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Tech Mahindra’s open offer to Satyam shareholders closes

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When Tech Mahindra emerged as the successful bidder for the scam-ridden software company Satyam Computer Services, it seemed like the subsequent open offer would be a success.
 

But Satyam’s share price rose significantly, in the interim, as investors began to regain some confidence in its future, especially after its provisional results for the third quarter were made public. The company’s profitability was much better than what was feared. While the open offer was at Rs 58 the share closed today, the last day of the offer, at Rs 74.
 

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Filed under: Companies, Top News, Open Offer, Preferential Allotment, Satyam, Tech Mahindra

Wockhardt sells animal health business to Vetoquinol

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When Wockhardt decided to sell its animal health business, it expected to get about Rs 150 crore for it. When the business was actually sold, to a French company Vetoquinol, the consideration remained undisclosed. So, if it met its target or fell short of it since exceeding it seems unlikely. The pharmaceutical company is selling non-core businesses in a bid to raise cash and lower its bloated debt.

Vetoquinol and what it gets
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Filed under: Companies, Top News, Animal Health, M&A, Veterinary, Vetoquinol, Wockhardt

Sun Pharma to revise guidance after FDA’s raid on Caraco

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Dilip Shanghvi, chairman and managing director, Sun Pharmaceutical Industries, and Sudhir Valia, director held a conference call held to discuss the FDA raid on its US subsidiary Caraco Pharmaceutical Laboratories. This event has come as big blow for Sun. It has withdrawn its current guidance and will issue a revised one, in due course. The issue is expected to have a significant short term impact on Caraco and some adverse impact on Sun’s short term performance too.

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Filed under: Companies, Top News, Caraco, Conference Call, FDA, Sun Pharma

Caraco claims sound financial position, but FDA action will harm performance

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Caraco issued a statement on Friday, clarifying its financial position after the FDA raid on its facilities. The company said that the inventory that has been seized by the regulator has a value of about $15-$20mn. It does not affect products sold by Caraco under third-party distribution agreements (such as with Sun Pharmaceutical Industries, its Indian parent company) and also products sold under the Caraco brand, but made by other companies. Continue Reading →

Filed under: Companies, Quick News, Caraco, Pharmaceutical, Sun Pharma

FDA sidewinder hits Caraco, Sun Pharma suffers collateral damage

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Caraco Pharmaceutical Laboratories, a 74% subsidiary of Sun Pharmaceutical Industries, has come under fire from the FDA. American enforcement officials raided Caraco’s plants, seized medicines and ingredients used in their production. The seizure has been attributed to Caraco’s continued failure to meet cGMP norms (current good manufacturing practices). The FDA had warned Caraco in October 2008 and had given it time to rectify the deficiencies. Continue Reading →

Filed under: Companies, Top News, Caraco, Companies Disclosures, Companies International, FDA, Pharmaceutical, Sun Pharma

Nandan Nilekani leaves Infosys, joins government

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 Nandan Nilekani is leaving Infosys as its co-chairman to join the government. He has the task of handing out a unique identification card to every citizen of this country. It’s a simple enough task by itself; but made complex by a large population, spread across a vast geography and the failure of such schemes in the past. Nearly a decade ago, the election commission’s voter identity card programme is still to cover vast parts of the population. Mr Nilekani’s challenge will be to do much better.

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Filed under: Companies, Top News, Nandan Nilekani, Unique Identification

Satyam Computer Services gets a new brand: Mahindra Satyam

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Mahindra SatyamSatyam Computer Services gets a new brand, Mahindra Satyam accompanied by the Mahindra flagship logo. It is not clear if the company will change its name too, as nothing is mentioned in the press release. Branding exercises can appear hyped and meaningless to some but at times, the symbolism can be quite revealing.
 

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Filed under: Companies, Quick News, Anand Mahindra, Mahindra & Mahindra, Satyam, Satyam Scam, Tech Mahindra

Bharti Airtel outsources Value Added Services to Comviva

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Bharti Airtel has contracted Comviva, a managed services company, to manage its value added services portfolio. Bharti has been the leader in outsourcing crucial functions, changing the way the telecom industry in India operated. Here it seems to have taken a big leap of faith, outsourcing the crucial function of providing value added services. Continue Reading →

Filed under: Companies, Telecom, Top News, Airtel, Atul Bindal, Bharti, Bharti Telesoft, Comviva

Opto Circuits joins the long list of companies lining up to raise money.

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Opto Circuits India has taken enabling approval from its board of directors for raising Rs 400 crore under a qualified institutional placement. The company, which makes medical equipment and electronic components, has also taken approval for an issue of warrants to its promoters. It can issue 60 lakh equity warrants to promoters, directors and employees on a preferential basis. Each warrant will fetch one equity share at a price of Rs 210 compared to the current price of Rs 186. Promoters are in a rush to get warrant issues approved.

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Filed under: Companies, Quick News, Markets Stock Markets, Opto Circuits, Preferential Allotment, QIP, Warrants