Standard Chartered Plc’s Indian Depositary Receipt fell by as much as by 20% on Monday on the BSE, on news that capital market regulator Sebi will not allow redemption of IDRs, except if they were illiquid.
It was not an endgame after all, for Lavasa Corporation. There were some fears that the government would order the project to be shut down, which would have affected the company, other companies who had invested in the project, people who have bought homes, and investors in Lavasa’s listed parent, Hindustan Construction Company. The Ministry of Environment and Forests submitted its final order on the project, after obtaining submissions from all parties, including Lavasa, and considering the central and state level appraisal committee’s report on the project.
Axis Bank took the world of finance by surprise, announcing its decision to acquire Enam Securities investment banking and capital market transactions' business. It will pay about Rs 2,067 crore in stock to Enam's owners -Vallabh Bhansali, Jagdish Master, Nemish Shah and Manish Chokhani- in a cashless acquisition, structured as a merger.
Indian companies have gone and acquired companies abroad in several sectors such as software, chemicals, FMCG, metals, engineering. But in the sugar sector, we have not seen any major foray abroad.
Shree Renuka Sugars has become the first sugar player to acquire a company in Brazil, the largest sugar producer and exporter in the world with India being the largest consumer. In recent times, India has relinquished its status as a sugar exporter, and the rising demand has made it an importer.
Bharti Airtel and MTN were unable to convince the South African government to accept their cross-border merger proposal. The government did not object to the merger per se but to the structure, which was outside the current regulatory environment. The two companies had proposed a structure, which ostensibly involved MTN taking up a stake in Bharti by subscribing to ADRs/GDRs. Bharti would in turn take up a stake in MTN, which was a direct transaction.
Wipro’s performance in the June 2009 quarter was good, with revenues falling between the range it had given in April 2009. The stock markets, however, seemed to have bargained for more, as the stock is down about 2%. Measured in constant currency terms, IT companies have reported modest performances in the June 2009 quarter, but when you translate them from currencies like pounds, euros and Australian dollars to USD and then to rupees, the effect can be quite significant.
At first, it might seem that Tech Mahindra’s plans did not work out, as its open offer failed, leaving it with a 43% stake instead of a 51%. This setback hardly matters, however, if the two companies merge. A merger could mean that the group could repay the entire debt taken for the acquisition, using Satyam’s shares held by Tech Mahindra, if it so wishes.
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.
The Holcim group-owned cement company sold 5.8% more cement in the quarter than it did in the previous corresponding period. Exports went up by 44%, contributing to 0.28mn tonnes of the 5.1mn tonnes sold during the quarter.
“Wipro discloses vendor status with World Bank”. That’s the headline of the release issued to the Bombay Stock Exchange. But for Satyam’s run-in with the World Bank, few would have opened the attachment. Its contents are a shocker The World Bank has declared Wipro ‘ineligible’, in June 2007, to bid for direct contracts for four years ending in 2011. Ineligible is a mild term for a ban, which is what it is. Wipro’s disclosure shows a can of worms waiting to be prised open in several parts of corporate India.
Standard Chartered Plc’s Indian Depositary Receipt fell by as much as by 20% on Monday on the BSE, on news that capital market regulator Sebi will not allow redemption of IDRs, except if they were illiquid.
It was not an endgame after all, for Lavasa Corporation. There were some fears that the government would order the project to be shut down, which would have affected the company, other companies who had invested in the project, people who have bought homes, and investors in Lavasa’s listed parent, Hindustan Construction Company. The Ministry of Environment and Forests submitted its final order on the project, after obtaining submissions from all parties, including Lavasa, and considering the central and state level appraisal committee’s report on the project.
Axis Bank took the world of finance by surprise, announcing its decision to acquire Enam Securities investment banking and capital market transactions' business. It will pay about Rs 2,067 crore in stock to Enam's owners -Vallabh Bhansali, Jagdish Master, Nemish Shah and Manish Chokhani- in a cashless acquisition, structured as a merger.
Indian companies have gone and acquired companies abroad in several sectors such as software, chemicals, FMCG, metals, engineering. But in the sugar sector, we have not seen any major foray abroad.
Shree Renuka Sugars has become the first sugar player to acquire a company in Brazil, the largest sugar producer and exporter in the world with India being the largest consumer. In recent times, India has relinquished its status as a sugar exporter, and the rising demand has made it an importer.
Bharti Airtel and MTN were unable to convince the South African government to accept their cross-border merger proposal. The government did not object to the merger per se but to the structure, which was outside the current regulatory environment. The two companies had proposed a structure, which ostensibly involved MTN taking up a stake in Bharti by subscribing to ADRs/GDRs. Bharti would in turn take up a stake in MTN, which was a direct transaction.
Wipro’s performance in the June 2009 quarter was good, with revenues falling between the range it had given in April 2009. The stock markets, however, seemed to have bargained for more, as the stock is down about 2%. Measured in constant currency terms, IT companies have reported modest performances in the June 2009 quarter, but when you translate them from currencies like pounds, euros and Australian dollars to USD and then to rupees, the effect can be quite significant.
At first, it might seem that Tech Mahindra’s plans did not work out, as its open offer failed, leaving it with a 43% stake instead of a 51%. This setback hardly matters, however, if the two companies merge. A merger could mean that the group could repay the entire debt taken for the acquisition, using Satyam’s shares held by Tech Mahindra, if it so wishes.
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.
The Holcim group-owned cement company sold 5.8% more cement in the quarter than it did in the previous corresponding period. Exports went up by 44%, contributing to 0.28mn tonnes of the 5.1mn tonnes sold during the quarter.
“Wipro discloses vendor status with World Bank”. That’s the headline of the release issued to the Bombay Stock Exchange. But for Satyam’s run-in with the World Bank, few would have opened the attachment. Its contents are a shocker The World Bank has declared Wipro ‘ineligible’, in June 2007, to bid for direct contracts for four years ending in 2011. Ineligible is a mild term for a ban, which is what it is. Wipro’s disclosure shows a can of worms waiting to be prised open in several parts of corporate India.