LONDON (ShareCast) - Semiconductor company Cyan Holdings has reported that 16 firms have submitted proposals for the tender relating to the Tamil Nadu Electricity Board (TNEB) Automatic Meter Reading, and that five of these are based on the company's Cylec technology. TNEB is one of the largest electricity distributors in India. In November it published a tender for the supply of 1.5m meters as part of its consumer network upgrade programme. A ten day full compliance check on all the documents provided at the submission is envisaged, after which authorisation and pilot testing will take at least two months. Shares fell 2.44 percent to 0.40p.

Shares in Victoria slumped over 8% to 302.50p after the firm aborted the formal sales process and the firm is no longer deemed to be in an offer period. On Tuesday, the firm appointed Katherine Innes Ker as the new Chairman.

Biology firm Physiomics has narrowed its losses for the half year ended December 31st compared to the first half of the year. Turnover over increased from £14,088 to £34,000, while losses decreased £328,674 (2010 H1: £374,354). The firm said that it is confident its strategy of improving its current Virtual Tumour technology and develop new products and services to boost sales, will deliver new commercial deals in the short-term. Shares lost 4.41% to 0.33p.

eg solutions, a software supplier, has been awarded a significant contract to provide its re-engineered eg operational intelligence software suite and implementation services to a global financial services company. The contract initially covers 3,250 users in Europe and India and will start in April and be completed by August of this year. The client has also appointed eg as its preferred supplier for back office workforce optimisation software and has entered into a global master agreement. Shares soared 10.62% to 62.50p.

Belgravium Technologies, the designer and supplier of computing solutions and services for mobile computing data capture, saw revenue increase by more than a third in 2011 to £11.16m from £8.2m the year before, while profit before tax jumped 137% to £1.02m from £0.43m in 2010. That opened the way for the debt free company to resume paying dividends, with a final dividend of 0.1p proposed.

House broker WH Ireland, said the results show the benefit of a substantial contract with British Airways for on board retail solutions and further orders from Hermes and a large French petrochemical company. "Whilst the outlook for the year ahead remains one of caution (primarily based on an anaemic macroeconomic outlook), we believe the BA [British Airways] contract may open new doors in 2012 and the planned expansion of the sales team should open up new territories," the broker said. WH Ireland has lifted its price target for the stock from 8.75p to 10.5p. The shares closed the day at 8.6p, up 0.23p on the day.

AIM listed investment company Brainspark has agreed to the terms of a binding letter of intent (LoI) for the sale of its MyCast broadcast video technology to US outfit b.A.S. Media Group (BAS), for a total cash consideration of $3 million. Furthermore, Brainspark will transfer all ownership of the intellectual property rights to the MyCast technology into a newly formed US corporation, Bibop Inc. (Bibop US), in which it will retain a 15% stake with an implied value of $1.235m. It is understood that BAS will also subscribe to a total capital increase of $4m in Bibop US; with the funds being earmarked to launch MyCast into the US market.

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