Hexaware bags $25 million European order

Hexaware Technologies Limited has signed a new 3-year contract worth above $25 million for providing Remote Infrastructure Management Services (Remote IMS) to an existing client

Hexaware Technologies Limited, a provider of IT, BPO and consulting services, today announced that it has recently signed a new 3-year contract worth in excess of $ 25 million for providing Remote Infrastructure Management Services (Remote IMS) to an existing client. Hexaware will manage all aspects of infrastructure support for this client (not named) whose footprint covers the Americas, Europe and Asia Pacific regions. The company expects to deploy 150+ employees on this engagement globally. It is offering these services on 24x7 basis utilising its major centres in the United States, Mexico and Chennai, Mumbai & Pune.

"From the beginning of 2011, the revenue growth in the Europe region has picked up and this creditable win adds to the growth momentum. This engagement provides us with a platform to strengthen our European operations further. Ability to win such a large deal against stiff competition in Remote IMS demonstrates Hexaware's competence and strength in its focus areas", said Ramanan Seshadri, Sr Vice President & Head - Europe Operations, Hexaware Technologies Limited, according to a statement released by the company.

Hexaware has been investing substantially in nurturing Remote IMS as a horizontal service line since 2009.

On Monday at 12:01 PM, Hexaware was trading 2.7% up at Rs64.60 on the Bombay Stock Exchange, while the benchmark Sensex was 41.52 points down at to 18,224.58.


Nano, the world’s cheapest car, is four times more expensive in Sri Lanka

The Nano will cost about 9,25,000 Sri Lankan rupees; Tata Motors started sales in Sri Lanka on Sunday

Colombo: Tata Motors started selling the Nano, the world cheapest car, in Sri Lanka on Sunday, at a price tag nearly three times that of its cost in the Indian market.

Diesel and Motor Engineering (Dimo), the local agent for Tata Motors, said they had started to accept booking for the Nano at a price of 9,25,000 Sri Lankan rupees ($8,486 or a little over 4 lakh Indian rupees) for a basic stripped down version.

“We are getting good enquiries. Those who pay Rs1,00,000 today can have the car in two weeks after making full payment,” a company spokesman said.

He said the car was available in red, yellow, blue, white and silver colours, and the higher-end model with air-conditioning would cost 1.1 million (Sri Lankan) rupees, just 40,000 rupees (or 18,000 Indian rupees) less than the price of the Maruti 800 cc in Sri Lanka. Maruti is the market leader in small cars in Sri Lanka, PTI reports.

Apparently, the price of the Nano in Sri Lanka is very much higher than what it is in India, where the basic model costs just under $3,000 (about 1.44 lakh Indian rupees), due to the high import duties and local sales tax, a company official said.

The company official said he was hopeful of selling the first consignment of 500 Nano cars that have already arrived in the island.

Sri Lanka slashed car duties in June last year, but raised them again in April this year after a heavy drain of foreign exchange on the import of cars. About 500 vehicles were unloaded each day at Colombo port in recent months, before duty was raised again in April.


CAG appears before JPC in 2G scam inquiry

Vinod Rai, comptroller and auditor general explains how he arrived at the estimated loss of Rs1.76 lakh crore on account of unfair allocation of 2G spectrum

New Delhi: Comptroller and Auditor General, Vinod Rai, today appeared before the Joint Parliamentary Committee (JPC) inquiring into the 2G spectrum scam, to explain how the government auditor quantified the losses in the spectrum allocation at Rs1.76 lakh crore.

Mr Rai was asked to brief the Committee on the allocation and pricing of telecom licences and spectrum during 1998 to 2009. The meeting was chaired by Congress leader PC Chacko, PTI reports.

The CAG, in its report to Parliament last year, had pegged the presumptive loss to the exchequer from the unfair allocation of 2G spectrum at Rs1.76 lakh crore. The revelation triggered a political storm that led to the resignation of then telecom minister A Raja.

“Today the talk is of a Rs1.76 lakh crore scam. We want to know from the horse's mouth how he arrived at the figure,” Mr Chacko had said after the previous meeting of the Committee on 18th May.

Telecom minister Kapil Sibal had dubbed the estimate arrived at by the CAG as “utterly erroneous and without any basis”.

According to the CBI charge sheet on the 2G spectrum allocation case, the loss to the exchequer is pegged at Rs30,984 crore.

Earlier this year, Mr Rai had made a similar presentation before the Public Accounts Committee (PAC) of Parliament on how he arrived at the figure.

The PAC also examines CAG reports and submits its findings before Parliament.


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