“We have 330 people working in Bangalore and we are in the process of hiring more,” Tata Elxsi head, marketing & sales, Asia, Kunaal Saigal told PTI
Mumbai: Tata Elxsi, a technology design company and part of the Tata Group, is in the process of expanding head count at its visual computing lab in Bangalore backed by a strong order book, reports PTI quoting a senior company executive.
“We have 330 people working in Bangalore and we are in the process of hiring more,” Tata Elxsi head, marketing & sales, Asia, Kunaal Saigal told PTI.
The company provides engineering software and design services. It has four labs—at Andheri and Bandra in Mumbai, as well as Bangalore and Santa Monica in Los Angeles—which develop visual effects, 3D stereoscopy and animation for TV commercials, TV serials, movies, custom-made content and computer games.
“Yash Raj Films (YRF) is our key client. We recently bagged a deal to do visual effects for its forthcoming movie called “Ek Tha Tiger”. We will also do visual animation for “Roadside Romeo”, a YRF-Walt Disney co-production, as well as UTV’s “Arjun, The Warrior Prince”. “Dhoom 3” and “Bhag Milkha Bhag” are the other movie projects we will be doing,” he said.
He declined to disclose the value of these deals, or the respective contributions to the company's revenues from its divisions like embedded product design, industrial design, as well as systems integration, besides visual computing labs.
The company has also become a preferred partner of Microsoft’s computer games.
“We are a preferred partner for Microsoft’s Connect gaming platform. We have already worked on games like “Disneyland Adventure” as well as “Rush”, which we delivered recently,” Mr Saigal said.
At 11:15 a.m. Tata Elxsi shares were trading at Rs206.05 per share, up 1%, on the Bombay Stock Exchange, while the benchmark Sensex was marginally higher at 17,338.
Rising costs and stifling policies… remember the second half of the 1990s?
This was the first instance of monthly net outflows by FIIs since November 2011
New Delhi: After pouring hefty funds into the Indian equity market in the first three months of the year, overseas investors turned bearish in April and pulled out Rs777 crore amid S&P lowering India’s credit outlook to negative from stable, reports PTI.
This was also the first instance of monthly net outflows by foreign institutional investors (FIIs) since November 2011.
In the current month so far, FIIs made gross purchase of equities worth Rs39,008 crore and sold shares valued Rs39,785 crore translating into a net outflow of Rs777 crore, according to data available with the market regulator SEBI.
Market experts attributed the outflow to a host of factors including government’s anti-tax avoidance rule (GAAR) proposal announced in the Budget that has been the real dampener for several FIIs whose clients had used participatory-notes to invest in the Indian stock market.
The sentiment was further soured by ratings agency S&P’s move to lower India’s outlook to negative from stable, citing slow progress on its fiscal situation and deteriorating economic situation, experts added.
In fact after S&P’s move, FIIs have withdrawn nearly Rs1,300 crore from the stock market in the last three trading sessions.
In the first three months of 2012, FII had invested a record Rs43,951 crore. Of this, Rs10,358 crore was poured in January, Rs25,212.10 in February and the rest Rs8,381 crore in March.
The strong FII inflows in January-March period was attributed by marketmen to the Reserve Bank of India’s (RBI) pause in rate hikes and the improving liquidity position.
During April, foreign fund houses pulled out Rs777 crore from the stock market and Rs2,111 crore from the debt market, taking the collective net outflow by FIIs in stocks and bonds to Rs2,888 crore.
FIIs, the main drivers of the markets that gained nearly 13% in the first three months of 2012, have turned negative on equity so far this month.
After taking the latest withdrawals into account, FIIs still left with an investment of Rs43,173 crore into the equity market so far this year and Rs17,287 crore into the debt market during the same period.
For the calendar year 2011, FII pulled out over Rs2,700 crore from the equity market.