RCom gets Rs1,400 crore order from HDFC Bank for construction of data centre

The project implementation period will span 15 years

Reliance Communications on Thursday said it has received a Rs1,400 crore order from financial lender HDFC Bank for construction and maintenance of a data centre.

The project is the largest-ever outsourced in this sector and the implementation period will span 15 years, Reliance Communications said in a statement.

The data centre will house equipment having highest the computing power in the industry, which will require special engineering expertise to manage and minimise the consumption of power.

Reliance will set up the facility in stages. The first phase of the data centre will be ready in a year and the entire project will be complete in two years. It also plans to use the facility as a cloud computing centre, as the size of the cloud computing market in India is expected to grow to Rs7,000 crore by 2015, the company said.

"The enterprise environment is changing from large footprint, low power consumption computing equipment to high computing, high power consuming equipment with a small footprint. This facility will be the first of this size to cater to this kind of requirement," Reliance Global Enterprise Business President and CEO Punit Garg said.

On Thursday, RCom ended 0.73% up at Rs89.40 and HDFC Bank declined 0.79% at Rs484.10 on the Bombay Stock Exchange. The benchmark Sensex gained 0.59% to 17,165.54.

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HDFC Bank, TVS Motor sign MoU for inventory funding

HDFC will provide funding to over 600 dealers of TVS Motor across the country

TVS Motor Company, the country's third largest two wheeler manufacturer, has entered into a memorandum of understanding (MoU) with HDFC Bank for inventory funding for its dealers at attractive interest rates.

The agreement has features such as online fund transfers, online repayment, real time viewing of account status, etc and considerably reduces transaction time. As part of this arrangement, HDFC will provide funding to over 600 dealers of TVS Motor across the country. This will enable them to increase their working capital, boost vehicle stocks and consequently enhance retail sales.

On Thursday, TVS Motor ended 0.82% down at Rs60.20 and HDFC Bank declined 0.79% at Rs484.10 on the Bombay Stock Exchange. The benchmark Sensex gained 0.59% to 17,165.54.

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Food prices to moderate after festive season: FM

"In agricultural prices, commodity prices and food items, there could be fluctuations and up and down during the festive season. But after that, moderating influence will continue," finance minister Pranab Mukherjee said

New Delhi: With food inflation falling to a single-digit for the week ended 27th August, finance minister Pranab Mukherjee expressed hope on Thursday that it would moderate further after the end of the festive season, though high prices of non-food items continue to be an area of concern, reports PTI.
"During the festive season, there will be some fluctuation (in food prices). But after that, moderating influence will continue," Mr Mukherjee told reporters here.

His comments came after food inflation slipped to 9.55% for the week ended 27th August from 10.05% in the previous week, data released by the government said.

"In agricultural prices, commodity prices and food items, there could be fluctuations and up and down during the festive season. Tomorrow is Onam. Thereafter is Dusshera and Diwali," Mr Mukherjee said.

He said, however, the price situation in the non-food and fuel segments is still not encouraging.

"Though food inflation has come down... (inflation of) other items has increased substantially, particularly the non-food primary articles, which is not at all encouraging," the finance minister said.

Inflation in non-food articles, which include fibres, oilseeds and minerals, stood at 19.88% during the week ended 27th August, up from 17.19% in the previous week.

Meanwhile, fuel and power inflation stood at 12.55% for the week under review, the same as in the previous week.

"Fuel prices are still a cause of concern, hovering around $115 per barrel. I do hope it will be possible for us to have some moderation with the international economy's trend. But it is difficult to predict that right at this juncture," Mr Mukherjee said.

Overall, inflation in primary articles was recorded at 13.34% for the week ended 27th August, up from 12.93% in the previous week.
Mr Mukherjee also said the government expects headline inflation to moderate by March 2012.

"I hope before the end of the fiscal year, it would be possible to have a moderate rate of inflation," Mr Mukherjee said, without giving any numbers.
Headline inflation, which factors in manufactured items, fuels and non-food primary items, besides food articles, stood at 9.22% in July. It has been above the 9% mark since December last year.

The government had earlier said headline inflation is likely to remain high till the third quarter and then moderate to around 6.5% by March 2012. The RBI has projected fiscal-end inflation at 7%.

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