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Polaris net falls 33% in Q3 on revenue erosion

IT major Polaris Financial Technology has posted a 33% drop in net profit at R34 crore for the third quarter against R51 crore it posted in the same quarter last financial year. The Chennai-headquarterd company has also posted a lower net income at R448 crore as against R494 crore. Arun Jain, founder, chairman & CEO of Polaris Financial Technology, said, "This has been a challenging quarter. However, we continue to build momentum with 16 new business wins. These wins will lead to revenue accruals in the coming quarters."

Prestige Estates BoD fixes price band for issue

Prestige Estates Projects has informed BSE that IPP committee of the board of directors of the company has fixed the price band at R161 to R170 per equity share for the proposed issue of upto 1.99 crore equity shares with over allotment option of up to 19.9 lakh equity shares being offered by way of institutional placement programme (IPP). The Issue opens and closes on January 23.

Swelect Energy picks up 49% in HHV Solar

Swelect Energy Systems, formerly known as Numeric Power Systems, has announced acquisition of 49% equity in HHV Solar, a leading solar modules manufacturing company in India. As per the agreement, Swelect Energy will assume board control and R Chellappan, the managing director of the company has been appointed as CEO of HHV Solar. Swelect sealed the deal for a consideration of R22 crore. Swelect Energy Systems MD R Chellappan said, "Several of our customers have expressed a high level of comfort in getting their complete supplies from a single source and a reliable corporate like Swelect offers the highest uptime."

Ramco System, Emirates ink aviation deal

Chennai-based aviation software provider Ramco Systems has signed a master supply agreement with Emirates to implement reliability information management System for the airline's engineering department. Virender Aggarwal, CEO, Ramco Systems, said, "We have signed the master supply agreement for five years with the Emirates Group, the world's largest commercial carrier. We have been growing our footprint in the global aviation industry and are excited about this undertaking, which opens up opportunities for future business endeavors."

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