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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (1014)	3/3/2000 8:28:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT Global Tele arm valued at $1 billion Mar 04,2000 Our Corporate Bureau in Mumbai Morgan Stanley Mutual Fund and India Magnum Fund have together picked up a 1.26 per cent stake in Global Electronic Commerce Services (GECS), the unlisted e-commerce arm of Global Telesystems Ltd for Rs 50 crore, at Rs 250 per share. Considering the price of acquisition, GECS is valued at around $1 billion (about Rs 4,300 crore). "This reinforces the inherent value of GECS which is reflected in the confidence that the long term investors have in our vision," Global Telesystems managing director Manoj Tirodkar told Business Standard. The Global Telesystems scrip hit the upper end of the circuit filter on the Bombay Stock Exchange for the third successive day on Friday. The scrip closed at at an all-time high of Rs 2,627, a gain of Rs 185 over the previous close. On the National Stock Exchange, it touched an all-time high of Rs 2,673.50 before closing at Rs 2628.20, a gain of Rs 153 over the previous close. GECS has invested over Rs 200 crore in a state-of-the art asynchronous transfer mode frame relay network spanning 13 cities. This is being expanded to 27 cities, catering to 8,000 corporate customers to conduct e-commerce business round the clock, Global Telesystems said in a release on Friday. "The company has partnered with world leaders like General Electric and Microsoft to provide end-to-end solutions on a robust, scalable and secure network," the release added. "GECS has also pioneered the creation of business-to-business vertical portals in several areas including pharmaceuticals, finance, banking and automobiles, airlines and manufacturing for operating their business processes more efficiently by moving them up the value chain," the release said. GECS has been in the forefront in setting up data centres in India and has currently over 13 data centres spread over 100,000 square ft. It also acts a first tier Internet Service Provider providing connectivity to smaller ISPs. GECS is also in the process of installing international satellite gateways in several locations. -Business Standard