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News Round Up : Mphasis CEO Quits, Banks Cut PLR’s

09 December, 2008

MphasiS CEO Quits – Software services exporter Mphasis, which was acquired by EDS has said that Chief Executive Officer Jeya Kumar has resigned to pursue external career opportunities. Kumar was the CEO from February 2008 and will continue as CEO and on the board of directors till a new appointment is announced. The comes after Jerry Rao, the head of EDS in India, quit in September this year.

Japanese Firm, IL&FS and Haryana Govt To Set Up Logistics Park –Japan’s Mitsui & Company India Pvt Ltd with Haryana State Industrial & Infrastructure Development Corporation Ltd (HSIIDC) and IL&FS Infrastructure Development Corporation Ltd is planning to set up an

Integrated Japanese Industrial, Transportation & Logistic Park in Haryana. The project is likely to see an investment of $1 billion and create 10,000 jobs.

 

IIFC To Raise Rs 10,000 Cr To Refinance Infra Projects : India Infrastructure Finance Company Ltd (IIFCL) is likely to raise another Rs 10,000 crore through tax-free bonds to refinance bank loans to infrastructure projects. This comes after the government announced its stimulus package on Monday, which also announced a Rs 10,000 refinance for loans taken for infrastructure projects. The coupon rate for these bonds is expected to be 7.5%.

 

SREI Infra To raise Rs 3000 Cr From Banks : Srei Infrastructure Finance Limited, a non-banking finance company, is looking at raising upto Rs 3000 crore from banks over the next quarter for disbursals. The company has already disbursed close to Rs 5,000 crore, a growth of 60% over the corresponding previous. Srei should be able to raise Rs 3,000 crore more if the government allows external commercial borrowing.

 

LIC To Invest Rs 31,000 Cr –  Life Insurance Corporation of India (LIC) would invest Rs 31,000 crore in equities and corporate bonds in the next four months. The corporation would invest Rs 11,000 crore in stocks and Rs 20,000 crore in non-convertible debentures. Till the end of November, LIC has invested Rs 36,311 crore in G-Secs, Rs 29,000 crore in equities (secondary market) and Rs 23,190 crore in NCDs.

 

Banks Cut Their Prime Lending Rates – After the RBI has announced 100 basis points cuts in its prime rates, India’s second largest private sector lender HDFC Bank lowered prime lending rate (PLR) 50 basis points and state-owned Union Bank 75 basis points to 12.5 per cent. Yes Bank also cut its PLR from 17% to 16.5% with effect from December 8th. Other banks are

likely to follow the suit.

 

Elgi Forms JV With German Co –  Air compressor manufacturer Elgi Equipments Ltd has announced the German equipment maker, J P Sauer & Sohn as a majority partner with a 74% stake in a joint venture between the two companies. The venture, which is formed to produce advance compressors, would have Elgi Equipment holding the remaining 26% stake. The company, Elgi Sauer Compressors Ltd, will begin manufacturing air compressors with applications for navy and industries in the current month at its plant in Coimbatore, Tamil

Nadu.

 

ONGC To Go Ahead With Imperial Acquisition – Even after the UK authorities rejected the Indian company’s request to delay the open offer, ONGC Videsh Ltd is planning to go ahead with the open offer for Imperial Energy. OVL will meet the deadline for making an open offer

to shareholders of the UK firm. The shares of Imperial fell by more than 25% after the ruling of the UK Takeover panel.

 

SBI – Bajaj Capital Announce Joint Venture – SBI Life Insurance announced on Monday its broking tie-up with Bajaj Capital Insurance Broking Limited. Bajaj has a national brokerage presence, and SBI is expected to benefit from that. In other news, SBI Life Insurance is planning to invest Rs 600 crore in 2009-10 for business expansion.

 


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News Round Up : Mphasis CEO Quits, Banks Cut PLR’s

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