Infosys had bid at 600 pence a share for the UK company. Infosys will get the one per cent inducement fee that Axon has to pay to the party unable to close the deal.
New York-based REcap Partners-LLC is all set to buy out Chennai-based business process outsourcing firm HOV Services along with its two units operational in Beijing and Hong Kong for around Rs 950 crore
Most realtors are already advertising cash discounts of 5-10 per cent on upfront payment and buyers can get up to 25 per cent discount if they book properties and are willing to wait for two to three years until possession. According to consultants, developers may even give 15-20 per cent discount on the price as they are eager to clear inventories.
Dow India would comply with all the directives stated by the government to work outa solution to the current situation, the company said. Recently the company's research facility at Chakan was razed by a group of villagers, following which members of the Warkari sect claimed responsibility for the act, saying they would not allow the facility to come up at a place which is sacred to the followers of the 17th century Bhakti movement saint Tukaram.
A 700-750 pence per share final price for Axon ($900-910 million) cannot be ruled out by the time the bidding war ends, say CLSA analysts. However, regardless of whoever wins this largest overseas acquisition, Emkay Global Financial Services analysts opine that Axon could well prove to be a winner's curse since a long-drawn bidding war might tell on the bottom lines of both firms.
Though FDI is allowed in the sector, foreign carriers cannot acquire stakes in Indian airlines.
Anxious executives from 150 Greater Noida factories met on Wednesday to take stock of the simmering labour unrest in the sprawling industrial township in the outskirts of Delhi after Graziano Transmissioni Managing Director Lalit Kumar Chaudhary was killed by a mob of retrenched workers on Monday. Privately, many of them said it would now become hard to downsize in the impending industrial slowdown.
It is now probing the quality of AIDS medicines supplied by the company to developing countries under US government-funded programmes. Estimates suggest that Ranbaxy has received over $9 million from the programme so far. Ranbaxy had a turnover of $1.5 billion in 2007-08, of which a quarter came from US sales.
The investments would be made in the company's acquired companies, Algoma in Canada and Minnesota Steel in the US, as well as greenfield plants in Trinidad and Tobago. The groundbreaking ceremony for the first steelmaking facility in Minnesota's Iron Range was held on Sunday.
The ongoing financial sector crisis in the United States and its repercussions on developed markets worldwide will result in lower capital inflows into emerging markets like India, economists and government officials said on Thursday.
Mobile phones in West Bengal will become more expensive than any other part of the country, thanks to the state government increasing the state value added tax on the product from 4 per cent to 12.5 per cent. The increase in prices, to be effective from September 8, is expected to give a major fillip to the grey market in the state.
NTPC, India's largest thermal power operator, said it will stay away from the ongoing Reliance Industries and Reliance Natural Resources case in the Bombay high court over the supply of KG Basin gas.
The sale will be conducted after the requirements of buffer and strategic stocks are met. The buffer norm for wheat on April 1 was 4 million tonnes (mt). Creation of a 3 mt strategic stock has also been proposed. The central pool had a wheat stock of 24.38 mt on August 1. After meeting the monthly requirement of about a million tonne for the August-March period and excluding the stock norms, the Food Corporation of India will be left with a stock of 9.3 mt.
The figure is expected to rise to over Rs 4,600 crore (Rs 46 billion) by 2010 - a compounded annual growth rate of 44 per cent. Retail has been one of the largest growth sectors for all the top IT firms. For instance, Tata Consultancy Services, Infosys Technologies, Wipro Technologies and Satyam Computer Services saw their retail business grow by 33.6, 45.3, 38.5 and 117 per cent respectively on a year-on-year basis.
Filling in the vacuum created by the high-profile exit of Neelam Dhawan, who quit Microsoft India to join Hewlett Packard (India) in June this year, the software giant on Friday announced the appointment of Rajan Anandan former Dell India head (Dell India VP and Country GM) as its new managing director.
If the Cabinet approves the long-pending Forward Contracts (Regulation) Amendment Bill, the regulator will be empowered to levy penalties besides getting the powers to approve options trading. In addition, it will pave the way for the entry of institutional players like mutual funds and foreign institutional investors into the trading arena, which many believe will deepen the markets. Similarly, the FMC will be able to decide on who can set up commodity exchanges.
Delhi and Mumbai alone account for a fifth of the country's total surplus income. The country's top 20 cities, including both Delhi and Mumbai, account for just 10 per cent of the country's population but 20 per cent of its savings, 30 per cent of its income and as much as 60 per cent of its surplus income
Tata Power, the country's largest power utility, has emerged as the only Indian company among the six firms shortlisted to bid for Singapore's largest power utility, Senoko Power, which is likely to be sold at over $3 billion.
Despite expressing fears of rising defaults, banks committed themselves to promptly sanction fresh loans to farmers covered under the Centre's Rs 71,000-crore (Rs 710 billion) debt wavier and relief scheme.
The recent pullout by ICICI Venture and Citigroup Venture from a three-year-old drug discovery partnership with Dr Reddy's Laboratories points to angel investors' growing aversion to risk in pharma and biotech firms, say experts.
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