Bizbits

Akshay Software to go publicMumbai: Akshay Software Technologies Ltd is mulling a public issue to raise funds for its expansion. The firm...

Akshay Software to go public
Mumbai: Akshay Software Technologies Ltd is mulling a public issue to raise funds for its expansion. The firm recently acquired space in the Santacruz Electronics Export Promotion Zone in Mumbai for a development centre and is increasing the export component to over 80 per cent of its revenue, according to chairman Anantapadmanabhan C V. The firm had a revenue of Rs 6.17 crore annualised in 1998-99, while its US subsidiary, Akshay Software International Inc, has projected a revenue of 11 million for the calendar year 1999.

Frontec of Sweden to expand in India
Mumbai: Frontec, the 11 million Swedish IT company, is increasing its presence in India by appointing more business partners to tap the Enterprise Application Integration EAI. The company8217;s AMTrix product is a key tool used in reducing implementation of ERP products like that of SAP R/3. quot;India is the next big growth market. If the local market develops in a big way we mayconsider a direct presence,quot; Anders Berglund, regional managing director Asia Pacific said. The firm has already partnered with CMC Limited for its services in India.

Citicorp bags ITAA certification
Mumbai: Citicorp Information Technology Industries Limited has bagged the prestigious ITAA2000 certification issued by the Information Technology Association of America ITAA. This certificate has been awarded to CITIL8217;s products division after rigorous evaluation of its approach to ensure Year 2000 compliance of its products. This certificate indicates that CITIL has the core capabilities needed to address the Year 2000 challenge, and that the current version of CITIL8217;s banking products FLEXCUBE-Corporate, FLEXCUBE-Retail, FLEXCUBE-Investments, and MicroBanker have satisfied the ITAA regulations to achieve Y2K compliance.

Press is Godrej Soaps president
Mumbai: Godrej Soaps Limited, the leading manufacturer of soaps and toiletries in India, has appointed Hoshedar K Press asthe president of its newly-created Consumer Products Division. This division will be responsible for the manufacturing, marketing, sales and exports of the soap and toiletry brands of Godrej Soaps such as Cinthol toilet soaps, Godrej Hair Dyes. Press has been with the Godrej Soaps Group for more than 25 years.

RPG financial services chief
Mumbai: The RPG group has placed its financial services business group under Hari L Mundra, the group8217;s chief financial officer. Ceat Financial Services, the flagship of the group in the business, has a new president in Ramesh Chandak, who was earlier president of group company RPG-Raychem. The present president of Ceat Financial, SA Krishnan, will continue with the group in the capacity of an advisor.

Smithkline net up
New Delhi: Smithkline Beecham Consumer Healthcare SBCH today announced a 22 per cent increase in net profits in the first quarter of 1999 at Rs 19.83 crore. The company, which markets popular brands such as Horlicks, Boostand Crocin, had posted a net profit of Rs 16.24 crore during January-March of 1998. In the first quarter of 1999, SBCH recorded a 8.3 per cent growth in sales at Rs 170 crore compared to Rs 157 crore during the same period last year. quot;Our focussed approach adds tangible value to our customers, contain costs, overheads and productivity have yielded good results,quot; SBCH managing director Simon J Scarff said.

AIAI flays holidays
Mumbai: The All India Association of Industries AIAI has taken a strong objection against central government8217;s decision for announcing holidays under the Negotiable Instruments Act NIA. The government8217;s decision to declare April 14 as a public holiday under the NIA in view of it being Ambedkar Jayanti8217; is a step in the wrong direction considering that in March alone there were 7 holidays inclusive of Sundays and in April there are 10 bank holidays inclusive of Sundays thereby causing the industry to pay more interest despite non productivity, All India Association ofIndustries president Vijay Kalantri said in a statement.