, 2008.

Commenting on the highlights for the quarter, Mr. G.M. Rao, Group Chairman, said:

” Despite the unprecedented global financial crises, it is extremely gratifying to note that we could achieve the financial closure for the acquitison of 50% equity stake in Intergen NV, a global Energy Major with operational capacities of 8086 MW and developmental capacities of more than 4600 MW. We are also delighted that we could renegotiate the acquisition price for Intergen NV and thus reduced the acqusition costs by USD 162 million.  We are also glad to report that Hyderabad Airport has started collecting User Development Fee (UDF) from domestic passengers from last week of August ’08 after getting the necessary approvals from Ministry of Civil Aviation. With this, Hyderabad Airport has started realising all its revenue streams. We have also forayed into hospitality sector during the quarter, with the soft launch of 308 room hotel at Hyderabad Airport. Though GIL and its subsidiaries are comforatably placed with enough liquid resources, considering the serious challenges likely to be posed by the unfolding global financial crisis and recession on unprecedented scale, we are taking various appropriate measures to emerge stronger, such as directing our investments on projects with immediate cash flow potential,  improving effiencies, ‘value for money’ initiatives,  monetisation of non-core investments etc.”

A brief summary of the results for the quarter and other material events / developments are as follows. (Comparisons made with Q2 FY 2007 -08 & H1 FY 2007-08)
·   The revenues recorded a significant increase by about 92% for the quarter and by 84% for the Half year due to the induction of revenue streams from GHIAL and SGIA and also higher Plant Load Factor (PLF) from the Energy Sector.

§   The PAT for the quarter and for the half year is lower as compared with the PAT for the corresponding quarter of the previous year due to non-cash forex loss as explained earlier. Further, the non realisation of UDF on domestic passengers till 22nd August 2008  resulted in GHIAL incurreing an operating loss of Rs. 35.89 crore for the quarter and 61.44 crore for the half year, excluding the loss on account of forex fluctuations to the tune of Rs. 48.58 crore for the quarter and 85.11 crores for the half year.

Business-wise Performance highlights – Q1 08-09

Airports

Delhi International Airport Ltd. (DIAL)

·         New Ruway was completed and  inaugurated in the quarter,  6 months ahead of the schedule as per OMDA requirement.

·         The upgradation of the present international terminal (T2) was completed and was inaugurated in July 2008.

·         Due to global recession and high fuel costs, passenger traffic for the quarter has shown a marginal decline of 0.3% as compared with the corresponding quarter of the previous year.

·         Air Traffic Movements (ATMs) have recorded a growth rate of 6.4% from 108,710 in Q-2 of 07-08 to 115,668 in Q-2 of 08-09.

·         The upgradation work of the domestic terminal (T1) and the construction of the new integrated terminal (T3) is pacing as per the schedule.

·         RFP is issued for development of property at Delhi International Airport and the bid finalisation process will be completed by third week of November ’08.

GMR Hyderabad International Airport Ltd. (GHIAL)

·         Special facilities were created for Haj operations for 13,800 pilgrims/46 chartered flights

·         Air Arabia is commencing flight operations  from end of October ’08

·         UDF of Rs.375 is being levied on the domestic passengers from August 23, 2008.

·         Domestic Passenger traffic has declined by 7.7% as compared with H1 of 07-08 while  International Passneger traffic has shown a growth of  8.4% for the same period.

·         McDonalds opened its second outlet at Level C of Commercial Plaza

·         GMR maintenance, Repair & Overhaul (MRO) venture is on track –  72 engineers have left for Malaysia for undertaking a one year on-the-job training with Malaysian Airlines.

·         The Special Lounge with nap & shower facility, a new concept in Indian airports, has opened at Hyderabad International Airport. It comprises 28 spa rooms with shower and other facilities. The new lounge will be helpful for business executives and women passengers who fly into Hyderabad in the morning for their official meetings and return by the evening flight.

Sabiha Gokcen International Airport (SGIA), Turkey

·         Construction of the new airport terminal is going on at a rapid pace and project is on track for commercial operation of new airport terminal by October 2009.

·         New Cargo Terminal was opened for operations during the current quarter.

·         New temporary arrival terminal was commissioned for operations to ease congestion in the existing terminal building.

Energy

·         The Chennai plant is running efficiently with a 84% Plant Load Factor

·         The EPC contract for the 1050 MW Thermal Power project at Kamalanga, Orissa, has been awarded to SEPCO. The project is set to achieve the financial closure before end of November, 2008.

·         Execution of other projects is also progressing as per schedule

·         Following the expiry of the seven-year Power Purchase Agreement, the 220 MW GMR Energy Ltd (GEL) at Tanir Bavi near Mangalore in Karnataka ceased to operate. The company is finalising the arrangements to operate the plant as a merchant plant from its current location.

·         After operating for about two and half months between February and April 2008, Vemagiri Power Generation Limited (VPGL) awaits gas for resuming its operations. The operating losses, after adjusting for notional forex fluctuations, have stood at Rs.40.70 crore in the quarter for the half year 59.16 crore.

Highways

·         The company has been shortlisted for submission of price bids for (a) Ghaziabad-Aligrah (126km) (b) Eastren pheripheral Express way (135km) and (c) Tirupati-Chennai (111kms). Price bids for these projects will be submitted in November, 2008.

·         The Four new road assets comprising of one annuity and three toll based projects are under advanced stages of implementation. All these projects will be operational in the coming months before March 09. On completion of these four projects totaling 269 km, the Group will have a balanced portfolio of three toll based road assets totaling 166 km and three annuity based assets totalling 255 km

Total Income  Rs. 829 mn
 
EBIDTA  Rs. 140 mn
 
PBT  Rs. 27 mn
 
PAT  Rs. 22 mn
 
Financial HIGHLIGHTS for Q3 of 2008:

Operational income declines on both Q on Q and Y on Y basis.
· Nine month revenues have grown by 32% Y on Y.  Company has posted consolidated revenues of RS. 2648 mn for the nine months ended 30th Sep 08 as compared to Rs.1929 mn for the corresponding nine months last year.

· Considering the current liquidity crunch worldwide and an uncertain economic climate the company is going slow on accepting orders without immediate cash flow and has also reduced its exposure to current customers whose payment schedules are uncertain. This has resulted in significant drop in revenues for the Quarter some of which may accrue back in the next few Quarters along with the cash flows associated with them. The company is also putting in place several cost cutting measures including leasing out unused space etc.

· The company had added two large customers in telecom during the Quarter and the company bagged 6 new out sourcing deals this Quarter for its Blueally division.

· The strong US Dollar has helped the company for the current quarter and the company expects this to benefit the company for the next quarter also.

Hyderabad, October 30, 2008: – Megasoft Limited (BSE CODE NO:532408), a transnational Intellectual Property-driven, product-based technology company, has reported a consolidated Income of Rs. 829 mn and PBT of Rs. 27 mn for the quarter ended Sep 30, 2008 as compared to Income of Rs. 728 mn and PBT of Rs.155 mn in the corresponding  quarter last year.

Commenting on the results, Mr. GV Kumar, Managing Director & CEO, Megasoft Ltd., said “There is no doubt that the economic crisis has affected the entire world and growth rate of overall telecom industry. Now we are more focused on our higher end, larger customers and cash flow centric business and are viewing new growth opportunities conservatively. We are prudent on investment for growth while continuing to ensure we are a stable, strong partner for our many customers in this unpredictable environment,” he further added.