Engineering giant Larsen and Toubro, which acquired little over four per cent stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company.
The NSE Nifty settled at 4,662, down 70 points. The GDP numbers, economic growth of 6.1% in Q1, failed to cheer the investors and the index tumbled to a low of 15,590.
The Anchor and Panasonic connection is a blend of legacy and quality and there really is no question of substituting one for the other. Panasonic is banking on Anchor's familiarity and widespread recall, to push its way ahead in the premium, automation-aided home appliances and accessories market.
Larsen & Toubro chairman and managing director AM Naik speaks to Business Standard's Nevin John and PB Jayakumar on the new joint venture with global defence giant EADS and other plans.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has signed a Rs 4,000-crore agreement with Larsen & Toubro Ltd, the engineering and construction major, for supply of equipment for its Nigrie Super Thermal Power Project in Madhya Pradesh.
Larsen & Toubro on Monday said it is yet to take any decision on selling its over 8 per cent stake in Mahindra Satyam, but had sought market regulator Sebi's approval for offloading the holding in the IT company.
Three manufacturing sectors (engineering and construction, industrial commodities and materials and commodities) created more value for its shareholders in last five years than IT or pharmaceutical companies. Engineering and construction companies, led by Larsen & Toubro and BHEL, posted a total shareholder return of 81 per cent in the last five years trailing March 31, 2007, the BCG-CII study showed.
T R Prasad, independent director on the Satyam board, defended the decision to acquire the two Maytas firms, and said that the purpose was to create shareholder value. "We looked at it and according to our best judgment we thought the decision was in the long-term interest of the company," Prasad told Business Standard.
After last Monday's massive fall in the Indian markets, a lot of quality stocks have fallen significantly.
A team from India's $7 billion engineering behemoth, Larsen & Toubro, which holds 12 per cent stake in Satyam Computer Services started inspecting the books of the troubled company.
At least seven companies, including Larsen & Toubro, i-Gate, Spice and Mahindra Group, have already submitted proposals to the board last week and the bids to be accepted till March 20. The board has already said that it has received adequate interest from both Indian and international bidders, including private equity firms.
India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released on Friday.
The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
India's golfer Aditi Ashok scripted another piece of history in her fast-rising career by clinching partial playing rights on the Ladies Professional Golf Association (LPGA) Tour with a tied 24th finish in the Qualifying Tournament in Florida.
Engineering major Larsen & Toubro said on Tuesday it has not received any intimation from market regulator Securities and Exchange Board of India regarding its chairman and managing director, A M Naik's comment on the Satyam issue.
India only has 3.5 million workers undergoing skills courses a year, compared with 90 million in China
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
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