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Business
& Economy
TCS debuts with a bang on
exchanges
What is India News
Service, August 26, 2004, 2200 hrs IST
Tata Consultancy Services,
which made a spectacular
debut on the bourses on Wednesday, said it will look at listing
its shares overseas after one year.
The TCS stock was listed at Stock Exchange, Mumbai at Rs1,050 and at
National Stock Exchange at Rs 1,198.70 which was at premia of 23.52
per cent and 41 per cent respectively. The difference between two
listings of Rs 149.70 has been the highest so far say analysts. The
stock price of one rupee share was fixed at Rs 850 at the time of
allotment.
The
Tata Group chairman, Mr Ratan N Tata, who attended the listing at
the Dalal Street said the merger of Tata Group\92s other information
technology companies with TCS would be thought of in future. He also
mentioned of plans to promote the Group\92s expansion across the
globe.
Cell operators to refocus on cost controls, says study: Given
the attrition of voice ARPUs (average revenue per user) as operators
target low use market segments, operators need to refocus on cost
control and margin enhancements.
Major telecom operators avoid paying licence fees:
Bharti Cellular, Bharti Mobile, MTNL and BSNL are among the operators that have not paid their telecom licence fees,
as informed to Lok Sabha today.
Anil
is India Inc's Hero no. 1: Anil Ambani, Vice-Chairman and
Managing Director of Reliance Industries, has been adjudged the most
admired chief executive in India while his elder brother Mukesh
Ambani occupied the fifth slot.
StanChart launches \91Manhattan\92 card in India:
The new card has been positioned as a lifestyle product and is specially targeted at the fast growing Indian urban youth segment.
SEBI
to look into errors in share allotment: The Securities and
Exchange Board of India will examine the complaints on allotment of
shares of Tata Consultancy Services, which was listed on the stock
exchanges.
Norms for infrastructure funding: The government
today released the draft guidelines on the viability gap funding for public-private partnerships in critical infrastructure projects.
Bharti to set up data network for BoI:
Bharti Tele said it has signed a deal to set up a nation-wide data network to connect the branches of state-run Bank of India.
Minister
lends wings to Air Deccan A320: Timely intervention by Civil
Aviation Minister Praful Patel enabled Air Deccan, the country's
first low-cost, no-frills carrier, to inaugurate its metro flight as
scheduled.
Jaitley
appears for Birlas as hearing begins: The Former Union Minister
for Law and Company Affairs, Arun Jaitley, made his first appearance
for the Birlas in what is promising to be one of corporate India's
most bitterly fought legacy battles.
Court rejects caveat quash demand in Birla-Lodha case:
The Calcutta High Court \91rejected\92 the demand for quashing the petition of the Birlas on Priyamvada Birla\92s will to R.S.Lodha, her solicitor.
Cholamandalam targets Punjab: Cholamandalam Financial Services Group, a pan-Indian composite financial services provider, plans to consolidate and expand its presence in the North, particularly Punjab, in the coming months.
Indian IT companies to undergo data security audit:
With overseas clients getting edgy about data security, Indian IT firms are now likely to be audited by an independent body.
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HCL
Info net up 89%: Computer Hardware and telecom company HCL
Infosystems Ltd registered a 89 per cent growth in net profit to Rs
175.1 crore for the year ending June 30 2004 driven by high domestic
sales.
Kuwait keen on investing in Indian refineries: India and Gulf Cooperation Council (GCC) signed a Framework Agreement on Economic Cooperation to explore the possibility of a Free Trade Area between them.
Raksha
Bhandan goes hi-tech: Festivals are becoming hi-tech with
people fast becoming netizen. Corporates are not leaving any stone
unturned--even enchasing the emotional bonding of a brother and
sister.
IOC may sell stake in
ONGC, GAIL to buy into OIL: Indian Oil may sell its holding in ONGC and GAIL to garner funds for buying Government's stake in exploration firm Oil India Ltd.
ITCHL to merge into ITC:
ITC Ltd is to merge ITC Hotels Ltd (ITCHL) and Ansal Hotels Ltd (AHL) with itself with effect from April 1, 2004. The board of ITC Ltd approved the amalgamation.
Ford
to make 500 Fusions a month: Ford India, the Indian subsidiary
of the U.S. based automobile maker, Ford Motor Company, will make
between 500 and 1,000 Fusion cars, after introducing it in
mid-December.
Air Deccan flight dream may sour: The dream of flying on a Rs 500-ticket (Rs 700 if tax is added) on Air Deccan may turn sour for most as the seats offered are very limited (3-4).
Sensex
gains 20 points,TCS listing helps: Indian share prices closed up
0.40 per cent on Wednesday, helped by the listing of the country's
largest domestic IT firm, Tata Consultancy Services.
Overall:
TCS shares skyrocket: Tata
Consultancy Services, which made a spectacular debut on the bourses,
said it will look at listing its shares overseas after one
year.
SEBI to look into errors in share allotment: The Securities
and Exchange Board of India will examine the complaints on allotment
of shares of Tata Consultancy Services, which was listed on the
stock exchanges.
IOC may sell stake in ONGC, GAIL to buy into OIL: Indian Oil may sell its holding in ONGC and GAIL to garner funds for buying Government's stake in exploration firm Oil India Ltd.
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