Updates
Upaid Seeks Satyam Top Heads depostion
London – UK based Online and mobile payment services company Upaid Systems announced that, it is filing a motion in US court requesting deposition of Satyam Computer Services Chairman B. Ramalinga Raju, Chief Financial Officer V. Srinivas and Global Head of Corporate Governance G. Jayaraman.
Upaid System has issued a press release in this connection on [...]
Satyam Computer Services: Reputation damage difficult to undo
Kotak Suspend rating and target price
• Reputation damage difficult to undo
• Concerns on cash utilization still remain—US$430 mn lying in current accounts
baffling
• Potential disruption in the IT services business plausible
• Suspend rating and target price
In a bizarre sequence of events, Satyam proposed and then revoked the proposed
acquisition of its affiliated real estate and infrastructure companies. [...]
Glenmark Confirms Patent Challenge of Fluticasone Lotion
Glenmark Generics Ltd’s US subsidiary(GGI) confirmed Nycomed US (”Nycomed”) filed a patent infringement lawsuit on 12 Dec 2008 in the U.S. District Court, Eastern District Court of New York regarding Glenmark’s Abbreviated New Drug Application (”ANDA”) for its Fluticasone Propionate 0.05% Lotion product. Nycomed currently markets its Fluticasone product as CUTIVATE®.
Glenmark filed its ANDA containing [...]
Maytas acquisition reversed. Questions remain: Anand Rathi
Satyam downgraded to SELL
???? Downgraded to SELL. We downgrade Satyam Computers to
SELL with a target of Rs150, based on 4.5x target PE on FY10e
earnings.
???? Maytas acquisition reversed. Satyam had yesterday announced
its acquisition of Maytas Properties (100% stake for US$1.3bn)
and Maytas Infra (51% stake for US$0.3bn). On account of huge
resistance from minority shareholders, the deal was [...]
CLSA says Satyam Computers need to answer many questions
Despite Satyam’s reversal of its decision to buy out common promoter owned
realty and construction businesses, questions will linger on, perhaps for a long
time. Why did the Board not oppose the move? Who voted for and against the
resolution? Was the Board truly independent? Business fundamentals were
already deteriorating, and we are reducing earnings 14-17% for FY10-11, but
these [...]
I-Sec says Satyam move breach of trust, Investors may seek change of Management
We believe that even calling off the deal approved by Satyam’s Board for acquiring
promoter-owned companies, Maytas Properties (100% stake for US$1.3bn) and
Maytas Infra (51% stake for US$0.3bn) will lead to serious doubts on the future
corporate governance of Satyam. During uncertain demand scenario, investors
will always prefer companies with proven, high-quality corporate governance.
Therefore, we downgrade Satyam to [...]
Raju bows Investors uproar, Satyam Calls of Maytas cos buying plans
HYDERABAD, India, Dec 17, 2008: In a dramatic move, Satyam Computer Services Ltd Chairman Ramalinga Raju withdrawn his plans to acquire his own companies run by his both sons, Maytas Infra and Maytas Properties.
Investor community across the globe questioned the Raju’s move, saying its in the interests of promoters family and no way add value [...]
Cost relief leads to improved sentiment in Cement Sector: Sharekhan
Cement stocks can witness renewed investor interest on the back of an improvement in the business dynamics.
Though the macro-headwinds remain, in terms of a slowdown in key user industries (real estate and construction) and the overall economy, cement prices are holding up steady. In fact cement companies have only partially passed on the benefit of [...]
ITC: Opportunity in adversity – a report by Sharekhan
ITC has a strategy of effectively utilising the excess cash generated from its cash cow, the cigarette business, to strengthen and enhance its other non-cigarette businesses. The cigarette business contributes more than 45% to its top line and over 80% at the operating level.
In spite of its exit from the non-filter cigarette business, the net [...]
Sharekhan update on Sugar Sector
Allahabad High Court upholds SAP of Rs140
The much-awaited decision of the Allahabad High Court on sugar-cane pricing for the sugar year 2008-09 (SY2009; October 2008-November 2009) was announced on December 8, 2008. Earlier, the Uttar Pradesh Sugar Mills Association (UPSMA) had filed a petition in the said court challenging the state advised price (SAP) of [...]
