Page 82 - Companies

TCS posts lower- than-expected rise

India's Tata Consultancy Services or TCS Limited posted a lower-than-expected rise in quarterly profit. This was disclosed by S Ramadorai, Chief Executive of TCS at a press conference in Mumbai on Thursday. Ramadorai declined to comment on the performances of other companies, particularly the alleged fraud committed by Satyam Computer Services.

Infosys FY09 revenue seen at $4.67bn

India's Infosys Technologies on Tuesday said that it saw March quarter revenue between 1.13 billion dollars and 1.17 billion dollars. India's No.2 software services exporter said 2008-09 revenue was seen between 4.67 billion dollars and 4.71 billion dollars, with full year earnings per share seen at 102.92 rupees. Infosys beat expectations with a 33.3 percent rise in quarterly profit.

Mahindra launches 'The Xylo'

India's top utility vehicle maker, Mahindra & Mahindra Limited unveiled its latest model of multi-purpose vehicle, named Xylo in Chennai on Tuesday. At a well-attended function, it was launched with an introductory price tag of 6,24,500 rupees. The Xylo would target customers from entry level to upper segment of the cars. The vehicle manufacturers hope that the ongoing global recession would not have any impact on the sale of the product.

CFO of Satyam in police custody

Chief Financial Officer of fraud hit Satyam Computer Services Vadlamani Srinivas was sent to jail after he was taken into judicial custody until January 23 in Hyderabad. Additional Commissioner of police said that police raided the residences of the arrested executive in Hyderabad as part of the investigation

Satyam to appoint new accounting firm

One of the member of the newly appointed three-member board of Satyam Computer Services said that the appointment of a chairman would be decided after few more members join the board. The members have also decided to appoint a new accounting firm within the next 48 hours to work on restating the accounts and declare the December quarter earnings.

Business will continue:Mynampati

Ram Mynampati, interim CEO of the embattled Satyam Computers said that the top decision-makers of the company will make sure that the business continues uninterrupted and the challenges, if any, are neutralized and minimized. Mynampati clarified this while speaking to its top 100 clients individually and said that he has received expressions of support from key customers.

Satyam drags Indian shares down 7%

Shares in Satyam Computer Services plunged more than three-fourth on Wednesday after the Indian outsourcer said it had overstated profits for many years, dragging Indian shares to their first loss in the New Year. The main stock index fell 7.25 percent, its biggest fall in more than two months. Investors said that they now need to be very cautious. Market analysts in Mumbai are hopeful that better time will soon be back.

Satyam chief admits fraud, quits

In a major development on Wednesday, Chairman of Satyam Computer Services, Ramalinga Raju resigned from the Board after admitting discrepancies in the company?s balance sheet as on September 30, 2008. The company informed the stock exchanges and market regulator Securities and Exchange Board of India that B Rama Raju, the managing director of Satyam has also resigned from his position. Raju has suggested Ram Maynampati as the interim CEO of the company.

Oil firms warn of strike

Demanding higher pay and perquisites, officials of the state-run oil firms in India have threatened to go on strike from Wednesday, which in turn could mean disruption in fuel supplies and refinery operations if there is prolonged absence from work. This was disclosed by Petroleum and Natural Gas Secretary R S Pandey, at a news conference in New Delhi on Monday.

RCom starts nationwide GSM service

India's dominant CDMA mobile operator, Reliance Communications or RLCM.BO, will offer GSM-based mobile services across the country from Wednesday, in a move to lure more users in a fiercely competitive market. Reliance Communications has spent 100 billion rupees on expanding GSM services across India, and expects to spend a further 20-40 billion rupees on building 3G networks.

Hyundai launches i20 in Indian market

South Korean car maker Hyundai Motor on Monday launched i20 car in the Indian markets in New Delhi. i20 said to be an improved version of i10 with more space and more powerful engine. The launch at the time of global financial meltdown has raised many questions about the success of i 20 in the Indian markets. But the senior vice president of Hyundai motors said that, they were positive about the launch, as what matters ultimately is the quality of the product.

Aviation fares to be reduced from Jan: Patel

India's Aviation Minister Praful Patel on Sunday said that all the domestic airliners including the national carrier were set to reduce fares after aviation fuel became cheaper. All airlines companies increased their fares due to sharp and continuous rise in aviation turbine fuel prices earlier in the year. Patel in Jamnagar told reporters that some of the airliners have already slashed fares by eight to 10 US dollars and the others were expected to follow suit by January.

Kingfisher's plan on track

Chairman of Kingfisher Airlines, Vijay Mallya on Friday said that the company's plan to raise 400 million dollars is on track. Addressing a news conference in Bengaluru Mallya said that private equity players have showed keen interest in investing in the airline. However, he did not talk about the time frame for the initiative and the extent of equity stake that the airline would dilute by the measure.

Loans affect automobiles sale

Chairman of leading carmakers Maruti Suzuki India Ltd. R C Bhargava, on Wednesday said that sales of automobiles have not picked up due to lack of easy loans from Banks. Car sales in India dropped by nearly a fifth in November, the worst fall in eight years, intensifying the woes of global auto makers who had bet emerging markets would make up for waning demand in developed markets.

Mumbai's Trident hotel to reopen on Sunday

Mumbai's luxury Trident hotel, which was closed after last month?s militant attack, is all set to re-open on Sunday. It will be nearly a month after 22 visitors and 10 employees were killed in the siege by Islamist gunmen at the Luxury hotel. The older Oberoi wing, which suffered more extensive damage, will take six-seven months to open. Keswani also added that cancellation of rooms has gone up at its hotels in the country.

Pharma industry as a global destination

With the advantage of low production cost, trained manpower and increasing demand of low priced quality drugs, the Indian pharmaceutical sector has come up as a favorite destination for investment among the developing countries. With the growth of popular interest in herbal medicine, the drug manufacturers see a big opportunity in developing and producing formulations most of them prescribed in the Indian systems of medicine, which is largely herbal based.

Taj hotel reopens after Mumbai attack

The 105-year-old historic Taj Mahal hotel, one of the sites of a 60-hour siege, threw open its doors on Sunday to more than 1,000 clients and guests for a gala reception. However, the new wing of the hotel, The Taj Mahal Tower, will open in December, and the company has not said when the older part of sprawling Mumbai landmark would reopen. Chairman of Tata Group said that it was a challenge to have the hotel reopen within one month from attack.

Azim Premji on global meltdown

Chairman of IT giant Wipro, Azim H Premji, on Tuesday said that that economic recession might intensify as the nation goes forward and called for a strong foundation to counter the recession. While addressing the meet of The Indus Enterprenuers or TiE 2008, Premji further said the Indian enterprises were in crucial times on account of the current economic recession.

Comprehensive security technology by HCL

A subsidiary of India¿s IT major HCL Info systems, HCL Security, on Monday introduced a unique integrated security system that is capable of providing full proof security to the vulnerable area, building or facilities. Addressing the media in New Delhi, Chairman and CEO of HCL Info systems said that this ¿Safe State Technology¿ is embedded with many revolutionary features and is capable of providing maximum protection with minimum false positive alerts.

Punjab: New market for car industry

Punjab has given a new and lucrative market to the car industry reeling under the impact of global recession. The marketing gurus consider Punjab as ¿hot market¿ for cars, especially in the luxury segment. The U.S. auto industry is teetering on the brink of disaster and emerging markets like India are the only hope. Punjab is turning into a luxury car heaven as BMW, Skoda, Audi, Volvos and Mercedes find space in the hearts and garages of the state.