Satyam Computer on Thursday said its new owner Tech Mahindra's stake will go up to 50.42 per cent in the company following a preferential allotment of over 19.86 lakh shares.
National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week. Nayyar will be in town to spread Satyam's new identity after it was renamed Mahindra Satyam, and try to regain its standing with the NAB and clients such as Qantas and Suncorp. Satyam continues to provide application development and IT maintenance services to the NAB.
Satyam's revenue per employee is low, but manpower rationalisation can solve only part of the problem, says Shyamal Majumdar.
IT services firm looks at local partnerships, JVs, acquisitions to expand base in region.
Tech Mahindra and IT infrastructure major Sun Microsystems announced on Monday a strategic alliance to provide systems and software for internet protocol television services to customers in India and Asia Pacific markets.
This lab is also significant as it is the first of its kind in India where Intel has partnered with an IT software and services company for developing applications focused on IP Services category.
Export-led Indian IT sector is not directly hit by Trump's tariff order on goods, but there could be worrisome indirect bearings on it arising out of possible slowdown in decision-making and GDP growth in America over higher tariffs, which may then cloud demand from specific verticals, according to some analysts.
As part of its expansion drive, Tech Mahindra, one of the largest providers of solutions to telecom companies, on Tuesday announced setting up of its state-of- the art software development centre and integrated campus in Kolkata.
Tata Steel and Tata Motors dropped over 10 per cent each. Larsen & Toubro, HCL Technologies, Adani Ports, Tech Mahindra, Infosys, Tata Consultancy Services, Reliance Industries and Mahindra & Mahindra were the other big laggards.
usiness with British Telecom will grow, but the proportion will come down
Tech Mahindra listed at Rs 525 on BSE against an issue price of Rs 365. What should investors do with the stock and what are the concerns going forward?
From the Sensex pack, Bajaj Finserv, Bajaj Finance, Sun Pharma, Zomato, Tata Steel and Nestle were the biggest gainers. UltraTech Cement, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Tech Mahindra and State Bank of India were among the major laggards.
From the Sensex pack, HDFC Bank, Maruti, Tech Mahindra, HCL Tech, ITC, ICICI Bank, Kotak Mahindra Bank and Bajaj Finance were among the biggest laggards. NTPC, Adani Ports, Mahindra & Mahindra, Tata Steel and IndusInd Bank were among the gainers.
From the Sensex firms, Adani Ports, Eternal, Bajaj Finance, Axis Bank, Bajaj Finserv, Reliance Industries, Power Grid and NTPC were the major gainers. Sun Pharma, however, tanked over 5 per cent.
IT firm Tech Mahindra on Wednesday said its Rs 1,154.66 crore (Rs 11.54 billion) open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009.
Markets investors became richer by Rs 27.10 lakh crore as the BSE benchmark Sensex continued to rally for the sixth trading day, surging nearly 6 per cent during this period. On Monday, the 30-share BSE bellwether gauge jumped 1,078.87 points or 1.40 per cent to settle at an over six-week high of 77,984.38. During the day, the benchmark zoomed 1,201.72 points or 1.56 per cent to 78,107.23.
In the face of surge in stock prices of Satyam to about Rs 81 a share on the eve of the open offer for beleaguered company, its new owner Tech Mahindra said it will not hike the offer price.
Tech Mahindra's open offer for acquiring a controlling stake in Satyam Computer, which begins on Friday, may not be fully subscribed as shareholders will get a better price in the market with the shares of the tainted IT firm soaring over 33 per cent in the past three days.
Information technology (IT) stocks ended at their lowest in nearly nine months after a fresh bout of selling, triggered by concerns over a recession in the US, the key market for domestic software exporters. A report by Morgan Stanley citing risks to growth also weighed on sentiment.
IT services firm Tech Mahindra on Thursday posted a 57.6 per cent growth in consolidated net profit at Rs 718.4 crore (Rs 7.18 billion) for the second quarter ended September 30, aided by growth across verticals especially retail, travel and logistics and uptick in demand from Europe.
Tech Mahindra is building 5G use cases with US-based hospitals to help manage devices remotely and eventually manage remote surgeries that will require seamless network connectivity.
Tech Mahindra has bagged a five-year contract from British Telecom, under which the Indian company will provide strategic sourcing services to the global communications solutions and services provider.
C P Gurnani, CEO & MD of Tech Mahindra, India's fifth-largest IT services company, tells B Dasarath Reddy that the company is exploring both ways as it looks at bringing in best of the breed technologies to offer to global clients.
BT has been associated with Tech Mahindra since the latter's inception and contributes 40 per cent to the firm's revenue but it has been looking at divesting its stake.
From the 30 blue-chip pack, Tata Motors, Titan, Tata Steel, State Bank of India, Mahindra & Mahindra, NTPC, ICICI Bank, Maruti, HDFC Bank and Infosys were among the biggest laggards. Zomato, Tech Mahindra, HCL Tech and IndusInd Bank were among the gainers.
British telecom giant BT has offloaded 9.1 per cent stake in Tech Mahindra for Rs 1,011.4 crore, marking its exit from the Indian IT services firm.
The firm, which has sacked 1,000 employees, says nothing new about it, laggards weeded out every year, this year is no different
From the 30 blue-chip stocks, Titan, Asian Paints, Nestle, Tech Mahindra, Reliance Industries, Zomato, Larsen & Toubro and Bajaj Finserv were among the laggards. Adani Ports, Mahindra & Mahindra, Maruti, Sun Pharma, Bharti Airtel and Tata Motors were among the gainers.
After announcing the second quarter results, Chairman Vineet Nayyar, Chief Executive C P Gurnani and Chief Financial Officer Vasant Krishnan share their views.
The merger process started four years ago, with the acquisition of Satyam in April 2009.
Paving the way for takeover of crisis-ridden Satyam by Tech Mahindra, the Company Law Board allowed the new owners to appoint Vineet Nayyar, C P Gurnani, Sanjay Kalra and Ulhas N Yargon on the board.
IT firm Tech Mahindra on Monday said it will allot 45,000 equity shares under its employee stock option plan.
They will take stock of the current situation and discuss the way forward. Handing over the share allotment documents to Tech Mahindra is also on the agenda of Monday's board meet, according to a Satyam spokesperson. Tech Mahindra Vice-Chairman, MD & CEO Vineet Nayyar, C P Gurnani, president (international operations), and President (strategic initiatives) Sanjay Kalra have confirmed their participation in the meet.
The board of directors of the company at its meeting on Monday day have approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement basis, Tech Mahindra said in a filing to the Bombay Stock Exchange.
IT firm Tech Mahindra on Monday deposited Rs 2,910 crore (Rs 29.10 billion) for 51 per cent controlling stake in Satyam Computer.
It alloted 6000 non-convertible debentures of face value of Rs 10 lakh
Tech Mahindra and Motorola will be investing $12.5 million in their joint venture, CanvasM, to deliver application solutions for the global network providers and enterprises.\n
CanvasM, a joint venture between Tech Mahindra and Motorola, is planning to launch 6,000 new indigenously developed applications for mobile phones.
From the 30-share Sensex pack, Power Grid, Tata Steel, Zomato, Titan, Bajaj Finance, Mahindra & Mahindra, NTPC and Tata Motors were among the major laggards. Kotak Mahindra Bank, Bharti Airtel, HCL Tech, Tech Mahindra, ICICI Bank and Tata Consultancy Services were the gainers.
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