Anand Mahindra, vice-chairman and managing director of Kotak Mahindra Bank has told the bank that he does not wish to continue as the promoter of the bank. The board has also approved his request to cease as a promoter. He will continue to be on the board as a non-executive director. Normally, one would wonder why this happened. But in this case, Kotak Mahindra Bank has said that Mr Mahindra’s stake –3.68% including entities controlled by him- will now be reclassified as non-promoter holding.
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Siemens to expand steam turbine plant capacity
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The company was making single stage and multi stage steam turbines with a capacity of up to 45mw for industrial applications. Steam turbines can be used for various purposes, as a pump drive (feedwater pumps for large boilers), generator drive, compressor drive and waste to energy applications (source: www.siemens.com). The Vadodara factory was set up with an initial investment of Rs 30 crore and after this expansion will be able to make turbines with a capacity of up to 100mw.
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Filed under: Companies, Top News, factory, Siemens
Novartis revises open offer price by 28% to Rs 450
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Novartis AG has offered Novartis India’s shareholders Rs 99 more per share to make its open offer more attractive. The promoter holding in Novartis will increase to 89.93%, if the offer succeeds, just below the 90% cap on promoter holding in a listed company. The current share price is Rs 444 and it remains to be seen how many shareholders tender, even at the revised price of Rs 450. The price had touched a high of Rs 467 indicating investors were expecting the revised price to be higher. Continue Reading →
Filed under: Companies, Top News, Markets Stock Markets, Novartis, Open Offer, Pharmaceutical
Tata Communications’ 2008-09 results hit by higher interest outgo
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Tata Communications’ performance during 2008-09 was a mixed bag. Its sales increased smartly, by 20.1%, driven by an expansion in the volume of traffic it handled during the year. Its profit declined by 2.4% due to a sharp jump in interest costs.
Filed under: Companies, News Analysis, Telecom, 2008-09, Results, Tata Communications, VSNL
N Chandrasekaran to be new TCS CEO in October 2009
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S Ramadorai, the current CEO and MD of Tata Consultancy Services, will step down in October 2009. His current term ends in August 2009 after which he will serve a short two month term. N Chandrasekaran, the current chief operating officer, has been named the CEO designate and will take over when Mr Ramdorai steps down.
Filed under: Companies, Quick News, N Chandrasekaran, S Ramadorai, TCS
Karnataka Bank to raise Rs 500 crore through a QIP
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Private sector bank Karnataka Bank will be issuing Rs 500 crore worth of equity shares through a qualified institutional placement. The issue will contribute towards its Tier I capital, in the computation of its capital adequacy ratio. Banks have to maintain a certain proportion of their capital to their assets (loans) known as capital adequacy ratio (CAR), a measure of their financial strength to meet contingencies. Karnataka Bank had a CAR of 13.54% as of March 31, 2009 as per Basel-I norms.
Filed under: Companies, Quick News, CAR, Karnataka Bank, QIP
Bharti and MTN to join hands; complex deal structure
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The promoters of Bharti Airtel and MTN have agreed upon a merger agreement. This will be a novel deal involving an Indian company and a foreign company, with a consideration involving cash and a share swap. If it succeeds, both companies will hold stakes in each other, with Bharti holding the upper hand with a 49% stake in MTN. Of course, it is paying a stiff price to get that privilege.
Filed under: Companies, Top News, Bharti, MTN, share swap, Sunil Mittal
ITC’s sales down 1% in the March quarter, cigarettes still the boss
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ITC would prefer to be known as a diversified company, with businesses ranging from hotels to biscuits to soaps in its portfolio. But its 2008-09 results show once again, how critical the cigarettes’ division is to revenues and more so for profit growth.
Filed under: Companies, Household & Personal Care, Top News, agri-business, cigarettes, hotel, ITC, Paper
Four Tech Mahindra nominees appointed to Satyam Computer’s Board
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Tech Mahindra’s acquisition of Satyam Computer Services became more formal, after the appointment of four directors on its board. Vineet Nayyar, CP Gurnani, Sanjay Kalra and Ulhas N Yargop, all senior management personnel from Tech Mahindra, have been appointed on Satyam’s board effective June 1, 2009. The total board strength will go up to 10, including the six government appointed nominees, with Kiran Karnik as the chairman. Over a period of time, the government’s role in the board can be expected to diminish as they hand over charge to the new owners. Continue Reading →
Filed under: Companies, Quick News, Satyam Scam, Scam, Tech Mahindra
Heritage Foods to invest Rs 50 crore in a hydro power project
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Heritage Foods, a Hyderabad-based dairy company with Rs 600 crore in revenues, has taken approval from its board of directors to invest Rs 50 crore in a power project. The money will be invested in a special purpose vehicle that will generate hydro power in Arunachal Pradesh. The SPV is expected to start generating power in two years time. Details like the name of this special purpose vehicle and the stake it will get in it have not been given.