IDG Ventures India invests $3 m in Aujas Networks

IDG Ventures India, a $150 million technology venture capital fund, on Thursday, announced its investment of $3 million in digital security services firm Aujas Networks Private Limited, reports PTI from Bangalore. Bangalore-based Aujas (an offshoot of IDG Venture’s entrepreneur-in-residence programme) is the seventh such company in which IDG Venture has invested in India, International Data Group (IDG) Chairman Patrick McGovern told reporters here. “We expect a 35-40 per cent returns on investments,” he said, adding that it had committed a capital of $32 million in the seven companies in India.

Cement cos challenge order on cartelisation

About 41 cement manufacturing companies have approached the Supreme Court challenging the order of the Monopolies and Restrictive Trade Practices Commission, the competition watchdog, which held them guilty of cartelisation and manipulation of the price between February-August 1990, reports DHNS from New Delhi.  A bench comprising Justices C K Thakker and D K Jain asked the Union Ministry of Company Affairs to file a reply to the petition which challenged the order holding them guilty.  The Cement Manufacturers’ Association (CMA), an association of the companies refused to file separate affidavits as demanded by the Commission assuring that they would not further indulge in cartelisation.

Syndicate Bank signs MoU with ECGC

Syndicate Bank, a premier Nationalised Bank has signed Memorandum of Association (MoU) under corporate agency tie-up arrangement with Export Credit Guarantee Corporation of India Limited (ECGC), for marketing their various export insurance products through its designated branches, reports DHNS from Bangalore.  An agreement to this effect was formalised on Thursday at Bank’s Corporate Office at Bangalore in the presence of  SyndicateBank Chairman and Managing Director C P Swarnkar, Executive Director George Joseph and ECGC Managing Director A V Muraleedharan. 

Speaking on the occasion C P Swarnkar, CMD of SyndicateBank said that the present MOU signed between SyndicateBank and ECGC is one more step taken by the bank to complement and offer innovative solutions to exporters in insuring their export credit and would also cater to the individual requirements of exporters against payment risks due to default by buyers or due to other commercial and political risks in export of goods and services. The service can be availed by the exporters under various types of ECGC policies at the bank’s branches itself. The enhanced services would help in higher customer satisfaction and also bring in more customers in to Bank's fold.

PEC programme by Thorn Lighting company

The Indian lighting system is very advanced in technology, it is excessively used the incandescent bulbs. As in India natural light is available in plenty, it should be used in a sensible way and the artificial lighting should be used in a moderate way, according to  lighting Applications Director of  Thorn Lighting Limited, Lou Bedocs, reports DHNS from Bangalore. Speaking to media persons on Thursday, Mr Bedocs said that about 25 to 55 per cent of energy can be saved in both indoor as well as outdoor lighting with the introduction of  performance, efficiency and comfort (PEC) programme promoted by the global manufacturer of professional lighting fixtures- Thorn Lighting Company.

Morgan Stanley slices 1,000 jobs

Morgan Stanley, on Thursday, said it will cut 1,000 jobs, as second-largest US investment bank trims its residential mortgage operations amid continued deterioration of mortgage markets, reports AP from New York.

The company said it will shutter its UK business that issues home loans and significantly scale back its mortgage business in the US. Morgan Stanley joins hundreds of lenders in scaling back operations as the worst US housing market in 26 years slows economic growth. “Given the continued dislocation in mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward,” said COO Anthony Meola in a statement.