Tulip Telecom Looking For An Acquisition In The U.S : The Rs 1,242-crore Tulip Telecom plans to acquire an IT-managed services company in the US.The company e for the acquisition and has appointed merchant bankers to scout for a suitable firm in the US.
Macquarie Lays Off 30 People In Its I-banking Team : Australian financial and investment services company, Macquarie, has retrenched 25-30 employees last week. Most of them are from the bank’s investment banking (i-banking) and equities research and sales team. Those engaged in the infrastructure desk are also likely to see a retrenchment.
US Based Broadridge Planning A Foray Into Indian Market : US-based Broadridge Financial Solutions, an outsourcing provider to the global finance industry,is planning to foray into the Indian market soon. The $2.2-billion company is in talks with stock brokerages and banks to market its securities processing products to bolster revenues. It expects to garner around $7 million from India in 2009. The company understands that it would have to do some effective lobbying with the government to market this kind of a product. They have already started a facility in Hyderabad.
Shriram EPC’s Ennore Coke May Go For A Joint Venture For Its New Project : listed on the BSE, is an associate company of Shriram EPC Ltd, part of the Chennai-based Shriram group, which has a 32 per cent stake in the company. It produces coke, used in the conversion of ores into metals, from coking coal that comes from mines. Coke is a key raw material in steel production. To put up the project, it is imperative to either have possession of coking coal mines or have a company that has the mines as a partner. Depending upon how things pan out, the new project may be put up either by Ennore Coke itself or through a joint venture.
Promoters of Small IT Cos Hike Stake Amidst A Weak Market : In a bid to instil investor confidence in their companies, the promoter directors of small and medium sized IT firms are raising their equity stakes even as the stocks trade at yearly lows in a weak market. Sensing an opportunity to buy, promoters of companies such as Subex Ltd, Mastek Ltd, Geometric Software and MindTree Ltd have consolidated their holdings by purchasing shares in various tranches from the open market in the past two months.
Entertainment World Development Plans To Snap Up Cash Strapped Builders : Entertainment World Development (EWDPL), a real estate developer, said it plans to acquire malls from cash-strapped builders who are unlikely to finish their projects and may be scouting for a partner. EWDPL’s move comes at a time when most of the country's developers have either deferred or slowed down their projects. DLF and Unitech, two of the country’s largest developers, have recently announced plans to defer or sell some of its projects for want of cash.
Techno Life Style Acquires German retailer Wehmeyer : Indian entrepreneur-promoted apparel sourcing company Techno Life style has acquired mid-market German retailer Wehmeyer for an undisclosed amount.Wehmeyer has a consolidated turnover of Rs 900 crore and 43 retail stores across Germany. It sells apparel and accessories for men and women from leading brands such as Esprit, S Oliver and Lerros besides having a portfolio of its own brands.
Sakaal Times Shuts Its Delhi Office : Sixty-one people at the New Delhi office of Sakaal Times, an English daily published by the Pune-based Sakaal Media Group, may be the first newsroom casualties of the ambitious expansion some groups undertook during a five-year media boom. The group has decided to shut the Delhi offices and terminate the services of the 61 reporters, editors, photographers and infographists, and has given up its ambition of making it a multi-edition daily newspaper.
Dunlop Factory in Kolkata Shut Down : The Dunlop management today declared suspension of work in Bengal’s Sahagunj, rendering nearly 1,200 workers jobless.The management said the decision was taken “after failure of rounds of prolonged discussions with the labour unions”.The management had earlier stopped production and offered Rs 2,000 a month to the workers citing a cash crunch because of the global credit crisis, but the unions rejected the deal.