NIIT Technologies wins contract from Eurostar

NIIT Technologies will provide infrastructure management services to Eurostar

NIIT Technologies Ltd has won a multi-million pound contract from the UK-based high-speed passenger service provider Eurostar to provide infrastructure management services for its core business applications.

"Our vast experience and established domain skills in transportation has been instrumental in our selection," NIIT Technologies Europe president, Sunil Surya, said.

Eurostar provides high-speed passenger service between the UK and mainland Europe.

"Many global businesses face challenges to reduce cost and drive efficiencies, with the aim of providing a superior customer service. We are looking forward to benefiting from NIIT Technologies' extensive experience," Christophe Lemaire, CIO, Eurostar, said.

On Tuesday, NIIT Technologies ended 0.46% up at Rs185 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.65% to 18,411.62.

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High newsprint prices may affect print media profits, says Fitch

In May 2011, domestic newsprint prices had increased by 13.4% compared to average prices in 2010

Fitch Ratings expects higher newsprint prices to negatively impact the profitability of the Indian print media industry in the short to medium term. In May 2011, domestic newsprint prices had increased by 13.4% compared to average prices in 2010. On the same basis, international newsprint prices (US) were up 7.2%. Newsprint cost is the largest operating cost for newspaper publishers and typically accounts for 40%-50% of total operating costs. At the same time, the agency notes that competition is likely to prohibit newspaper publishers from raising cover prices significantly (and thus passing on incremental costs to the consumers).

However, the agency expects that an increase in advertising revenues may partly offset the rising cost of newsprint. Newspaper publishers generate about 70% of revenues from advertising, with the remainder coming predominantly from circulations. It should be noted however, that expectations of moderate economic growth will negatively affect advertising revenue growth. In its "Global Economic Outlook", dated March 2011, Fitch Ratings marginally revised its expectations for Indian GDP in FY12, to 8.3% from 8.5%; this was further reduced to 7.7% in its report "Global Economic Outlook", dated June 2011.

Newsprint prices peaked at Rs43,500 per tonne during June to September 2008 and  troughed at Rs25,500 per tonne during August 2009 to February 2010. Since then, prices have increased by 21.6%, to Rs31,000 per tonne in May 2011 (from the CY10 average of Rs27,333 per tonne). Increasing freight costs-due to high crude oil prices have also increased the effective cost of international newsprint.

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CRISIL launches Gilt Index

The CRISIL Gilt Index will provide market participants a benchmark to analyse and measure the performance of sovereign investments

CRISIL Research has launched the CRISIL Gilt Index which will track the performance of government securities. The CRISIL Gilt Index will provide market participants a benchmark to analyse and measure the performance of sovereign investments. This is the eighth index introduced by CRISIL.  

Through its Gilt Index, CRISIL aims at providing a realistic representation of the performance of the most liquid and dominant segment of the Indian debt market.

The CRISIL Gilt Index comprises twelve most liquid government securities. For the construction of the index, CRISIL has adopted a two-fold approach based on liquidity and the amount outstanding.

The selection of government securities is based on liquidity, while allocation of weights is based on the amount outstanding. The index is then calculated using a total return approach, capturing both coupon and clean price returns for the selected government securities across maturities. The base date of the index is 1 January 1997.

According to Tarun Bhatia, director, capital markets, CRISIL Research, "The CRISIL Gilt Index is expected to serve both as a benchmark and as an underlying index for investment products such as exchange-traded funds (ETFs) in government securities."

On Tuesday, CRISIL ended 1.19% down at Rs7,279 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.65% to 18,411.62.

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