Mastek's UK subsidiary signs Rs 58.7 cr agreement
The deal would make Mastek absorb the transitioning cost of approximately Rs 2.93 crore during the July-Sept 2011 quarter, it added.
By PTI | Updated:
MUMBAI: IT solutions provider Mastek Ltd today said its UK-based subsidiary has bagged a Rs 58.7 crore multi-year framework contract in that country.
Mastek UK Ltd, a wholly-owned subsidiary of the company, has signed a multi-year framework agreement for IT services in the UK with an initial minimum commitment of GBP 8 million (Rs 58.7 crore), Mastek said in a filing with the Bombay Stock Exchange.
The agreement is expected to materially improve its revenues in the forthcoming years, it said.
The deal would make Mastek absorb the transitioning cost of approximately GBP 0.4 million (Rs 2.93 crore) during the July-Sept 2011 quarter, it added.
Mastek is a high-end provider of vertically-focused enterprise technology solutions and platforms that unleash the optimum potential of our clients' business.
Its vertical focus includes insurance (Life, Pensions and General), Government/Public Sector, and Financial Services sectors.
The company has a formidable track record in these sectors as well as intellectual property and reusable frameworks.
Shares of the company closed at Rs 106.60, up 1.09 per cent from previous close on the BSE.
**** BGR Energy Systems surrenders power trading licence * Heavy electrical equipment maker BGR Energy Systems Ltd today said the company has surrendered its electricity trading licence.
The firm had obtained Category - I (previously Category - F) electricity trading license obtained from Central Electricity Regulatory Commission (CERC), BGR Energy Systems informed the Bombay Stock Exchange in a regulatory disclosure.
The CERC has cancelled the said licence in its order dated April 29, following the voluntary surrender, it added.
The company was originally incorporated in 1985, as a joint venture betweenwith GEA Energietechnik GmbH, Germany.
The firm, which expanded its the range of product and services in power and oil & gas sectors.
On June 28, 2007 the company was renamed as BGR Energy Systems Ltd from GEA Energy System (India) Ltd.
Shares of the company closed at Rs 500.95, up 0.55 per cent from the previous close on the BSE.
Mastek UK Ltd, a wholly-owned subsidiary of the company, has signed a multi-year framework agreement for IT services in the UK with an initial minimum commitment of GBP 8 million (Rs 58.7 crore), Mastek said in a filing with the Bombay Stock Exchange.
The agreement is expected to materially improve its revenues in the forthcoming years, it said.
The deal would make Mastek absorb the transitioning cost of approximately GBP 0.4 million (Rs 2.93 crore) during the July-Sept 2011 quarter, it added.
Mastek is a high-end provider of vertically-focused enterprise technology solutions and platforms that unleash the optimum potential of our clients' business.
Its vertical focus includes insurance (Life, Pensions and General), Government/Public Sector, and Financial Services sectors.
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The company has a formidable track record in these sectors as well as intellectual property and reusable frameworks.
Shares of the company closed at Rs 106.60, up 1.09 per cent from previous close on the BSE.
**** BGR Energy Systems surrenders power trading licence * Heavy electrical equipment maker BGR Energy Systems Ltd today said the company has surrendered its electricity trading licence.
The firm had obtained Category - I (previously Category - F) electricity trading license obtained from Central Electricity Regulatory Commission (CERC), BGR Energy Systems informed the Bombay Stock Exchange in a regulatory disclosure.
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The CERC has cancelled the said licence in its order dated April 29, following the voluntary surrender, it added.
The company was originally incorporated in 1985, as a joint venture betweenwith GEA Energietechnik GmbH, Germany.
ADVERTISEMENT
The firm, which expanded its the range of product and services in power and oil & gas sectors.
On June 28, 2007 the company was renamed as BGR Energy Systems Ltd from GEA Energy System (India) Ltd.
Shares of the company closed at Rs 500.95, up 0.55 per cent from the previous close on the BSE.
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