New Delhi: India’s domestic information communication technology (ICT) market is estimated to grow at a five-year compound annual growth rate of 20.3%, to reach $24.3 billion (around Rs 96,228 crore) by 2011, as chief information officers continue to build and consolidate their basic IT infrastructure and small and medium businesses increase their use of technology, according to research firm Gartner Inc.
In 2006, the domestic market was at $9.6 billion (Rs 37, 964 crore). Against the average world growth in information technology spending of 3.3%, Indian firms have budgeted increases of around 13% for tech services. “The increase in IT spending is driven by business priorities that need CIOs to drive distinctive, customer-focused solutions,” said Peter Sondergaard, global head of research at Gartner. Around 30% of the information technology spend in Indian firms is allocated for business growth and 19% toward changing underlying business processes.
- Regina Anthony
IRB Infra fixes IPO price at Rs185 per share
Mumbai: Infrastructure developer IRB Infrastructure Developers Ltd, whose initial public offering (IPO) has evoked a good response in an otherwise bumpy primary market, has fixed the issue price at Rs185 per equity share.
The IPO, which closed on Tuesday, was subscribed over 4.3 times. The qualified institutional investors (QIB) portion was subscribed 6.4 times and the high networth investors (HNI) portion 1.6 times.
With extensive experience in the roads and highways sector and currently involved in 12 build-operate-transfer (BOT) projects, IRB entered the capital markets on 31 January.
- Staff Writer
Maruti to sign Mundra as its export facility port
New Delhi: The maker of half the cars in the country, Maruti Suzuki India Ltd, is planning to sign on Mundra port on as a dedicated facility to export vehicles.
The deal will be signed by the end of February, a spokesperson said but refused to give more details. The company at present exports around 40,000 cars a year from Mumbai port but wants a dedicated port as it seeks to sell more vehicles overseas. Maruti will start making the A-star and Splash vehicles in India later this year and has targeted exporting 200,000 units a year from 2010.
- Ravi Krishnan
Stem cell centre coming up in Hyderabad
Hyderabad: Aimed at carrying out research and therapy using stem cells, Hyderabad-based Centre for Stem Cells Sciences (CSCS) is setting up a research and therapy centre in the city outskirts at Rs 150 crore, said its chairman, Prof C. M. Habibullah. “The centre is known for its success in treating liver diseases using stem cell-based therapies and we now plan to carry out extensive work at the basic and applied aspects in the area of Hepatology and Digestive Sciences,” said Prof. Habibullah.
- C.R. Sukumar
Mid-Day Multimedia to restructure its biz
New Delhi: Mumbai-based publisher Mid-Day Multimedia Ltd said on Wednesday it will restructure its business. In a statement to the Bombay Stock Exchange, where the company is listed, Mid-Day said its board of directors, in a meeting held on 6 February, have decided to discuss the move. According to the statement, the board has decided to sell and transfer the print and publishing business of the company together with all its properties, assets, rights and obligations to a new wholly owned subsidiary at a price not lower than Rs17 crore.
- Staff Writer