Sumeet's Feed
Jul 6, 2014

Riding on Modinomics hopes, India’s indebted companies rush to lock in funds

MUMBAI, July 7 (Reuters) – Several private Indian firms want
to pay off debts by raising up to $5 billion this year through
share sales, emboldened by a surge in the stock market and an
anticipated economic recovery after Narendera Modi was elected
as prime minister.

Leading the equity issuances in the private sector are
highly leveraged firms such as GVK Power & Infrastructure Ltd
, Adani Enterprises Ltd and others in capital
intensive industries such as infrastructure, metals and
telecommunications, bankers say.

Jun 17, 2014

Ratnakar Bank plans IPO of up to $250 mln in 2015 – sources

MUMBAI (Reuters) – Ratnakar Bank Ltd plans to launch an initial public offering of shares worth up to $250 million in the first quarter of 2015, sources involved in the process said, in what will be the first Indian bank listing in four years.

The offer will include an issue of new shares as well as some of the shares owned by the bank’s private equity investors, said three sources. All the sources declined to be named as the details of the IPO are not public yet.

Jun 17, 2014

India’s Ratnakar Bank plans IPO of up to $250 mln in 2015-sources

MUMBAI, June 17 (Reuters) – India’s Ratnakar Bank Ltd
plans to launch an initial public offering of shares
worth up to $250 million in the first quarter of 2015, sources
involved in the process said, in what will be the first Indian
bank listing in four years.

The offer will include an issue of new shares as well as
some of the shares owned by the bank’s private equity investors,
said three sources. All the sources declined to be named as the
details of the IPO are not public yet.

Jun 12, 2014

Infosys names first external CEO in turnaround bid

MUMBAI (Reuters) – Infosys Ltd, India’s second-largest IT services exporter, has for the first time picked an outsider as chief executive officer, as it seeks to boost sales of high-margin services like cloud computing and stem a staff exodus.

Vishal Sikka, a former member of executive board at German software company SAP AG, has the technical savvy to herald what analysts expect will be a strategy overhaul at Infosys, which, like its competitors Tata Consultancy Services Ltd and Wipro Ltd, has relied on labour-intensive, low-margin contracts from Western clients.

Jun 12, 2014

Infosys names first external CEO; chairman Murthy to step down

MUMBAI, June 12 (Reuters) – India’s Infosys Ltd
named former SAP AG top executive Vishal Sikka as
Chief Executive Officer, the first time it has not chosen one of
its founders for the role, as it looks to regain market share
and stem a staff exodus.

India’s second-largest IT services exporter said Executive
Chairman N.R. Narayana Murthy would step down on Saturday,
nearly a year after he was brought in from retirement to help
the company better compete with rivals including Tata
Consultancy Services and Wipro.

Jun 11, 2014

New tech, venture capital feed “gold-rush” among India’s IT start-ups

MUMBAI, June 12 (Reuters) – In India’s IT services
outsourcing sector, local start-ups, often backed by U.S.
venture capital funds, are nipping at the heels of industry
heavyweights such as Tata Consultancy Services Ltd and
Infosys Ltd.

These nimble start-ups, most of them based in Bangalore,
offer niche cutting-edge technology products, solutions and
services that traditional outsourcing companies don’t offer, or
can’t offer at competitive rates.

Jun 11, 2014

Essar Group plans to sell UK refinery – sources

MUMBAI/NEW DELHI, June 11 (Reuters) – India’s Essar Group
plans to sell the Stanlow refinery in Britain, three sources
familiar with the matter said.

Essar is seeking to raise $500-$600 million for the plant in
the northwest of England, two of the sources said. However other
plants recently put up for sale in the UK, Murco’s Milford Haven
and the Bankrupt Petroplus’s Coryton, have failed to find
buyers.

Jun 3, 2014

FDA criticizes quality control, training at Wockhardt U.S. plant

MUMBAI (Reuters) – The U.S. healthcare regulator has found fault with quality control, training and staff hygiene at Wockhardt Ltd’s plant in Chicago, potentially adding to regulatory problems facing the Indian generic drugmaker.

The U.S. Food and Drug Administration (FDA) listed its concerns after inspecting the Chicago facility from Jan 22 to March 26. The FDA’s finding were posted on the FDA website on May 30, and seen by Reuters on Tuesday.

May 29, 2014

Infosys running out of time to name new CEO as president quits

MUMBAI (Reuters) – India’s second largest IT services exporter Infosys Ltd is under pressure to bring in a new chief executive soon to check an exodus of junior staff and reassure investors after a slew of departures at the top.

Shares in Infosys, the most widely held Indian stock, fell to their lowest level in nine months on Thursday, the day after it announced president and board member B.G. Srinivas had resigned.

May 29, 2014

Infosys running out of time to name new CEO

MUMBAI (Reuters) – India’s second largest IT services exporter Infosys Ltd (INFY.NS: Quote, Profile, Research) is under pressure to bring in a new chief executive soon to check an exodus of junior staff and reassure investors after a slew of departures at the top.

Shares in Infosys, the most widely held Indian stock, fell to their lowest level in nine months on Thursday, the day after it announced president and board member B.G. Srinivas had resigned.