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Infosys’ Axon acquisition: boosting its consulting business or simply buying growth?

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Finally, Infosys Technologies did it. For years, one has got tired of hearing that the company was waiting for the right acquisition at the right price. This despite having oodles of cash on its balance sheet that lowered its return on capital. It did make some small acquisitions but nothing which made analysts furiously rework their estimates.
 

This will be a large acquisition by its standard, it will pay about Rs 3,300 crore to acquire UK’s Axon Group, a business transformation service provider.

First impression

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Filed under: Companies, Top News, Axon, Infosys, M&A

The inflation-IIP double whammy

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The week has begun on a somber note. The political developments in Delhi, with the Left exiting the UPA and the Samajwadi party making an entry, will mean some changes ahead, some of them could affect business. Then, on Friday, inflation inched ever so closer to 12%. This was not as much a surprise but a confirmation that high levels of inflation won’t go away in a hurry. Indeed, if RBI’s level of 5.5% is taken as a benchmark, we have a long way to go before we can relax.
 

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Filed under: Economy+Policy, Top News, IIP, Industries Number Speak, Inflation

Tax on luxury cars will help no one, not even inflation

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Last week, inflation touched 8.75% confirming that inflation has perhaps crossed 9% and if you factor in the June 4 petroleum product price hikes, it will cross 10%. Everyone seems to be predicting that by November’08, the base effect will kick in and reported inflation will come down. Still, if the direction in which prices are moving does not change, it does not bode well.
 

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Filed under: Companies, Top News, Cars, Tax

HP-EDS deal: are Mphasis shareholders jumping the gun?

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Update on May 22: EDS has sent a clarificatory letter to the stock exchanges stating that it is not required to make an open offer, under Sebi’s existing regulations. That will disappoint retail shareholders who were hoping for a windfall, though instutional shareholders would have realised that an open offer was not on the cards. Read the text of the letter here.

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Filed under: Companies, Top News, Companies International, EDS, HP, M&A, Mphasis, Open Offer

Is Bolix a good buy for Berger Paints?

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Berger Paints will add about Rs 180 crore or about 13% to its existing turnover after the acquisition of Polish company Bolix. Berger bought out the company on April 28, 2008 giving an exit to private equity company, Advent International.
 

Bolix is in the exterior building materials business; it makes external insulation finishing systems (EIFS). It was acquired by Advent in 2003 when it had a turnover of $26mn, which has grown at a CAGR of 15% to $45.5mn in 2007. That is a smart growth rate, indicative of the demand for this business.
 

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Filed under: Companies, Paints, Top News, Berger, Bolix, Companies International, M&A

Short Selling Allowed – A big step forward for Indian Stock Markets

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Short selling is allowed again in the Indian stock markets. Sebi today issued a circular allowing short selling, with a securities lending and borrowing mechanism to be put in place. The stock exchanges and depositories will be the implementing agencies, they have been asked to make the necessary amendments in their own statutes, develop and test software for the same. Sebi will notify the date from which short selling is allowed after the agencies confirm their preparedness for the same.
 

What is proposed?

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Filed under: Finance+Markets, Top News, Policy From the Regulators, Short Selling, Stock markets

Sebi clarifies, existing PNs on derivatives can be renewed or rolled over till 18 months

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Sebi issued this clarification today. "Clarifications have been sought on para 1 of the Proposed Measures in the draft discussion paper on Overseas Derivatives Instruments (ODIs), with Indian Exchange Traded Derivatives as underlying. With regard to the above, it is made clear that there is no proposed bar on ODI contracts, expiring this month or in the following months, being renewed, provided the renewal does not go beyond 18 months.
 

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Filed under: Finance+Markets, Top News, derivatives, PN, Policy From the Regulators, Sebi