Group buying major Snapdeal looking for an e-commerce partner

NEW DELHI: India’s largest group buying portal snapdeal.com is in advanced talks to acquire an e-commerce company, some company officials revealed on the condition of anonymity.

Officials said that snapdeal, which has raised 40 million (Rs 190 crore) last year is searching a mid-to-small sized partner to expand its business beyond the group buying space. However, they refused to provide more details. Moreover, the co-founder and CEO of Jasper Innovative Marketing Solutions, Snapdeal's parent firm, did not reply to an email seeking comments.

Snapdeal last acquired a company in June 2010, when it bought Bangalorebased group buying site Grabbon.com for an undisclosed amount. The company is eyeing the expected boom in the e-commerce market, which expected to grow to $25 billion by 2015 from $10 billion now.

Indian Finance Minister rules out rollback of fuel price hike

Indian Finance Minister Pranab Mukherjee on Friday (March 12) ruled out rollback of petrol and diesel price hike saying the nation's fiscal condition did not permit him to do so.

"I would have loved to respond to the request of the Opposition (for a rollback in auto fuel price hike, particularly diesel) but my financial condition does not permit me to do so," Mukherjee said while replying a debate in Lok Sabha, the lower house of Indian Parliament.

"Kindly excuse me (from doing so)," he added.

India raised retail motor fuel prices by up to 7.75 percent last week, the first hike since July last, a move that will add to already high headline inflation.

The budget announced by Finance Minister Pranab Mukherjee on Friday (February 26) restored a 5 percent import tax on crude oil, which was removed in 2008 when global prices were at record highs, as part of a broader effort to raise revenue and cut fiscal deficit.

India’s Tata Communications Launches IP Exchange (IPX) to Enable Universal Service Interoperability for Mobile Network Operators

(Reuters) Tata Communications, a leading provider of the new world of communications, today announced the launch of its IP Exchange (IPX) solution, which will enable mobile service providers to seamlessly and efficiently route all communication traffic, including voice, IP and signaling solutions, via one IP pipe while supporting end-to-end QoS, security, multilateral connectivity, and cascading payments.

With commoditization of voice and messaging driving down ARPUs, service providers are under increasing pressure to control costs. Moving to an IPX platform provides one IP gateway for many services and this helps mobile operators to protect their margins on roaming and international traffic termination.

As a universal service gateway, IPX also reduces overhead costs on network maintenance and service development as well as helps manage complexity from voice routing, service testing and partnerships. In addition, the network optimization provided by IPX empowers mobile network providers to make the tough migration to the new world of IP connectivity allowing increased bandwidth flexibility, global reach and ensured quality for converged services.

Currently, the interconnection of IP is optimized for public Internet, and service providers are unable to distinguish between voice and data services or guarantee quality connectivity to their end users. Tata Communications IPX creates a flexible ecosystem that allows mobile operators to tap into the company`s global MPLS network as an IP backbone for the secure transport of any form of application and rich media via any access network with varying service quality levels.

"Tata Communications IPX service provides an efficient, cost-effective and future-proof converged IP transport solution for MNOs to help them address their key challenges of protecting margins and growing revenues," said Christian Michaud, Senior Vice President, Product and Business Development, Global Voice Solutions, Tata Communications. "As the industry moves towards universal service interoperability, IPX will help service providers to optimize profitability and long-term growth by providing one connection for many services."
Tata Communications is a key member of the IP Interworking Alliance (IPIA), which engages operators and carriers in technical specifications and commercial templates for the IPX with the ultimate goal of facilitating global interworking of IP services.

"End-to-end delivery of innovative multimedia services calls for the efficient inter-working of fixed and mobile networks and the adoption of new business models. The IPX architecture provides a comprehensive commercial and technical solution to the interconnection, management and billing of IP traffic. IPX solutions like those from Tata Communications can help service providers balance their needs to ensure high service quality and to reduce costs," said David James, Principal Analyst Wholesale Telecoms at Ovum.

About Tata Communications
Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.

The Tata Global Network includes one of the most advanced and largest submarine cable networks, a Tier-1 IP network, with connectivity to more than 200 countries across 400 PoPs, and nearly 1 million square feet of data center and collocation space worldwide.

Tata Communications` depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services, leadership in global international voice, and strategic investments in operators in South Africa (Neotel), Sri Lanka (Tata Communications Lanka Limited), Nepal (United Telecom Limited), and subject to approval by the Chinese government, China (China Enterprise Communications).

Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India and its ADRs are listed on the New York Stock Exchange

SBI to soon announce its general insurance partner

BI, India's largest sender bank on Thursday said that it will shortly announce its non-life insurance partner.

Mr. O P Bhatt, Chairman, said in an interview that they have shortlisted certain companies for this purpose and with this month they will finalize the partner for the venture.

According to sources, SBI has shortlisted three partners from a list of nine. These includes Australia's IAG (Insurance Australia Group) besides one from Germany and the other from the US. The general insurance venture is expected to focus initially on SBI's corporate clients. (Agencies)

HDFC profit zooms by 40%

The Housing Development Finance Corp., India's top mortgage lender, has reported a 40% in the net profit for the last quarter ended on the 31st March. HDFC, which is 11.75% owned by Citigroup, has posted a profit after tax of Rs 2,712.19 crore for the year ended March 31, excluding Rs 293 crore it earned through derivative exposure.

The company's PAT for the year is 54.74 per cent higher than the last fiscal when it earned Rs 1,741.98 crore.

The board has recommended a dividend of Rs 25 per share. (Agencies)

An IIT Delhi graduate appointed as 1st Nehru Professor at Cambridge

Jaideep Prabhu, an IIT, Delhi graduate , was on Wednesday, appointed as chair of the Jawaharlal Nehru professorship of Indian Business and Enterprise at Cambridge University. Mr. Prabhu is currently working as the director of research and professor of marketing at Tanaka Business School, Imperial College in London. The IITan is suppose to take the charge of its new designation from September one.

He said delightedly, " I am honoured and privileged to have been elected to this professorship. India now plays a pivotal role in the global economy. With eight to nine per cent annual growth, rising foreign exchange reserves, a booming capital market and rapidly expanding FDI inflows, India is the second fastest growing major economy in the world."

This professorship is funded by a £3.2 million grant from the government of India. (Agencies)

An IIT Delhi graduate appointed as 1st Nehru Professor at Cambridge

Jaideep Prabhu, an IIT, Delhi graduate , was on Wednesday, appointed as chair of the Jawaharlal Nehru professorship of Indian Business and Enterprise at Cambridge University. Mr. Prabhu is currently working as the director of research and professor of marketing at Tanaka Business School, Imperial College in London. The IITan is suppose to take the charge of its new designation from September one.

He said delightedly, " I am honoured and privileged to have been elected to this professorship. India now plays a pivotal role in the global economy. With eight to nine per cent annual growth, rising foreign exchange reserves, a booming capital market and rapidly expanding FDI inflows, India is the second fastest growing major economy in the world."

This professorship is funded by a £3.2 million grant from the government of India. (Agencies)

Tax relief brings buoyancy in the software sector

The govt. proposed extension of a tax break brings a ray of hope for the software and outsourcing industry which was struggling against a US economic slowdown.

Shares of the software entity rises after the declaration of Finance Minister P Chidambaram that the govt, has extended the tax holiday on overseas income until March 2010.

"The new order will benefit ths small and medium software and BPO (business process outsourcing) firms", said Som Mittal, president of the National Association of Software and Service Companies, which represents the industry.

Indian corporate denied PM's advise

The Indian Inc defends the pay packages of the top officials of the corporate sector. The industry leaders felt that the Prime Minister’s advice on salaries was sound, but they expressed their inability to follow it because of a demand-supply mismatch. New CII president Sunil Mittal today said that it was not possible to regulate the salaries of top executives.