Suzlon selects IBM for providing IT solutions

Wind turbines major Suzlon Energy Ltd said it has awarded a five-year contract to global IT company IBM for an undisclosed amount. IBM will provide business consulting services to Suzlon and manage its application development and maintenance requirements.

The partnership is expected to help Suzlon expand its presence globally by bringing more efficiency to its worldwide operations and enhancing productivity of IT applications, IBM said in a statement.

IBM will help Suzlon optimise its costs and resources and enable the company's IT team to focus more on the transformational capabilities of IT and move beyond everyday transaction management.

On Wednesday, Suzlon shares declined 2.5% to Rs57 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.
 

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HCL Technologies Q1 consolidated net profit up 3% to Rs331 crore

IT firm HCL Technologies Ltd, today reported a 3.1% growth in consolidated net profit at Rs331.1 crore for its first quarter ending 30 September 2010, despite rising wage bill.

The company said there was growth in all business verticals, and it also narrowed forex losses during first quarter financial year 2011.

However, on quarter-on-quarter basis, the net profit decreased by 1.6% mainly due to wage hike, increase in sales staff and taxes.

During the first quarter, three industry verticals including retail, healthcare and financial services registered a double-digit growth, it said.

On Wednesday, HCL Technologies shares declined 3% to Rs425 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.
 

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IndusInd Bank signs MoU with NCMSL for collateral management and warehousing services

IndusInd Bank Ltd said it has signed a memorandum of understanding (MoU) with National Collateral Management Services Ltd for collateral management and warehousing services. No financial details were provided.

NCMSL has been providing collateral management services to banks. These services have assisted industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages. NCMSL also offers premium services for working capital financing in commodity-based industries, especially agro-based industries.
Elaborating on the tie-up, NCMSL's MD & CEO, Sanjay Kaul said, "This new arrangement with IndusInd Bank will provide an opportunity to field functionaries to extend finance against warehouse receipts."

Ramesh Ganeshan, head-transaction banking, IndusInd Bank, said, "The tie-up arrangement will focus on the producers at the start of the supply chain. The farmers will benefit from this scheme as it will provide them with post-harvest credit facilities so that they do not have to resort to distress selling of their produce."

 On Wednesday, IndusInd Bank shares ended 0.5% down at Rs263 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.

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