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Options limited for Madhya Pradesh
Will Madhya Pradesh be isolated on goods and service tax (GST) issue? If highly placed government sources, working the new tax system, are to be believed, the state government will have to follow the trend. “Eventually the state will have to implement the system, we cannot linger on. Other states like Chhattisgarh have also agreed to implement it, Gujarat government has welcomed it, Haryana has accepted it ‘in principle’ except for few points. How Madhya Pradesh can stand out?” asked an official. But the state finance minister has a long list to point out flaws in the new tax system, the main being, “The GST will bring even dal-chawal (rice and pulses) under tax net, which are exempted from VAT.”

Markets ignore IIP data, end in red
The markets opened on a flat note today and slipped into red almost immediately. Strong IIP numbers helped the index rebound into the green to touch a high of 16,897. The market, thereafter, turned volatile on the back of global cues, ignoring the earlier gains.

News of the day

Companies Bill likely to be re-introduced this week
The new Companies Bill, 2008, which lapsed after the 14th Lok Sabha was dissolved, is likely to be re-introduced in Parliament this week, official sources said.
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Zylog to invest Rs 210 cr on Wi-Fi; aims Rs 550 cr revenue

Global Software Solutions company Zylog Systems is planning to invest Rs 210 crore on Wi-Fi infrastructure for providing wireless broadband and Voice over Internet Protocol (VoIP) services and aims to garner Rs 550-crore revenue from this over the next 5 years. - KKR hikes stake in Aricent to 79% for $225 million - Zylog plans Rs 500 cr infra spend, eyes Singapore firm - Zylog Systems ties up with Aptilo Networks for back-end services - Zylog lines up Rs 200cr - Shuchi Bansal: MyWay or the highway">Shuchi Bansal: MyWay or the highway - Global Outlook eyes Rs 25cr from India "We will be investing a sum of Rs 210 crore on creating Wi-Fi infrastructure in a bid to provide wireless broadband services in 100 key cities within the next two years. Along with it we will also offer VoIP services to our customers" Company"s Managing Director Ram Sesharathnam told reporters here today. Aiming to create wireless broadband customer base of one lakh a year, the company is expecting revenue of Rs 550 crore from the Wi-Fi space in the next five years. "In the first year of operations we will look at a revenue of Rs 60 crore and in the next five years it should reach Rs 550 crore," he said. The Chennai-based company would also explore the possibility of offering wireless broadband services to South Asian countries including Sri Lanka, Nepal, Malaysia. Zylog has already launched Wi-Fi services in Chennai and would look at Tier II and III cities for expanding its service network. It is currently offering VoIP in Tamil Nadu, Gujarat and Punjab and would soon offer these services in Hyderabad, Bangalore, Mumbai and Pune. The company is betting big on e-governance projects across the country for deriving growth from the domestic market. "There is an immense potential in government owned projects and we would like to capitalise on the same by providing our solutions," he said. Currently, the company is handling the smart-card project for vehicle licenses for the states of Karnataka and Gujarat. To expand its business in the overseas market, Zylog has acquired two US-based software development companies at a sum of Rs 100 crore. The company, which attained a turnover of Rs 783 crore in 2008-09 is eyeing growth of 30-35 per cent in the current fiscal. Zylog Systems provides services to enterprises and technology companies across the globe. It offers a range of IT products and solutions to multiple verticals like banking, insurance and telecom.


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