Global IT giant IBM is understood to be the front-runner to acquire Satyam Computer Solutions, a company it named as one of its main competitors in a filing to the New York Stock Exchange in February. The US major, said sources close to the developments, has begun discussions with Satyam's government-nominated board and expressed its desire to acquire a majority stake in the company. A team of investment bankers and lawyers from the US and Europe has been brought in.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
The net sales of these outperformers grew by 57.7 per cent, while their net profit rose by 69 per cent in the nine months of the current financial year over the same period of the previous year.
The poor performance of the corporate sector in the current financial year is reflected in the fact that the number of sectors posting net losses has more than doubled quarter-on-quarter -- from seven in the first quarter to 15 in second to 37 in the third quarter.
Foreign currency convertible bonds (FCCBs) are proving to be a double-edged sword with large premiums simply vanishing on account of bear markets and the ghost of redemption at yield-to-maturity (YTM) hanging on.
As many as 2,431 firms in manufacturing and services sectors post their biggest-ever net profit decline of 42.45 per cent.
Major investment plans for a fabrication facility have put off due to the slowdown. A full-fledged fab requires an investment of $3-4 bn. Moreover, even if a fab were to come up now in the country, the technology would be rendered obsolete by the time it starts production. "If the government was serious about making the electronics manufacturing ecosystem robust, why is it sitting on proposals? How can you sustain a company's interest for so long?" asks an industry source.
Low-cost computing is all set to grow, but if the Rs 500-Sakshat is also to be called a 'laptop', it confuses users and hurts the market
That the value of brand Satyam would be eroded many times over, following its former chairman Ramalinga Raju's admission that he had cooked the company's books, was a given.
The government has suggested that the new Satyam Computer Services board should also look within the company to appoint a CEO and CFO.
The Mumbai police, along with a group of enthusiastic citizens including Mumbai Sheriff Indu Shani, combed commercial complexes, malls, office buildings and residential premises in south and south-central Mumbai to identify and get rid of unsecured Wi-Fi connections in the city, following terrorist attacks last year.Terror mails were sent via unsecured Wi-Fi connections before the Delhi and Ahmedabad serial blasts also.
There are very few takers for B Ramalinga Raju's astounding claim that the margin earned by Satyam in the quarter ended September 2008 was just 3 per cent, and not 24 per cent as reported in the results.
IBM's India Research Laboratory completes pilot project on 'spoken web' concept in Andhra.
Insurance, telecom, infrastructure, FMCG and energy are unlikely to downsize; Elsewhere, only top performers are safe.
Once criticised as inhibitory, India's strict regulatory norms have protected local banks from the global financial tsunami.
Three major undersea cables -- the Sea Me We 4, Sea Me We3, and FLAG -- were cut, considerably slowing down India's internet and voice traffic. The extent of the damage is still being assessed.
If implemented, this will be music to the ears of shareholders and analysts who have been insisting that Satyam would be better off returning money to shareholders.
The crux of the problem it appears is one of "trust" and the perception that a unilateral decision was taken by the board, allegedly to favour Raju's sons' companies.
The last couple of months have dealt a severe blow to IT firms, which has even prompted the top listed Indian IT services providers to inform investors that they need to scale down their growth expectations from the sector that, on an average, has been growing almost 30 per cent year-on-year.
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