Manappuram Finance signs 10-year transformational IT deal with IBM

IBM will build and manage the entire IT infrastructure for Manappuram Finance

Manappuram Finance, claiming to be the country’s first listed and highest credit rated gold loan company, has inked a 10 year multi-million dollar deal with IBM to transform its IT systems in support of its aggressive growth plan.

The IT services deal will ensure Manappuram delivers superior customer service in a highly commoditised market, a Manappuram Finance press release said. IBM will build and manage the entire IT infrastructure for Manappuram Finance and deliver application transformation benefits through implementation of leading business solutions in finance, human resource management, business intelligence collaboration tools and document management, it added.

Manappuram Finance has over 2,300 branches across India. To support aggressive growth plans, Manappuram Finance made a strategic decision to strengthen the company’s IT system to speed up their go-to-market time, enhance productivity, and increase efficiency resulting in competitive advantage.

Manappuram Group of Companies chairman VP Nandakumar said, “We intend to keep growing rapidly and this engagement with IBM will bring in the required technology skills and industry expertise we need to meet the demands of hyper growth and quicker disbursal of gold loans.”

The release further stated that IBM’s relationship with Manappuram started in 2009, when it engaged IBM for an IT strategy project to support their rapid growth plans IBM helped Manappuram identify and address gaps in their business processes and IT systems, risks (and how to mitigate them), areas for operational efficiency and business process transformation.

“IBM will deploy technologies, processes and best practices to enable Manappuram Finance to focus on its core business and offer a superior customer experience,” IBM India/South Asia vice president (South) Sriram Rajan said.

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Bajaj Auto Q1 net up 20.5% at Rs711 crore

Standalone net sales during the first quarter ended 30 June 2011 stood at Rs4,586.91 crore against Rs3,737.29 crore in the same period a year ago

Bajaj Auto Ltd has reported a 20.48% jump in standalone net profit for the first quarter ended 30June 2011 to Rs711.06 crore. The company had posted a net profit of Rs590.15 crore during the corresponding quarter last fiscal, Bajaj Auto Ltd (BAL) said in a statement.

Standalone net sales during the period under review stood at Rs4,586.91 crore against Rs3,737.29 crore in the same period a year ago, an increase of 22.73%. Motorcycle sales stood at 9,63,051 units against 8,28,391 units, up 16%.
Commercial vehicle sales stood at 1,29,764 units (99,918 units), up 30%. Total sales during the first quarter of this fiscal grew 18% to 10,92,815 units from 9,28,336 units in the same period last fiscal, it added.

On Thursday, Bajaj Auto ended 1.25% down at Rs1,430.95 on the Bombay Stock Exchange,while the benchmark Sensex gained 0.12% to 18,618.20.

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