Geodesic Q1 profit rises to Rs79.1 crore

Geodesic Ltd, content provider for communication and collaboration solutions, said its net profit for the first quarter increased 34% to Rs79.1 crore compared to Rs59 crore in the corresponding quarter last year.

Its total revenues for the first quarter increased 22% to Rs199 crore from Rs163.2 crore for the same quarter previous year, the company said in a regulatory filing.

On Monday, Geodesic shares gained 3.9% to Rs106 on the Bombay Stock Exchange, while the Sensex ended 0.6% down to 18,050 points.


Over 50% wind power installation target met: Minister

New Delhi: More than half of the Eleventh Plan target of 9,000 MW wind power installation has already been achieved, reports PTI quoting new and renewable energy minister Farooq Abdullah.

5035 MW has already achieved and the balance would be done during the remaining period of the Five Year Plan (2007-2012), he said during Question Hour in Parliament.

Mr Abdullah said the government is extending help in setting up more windmills in the country.

"The total wind potential for the entire country is 48,500 MW and our ministry with the help of Centre for Wind Energy Technology (C-WET) has completed 12,000 MW till today," he said.

Mr Abdullah said that along with the Centre for Wind Energy Technology (C-WET), the ministry has taken up a wind resource assessment programme to identify sites for setting up of wind power projects in the country.

"As a result of the survey conducted by C-WET, 233 wind potential locations have been identified so far. The total sites identified were 650, however 233 were found to be having good potential," he said.

The minister said major hurdles in wind power development include delay in land allocation and getting forest clearances for new projects.


'India needs regulatory changes to boost investor confidence'

Singapore: India, which has seen significant rise in foreign investment in recent years, needs regulatory changes to enhance investor confidence, reports PTI quoting a senior executive of a leading global bank.

India has captured its share of foreign investment significantly but the billion people-market has the potential of winning more investment in the coming years, said Ravi Manchanda, managing director at Standard Chartered Bank in Singapore, with responsibilities for development investment opportunities in the Indian market.

As such, an immediate challenge for India is to improve its standing on the 'Ease of Doing Business Index (EDBI),' which would raise investor confidence in India, Mr Manchanda told PTI.

The EDBI, a World Bank initiative which measures the efficiency with which business can be conducted in different countries, rates India at 133rd out of 183 countries studied recently. Comparatively, India's business competitor, China is rated 89th.

"With all the recent hype on India's and China's amazing race to development, there has not been enough talk on the structural and regulatory changes that need to be made in the two economies," he pointed out with a special emphasis on India, which faces of challenge of maintaining high economic growth rates.

"India is constantly competing with China to become the largest emerging market in the world," Mr Manchanda said. But for India to match China, Mr Manchanda believed India has to make major improvements in measures, such as enforcing contracts period to be reduced to 406 days from 1,420 days, reducing the number of procedures to 34 from 46 and cutting costs to 11% from 39.6% as of now. This would lift India's rating on EDBI at 113, and put it closer to China.

Mr Manchanda said that FDI is critical for India's annual double-digit economic growth, and says international investment is being competed for by emerging economies like Brazil and Russia as well as economies that are being re-built including Argentina.

"India has become an acknowledged emerging market but we can expect more options for investors from newly emerging markets, offering incentive-based opportunities," he said.

The EDBI is a good guide and India could draw more investments from abroad with benefits far outweighing the cost of minimum action required to remedy this, he said.

Foreign direct investment (FDI) into India has been increasing steadily with 2006-2007 seeing the highest growth of over 150%. India has received FDI with a cumulative worth of approximately $137 billion over the last 10 years.

China, he said, received the same amount of FDI in the last two years.


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