Nik's Diary
The Indian market opened on a negative note
following weak start to SGX Nifty and major Asian Indices amid concerns of the
deepening Europe’s debt crisis and after decline in pending US home sales which
are expected to dampen earnings prospects for Asian exporters. The US markets
staged a significant recovery over the course of the trading day on Wednesday,
after coming under pressure in early trading. The early weakness on Wall Street
was partly due to profit taking, as some traders cashed on the recent strength
witnessed in the markets. Most of the European bourses finished the trading
session on Wednesday in the negative territory. The situation in Cyprus
continues to weigh on investor sentiment and political developments in Italy
added further pressure. In Italy, the political situation has become uncertain,
after Pier Luigi Bersani has announced that he will not attempt to put together
a coalition government. Meanwhile, Indian markets remained closed on Wednesday
on account of holiday for Holi. The Indian markets witnessed a bout of
volatility on Tuesday, however ended modestly higher. The choppiness was partly
due to the F&O expiry slated for today.
TCS wins contract from UK-based Southern Water
IT major Tata Consultancy Services (TCS) today said it has
been selected by the UK-based water utilities company Southern
Water to implement a customer services and revenue transformation
programme. "TCS has been
selected by Southern Water to implement a customer services and revenue
transformation programme. The programme will combine front and back-end
technology deployments with internal process redevelopment," it said in a
release. The company, however, did not disclose the details of the deal signed
with the water services provider. Southern Water will benefit from enhanced
customer service capabilities, improved cash collection and debt management and
will see a reduction in operating expenditure, it added. "Southern Water
supplies water across some 4,450 sq km, and TCS has provided us with a roadmap
for more flexible and efficient service delivery within this extensive
area," Southern Water Chief Customer Officer Darren
Bentham said. The company's supply area extends from East Kent in the
east, through parts of Sussex, to Hampshire and the Isle of Wight in the
west. "The CRM system we're deploying for Southern Water will help in the
drive to provide industry-leading customer services, while data governance and
analysis tools deliver better intelligence back into the business," TCS
President Business Group (Telecom, HiTech, Media&IS, Utilities) A S
Lakshminarayanan said. An increase in operational efficiency and updated
billing system will enable Southern Water to improve its revenue management, he
added. Souther Water supplies 551 million litres of drinking water daily from
its 94 treatment plants. Source: Economic times
Lupin launches Diovan HCT in US
Lupin achieves an important milestone with the launch
of Valsartan and Hydrochlorothiazide Tablets, the generic
version of Novartis' hypertension drug Diovan HCT in the US. The
launch marks yet another limited competition foray in the
US generics market for the fourth largest pharma company in
India. The market for Diovan
HCT stands at $ 1.7 billion currently with two generic players.
With Lupin having already started shipping the product, it will be
help it in garnering market share for itself in a limited competition
scenario. Lupin's stock has hit a 52-week high of Rs 638.65
on BSE today following the news of the launch. The stock has gained
25% in the last one year - and has been one of the best
performing stocks among the frontline pharma companies. The company
has had a strong growth in its revenues in the last four quarters and also
posted improvement in its operating profit margins during this period. Source: Economic times
Tech Mahindra extends merger
with Satyam
Shares of Tech Mahindra Ltd on
Tuesday fell by as much as 3% in the morning trade following delay in the
proposed merger of Mahindra Satyam with itself by six months. The shares later
recovered to close down 0.75% at Rs.1,038 in Mumbai, while the Sensex
gained 0.12% to close at 18,704.53 points. At the National Stock Exchange
(NSE), the stock went down by 2.92% to Rs.1,015.25. Similarly, shares of
Mahindra Satyam (Satyam Computer Services Ltd) also fell by 2.81% to Rs.121.90.
Tech Mahindra had on Monday said it has extended the proposed merger of
Mahindra Satyam with itself for six months. “Board of directors extended the
validity of the (amalgamation) scheme by a further period of six months i.e. up
to 30 September 2013,” the company had said in a BSE filing. The board has
extended “scheme of amalgamation and arrangement of Venturbay Consultants
Pvt Ltd and Satyam Computer Services Ltd and C&S Systems
Technologies Pvt Ltd and Mahindra Logisoft Business Solutions Ltd and CanvasM
Technologies Ltd with Tech Mahindra Ltd and their respective shareholders
and creditors”, it had said. Tech Mahindra took over reins of the scam-tainted
Satyam Computer in April 2009 and rebranded it as Mahindra Satyam. Source: livemint
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