Satyam 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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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.
Filed under: Companies, Quick News, Markets Stock Markets, Opto Circuits, Preferential Allotment, QIP, Warrants
Anand Mahindra no longer a promoter of Kotak Mahindra Bank
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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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Filed under: Companies, Quick News, Anand Mahindra, Kotak Mahindra, promoter
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
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.
Filed under: Companies, Quick News, Dairy, Heritage Foods, Hydro Power
SKF India net profit falls 62% on auto industry woes
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SKF India, a Rs 1,620 crore turnover company that makes bearings and seals used by industries, suffered from the industrial slowdown. The March’09 quarter saw a continuation of a factory shutdowns, reduction in shifts in various sectors, as companies adjusted production schedules in line with declining demand. Automobile makers have cut production, particularly among commercial vehicles, affecting purchases. A general decline in other industries too seems to have affected demand for bearings.
Filed under: Automobiles, Companies, Quick News, Bearings, SKF
Inflation at 0.26% in the April 11 week, up marginally
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Though fuel prices have come down sharply, lowering overall inflation, basic, food and manufactured product prices either continue to rise or remain stagnant. In the week ended April 11, inflation was at 0.26%, almost close to zero but higher than the previous week’s level of 0.18%.
Primary article prices are up by 4.3% over the same week, a year ago with food prices being up by 7%. Mineral and ore prices have fallen sharply. Manufactured product prices have not fallen, with producers holding on to prices to compensate for falling volumes, it seems.
Filed under: Economy+Policy, Quick News, Inflation, WPI
Hindustan Construction Company seeks equity funding
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Hindustan Construction Company will seek its board’s approval to raise long term funds to meet its capital expenditure and growth plans. The agenda for the April 24 board meet was to approve its financial results. It has been expanded now, and the board will also consider the company’s plan to raise funds through an equity issue, including a rights issue.