Infosys said after market hours on Monday, 11 March 2013 that it has expanded its presence in Latin America with a new delivery center for its business process outsourcing subsidiary, Infosys BPO, in San Jos Costa Rica. The center's 100+ employees initially will provide key services in the strategic sourcing and procurement area for Procter & Gamble, the world's largest consumer packaged goods company.
Infosys will soon offer the entire range of BPO services in Costa Rica for its global clients, in areas including finance and accounting, human resources management, analytics, legal processes, customer relationship services, marketing, and supply chain management.
The President of Costa Rica, Laura Chinchilla Miranda, joined the Managing Director and CEO of Infosys BPO, Swami Swaminathan, to celebrate the inauguration of the center at a ceremony Monday. The Vice President of Costa Rica, Luis Liberman; the Minister of Foreign Trade, Anabel Gonzez; the Minister of Science, Technology and Telecommunications, Alejandro Cruz; the Minister of Labor, Olman Segura; the Director General of the Costa Rican Investment Promotion Agency (CINDE), Gabriela Llobet; and senior executives from both Procter & Gamble and Infosys also attended the ceremony.
Shares of ITC may decline on reports the West Bengal government has raised taxes on cigarettes from 20% to 25% following the union government's decision to increase excise duty on cigarettes by 18%.
Power Grid Corporation of India after trading hours on Monday, 11 March 2013, said that the board of directors of the company at its meeting held on 8 March 2013, has approved the investment approval for 'Transmission System associated with Meja TPS' at an estimated cost of Rs 55.73 crore with commissioning schedule of 28 months from the date of investment approval.
Shares of power generation firms will be in focus after the Ministry of New and Renewable Energy on Monday, 11 March 2013, said that the ministry is targeting a capacity addition of 30,000 MW during the 12th Plan period (2012-17) from various renewable energy sources. The ministry is implementing a number of renewable energy schemes/programmes such as wind, small hydro, biomass and solar throughout the country, for enhancing power generation from renewable energy sources. The government is also giving various fiscal and financial incentives, such as capital/interest subsidy, accelerated depreciation, concessional excise and customs duties to promote power generation from new and renewable energy sources. Among the other steps taken to promote power generation from alternative sources of energy include preferential tariff for purchase of power generated from renewable sources, introduction of Renewable Energy Certificates and Renewable Purchase Obligation.
The Minister for New & Renewable Energy, Dr. Farooq Abdullah in Rajya Sabha on Monday, 11 March 2013, that the government has formulated an Integrated Energy Policy (IEP) covering all sources of energy including renewable energy sources. The IEP document gives a roadmap to develop energy supply options and increased exploitation of renewable energy sources.
The Empowered Group of Ministers (EGoM) is reportedly likely to meet today, 12 March 2013 to decide floor price for MMTC offer for sale (OFS).
Shares of Crisil turn ex-dividend today, 12 March 2013 for a final dividend of Rs 4 per share for the year ended 31 December 2012.
Shoppers Stop said that one "Crossword" franchisee store at Cochin by the company's wholly owned subsidiary, Crossword Bookstores, has been opened.
SKS Microfinance has paid Rs 50 lakh to IRDA as a penalty for violating insurance norms with a request to permit the company to file a review petition to drop the said charge.
Titagarh Wagons AFR S.A., (TWAFR) a subsidiary of Titagarh Wagons (TWL) has bagged a order from a subsidiary of SNCF (French Railways) for supply of 400 Hopper Cereal Wagons. The order is estimated at Euro 39 million (approximately Rs 275 crore).
Trading in equity shares and warrants of Indiabulls Financial Services shall be suspended with effect from 19 March 2013 on account of Scheme of Amalgamation with Indiabulls Housing Finance.
The Great Eastern Shipping Company (G E Shipping) has signed a contract to sell "Jag Arnav", a Panamax dry bulk carrier. The 1995 built vessel of about 71,000 dwt will be delivered to the buyers in first half of calendar 2013. The company's current fleet stands at 33 vessels, comprising 23 tankers (9 crude carriers. 13 product carriers. 1 LPG carrier) and 10 dry bulk carriers (1 Capesize, 3 Kamsarmax, 1 Panamax, 4 Supramax, 1 Handymax) with an average age of 10 years aggregating 2.60 million dwt.
Srei Infrastructure Finance reportedly plans to apply for a banking licence to set up a bank with strong rural presence and would not rope in any domestic or foreign partner in this venture.
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