Hindustan Zinc pays Rs200 crore advance tax in Q1

Hindustan Zinc attributed the increased tax outgo to “improved efficiency in operations and expansion in business”

Hindustan Zinc said it has paid Rs200 crore as the first advance tax instalment for the April-June quarter of the current fiscal, double than the amount it had paid in the same period last year.

The Vedanta Group company, in a statement, attributed the increased tax outgo to “improved efficiency in operations and expansion in business”.

The company further said that it produced 9,64,000 tonne of zinc-lead in 2011 and plans to commission 1 lakh tonne lead smelter capacity this year.

Besides this, the Anil Agarwal-promoted company is also aiming to produce 500 tonne of silver by March 2012, following the expansion of its Sindesar Khurd mine, a silver rich mine in Rajasthan, the statement said.

Simultaneously, Hindustan Zinc is also aiming to generate 275 MW of wind power by September this year as part of its green energy initiative, the statement further said, adding that the wind farms are being commissioned in Rajasthan, Gujarat, Tamil Nadu, Maharashtra and Karnataka.

On Thursday, Hindustan Zinc ended 0.82% down at Rs132.60 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.81% down at 17,985.88.

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Lanco Infra to invest Rs35,000 crore in thermal power plant

Lanco Infratech plans to have a power generation capacity of 15,000 MW by 2015

Lanco Infratech said it would invest Rs35,000 crore for setting up thermal power plants in the country and may partly raise the amount by hiving off its power business.

“We will definitely make power a separate entity... May be in the next two years,” executive chairman Lanco Infratech L Madhusudan Rao told reporters while unveiling the group’s new logo.

Lanco Infratech plans to have a power generation capacity of 15,000 MW by 2015 for which it requires investment to the tune of Rs35,000 crore. The current installed capacity of the company is 3,300 MW.

“About 9,300 MW projects are under operation and under advance stages of construction and work would also commence on the remaining 6,000 MW in the next 3-4 months as the funds would be tied up by that time,” Rao said.

The company is in talks with various banks and financial institutions for funding the debt portion of the Rs35,000 crore investment. The project would be funded at a debt and equity ratio of 80:20.

Lanco Infratech, which is currently sourcing the power equipment from China, is open to the idea of manufacturing it on its own.

“We are looking at it, but right now it is too early to comment,” Rao said.

The company is spreading its operations overseas and is hopeful of winning power projects in Bangladesh, Indonesia and in the Middle-East.

“We have qualified for projects in Bangladesh, Indonesia and in the Middle-East...They are yet to be finalised,” he said.

Lanco Infratech, which acquired Griffin coal mine in Australia, is now focusing upon acquisition of more coal assets in Indonesia, South Africa, Australia and India.

“Right now we have sufficient coal reserves to fulfil our demand,” he added.

On Thursday, Lanco Infratech ended 0.16% down at Rs30.45 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.81% down at 17,985.88.

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HCL Technologies, Epicor sign long term strategic partnership

HCL Technologies and Epicor Software Corporation have signed a partnership agreement to meet the demand for Epicor 9 enterprise resource planning suite

IT services provider HCL Technologies (HCL) and business software solutions provider Epicor Software Corporation have signed a partnership agreement to meet the growing demand for Epicor 9 enterprise resource planning (ERP) suite.

The partnership expands HCL’s presence in the broader midmarket segment, while bringing effective global implementation and services capabilities to Epicor’s existing and new ERP suite customers.

Under this partnership, HCL will expand overall Epicor services capacity, helping meet the demand for services and speeding the implementation for Epicor’s ERP customers. The demand for implementation services is strong with close to 400 customers worldwide live on Epicor 9 ERP and a further 1,500 projects in process having been shipped to more than 2,100 businesses in 60 countries, including shipments to over 900 new customers.

“Epicor has proven its ability to provide flexible and cost-effective solutions that keep pace with industry best practices,” said Sanjeev Nikore, president—manufacturing and consumer services, HCL Technologies. “The combination of Epicor’s innovative approach to ERP coupled with HCL’s implementation offers Epicor customers’ additional flexibility in ensuring they meet their ERP project goals on time and on budget.”

Dave Fogel, senior vice president, global professional services, Epicor said, “We’ve already completed the initial set up and engagement model with HCL team and expect to begin utilising their expertise in ERP implementations this quarter.”

On Thursday, HCL Technologies ended 2.09% down at Rs488.50 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.81% down at 17,985.88.

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