Firstsource signs 5-year customer service contract with Barclaycard

Business process outsourcing (BPO) service provider Firstsource Solutions Ltd said it has signed a five-year customer service contract with Barclaycard, the UK-based credit card and loan provider. No financial details were provided.

The partnership is part of Barclaycard's ongoing programme of improving business efficiency and providing quality service to customers. Firstsource will manage the majority of the services currently provided by the Teesside centre, as well as a related payment servicing team at Wavertree in Merseyside, the company said in a statement.  Firstsource obtains 24% of its global revenues from the financial services sector, providing an extensive range of back-office, customer management and collections services, spanning retail banking, mortgage, bank cards, insurance, custody and research and analytics.

On Friday, Firstsource shares jumped 7.3% to Rs28 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.9% to 20,445 points.

User

In a change of course, Future Group bets big on e-commerce

A company whose entire growth has been based on opening newer and newer stores, is betting on cyberspace to fuel growth

Future Group has launched a new e-commerce initiative, which it expects will fetch revenues of Rs10 billion in about two years. For a company that has grown all these years by setting up more and more large-format physical stories, this is an important new initiative. Future Group CEO Kishore Biyani says he is confident of its e-commerce venture and expects gross margins of 10%-12% from it. The new initiative will require potential buyers to register for deals known as "The Battle", which will offer the cheapest mobile phones in the first round, and can be purchased a day before the offer is available to all customers.

"Through this launch from FutureBazaar.com, we aim to empower Indian males between 21-44 years to indulge in aspirational purchases at unbeatable prices and guaranteed quality. We believe that this initiative will set the stage for digital retail to contribute a substantial part of our overall revenues and will possibly start a 'D-Commerce' revolution within the country," Mr Biyani said in Mumbai.

The Future Group was unsuccessful in its last e-commerce venture, but Mr Biyani said he is optimistic that he would be able to change the trend this time because he has sensed the key driver for consumers. According to popular perception, Indians prefer to see an item in demonstration before going for purchase. Biyani said, "Zamana badal gaya hain (the market has changed) and we'll try to change it further with our new model. Our last e-commerce venture was like the Silsila movie - way ahead of time. When we created the supermarket offer, we never expected that kind of demand. Secondly, the infrastructure we had was not able to cope with the demand we created. We have learnt from that mistake. Now, we are much (more) prepared."

Pantaloon's emphasis on e-commerce is interesting because it comes against the backdrop of higher sales through opening of new stores with large dollops of debt than from increase in same stores sales. Analysts say the company might be required to take additional debt to meet its repayment obligations.

User

SC stays Madras HC order for closure of Sterlite's plant

New Delhi: The Supreme Court today stayed the order of the Madras High Court directing Sterlite Industries to close down its copper smelting plant in Tuticorin, Tamil Nadu, reports PTI.

A bench comprising Justice R V Raveendran and H L Gokhale stayed operation of the order of the high court till 18th October, the next date of hearing.

"There would be a stay on the judgement of the high court. List it on 18th October for hearing," the bench said.

Senior advocate C A Sundaram, appearing on behalf of Sterlite Industries, submitted that if the high court order is not stayed, then it would be a great injury to the company, as the plant would have to be shut down.

Sterlite Industries, a subsidiary of UK-based Vedanta Group, had moved the apex court yesterday against the order of the high court, which on 28th September ordered shutting down of the smelting plant for not complying with environmental norms.

The company, in a special leave petition against the order, had claimed that the high court did not give it a proper hearing and ignored its submissions.

The high court had held that Sterlite's plant was within 25km of an ecologically fragile area and the company has failed to develop a green belt of 250metre width around the plant.

The order came a month after the Vedanta Group's Rs7,000 crore bauxite mining project at Niyamgiri Hills in Orissa was denied environmental clearance. The company was also issued a show-cause notice by the ministry of environment and forests for allegedly flouting green norms.

"The materials on record show that the continuing air pollution being caused by the noxious effluents discharged into the air by the respondent company is having a more devastating effect on the people living in the surroundings," the high court order said.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)