KEC International to buy railway signalling co for Rs14 crore

RPG group company KEC International Ltd said it will buy railway signalling company Jay Railway Signalling Pvt Ltd (formerly known as Jay electrocom Industries) for Rs13.96 crore.

"In order to diversify our portfolio, we took a strategic decision to create a separate division for railway and today we have a visibility of Rs450 crore with order book of Rs300 crore and L1 position of another Rs150 crore," said Ramesh Chandak, managing director and chief executive, KEC International.
The company expects to close the deal by this month end.

On Tuesday, KEC International shares ended 0.4% up at Rs537 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 19,346 points.

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HCC unit Lavasa files DRHP with SEBI for IPO

Hindustan Construction Company (HCC) Ltd said its subsidiary Lavasa Corp Ltd filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of about Rs2,000 crore.

The book running lead managers to the issue are ICICI Securities, Kotak
Mahindra Capital Company, Morgan Stanley India Company (P) and Axis Bank.

On Tuesday, HCC shares gained 0.4% to Rs63 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 19,346 points.

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Ohio ban on offshore outsourcing not at all welcome: Sharma

New Delhi: India today said that several actions taken by the US with regard to offshore outsourcing and other trade issues are "not welcome at all", reports PTI.

"Indian IT industry has made a notable contribution which is acknowledged globally, even in the US. It is Indian entities, which are responsible for creating jobs, even now when there are big job losses," commerce and industry minister Anand Sharma told reporters here.

Hoping that the scheduled India-US Trade Policy Forum (TPF) meeting on 21st September would be "constructive", Mr Sharma said the many actions taken by the US that adversely impact the economic engagement "are not welcome".

Ohio governor Ted Strickland has banned offshore outsourcing by government departments. Earlier, the US increased professional visa fees significantly to fund a $600 million programme to secure its border with Mexico.

Mr Sharma and US trade representative Ron Kirk will co-chair the TPF, which is the principal trade dialogue between the US and India.

He said that data suggests that Indian IT companies have created over 2.5 lakh jobs in the US in the last three years.

"We hope that there will be a constructive and appropriate approach, because both the countries are strategic partners," he added.

He said the protectionist measures being resorted to by several developed countries after the 2008 economic meltdown would be counterproductive.

Mr Sharma said lessons should be learnt from a similar mistake in the form of the Smoot Hawley Act of 1930.

It is widely believed that because of that protectionist move by the US, the global recession during the 1930s changed into a depression.

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