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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

Revised monsoon forecast casts a shadow

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The South-West monsoon rainfall not only brings relief to people from the summer heat, but is eagerly awaited by farmers. Their crop output depends on it, in a country where irrigation infrastructure is still pitiful, well into the 21st century. For them, the revised monsoon forecast is a dampener. The weather bureau (www.imd.gov.in) has revised its South-West monsoon forecast.

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Filed under: Agriculture, Economy+Policy, Top News, Forecast, Industries Number Speak, Monsoon

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

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

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

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