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News Round Up: RBI Cancels Rs 10,000-Cr Bond Auctions, Yahoo Cut Costs

21 October, 2008

RBI Cancels Rs 10,000-Cr Bond Auctions Again

The government has cancelled its Rs 10,000-crore bond auction, soon after a 100-basis point cut in the repo rate by RBI. This is the second time in three weeks that the government has put off the auction for the new six-year paper (Rs 6,000 crore) and reissue of bonds maturing in 2032 (Rs 4,000 crore). 

 

Catholic Syrian Bank Plans To Raise Rs 130 Cr For Its Expansion

Kerala based Catholic Syrian Bank (CSB) is planning to raise Rs 130 crore through a proposed rights issue in November to fund its expansion plans. The bank has also applied for licence from Reserve Bank of India (RBI) to open 40 new branches to be opened in current fiscal. 

IndusInd To Raise More Capital : After raising $51.73 million (around Rs 248 crore) in June through issue of global depository receipts (GDRs), private sector lender IndusInd Bank has got the shareholders’ approval for raising further capital, if a need arises. The proposal was approved at the bank’s annual general meeting (AGM) last month.

L&T Will Grow Its Medical Line And Not Sell It : Engineering and construction major Larsen and Toubro (L&T) has put off plans to sell the medical equipment business and said it would rather concentrate on growing it.In a statement to the Bombay Stock Exchange, the company said its management had decided to retain the Mysore-based Medical Equipment and Systems business unit in view of overwhelming demand from customers. 

 

People

Yahoo To Cut Costs, Layoffs In Pipeline

Internet major Yahoo is planning to take up cost cutting initiatives including layoffs and is expected to disclose the measures soon. Yahoo had 14,300 employees at the end of June.

TCS May Freeze Staff Promotions:  Tata Consultancy Services, India’s largest software exporter, is restructuring its India unit as part of a broader organisational revamp announced early this year, and to combat difficult market conditions.

Swasti Bhowmick Joins Rediffusion – Y&R As CFO

Rediffusion – Y&R, the advertising & marketing agency has roped in Swasti Sovan Bhowmick as their Group CFO. Bhowmick will be responsible for all the Group companies. Previously he was working with Symantec Corporation India as the Head of Finance and Accounting function. He has more than 18 years of experience. 

 

M&As

Panoramic Universal Buys 51% Stake In Sri Vatsa Hotels : Panoramic Universal, a Mumbai-based company which has interests in hospitality and information technology (IT) has acquired 51% in Secunderabad-based Sri Vatsa Hotels (SVPHL). Panoramic intends to construct a four star hotel at a SVPHL owned commercial complex. Besides, Panoramic has also acquired more shares of Hi-Flyers Travel Services, making it its subsidiary.

 

Toshiba Eyes Sandisk’s Equipment Share In Their Chip Venture

Japan’s Toshiba Corp is to be looking to buy its partner SanDisk Corporation’s share of equipment in the two firms’ JV for memory chip in order to thwart Samsung Electronics’ takeover bid for SanDisk. 

 

Future Group Forges JV With Axiom To Retail Mobiles

Future Group has announced its entry into a JV with UAE-based mobile retailing firm Axiom Telecom and together they have planned to set up more than 1,500 outlets across India by 2009. The new JV, Future Axiom Telecom Ltd, entails an initial investment of $40 mn and would take charge of the Future Group’s 500 odd Mobile Bazaar and Mport stores in 58 cities. 

 

Diesel Eyes JV With Fifth Avenue For Kidswear

Renzo Rosso’s Diesel SpA is in advanced stage of negotiations with Chennai-based Fifth Avenue Holdings for a master franchise deal to tap India’s kidswear market . The Rs 600-crore Fifth Avenue Holdings is one of India’s largest garment sourcing management companies. 

 

Idea Cellular To Form Subsidiary For Karnataka and Punjab

Idea Cellular is planning to float a new company which will own the licences for the Karnataka and Punjab circles. It intends to avoid overlapping of spectrum allocated after the company acquired B K Modi’s Spice Communications.


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News Round Up: RBI Cancels Rs 10,000-Cr Bond Auctions, Yahoo Cut Costs

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