MUMBAI: Inflation based on the wholesale price index (WPI) has moved up to 0.26% for the week ended April 11 when compared with 0.18% in the previous week due to higher prices of food articles. A UTVi poll had seen inflation easing to 0.13%.
The official WPI for all commodities for the week ended 11 April rose 0.3% to 228.8 (provisional) from 228.2 (provisional) for the previous week.
Inflation was at 7.95% during the corresponding week (12/04/2008) of the previous year.
The WPI for primary articles rose 0.5% to 248.9 (provisional) from 247.6 (provisional) for the previous week. The index for food articles group increased 0.5% to 246.8 (provisional) from 245.6 (provisional) for the previous week due to higher prices of tea (5%), bajra and jowar (3% each), fruit & vegetables (2%) and mutton and maize (1% each). However, the prices of gram and barley (1% each) declined.
The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 322.6 (provisional).
The index for manufactured products increased 0.2% to 200.9 (provisional) from 200.5 (provisional) for the previous week.
The government revised inflation data for the week ended 14 February to 3.18% from the earlier announced 3.36.
Updated at 0930 hrs: Inflation for the week ended April 11 is estimated to ease to 0.13% from 0.18% in the week ago period, a poll of 13 economists by UTVi indicated. Inflation for week ended April 11 is expected to decline on the back of a high base effect from last year.
The inflation trajectory continues to remain southward bound and in its Annual Policy detailed on April 21 for the current financial year, the Reserve Bank of India said that inflation would slip into negative territory in the early part of 2009-10. RBI forecasts inflation to be around 4 percent by March next year. Announcing the policy the central bank slashed key interest rates by 25 basis points and in an interview with UTVi, RBI Governor D Subbarao has said there was room for further monetary policy easing. The inflation estimates of the 13 analysts polled by us ranges from a high of 0.26% to a low of zero.
Wednesday, April 22, 2009
The inflation figure for week ended April 11 has been declared at 0.26% versus the earlier figure of 0.18%, reports NDTV Profit
WPI for all commodities is up 0.3% at 228.8 (WoW), reports NDTV Profit. Manufactured Products Index is up 0.2% (WoW), Primary Articles Index is up 0.5% (WoW) while WPI for Fuel Group remains unchanged (WoW), it adds
WPI for all commodities is up 0.3% at 228.8 (WoW), reports NDTV Profit. Manufactured Products Index is up 0.2% (WoW), Primary Articles Index is up 0.5% (WoW) while WPI for Fuel Group remains unchanged (WoW), it adds
Tuesday, April 14, 2009
Employes relieved, tread with caution
The news of Tech Mahindra emerging as the highest bidder to acquire a controlling stake in Satyam has attracted mixed responses from the fraud-hit IT major’s employees. Associates are trying to build up a hopeful image and get away from the fear of job loss, although no promises have been made before them.
Employees at Satyam’s headquarters in Hyderabad sported a festive mood on Monday. Anita, who has been with the company for the last three years, said, “This is the greatest relief I have got in my career.” There is reason for her rejoice, as her project, which is related to ERP business, was nearing completion and there was no sign of its extension. With Monday’s news, she is hopeful that some of the contracts may be renewed.
However, many Satyamites feel that HR policies Tech Mahindra and Satyam are different.
Rajesh, an employee at Satyam, is worried about cultural differences among the companies.
Varun Podalala, convenor, Satyam Freshers Union, said, “We are worried about the offer letters issued by Satyam; we are clueless whether they will be honoured by Tech Mahindra,” he said.
About 10,000 students from various colleges were given offer letters before the scandal broke out.
Ravi, who is on the bench of Satyam, said, “We are not sure if we will be absorbed by Satyam or Tech Mahindra.”
Employees at Satyam’s headquarters in Hyderabad sported a festive mood on Monday. Anita, who has been with the company for the last three years, said, “This is the greatest relief I have got in my career.” There is reason for her rejoice, as her project, which is related to ERP business, was nearing completion and there was no sign of its extension. With Monday’s news, she is hopeful that some of the contracts may be renewed.
However, many Satyamites feel that HR policies Tech Mahindra and Satyam are different.
Rajesh, an employee at Satyam, is worried about cultural differences among the companies.
Varun Podalala, convenor, Satyam Freshers Union, said, “We are worried about the offer letters issued by Satyam; we are clueless whether they will be honoured by Tech Mahindra,” he said.
About 10,000 students from various colleges were given offer letters before the scandal broke out.
Ravi, who is on the bench of Satyam, said, “We are not sure if we will be absorbed by Satyam or Tech Mahindra.”
Commodity trade up 29% at Rs 52.49 lakh crore
Indian commodity futures trade rose 29.09% to Rs 52.49 lakh crore during financial year 2009, a director with the Forward Markets Commission (FMC) said on Thursday.
The Multi-Commodity Exchange of India dominated the space during the year with 87.41% of trade, a rise from their earlier share of 76.88% .
The National Commodity and Derivatives Exchange accounted for 10.21% of trade, lower than previous share of 19.08%.
The National Multi-Commodity Exchange had 1.17% of trade up from 0.63%.
Forward Markets Commission chairman BC Khatua had in September expected futures trade in the country to grow more than 40% to Rs 57 lakh crore in the year to March 2009.
India, which allowed futures trading in commodities in 2003, has one of the fastest-growing commodity futures markets with 22 commodity bourses, of which three operate at the national level.
A proposed fourth bourse may be operationalised by June.
The Multi-Commodity Exchange of India dominated the space during the year with 87.41% of trade, a rise from their earlier share of 76.88% .
The National Commodity and Derivatives Exchange accounted for 10.21% of trade, lower than previous share of 19.08%.
The National Multi-Commodity Exchange had 1.17% of trade up from 0.63%.
Forward Markets Commission chairman BC Khatua had in September expected futures trade in the country to grow more than 40% to Rs 57 lakh crore in the year to March 2009.
India, which allowed futures trading in commodities in 2003, has one of the fastest-growing commodity futures markets with 22 commodity bourses, of which three operate at the national level.
A proposed fourth bourse may be operationalised by June.
Tech mahindra buys satyam
Last monday (13-04-2009), there was a bid for buying satyam computer services and there was competition between 3 giants, L&T,Cognizant and Tech mahindra.
At noon after the bidding is over, Tech mahindra won the bid.
If it goes through, the deal will give Tech Mahindra a seat at the high table of the Indian IT services business. It will also mark the end of the uncertainty surrounding Satyam, though the firm’s legal and financial troubles are far from over.
Tech Mahindra, which provides telecom software services, made the bid through subsidiary Venturbay Consultants Pvt. Ltd and will likely spend a total of Rs2,889 crore to acquire a 51% stake in the fraud-hit Satyam. Analysts say that the company may have to immediately invest Rs1,000 crore in Satyam for operating expenses. The deal needs to be approved by the Company Law Board (CLB), the government arm that oversees the functioning of companies.
A Mahindra Group executive said money wouldn’t be a problem. “Tech Mahindra has Rs700 crore of cash available and then we have hard under-writing for the remaining amount. So, we can arrange it,” said Bharat Doshi, the group’s chief financial officer
What’s next
Satyam is expected to apply to CLB for permission to go ahead with the deal, the board’s chairman S. Balasubramanian said. The board “will take 24 hours to approve it”, he added.
Tech Mahindra, a publicly traded firm that is a joint venture between automobile firm Mahindra and Mahindra Ltd and BT Group Plc. (it owns 31% of the company), will then be given management control of Satyam after it deposits Rs1,756 crore with the company. Tech Mahindra will then have to make an open offer to acquire shares adding up to a further 20% stake in Satyam from the company’s public shareholders. If it isn’t successful in this, Satyam will issue it fresh shares to make sure it ends up with a stake of 51%.
People familiar with the matter say that Tech Mahindra has received a commitment of Rs1,500 crore from a clutch of non-banking financial companies, mutual funds and insurance companies. The remaining Rs700 crore will be raised through a short-term loan by Indian banks, they added, asking not to be identified. This loan will be repaid from the money that will be raised from PE investors, a banker familiar with the matter said, asking not to be identified.
Reuters reported that Tech Mahindra plans to raise Rs600 crore through sale of bonds to finance its Satyam buy, citing three unidentified people with knowledge of the deal.
Potential liabilities
Tech Mahindra’s chief executive Vineet Nayyar said legal liabilities of Satyam, including a case by Upaid Systems Ltd (a former Satyam client, it is locked in a dispute involving intellectual property rights and business losses with Satyam) and class action suits in connection with the accounting scandal, were considered and factored into the valuation of Satyam while arriving at the bid price of Rs58 per share. He declined to disclose his company’s estimate of the extent of Satyam’s financial liabilities from legal issues in the US.
“The legal liabilities against Satyam are estimated at $200 million. In the event of these liabilities materializing, Tech Mahindra may require further debt financing, putting more pressure on an already leveraged balance sheet,” Religare Hichens Harrison, the London-based broking arm of brokerage Religare Enterprises Ltd, said in a research note on Monday.
“We took a lot of scenarios into account and we’ve taken a very calculated risk in making this bid,” Mahindra said.
Making it work
Analysts see synergies between Satyam and Tech Mahindra. While Tech Mahindra largely works with telecom firms and gets 60% of its revenue from BT and 75% of its revenue from Europe, Satyam serves customers across businesses, including automotive. It also helps companies implement their business software and serves companies across North America and Asia.
Still, analysts say that the ongoing loss of business at Satyam could present a problem. Tech Mahindra has estimated Satyam’s revenue to fall to $1.3 billion (Rs6,500 crore), the company said on Monday.
“First priority should be ensure that there is no further attrition, either on the clients side or on the employees side,” saidAnil Advani, head of research at SBICAP Securities Ltd.
It wasn’t immediately clear whether Tech Mahindra would retain Satyam’s new board and the brand name.
“I don’t think Satyam as a brand will exist in the long run. But re-branding and marketing the new brand can be a challenging task, especially in the current tough market condition,” said Diptarup Chakraborti, principal research analyst with consulting firm Gartner.
Satyam’s chairman Kiran Karnik said it was up to the new investor to decide whether to retain the brand.
The deal would pose financial and operational challenges for Tech Mahindra, said C.S. Chandramouli, director (advisory services) at outsourcing advisory firm Zinnov Management Consulting Pvt. Ltd.
At noon after the bidding is over, Tech mahindra won the bid.
If it goes through, the deal will give Tech Mahindra a seat at the high table of the Indian IT services business. It will also mark the end of the uncertainty surrounding Satyam, though the firm’s legal and financial troubles are far from over.
Tech Mahindra, which provides telecom software services, made the bid through subsidiary Venturbay Consultants Pvt. Ltd and will likely spend a total of Rs2,889 crore to acquire a 51% stake in the fraud-hit Satyam. Analysts say that the company may have to immediately invest Rs1,000 crore in Satyam for operating expenses. The deal needs to be approved by the Company Law Board (CLB), the government arm that oversees the functioning of companies.
A Mahindra Group executive said money wouldn’t be a problem. “Tech Mahindra has Rs700 crore of cash available and then we have hard under-writing for the remaining amount. So, we can arrange it,” said Bharat Doshi, the group’s chief financial officer
What’s next
Satyam is expected to apply to CLB for permission to go ahead with the deal, the board’s chairman S. Balasubramanian said. The board “will take 24 hours to approve it”, he added.
Tech Mahindra, a publicly traded firm that is a joint venture between automobile firm Mahindra and Mahindra Ltd and BT Group Plc. (it owns 31% of the company), will then be given management control of Satyam after it deposits Rs1,756 crore with the company. Tech Mahindra will then have to make an open offer to acquire shares adding up to a further 20% stake in Satyam from the company’s public shareholders. If it isn’t successful in this, Satyam will issue it fresh shares to make sure it ends up with a stake of 51%.
People familiar with the matter say that Tech Mahindra has received a commitment of Rs1,500 crore from a clutch of non-banking financial companies, mutual funds and insurance companies. The remaining Rs700 crore will be raised through a short-term loan by Indian banks, they added, asking not to be identified. This loan will be repaid from the money that will be raised from PE investors, a banker familiar with the matter said, asking not to be identified.
Reuters reported that Tech Mahindra plans to raise Rs600 crore through sale of bonds to finance its Satyam buy, citing three unidentified people with knowledge of the deal.
Potential liabilities
Tech Mahindra’s chief executive Vineet Nayyar said legal liabilities of Satyam, including a case by Upaid Systems Ltd (a former Satyam client, it is locked in a dispute involving intellectual property rights and business losses with Satyam) and class action suits in connection with the accounting scandal, were considered and factored into the valuation of Satyam while arriving at the bid price of Rs58 per share. He declined to disclose his company’s estimate of the extent of Satyam’s financial liabilities from legal issues in the US.
“The legal liabilities against Satyam are estimated at $200 million. In the event of these liabilities materializing, Tech Mahindra may require further debt financing, putting more pressure on an already leveraged balance sheet,” Religare Hichens Harrison, the London-based broking arm of brokerage Religare Enterprises Ltd, said in a research note on Monday.
“We took a lot of scenarios into account and we’ve taken a very calculated risk in making this bid,” Mahindra said.
Making it work
Analysts see synergies between Satyam and Tech Mahindra. While Tech Mahindra largely works with telecom firms and gets 60% of its revenue from BT and 75% of its revenue from Europe, Satyam serves customers across businesses, including automotive. It also helps companies implement their business software and serves companies across North America and Asia.
Still, analysts say that the ongoing loss of business at Satyam could present a problem. Tech Mahindra has estimated Satyam’s revenue to fall to $1.3 billion (Rs6,500 crore), the company said on Monday.
“First priority should be ensure that there is no further attrition, either on the clients side or on the employees side,” saidAnil Advani, head of research at SBICAP Securities Ltd.
It wasn’t immediately clear whether Tech Mahindra would retain Satyam’s new board and the brand name.
“I don’t think Satyam as a brand will exist in the long run. But re-branding and marketing the new brand can be a challenging task, especially in the current tough market condition,” said Diptarup Chakraborti, principal research analyst with consulting firm Gartner.
Satyam’s chairman Kiran Karnik said it was up to the new investor to decide whether to retain the brand.
The deal would pose financial and operational challenges for Tech Mahindra, said C.S. Chandramouli, director (advisory services) at outsourcing advisory firm Zinnov Management Consulting Pvt. Ltd.
Monday, April 6, 2009
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