With regards to international markets, Asian markets were higher in the early trade on hopes of a Greek debt deal going through. Meanwhile the US stocks closed lower on Friday. The Indian rupee opened flat at 63.55 per dollar.
According to a leading financial daily, Infosys, a leader in consulting, technology, outsourcing and next-generation services, has entered into multi-year partnership with NBTY Inc, a global manufacturer, marketer, distributor and retailer of market-leading vitamins and nutritional supplements. As part of this agreement, Infosys will provide development and support services for NBTY's IT systems. Infosys will provide enterprise-wide application development and maintenance services for NBTY's IT landscape, including Oracle E-Business Suite and legacy systems. The scope of services, which started with the support of Oracle E-Business Suite, will now extend across a range of application management services for NBTY's entire IT landscape. The key drivers for the five-year deal were improved operational efficiency, faster speed-to-market, and better quality of service. NBTY hopes to benefit from investments made by Infosys in the application management services space to simultaneously reduce its total cost of ownership, while improving customer service.
According to a leading financial daily, Bharat Petroleum Corp Ltd (BPCL), India's second-biggest state refiner, has decided to fund the Rs 180-200 bn expansion of the Bina refinery in Madhya Pradesh on its own with Oman Oil Company reluctant to put more money. BPCL, plans to raise Bina refinery capacity to 15 m tons in two phases to 7.8 m tons a year from current 6 m tons at a cost of Rs 35 bn by 2018 and then to 15 m tons at an additional investment of Rs 180 200 bn in 5-6 years. Reportedly, Oman Oil Company, which holds 26% stake in the Bharat Oman Refineries (BORL) - the firm that built the refinery, is willing to participate in the first phase expansion but not in the second phase.