Indian IT bellwethers Infosys Technologies and Wipro Wednesday expressed confidence that the US would not take any measure that would hurt its global competitiveness.
Reacting cautiously to US President Barack Obama's remarks on outsourcing Tuesday, Infosys said outsourcing had enhanced the competitiveness of US corporations and had created more jobs within the US economy.
"The US is a very open economy and a strong proponent of free trade globally. We are confident the US will not take any measure, which might hurt its global competitiveness," Infosys said in a statement here.
In his first address to the joint session of the US Congress in Washington, Obama said there would be no tax breaks to US companies that outsource their jobs abroad. "We need to wait for more details to understand Obama's statement," Infosys added.
Wipro said in the current economic environment, it was imperative for global corporations to collaborate on technology and innovation. Wipro executive director and chief financial officer Suresh Senapaty said policies of protectionism would only hinder the revival of the world economy.
IT industry body National Association of Software and Services Companies (Nasscom) said it was heartening to note that Obama had supported the need to "avoid protectionism" in his speech.
"This is not the time for protectionism but for global collaboration, if the world is to come out of this economic downturn quickly. We hope that all other countries would support this and continue to be proponents of free trade," Nasscom said in a statement from New Delhi.
"Global outsourcing has helped (US) companies gain the vital competitive edge - time to market, transformation of businesses, integration of processes, reduce costs and enhance efficiency - all of which are key drivers for revival of economic activity," it added.
The Federation of Indian Chamber of Commerce and Industry, in a statement issued from New Delhi, expressed concern over Obama's statement, saying "protectionist measures could deteriorate the situation further".
"Coming at a time when the global economy is going through a phase of slowdown and when countries need to work collectively, protectionist measures of any kind could deteriorate the situation further," FICCI said.
On the likely impact the US move could have on Indian companies, FICCI said: "We will have to wait and see how the rules are framed and implemented."
Wednesday, February 25, 2009
If needed, I am willing to quit: Subhiksha chief
R. Subramanian, managing director of the troubled retail chain Subhiksha, Wednesday said he was ready to quit if it would help in reviving the company."If there is a need to install a new management for the better future of the business, its employees and customers, then I shall be more than happy to facilitate that and play an appropriate role as a financial stakeholder," Subramanian said in a statement.
He, however, added: "I cannot leave the system in the lurch till one is sure that the company is back on track and all stakeholders are taken care of adequately."
The statement comes in the wake of media reports that the 23-percent stake holder ICICI Venture is working with other investors to revive Subhiksha.
"There is no question of any greater control ICICI Venture can exercise than presently under the rights they already have and have been exercising," Subramanian later told IANS.
"There is no contradiction - even if I am to step down that can be only when I am sure that we have the right people in place who can take care of the company and take it forward," he added.
Taking a dig at ICICI Venture officials, who have resigned from the Subhiksha board this month, Subramanian said: "Would you leave the boat in the middle of a rough sea and escape? That would be like what ICICI venture has done by trying to withdraw nominees from the board."
ICICI Venture sold a portion of its holding in the cash-strapped retail chain to Zash Investment - the private equity fund owned by Wipro's Azim Premji - for Rs.2.3 billion (Rs.230 crore) in March last year.
Subhiksha, with a debt burden of over Rs.7.5 billion (Rs.750 crore), is looking for a Rs.3 billion (Rs.300 crore) cash infusion to stay afloat.
"All employees and banks and stakeholders can be reassured that I am not walking out of this nor trying to evade or escape responsibility for resolving the issues that we face today due to lack of liquidity and the wrong decision on letting equity not flow into the company," Subramanian said.
Tata Motors launches new lifestyle pickup
Tata Motors launched the new lifestyle pick-up, Xenon Cross Terrain (XT), here today.The four-door five passenger vehicle is powered by the company's 2.2 VTT DICOR engine delivering peak power of 140 PS and peak torque of 320 Nm. It will be available in two models -- the 4x2 for Rs 7.62 lakh and 4x4 for Rs 8.58 lakhs -- with a warranty of 75,000 km/ two years.
For safety and comfort, Xenon will sport power steering and windows, central locking and electrically adjustable ORVMs.
''It would be difficult to classify the segment in which the Xenon belongs to as there are no reference points as far as the Indian market goes. It is a robust product and follows the company's policy of entering and developing a new market and segment, said Tata Motors president (Passenger Cars) Rajiv Dube at the launch.
He said the Xenon would not replace its workhorse -- the TM 4x4, and that both the vehicles were in seperate segments altogether.
''The Xenon is a lifestyle product with a host of accessories to customize available at the dealerships. We are looking at the growing segment of customers looking for SUVs or similar products.'' It is the first vehicle to roll out from the joint efforts of Tata Motors' commercial and passanger car divisions.
''This is the sixth vehicle to be launched by us in the last 14 months including the Fiat Linea, and will be followed by the 'Nano', a MPV (multi-purpose vehicle) and SUV combined vehicle and the Grand Punto,'' said Mr Dube.
''We are facing a tough market but our portfolio of vehicles are catering to the different segments. Right now we have a problem of plenty, and are looking for appropriate spaces as far as dealership and marketing teams are concerned,'' he added.
Tata Motors has already shipped 6,000 units to its overseas markets including Thailand, South Africa, Algeria, Saudi Arabia Italy and Poland.
Women's portal SitaGita.com to be refurbished
Accentium Web Pvt Ltd, owner of popular websites like 'Secondshaadi.com' and 'Gaadi.com', today announced its partnership with India's oldest women's portal -- SitaGita Ltd to help the site reach the next level.A three party alliance, which also constitutes of Compare Infobase, will be equity based partnership and is targeted to take the number of daily clicks of Sitagita.com from 5,000 to 40,000 by 2011, according to an Accentium release here today.
Speaking on the coalition, Accentium Web Pvt Ltd chief executive officer Vivek Pahwa said the site would be made more dynamic and interactive to attract the fair sex. ''There is great interest in women-oriented inventory online in India and this interest is likely to increase over the next years,'' he said, adding that more content would be added to cater to the younger audience and to gradually convert it into the leading site for women-related content online in India.
''Along with creating a fresh new look for sitagita.com, we will also create a new product jointly, which will let young women bond with each other, share knowledge and consume information,'' he said.
'''SitaGita' represents the duality of the Indian woman. Nowhere in the world does a woman combine such traditional and contemporary skills. SitaGita has come to mean many things to many women across the length and breadth of India. It started as an urban centric site but soon we will be stepping towards targeting Tier II, Tier III town. This has been my mission in the last ten years, to provide a little handholding and empower the Indian woman personally and professionally,'' said Nirmal Mirza, Founder of SitaGita Ltd.
ING Life tie up with SIB for premium renewal
ING Life, part of the ING Group, today announced its tie-up with South Indian Bank (SIB), one of the leading banks in south India, to collect insurance policy renewal payments.
Speaking on the occasion, ING Group Chief Operating Officer Ashwin B said customers of the ING Life could now pay their renewal premium at any of the 530 SIB branches spread across the country.
The facility would provide an impetus to the company, specially in Kerala, where its customers would now have access to 332 branches to deposit their renewal premiums, he added.
Initially the tie-up would allow ING Life customers to deposit their renewal premium in cash and later the payments would be accepted in cheque and demand draft.
SIB Executive Director M Valsan said '' with all our branches connected under the robust 'core banking' technology, the bank is geared up to offer various cash management services to our partners and customers.''
Speaking on the occasion, ING Group Chief Operating Officer Ashwin B said customers of the ING Life could now pay their renewal premium at any of the 530 SIB branches spread across the country.
The facility would provide an impetus to the company, specially in Kerala, where its customers would now have access to 332 branches to deposit their renewal premiums, he added.
Initially the tie-up would allow ING Life customers to deposit their renewal premium in cash and later the payments would be accepted in cheque and demand draft.
SIB Executive Director M Valsan said '' with all our branches connected under the robust 'core banking' technology, the bank is geared up to offer various cash management services to our partners and customers.''
MindTree among top 100 global outsourcing list
IT and R and D services provider MindTree Ltd, has been selected for the Leaders category for The 2009 Global Outsourcing List of 100 by the International Association of Outsourcing Professionals (IAOP).
The numerical rankings would be unveiled in a special advertising feature produced by IAOP in the May 4 edition of the Fortune magazine.
An independent panel of industry-recognised leaders in outsourcing chose MindTree as a Leader among a full spectrum of outsourcing services companies ranging from information technology and business process outsourcing, to facility services, real estate and capital asset management, manufacturing and logistics, a company release said here today.
MindTree’s selection as a Leader is based on a set of measurable standards such as size, revenue, depth of competencies and customer satisfaction levels.
The numerical rankings would be unveiled in a special advertising feature produced by IAOP in the May 4 edition of the Fortune magazine.
An independent panel of industry-recognised leaders in outsourcing chose MindTree as a Leader among a full spectrum of outsourcing services companies ranging from information technology and business process outsourcing, to facility services, real estate and capital asset management, manufacturing and logistics, a company release said here today.
MindTree’s selection as a Leader is based on a set of measurable standards such as size, revenue, depth of competencies and customer satisfaction levels.
Tuesday, February 17, 2009
Edrington Group to launch more whisky brands in India
Unperturbed by the economic slowdown, the Edrington Group, maker Famous Grouse whisky, is planning to launch more brands in India and step up promotional campaigns, a senior official said Tuesday.
"We will be launching the Snow Grouse and Black Grouse in the coming fiscal, both priced tentatively around Rs.1,700," group area director (Southeast Asia, Africa and Indian subcontinent) Geoff Kirk told IANS.
Explaining the company's decision to go ahead with the investment plans despite the slowdown, Kirk said India was still a "growing market".
"There is a slowdown undoubtedly, but it has resulted in lower growth rates and not a reversal of growth. The Indian market might not grow at 25 percent CAGR (compound annual growth rate) as it did over the past four-five years, but it will still be a growing market," he said.
Famous Grouse hopes to capture a sizeable chunk of the estimated 1.2-million-case Indian market.
"We will launch our premium single malt whisky brands - Macallan and Highland Park - priced over Rs.3,500, soon," Kirk added.
Most imported liquor labels attract central and state excise levies to the tune of almost 300 percent of the cost of a bottle.
Said Gerry O'Donnell, director of Famous Grouse: "We are talking to the federal and state governments to rationalise the taxes and are hopeful in persuading them to do so like we did in China. It's ultimately going to be beneficial to the Indian consumer."
"We will be launching the Snow Grouse and Black Grouse in the coming fiscal, both priced tentatively around Rs.1,700," group area director (Southeast Asia, Africa and Indian subcontinent) Geoff Kirk told IANS.
Explaining the company's decision to go ahead with the investment plans despite the slowdown, Kirk said India was still a "growing market".
"There is a slowdown undoubtedly, but it has resulted in lower growth rates and not a reversal of growth. The Indian market might not grow at 25 percent CAGR (compound annual growth rate) as it did over the past four-five years, but it will still be a growing market," he said.
Famous Grouse hopes to capture a sizeable chunk of the estimated 1.2-million-case Indian market.
"We will launch our premium single malt whisky brands - Macallan and Highland Park - priced over Rs.3,500, soon," Kirk added.
Most imported liquor labels attract central and state excise levies to the tune of almost 300 percent of the cost of a bottle.
Said Gerry O'Donnell, director of Famous Grouse: "We are talking to the federal and state governments to rationalise the taxes and are hopeful in persuading them to do so like we did in China. It's ultimately going to be beneficial to the Indian consumer."
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