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Nucleus Software to Develop 1000-Seater Facility; net up 15 pc

April 29, 2008 | REUTERS India
NEW DELHI (Reuters) - Nucleus Software Exports Ltd plans to spend 300 million rupees on expansion in the year to March 2009, and expects to increase its headcount by a third by then, senior officials said on Monday.

"In 2008/09, we would spend about 200 million rupees in building our new facility. Our normal capex in buying hardware, etc, will be another 80-100 million rupees," Pramod Sanghi, chief financial officer told a news conference.

Nucleus, which provides software services to banking and financial firms, plans to move into its new facility in special economic zone in Jaipur by July 2009.

"Our facility would be for 1,000 people. It will be essentially in direction of developing products as well as servicing some of our services clients from Jaipur," Chief Executive Officer Vishnu Dusad said.

Nucleus also plans to take its headcount to 2,500 in the current financial year from 1,936 at end March.

Its order book size on March 31 stood at 3.22 billion rupees. "Nucleus foresees a strong demand for our niche product from across the globe. There are proposals submitted across South East Asia, India, Middle East Africa, Europe, Australia, Japan, Latin America for FinnOne," it said in a statement.

FinnOne, the flagship product of Nucleus, provides operational support to banks and financial services firms.

Shares of Nucleus Software closed marginally down at 257 rupees, after rising about 4 percent to touch an intra-day high of 267 rupees, in a weak Mumbai market.