NIIT to invest Rs 175 crore in Noida campus

IT firm NIIT Technologies will invest up to Rs175 crore for the second phase of expansion of its campus in Greater Noida

IT firm NIIT Technologies will invest up to Rs175 crore for the second phase of expansion of its campus in Greater Noida. "The Phase-II expansion will begin in January next year and will have an investment of Rs165-175 crore. It will take about 6-8 months to get completed and would create a capacity of 4,000 people," a NIIT Technologies spokesperson said. At present, the campus has 3,000 employees and caters to mostly new business.

The company plans to complete the construction at the campus in three phases. When completed, it would have a capacity of close to 11,000 employees. The company has spent around Rs135 crore in the first phase of expansion.

NIIT Technologies focuses on industry verticals like banking and financial services, insurance, healthcare, travel, transportation and logistics, and retail and distribution. It has footprint across North America, Europe, Asia and Australia.

The company has four facilities in the Delhi-NCR region. Asked how the company would fund the expansion, the spokesperson said it would be done through internal accruals. "We have a very strong order book of $200 million of fresh order intake and a total of $232 million of executable order book over the next 12 months. The expansion is in line with the momentum we see in business," the spokesperson said.

In the late afternoon, NIIT was trading at around Rs229.95 per share on the Bombay Stock Exchange, 0.02% down from the previous close.

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Lupin receives Final FDA Approval for Generic LoSeasonique® Tablets

Lupin believes that it is one of the first applicants to file an ANDA for LoSeasonique® Tablets and will be entitled to 180 days of marketing exclusivity

Pharma major, Lupin Ltd., announced today that its subsidiary, Lupin pharmaceuticals Inc. (LPI) has received final approval for its Levonorgestrel and Ethinyl Estradiol Tablets 0.1 mg /0.02 mg and Ethinyl Estradiol Tablets 0.01 mg from the U.S. Food and Drug Administration (FDA) for the company’s Abbreviated New Drug Application (ANDA) to market a generic version of Teva Women’s Health, Inc’s. LoSeasonique® Tablets.

Lupin believes that it is one of the first applicants to file an ANDA for LoSeasonique® Tablets and will be entitled to 180 days of marketing exclusivity.

Commenting on the launch, Nilesh Gupta, group president of Lupin said, “We are very happy to receive this approval. This product approval demonstrates our commitment to deliver a quality Oral Contraceptive pipeline to consumers in the U.S., built around our development and vertically integrated manufacturing strengths. Consumers can be assured they are receiving quality products that they have been accustomed to, at a more affordable price”.

In the late afternoon, Lupin was trading at around Rs470.05 per share on the Bombay Stock Exchange, 0.85% down from the previous close.

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Hindustan Zinc to pay record Rs 736 crore dividend

The amount of interim dividend paid to Government of India is Rs187.19 crore

Vedanta Group firm Hindustan Zinc today said it will pay a record interim dividend and corporate dividend tax of Rs736.62 crore to the Government of India.

"The amount of interim dividend paid to Government of India is Rs187.19 crore. The total contribution by Hindustan Zinc to the government on account of interim dividend and corporate dividend tax would be Rs736.62 crore," the company said.

The Anil Agarwal-led firm claims to be the world's largest integrated producer of zinc and lead.

The Board of Directors of the company, in its meeting held on October 19, had declared interim dividend of 75% -- Rs1.50 per equity share of Rs2 each for the year 2011-12. The Government of India holds 29.53% equity shares in the company.

"Our partnership with the government continues to scale new heights. Not only do we run a robust business, but our partnership with the government for running sustainable and development projects ... Touches the lives of over half a million people across Rajasthan," Hindustan Zinc chairman Agnivesh Agarwal said.

The company had reported a 41.74% jump in its net profit to Rs1,344.69 crore for the quarter ended September 30, 2011, on the back of higher prices of zinc, lead and silver in international markets. It had reported a net profit of Rs948.72 crore for the same period a year ago.

Net sales of the company stood at Rs2,593.49 crore, registering a growth of 19.92% during the quarter under review from Rs2,162.88 crore in the July-September quarter of FY11.

During the quarter, the company's revenues from its refined zinc and lead businesses increased 12.21% to Rs2,320.31 crore, while its silver business reported a growth of over 120% to Rs239.39 crore.

In the late afternoon, Hindustan Zinc was trading at around Rs126.90 per share on the Bombay Stock Exchange, 0.94% down from the previous close.

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