July, 2009 - FreePress India

FDI policy in Real Estate – 3 Years Lock in for Foreign Capital to Curb Speculation

August 1, 2009July 31, 2009 by Editor's Desk

Foreign Invetors, mostly speculators have now been instructed that their investment in real Estate in India will be locked in for 3-years. We had asked the Indian Government for a 5-year lock-in for Residential Real Estate and keep the Commercial/ SEZ and Retail real estate for FIIs to speculate but with pressure from retailers and other big companies, the Government decided to extend FDI Lock-in for any foreign investment in real estate.

The main document governing the FDI in property business presently is the March 2005 press note 2 which spells out that original investment by a foreign investor cannot be repatriated before a period of three years from completion of minimum capitalization. Also, as per the FDI norms prevalent currently, a foreign investor has to bring in at least a minimum amount of $5 million

ABG Shipyard picks up additional stake in Great Offshore

August 1, 2009July 31, 2009 by Editor's Desk

ABG Shipyard has announced that it has further raised its stake in the Great Offshore on July 30, 2009.

The company acquired 212,348 shares constituting 0.57% stake of Great Offshore at an average price of Rs 450 per share.

With this acquisition, its stake in the exploration services major has increased to around 8%.

On Wednesday, the company has acquired 5.19% stake in Great Offshore and also raised the open offer price from Rs 375 per share to Rs 450 a share.

Jai Corp Net profit falls by 56.52% to Rs 9.13 cr

July 30, 2009July 30, 2009 by Editor's Desk

Jai Corp Limited has announced its unaudited results for the quarter ended June 30, 2009. The company has posted a net profit of Rs 9.13 crore for the quarter ended June 30, 2009 against Rs 21 crore for the quarter ended June 30, 2008, down 56.52%. Total income has decreased from Rs 121.46 crore to … Read more Jai Corp Net profit falls by 56.52% to Rs 9.13 cr

uPrint – Personal 3d printer from Stratasys enters india

August 1, 2009July 30, 2009 by Editor's Desk

DesignTech Systems Ltd. an esteemed country wide distributor of Stratasys Incorporated, today launched uPrint – A Personal 3D Printer from their Dimension Series in India. uPrint, the world’s first 3D Printer is available at the record breaking low price of $ 14,900 for immediate purchase through DesignTech Systems Ltd.

Mr. Woody Frost, Vice President – International Sales, Stratasys said,

uPrint is an important advance for Dimension’s product line, providing users a networked, desktop-sized 3D printer capable of building durable, accurate models ready for testing. It will appeal to designers, engineers, architects, artists, teachers and others working in CAD. With uPrint, they can get an affordable, high-quality 3D modeling system that’s available today.

Tata Communications partners with gotalk

August 1, 2009July 30, 2009 by Editor's Desk

Tata Communications, a leading provider of new world of communications, has successfully launched a voice outsourcing partnership and network expansion project with gotalk.

gotalk is an Australian based communications supplier of retail domestic and international voice services. Through this collaboration, Tata Communications will deploy a voice infrastructure in Sydney to support gotalk manage its retail and wholesale business units with flexibility and innovation over the company’s next generation network (NGN).

gotalk chose to work with Tata Communications to outsource its

IRDA moots relaxing Ulip cap charges

July 30, 2009 by Editor's Desk

In order to make unit-linked insurance plans (Ulips) more attractive and giving flexibility to the insurers, the Insurance Regulatory and Development Authority (IRDA) has mooted relaxing the cap on distribution cost of Ulips, with effect from October 1, 2009. The move has come after the apex body met with the Life Insurance Council, where the … Read more IRDA moots relaxing Ulip cap charges