Posts Tagged ‘Tata Consultancy Services’

Tata Steel, TCS and Madhucon Projects may witness some action today

Tata Steel, a part of the salt-to-steel conglomerate Tata Group, has decided to acquire 80% stake in the Direct Shipping Ore (DSO) project of Canada-based New Millennium Capital Corp for a consideration of around Rs 1,350 crore.

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IT major Tata Consultancy Services (TCS) has inked a significant multi-year agreement with SUPERVALU Inc. for a full services engagement.

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S Kumars Nationwide has mobilized $50 million worth of fresh funds through issue of equity shares to institutional investors.

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Jyothy Laboratories is expecting a turnover of Rs 500-crore from its largest selling fabric-care brand ‘Ujala’ by entering the competitive Rs 11,000-crore detergent market, competing with strong market leaders such as HUL and P&G. The company is planning to extend its business from Kerala to the rest of the South.

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Madhucon Projects’ promoted Simhapuri Energy (SEPL) has tied up funds for its 300 mega watt (MW) Phase II Thermal Power Plant at Krishnapatnam, SPSR Nellore District, Andhra Pradesh.

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Bank of Baroda has decided to takeover specific assets and liabilities of Mumbai-based Memon Cooperative Bank. In this regard, the company has received approval from Government of India and Reserve Bank of India.

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Equity News Round Up 30th August – 3rd September

DOMESTIC NEWS


Economy

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•The food price index rose to an annual 10.05% in the week ended August 14 as against 10.35% in the previous week.

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Oil & Gas

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•ONGC is set to get permission from the Centre to pay only a third of its total royalty obligation to the Rajasthan government on the revenues earned from the oil blocks owned by Cairn India, removing a possible obstacle to the Vedanta-Cairn deal and saving the oil explorer an annual outgo of $350 million.

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•The Supreme Court refused to restrain Vedanta Group’s bid to acquire Cairn India through an open offer of $3 billion. Billionaire Anil Agarwal-owned Vedanta Group plans to acquire around 60% stake in Cairn India for over $9 billion, including the 20% proposed to be bought by Sesa Goa.

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Telecommunication

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•Reliance Communications’ 3G Innovation Lab has started with hopes of providing the operator with applications that will drive higher data consumption among mobile phone users as the company launches third generation (3G) wireless services.

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Ship Building

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•ABG Shipyard exited Great Offshore by selling its 4.66 per cent stake in the offshore oil and gas service provider for `64.50 crore through open market transactions.

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Information Technologies.

•Tata Consultancy Services (TCS) has signed a 130 crore e-governance contract with the Madhya Pradesh government.

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•EdServ announced that it has tied up with the Canada-headquartered Corel to become its authorised online training partner. EdServ thus have the rights to train and certify students on the Corel Technology, Graphics Design and Desktop Publishing.

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Auto Ancillaries

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•Lumax Industries plans tosetuptwoautomotivelightingplants intwoyears.The first plant isbeing setupat SanandinGujarat tosupplyTataMotors’Nanocar and will become operational inthethirdquarter this fiscal.

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Power

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•Power Grid Corporation is among the three firms shortlisted by the Nigerian Government to manage the country’s electricity grid to be constructed at a cost of $ 3.5 billion.

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Tea.

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•Jayshree Tea & Industries (JTIL), a BK Birla Group company, is eyeing tea estates in Rwanda. It has decided to participate in the auctioning of tea estates that is likely to be kicked off by the Rwanda Tea Authority shortly.

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Pharmaceuticals

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•Cipla has approved the acquisition of Mumbai-based Meditab Specialities for a consideration of 133.35 crore. The acquisition of Meditab will help the company consolidate its business invariouscountries includingChina & Africa.

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INTERNATIONAL NEWS

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•US Existing home sales fell 27.2 percent in July to a 3.83 million annual rate for the lowest level in 15 years. The 3.83 million rate compares with expectations for 4.65 million. Supply at the current sales rate ballooned from June’s already swollen 8.9 months to 12.5 months for the worst reading in 11 years.

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•US New factory orders for durable goods in July rebounded 0.3 percent, following a 0.1 percent decline the prior month. The July rebound came in significantly belowthe consensus forecast for a 2.5 percent comeback.

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•US Jobless claims swung lower in the August 21 week in what should slow the deepening pessimism. Initial claims fell 31,000 for the second biggest decline of the year. Yet the 473,000 level is still on the high side when compared to levels in July, evident in the four-week average of 486,750 which is the worst since November.

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•US Gross domestic product grew at a 2.4 percent annual pace, less than forecast, after a 3.7 percent first-quarter gain that was larger than previously estimated. The U.S. economy slowed in the second quarter as a scarcity of jobs eroded consumer spending, leaving the rebound dependent on a surge in business investment.

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