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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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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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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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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 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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Satyam Computer Services has called off the Matytas Infrastructure acquisition deal following negative reactions by investors. Satyam Computer's American depository receipt (ADR) fell 54% to $5.7 overnight. After market hours yesterday, (16 December 2008), Satyam had announced it will acquire 51% in Maytas Infra and 100% in Maytas Properties. The company had said the acquisition of Maytas' two companies would cost it $1.6 billion.
The board of Jaiprakash Associates will meet on 22 December 2008 to consider amalgamation of companies having synergy with itself.
The board of Colgate board has approved merging the wholly owned subsidiary SS Oral Hygiene Products with itself.
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