Monitor

Appshop launches Indian subsidiary

BANGALORE: The U.S.-based Appshop Inc, co-founded by expatriate Indians, Mr. Ravi Kulasekaran and Mr. Prashanth Prahlad, and the largest independent Oracle application service provider (ASP), has launched its Indian subsidiary, based here. Appshop said it would invest about $1 million in the first phase to build the new subsidiary, wherein it planned to increase the employee strength to 50 by this year end from 16.

Website to promote consumer education

NEW DELHI: The Minister of Food, Consumer Affairs and Public Distribution, Mr. Shanta Kumar has launched a website on consumer awareness which seeks to provide Online solution for consumer issues. ``There is a need to create awareness among people about their rights and inform them about food related schemes. Non- Government Organisations (NGOs) can play a vital role in this context," Mr. Shanta Kumar said after the launch.

- PTI

BITECH lands ERP contract from Dubai firm

CHENNAI: The City-based IT solution provider BITECH has been picked by Dubai-registered UTCC Wade Adams (LLC), a building and civil engineering contractor, to provide an ERP (enterprise resource planning) solution for its finance and distribution activities. This is the first phase of the contract. BITECH is expected to complete the work within four months. A release from the company says that it has also landed a $100,000- contract to execute a project in Malaysia to provide a multi-lingual feature to the ERP product developed by Solsis (M) Sdn Bhd., a part of Dataprep group. The technology used will be Microsoft's COM, ASP and SQL server. The project will be completed within five months, says the release.

PepsiCo pact with Yahoo

CHENNAI:PepsiCo and Yahoo extended their international association to India by forging a major strategic alliance in launching the co-branded portal, pepsizone.yahoo.co.in. The site is targeted at fun-loving youth. It also provides links to some cool sites and offers tips on how to plan a bash.

TMF equity funds' strategy

CHENNAI: Following the crash in BSE sensex in March and April by 25.5 per cent, Tata Balance Fund's NAV declined by 16.4 per cent, Tata Young Citizen's Fund by 12.3 per cent, Tata Tax Savings Fund by 23 per cent, Tata IT Sector Fund by 16.9 per cent, Tata Pure Equity Fund by 23.8 per cent and Tata Life Science and Technology Fund by 19 per cent. The lower decline was mainly due to profit booking done by the fund managers. The funds now are being utilised to buy shares at lower levels, according to a release.

Cholamandalam buys Cazenove's stake in JV

CHENNAI: Cholamandalam Investment and Finance Company and Cazenove Fund Management (CFM) of the U.K., have mutually decided that Cazenove Fund Management will be withdrawing from the joint venture Cholamandalam Cazenove AMC Ltd. (CCAMC). Cholamandalam and its associates hold 51 per cent of the equity of CCAMC while CFM holds 49 per cent. Cholamandalam, the financial services arm of the Chennai based Murugappa group, will now be buying out Cazenove's 49 per cent stake. The Murugappa group is in the process of identifying another international group of significant standing for the AMC.

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Section  : Business
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