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Reliance Money continues to remain negative on the Indian IT sector. Indian IT sector is expected to face rough Industry headwinds and the research firm believes 2009 is going to be tougher for the Indian IT players.
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The government-appointed Satyam board met on Wednesday to decide on the company’s CEO, CFO and restructuring plans. The meet, however, was extended till Thursday when it will again take place. No communication was given by the company on what transpired at the meeting today.
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HCL Technologies is the top gainer on the Nifty. It had touched an intraday high of Rs 114.20 and an intraday low of Rs 106.95. At 10:41 am, the share was quoting at Rs 112.50, up Rs 3.35, or 3.07%.
It was trading with volumes of 184,159 shares. Yesterday the share closed down 4.17% or Rs 4.75 at Rs 109.15.
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IL&FS Investsmart has announced its third quarter results. The company's net sales were at Rs 45.8 crore versus Rs 122.9 crore. Its operating loss was of Rs 56.6 crore versus operating profit of Rs 54.7 crore.
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The Satyam board meet was held today at the Satyam Infocity Campus in
Hyderabad. Post the meeting, Satyam board said it has appointed
Goldman Sachs and Avendus as its investment bankers. Meanwhile, Boston
Consulting Group was named as management advisors. The company said
the 3-member BCG team is expected to work on reviving Satyam. However,
no decision has been taken on CEO, CFO appointment yet.
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The benchmark indices are trading lower amid volatility. Sell-off is seeing in technology, power, capital goods, metal, banking and power stocks as well as in Bharti Airtel. Midcap and small cap stocks are also reeling under pressure. On the global front, Asian markets are weak; Nikkei lost nearly 3% and Kospi fell 2%. Straits Times, Shanghai and Hang Seng fell marginally.
The Sensex is trading below 8800 level, down 89 points to 8,724, at 10:30 hours IST. The Nifty slipped 28 points to 2,685. BSE Midcap Index lost over 1.4% and Small cap Index fell nearly 1%.
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Net profit of Wipro declined 8.84% to Rs 733.00 crore in the quarter ended December 2008 as against Rs 804.10 crore during the previous quarter ended December 2007. Sales rose 23.87% to Rs 5397.00 crore in the quarter ended December 2008 as against Rs 4357.00 crore during the previous quarter ended December 2007.
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The benchmark indices have slipped further and continued Tuesday's weaktrend for another day. Weak global cues are putting pressure on our markets. Banking, metal, telecom, power and real estate stocks are under pressure.
At 9:56 am, the Sensex went down 155 points to 8,945 and the Nifty lost 41 points at 2,755. CNX Midcap 100 slipped 1% to 3,454.
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Tarun Das, Chief Mentor, CII, also a director on the newly-appointed Satyam board, said the board has been approached by potential buyers. He also said that the board has not discussed a stake sale or an outright sale as of now.
There are also reports that L&T Chairman AM Naik met Company Affairs Minister PC Gupta. He said that the company is more concerned about the 4% stake in Satyam. He further added that he is taking updates from the government on the situation.
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Reliance Communication is the top gainer on the Nifty. It had touched an intraday high of Rs 183.70 and an intraday low of Rs 175.25. At 10:20 am, the share was quoting at Rs 181.70, up Rs 7.70, or 4.43%.
It was trading with volumes of 1,848,217 shares. Yesterday the share closed down 6.28% or Rs 11.65 at Rs 174.
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Meanwhile, the BSE Sensex was up 200.33 points, or 2.2%, to 9,270.64.
On BSE, 22.06 lakh shares were traded in the counter. The stock had an average daily volume of 84.96 lakh shares in the past one quarter.
The stock hit a high of Rs 34 and a low of Rs 31.50 so far during the day. The stock hit a 52-week high of Rs 544 on 30 May 2008 and a 52-week low of Rs 11.50 on 9 January 2009.
Satyam Computer Services fell 9.16% to Rs 31.25 on 13 January 2009 as a quick-fix solutions is unlikely to rescue the firm hit by an estimated Rs 7,000 crore accounting fraud. Satyam stock had galloped 44.66% to Rs 34.55 on Monday, 12 January 2009, on hopes a newly constituted three-member board, appointed by the government, would help salvage the company's clients and staff. Earlier, the stock plunged 86.68% to Rs 23.85 on 9 January 2009 from Rs 179.10 on 6 January 2009 after its founder and former chairman B Ramalinga Raju during trading hours on Wednesday, 7 January 2009, admitted to a nearly Rs 7000-crore financial fraud.
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Net profit of Infosys Technologies rose 34.74% to Rs 1598.00 crore in the quarter ended December 2008 as against Rs 1186.00 crore during the previous quarter ended December 2007. Sales rose 35.76% to Rs 5429.00 crore in the quarter ended December 2008 as against Rs 3999.00 crore during the previous quarter ended December 2007.
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Nilesh Shah of Envision Capital said Infosys may not underperform till full year numbers are out. "The outlook is better given the current environment.
Commenting on the recent developments in Satyam, he said there is no case for a positive view on Satyam despite the rescue moves. "We may see trading moves in Satyam, but have no fundamental view on the stock. We feel investors should avoid Satyam and stick to other top 3 in IT players."
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The bleeding continues in the benchmark indices - the Nifty broke 2750 level and the Sensex is just managing to stand above 9000 mark. Metal, Realty, Bankex, Power, Capital Goods and Oil & Gas indices plunged 3.8-5.8%.
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Tamilnadu Telecommunications has announced that S Susai, representing TIDCO as director on the board is replaced with B Viswabarathy, senior general manager (finance) of TIDCO and T Willington had been replaced with B Elangovan, general manager of TIDCO on the board of the company with effect from 23 December 2008.
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The National Stock Exchange (NSE) has removed Satyam Computer Services from the Nifty Index with effect from January 12, 2008. Satyam, the NSE said, will be replaced by Reliance Capital.
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Tech Mahindra has reportedly approached Satyam Computer Services for an all-share merger. It is looking to merge itself with Satyam but gaining control of the combined entity.
Sun Pharmaceuticals raised its offer by as much as 23% to buy the residual stake of Taro Pharmaceutical Industries in a bid to gain a controlling stake in the Israeli drug maker. Sun Pharma, which owns 36 per cent of Taro, today disclosed two options to buy the remaining stake in the New York Stock Exchange listed drug maker.
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Meanwhile, the BSE Sensex was up 171.47 points, or 1.72%, to 10,129.69.
On BSE, 73,099 shares were traded in the counter. The stock had an average daily volume of 12.12 lakh shares in the past one quarter.
The stock hit a high of Rs 16.80 and a low of Rs 16.45 so far during the day. The stock hit a 52-week high of Rs 57.90 on 8 January 2008 and a 52-week low of Rs 12.45 on 12 December 2008.
The mid-cap stock had outperformed the market over the past one month till 2 January 2009, gaining 19.79% as compared to the Sensex's return of 13.95%. It had underperformed the market in the past one quarter, declining 40.37% as compared to the Sensex's decline of 23.72%.
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D L Rawal, executive director of the Canara Bank has been appointed as chairman & managing director of Dena Bank by the Government of India recently. Hence, the post of executive director of Canara Bank has fallen vacant on 01 January 2009.
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A meeting of the board of directors of Vijay Shanthi Builders will be held on 10 January 2009 to consider, a proposal for amalgamation of High End Homes, an unlisted company, incorporated in Chennai, Tamil Nadu, and engaged in property development with Vijay Shanthi Builders and taking such other connected decisions thereof.
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