Nik's Diary
The Indian markets opened in
the green mirroring a positive opening in SGX Nifty, which is trading higher by
0.4%. Asian markets are trading mixed with the Hang Seng, Nikkei and Seoul
Composite higher by 0.4% to 0.7%, while the Strait Times and Jakarta Composite
are lower by 0.2% each. The US markets, after remaining directionless in early
trade, rose higher during the course of the day, yesterday. The positive
performance of the markets was partly due to tame inflation reported by China,
which eased concerns that the People's Bank of China might tighten its monetary
policy. US markets didn’t react much to the report released by commerce
department which indicated that wholesale inventories unexpectedly dipped by
0.3% in February, although wholesale sales jumped 1.7%. The European markets
ended Tuesday's trading session with mixed results after trading positively in
the opening trade. Meanwhile, Indian markets posted losses for the fifth
consecutive trading session in a row. The weakness in the markets was on
account of concerns about both the domestic economic scenario as well as the
uncertain political environment.
TCS to acquire French IT
services firm ALTI for €75mn
Tata Consultancy Services (TCS), on
Tuesday, announced that it had signed definitive agreements to acquire 100 per
cent equity in Alti SA, an IT services company in France. The deal, valued at
75 million euro (around Rs.530 crore), is an all-cash transaction, TCS said in
a statement. The deal is subject to customary closing conditions. Alti SA has
strong expertise in IT Services, including enterprise solutions, assurance and
CRM solutions. It is privately held, and owned by its management and two
private equity funds, CM-CIC LBO Partners and IDI. It reported revenues of 126
million euro in 2012, and its customers include top French corporations in the
banking, financial services, luxury, manufacturing and utilities sectors. Alti
has 1,200 employees based in France, Belgium and Switzerland. “This acquisition
underlines our long-term, strategic commitment to France, which is the third
largest IT services market in Europe,” N. Chandrasekaran, Chief Executive
Officer and Managing Director, TCS, said in a statement. The France IT services
market is estimated at 30 billion euro. TCS has been operating there since
1992. It has over 50 clients in France and has significantly strengthened its
position there. “The acquisition of Alti SA will help us serve our clients in
France and across Europe more comprehensively with an expanded set of services
and solutions, bringing the best of TCS to French corporations,” Mr.
Chandrasekaran said. “This is a significant step that will benefit both our
clients and employees,” Andre Bensimon, co-founder of Alti SA, said in a
statement. Source: thehindu
Cairn India makes an oil
discovery
Cairn India, on Tuesday, announced that it
had made the 26th oil discovery in its Rajasthan block. The block management
committee had approved the exploration work programme for the RJ-ON-90/1 block
on February 14 after which Cairn India commenced drilling of its first
exploration well, Raageshwari-South-1, on February 25 located in the southern
part of the block. “Technical evaluations indicate about 10 metres of gross oil
column within Dharvi Dungar formation. Oil has been discovered and tested for
the first time in Dharvi Dungar sands in Raageshwari-Tukaram area, where
previous discoveries were in the shallower Thumbli sands,” it said. The volumes
of oil in place and the potential resource base associated with this discovery
are under evaluation. Cairn India CEO P. Elango said the discovery in the block
reaffirmed the company’s belief that an aggressive exploration drilling
programme would help harness the full potential of the Barmer basin in
Rajasthan. “This is a step closer towards reserve accretion through
exploration-led growth,” he added. Source:
the hindu
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