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Balaji Telefilms, a media and entertainment company famous for its television serials, has decided to hive off its three divisions in the ICT domain (information and communications technology). These are the mobile, internet division and education divisions.
Continue ReadingHousing Development Finance Corporation (HDFC), a well-known housing finance company, reported its December quarter numbers. Concerns about rising interest rates have clouded the outlook for financial service providers, particularly lenders. The quarter has seen slower growth in HDFC’s net interest income.
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Continue ReadingCMC Ltd, a mid-sized Rs 708 crore IT solutions company has announced its results for the quarter ended December 2010. Its consolidated sales have risen by 29% to Rs 274 crore, over the same quarter last year. Its net profit has risen by 25% in this period.
Continue ReadingSintex Industries, the plastics and textile major, has logged impressive growth of 28% in revenues to Rs 1,186 crore, in the December quarter over the preceding quarter, and about 42% year on year. It has been strong on the profit front too, with the net profit crossing the Rs 100 crore mark, to Rs 113 crore.
Continue ReadingBirla Corporation, the Rs 2,160 crore revenue flagship of the MP Birla group, announced the setting up a 1 million tonne cement plant. It has signed a memorandum of understanding with the Assam government, to set up a plant at Umransu in the North Cachar Hills district. The project cost will be Rs 450 crore and will be implemented through a joint venture.
Continue ReadingInfosys Technologies reported its December quarter results today. Its share price was down by about 4% at the time of posting, as its results lagged market expectations.
Continue ReadingOne of India’s youngest media houses, Reliance Broadcast Network Limited, has announced plans to acquire Imagine Showbiz Limited, the television channel specialising in Bollywood music and entertainment. The size of the deal is estimated to be Rs 15-20 crore, according to this story on www.economictimes.com.
Continue ReadingTata Communications has announced that it intends to acquire 100% of BitGravity, a company in which it already holds a stake, for an undisclosed amount. Tata Communications and Allen & Company (a financial investor) are the two main stakeholders in the company. Thus, Tata Communications will be buying out the company and any residual stake held by the company’s employees.
Continue ReadingIndia Inc witnessed a large acquisition in the IT sector, after a long interval. iGate Corporation is acquiring Patni Computer Systems, in a deal which values the company at about $1.5 billion or Rs 6,800 crore. This is not a case of the big fish going for the smaller fish. Patni has a larger business than that of the acquirer. Phaneesh Murthy is the president and CEO of iGate, which is buying out the Patni’s family’s stake in the company.
SKS Microfinance Ltd, India’s leading lender in the microfinance sector, announced to the stock exchanges that it is lowering the maximum interest rate it charges to its borrowers across the country. It will now charge a flat rate of 12.5% or an effective rate of 24.55% to all borrowers. It has also waived off all other charges such as credit shield charge, loan processing fee and card fees.
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