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.
Between January 2008 and February 2009, the company saw a total of 9,400 staff leave, with the highest monthly attrition of 1,602 seen in February this year. According to a disclosure of financial information of the company made to the Bombay Stock Exchange, "As of March 28, 2009, the company (standalone) had 41,622 associates."
The Bombay Stock Exchange benchmark Sensex on Monday suffered the third-biggest fall of the year and ended below the 15,000 level by losing nearly 438 points on weak Asian and European trends, as investors booked profits on an 88 per cent rally since early March.
Satyam Computer Services has signed a $71 million seven-year contract with Qantas for development and maintenance of over 150 applications across a wide portfolio of technologies.
The Bombay Stock Exchange could list on its own market this year either through an initial public offering or a direct listing, Rajnikant Patel, the group's chief executive, said. The move, part of efforts to reform India's second largest equities market after its demutualisation in 2005, comes as it seeks to raise its international profile.
In a filing to the Bombay Stock Exchange, Satyam Computer said the last date by which letter of offer will be dispatched to the shareholders has been revised to June nine, from the earlier scheduled date of June three. Further, the last date of withdrawal by shareholders has also been revised to June 26, from the earlier June 27.
The 50-share National Stock Exchange index Nifty rose by 41.95 points to 4,572.65, after touching the day's high of 4,582.20. Marketmen said trading sentiment turned bullish after President Pratibha Patil presented the agenda of the UPA government in Parliament.
Private sector lender Kotak Mahindra Bank on Wednesday said Anand Mahindra has ceased to be a promoter of the bank but will continue to be associated with the lender as a non-executive director.
Mumbai-based financial services firm Prime Securities Ltd today announced that it would be setting aside Rs 23 crore ($5.7 million) as a provision for losses suffered during the recent stock market crash. The estimated provision was made for a depletion in the value of the securities the firm holds to date.
With FIIs getting back the voracious appetite for Indian stocks, they have put in over Rs 3,500 crore (Rs 35 billion) through just 62 bulk deals on the Bombay Stock Exchange in the first two months of the current financial year.
South India-based television broadcaster Sun TV Ltd on Wednesday said its flagship channel Sun TV will become a pay channel from December 2.
Patni Computer Systems Inc, a wholly-owned subsidiary of Patni Computer Systems, on Monday announced the acquisition of Bridgewater, NJ-based Taratec Development Corp for an aggregate price of $27.2 million in cash.
Investors in Ranbaxy Laboratories got richer by over Rs 1,900 crore (Rs 19 billion) in a single day as the scrip surged by a little over 20 per cent on the Bombay Stock Exchange on Monday, a day after the pharma major announced a change of guard at its top management level.
Jet Airways has clocked a net profit of Rs 53 crore (Rs 530 million) in the fourth quarter of 2008-09.The private air carrier had posted a loss of Rs 221 crore (Rs 2.21 billion) in the year-ago period.
The Bombay Stock Exchange benchmark Sensex sank by 951 points on black Monday on panic selling by funds, triggered by weak global cues.
State-owned Indian Oil Corp on Friday reported a 16 per cent drop in fourth quarter net profit to Rs 55.57 billion (Rs 5,556.77 crore) as it was not fully compensated for selling fuel below cost.
"We will launch futures trading on the Chicago futures exchange in a month or two. The trading on Sensex futures will be for 23 hours a day," says Rajnikant Patel.
The country's top 10 firms witnessed an over Rs 2.27 lakh crore addition to their market valuation, with Reliance Industries contributing the most to the club's kitty, as the Bombay Stock Exchange benchmark Sensex recorded its historic single day gain on Monday.
The Securities and Exchange Board of India is keeping a close watch on the movements in the stock prices at the Bombay Stock Exchange and the National Stock Exchange, which hit the upper circuit halting the trade for the day, a senior finance ministry official said.
About 3,000 employees of MRF in Arkonam and Puducherry were on a 'sit-in' strike within the premises of the respective facilities since May 9. The workers went on strike as they were 'disappointed with the management as the company denied recognition to it' and 150 labourers were also dismissed by the management so far.
Delhi International Airport (P) Ltd will appoint US-based Parsons Brinkerhoff International Inc as project management consultant for the Delhi Airport Modernisation Project.
Stock market guru Madhusudan Sarda answers queries in a live chat and gives his view on various stocks.
Rolta India Ltd on Friday announced the acquisition of Canada-based software and integration company Orion Technology Inc for an disclosed amount.
The country's largest lender State Bank of India on Friday reported a 32 per cent decline in fourth quarter net profit at Rs18.67 billion (Rs 1,866.60 crore).
Hexaware Technologies Ltd announced on Wednesday a new location for its asset management and capital markets practice at Manhattan, New York.
The Bombay Stock Exchange (BSE) is looking at picking up stakes in regional exchanges, which have to demutualise by August-September 2007.
While a scheme allowing short-selling of securities is expected to come into force from July, exchanges and depositories are finalising a mechanism for lending and borrowing of securities, without which the scheme cannot be implemented.
In a disclosure to the Bombay Stock Exchange, Reliance Petroleum LTD said Chevron India Holdings has sold 22.50 crore shares, representing five per cent stake in RPL, to Reliance Industries. RIL has paid Rs 60 per share aggregating to Rs 1,350 crore, the same price at which the US firm had bought five per cent stake in RPL in April 2006.
3i Infotech is planning a JV with Chinese firm Yucheng Technologies to enter into the Chinese market.
The domestic stock markets witnessed their biggest fall in over a month as investors booked profits on fresh concerns about the financial sector and fears of a flu pandemic dampening sentiment worldwide.
In a filing to the Bombay Stock Exchange, Suzlon Energy said the board has also approved increasing the private investment limit in one of its subsidiary to 17.1 per cent for a consideration of Rs 400 crore (Rs 4 billion). However, the company did not disclose where it would deploy the funds raised.
Most investors have become wary of placing fresh bets after the benchmark Bombay Stock Exchange's Sensex lost more than 3924.19 points, or 19 per cent, this year. The Sensex meltdown has also impacted the number of investments in the growth mode because earnings growth in several sectors has been affected indicating a cooling off effect on the economy.
Banking industry solutions provider i-Flex said on Friday it will collaborate with US-based security solutions provider Bharosa to offer banking customers with advanced security solutions for combating threats of consumer identity theft.
It alloted 6000 non-convertible debentures of face value of Rs 10 lakh
The company had posted a net profit of Rs 243.13 crore (Rs 2.43 billion) in the corresponding quarter of 2008-09 fiscal, Maruti Suzuki India told the Bombay Stock Exchange.
The Bombay Stock Exchange has suspended trading in 52 companies with effect from September 20 for failing to comply with various provisions of the listing agreement.
The world's biggest drug maker Pfizer Inc has offered about Rs 680 crore to raise its stake in its Indian subsidiary to 75 per cent from 41 per cent. The offer of Rs 675 per share, however, is unlikely to find takers, since Pfizer share price rose 10.02 per cent to close at Rs 685.4 per share on the Bombay Stock Exchange (BSE) on Monday, analysts feel.
Based on the current scenario, he classifies real estate as the highest in the risk grade, followed by infrastructure companies involved in construction, hotels, commodities and auto.
Indiabulls Financial Services Ltd said on Friday it will seek shareholders approval for restructuring and re-organisation the company's businesses through the demerger of its real estate business into Indiabulls Real Estate Ltd. \n
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