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HCL Infosystems, an information technology (IT) hardware and services company, is selling its 100% subsidiary HCL Infinet to Tikona Digital Networks. HCL Infinet is an enterprise telecom service provider, with revenues of Rs 77 crore in the year ended June 2010.
Continue ReadingThe sales of Bajaj Auto, the Rs 38,200 crore market capitalisation motorcycle company, for the quarter ended 31 December 2010 at Rs 4,177 crore, based on standalone figures, are almost at the same level as the previous quarter. Sales are up by 27% over the same period a year ago.
On a sequential basis, its net profit is down by 2% to Rs 667 crore but is up by 40% over the same period, a year ago.
Continue ReadingIndian pharmaceutical company Strides Arcolab has entered into a joint venture with a Brazilian company, BioChimico Industria Farmaceutica, to jointly market drugs for the hospital market. Strides will make the investment through an overseas subsidiary, Agila Specialities. The company owns a manufacturing facility in Campos, Brazil, which it acquired from South Africa’s Aspen Pharmacare, about a year ago, when the two companies restructured their business operations.
Continue ReadingThe fast growing education sector, both domestic education and outsourced education services, has seen a number of new entrants in recent years. Pearson’s acquisition of Tutorvista highlights the interest of foreign companies in this sector and the potential in the sector, as evident from the size of the transaction.
Continue ReadingHCL Technologies’ sales grew by about 5% sequentially in the December quarter, due to good performances in its key markets of US and Europe, and high levels of growth in emerging markets. Its performance is comparable to that of Tata Consultancy Services, with revenues rising 4.9% sequentially to Rs 3,888 crore and by 28% over the same quarter, a year ago. Comparable figures for TCS during these periods were 4% and 26%.
Continue ReadingAxis Bank, one of India’s largest private sector banks, clocked an impressive 28% growth in net interest income to Rs 3,838 crore for the quarter ended 31 December 2010, compared to the same period last year. Its net profit grew at 36% to Rs 891 crore, on a year-on-year (y-o-y) basis, and 21% over quarter ended 30 September 2010, which is commendable.
Continue ReadingTulip Telecom, a telecom company in the enterprise side of the business, is acquiring a data centre in Bengaluru for Rs 230 crore. The company will acquire a 100% stake in SADA IT Parks Pvt Ltd, which is setting up a 9 lakh square feet data centre. Tulip’s existing four data centres cover an area of 1 lakh sq.ft, which will go up to 10 lakh sq. ft., after the acquisition.
Continue ReadingIndusInd Bank has done well in the December quarter, with its net interest income rising by 53% to Rs 363 crore, in the quarter ended December 2010, over the same period a year ago. Its net profit has risen 75%, to close at Rs 154 crore in this quarter. The bank’s year on year growth is similar to that for September 2010 quarter, when its net profit rose by 71% and net interest income rose by 58%.
Continue ReadingIndian software giant Tata Consultancy Services (TCS) has logged impressive sales as well as profit growth, on the back of rising volume of work and aggressive cost management.
The company’s consolidated sales in the quarter ended 31 December 2010 rose by 4% over the previous quarter to Rs 9663 crore. This growth was higher than that of Infosys, whose sales grew by just 2.3% sequentially, and which had got affected by foreign exchange volatility.
Continue ReadingGlobal coffee retailer Starbucks has been eyeing the growing out of home coffee market in India for years now, but players such as Café Coffee Day, Costa Coffee and Barista have been ahead in the curve. Starbucks has finally decided to take the plunge and announced a joint venture with the Tata Tea subsidiary Tata Coffee.
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