NEWSLINE
2nd FEBUARY, 2012: MOODY WARNS AGAINST DEBT RECAST PLAN
Moody’s Investors Service Inc. has cautioned that the DEBT exercise is not in the interest of bank creditors since banks will avoid setting aside money for such exposure.
The debt recast plan— scripted by SBI Caps and vetted by consulting firm Deloitte Touche Tohmatsu India Pvt. Ltd—proposes that banks should be allowed to carry the debt on their books as performing assets. This means they will not be required to set aside money for the debt.
A debt recast would not reflect the true exposure of banks to the Air India credit risk problems. It would allow banks to avoid provisioning for such exposure, which is not in the interest of bank creditors,” said Vineet Gupta, vice president and senior analyst, financial institutions group at Moody’s
1st FEBUARY, 2012 :CARLYE GROUP SELLS HDFC STAKE
U.S. private equity giant Carlyle Group has sold about 20 million shares of Housing Development Finance Corp in market deals , the chief executive of the Indian mortgage lender said, citing market sources.
The buyers of the shares include domestic as well as foreign investors, Keki Mistry told Reuters.
About 1.3 percent of HDFC's outstanding shares changed hands on the stock markets on Wednesday.
Carlyle, which currently owns 5.2 percent of HDFC, will pare its stake in the mortgage lender to nearly 4 percent after a sale of shares via block deals
31ST JANUARY , 2012: TCS EXPANDS US OPERATION WITH NEW FACILITY IN SILICON VALLEY
Expanding its presence in the US, India's IT major Tata Consultancy Services (TCS) has opened a new facility in silicon valley which was welcomed by the US lawmakers and the Californian government.
Just a few blocks away from the Yahoo's corporate headquarters, the facility, among other things, would serve as the worldwide headquarters of TCS' Mobility Solutions Unit which aims to bring the benefits of emerging technologies like big data, analytics and mobility to enterprises across all industries.
30TH JANUARY ,2012 : WIPRO TECHNOLOGIES GRANTED PATENTS FOR StORM
Wipro Technologies has been granted a patent by the United States Patent and Trademark Office for its Statistics Operations Research Matrix (StORM) methodology.
StORM, a system and method for software test suite optimisation, increases the effectiveness of the testing process while reducing the number of test cases.
The company said that StORM can reduce the software test suite by around 30 per cent.
29TH JANUARY ,2012: ATTRITION GOES DOWN IN IT'S TOP 4
Fewer employees left the top four Indian software companies in the quarter ended December 31, 2011.
In other words the top four companies, including Tata Consultancy Services and Infosys, saw a drop in employee attrition during the quarter.
Attrition in the industry reduced after a spate of lateral hiring (those hired from other companies) in 2010. This has been contained in the last couple of quarters, said Mr Siddharth Pai, partner with Information Services Group.
Wipro witnessed a sharp decline in its employee attrition to 14.2 per cent – this means for every 100 people only 14.2 left the company. It was 21.7 per cent in same quarter a year ago.
28TH JANUARY ,2012: CLOUD CO PEEL-WORKS GETS RS 3.25-CR VENTURE FUNDING
Indian Angel Network, a large group of successful Indian entrepreneurs and CEOs who invest in early stage businesses, has invested Rs 3.25 crore in Peel-Works, a Mumbai-based cloud-enabled sales force transformation and BPO company.
Peel-Works has been set up by a team of management graduates with experience in the consumer goods sector.
Peel-Works, according to a press release from the Indian Angel Network, offers customised solutions for companies in FMCG, telecom and insurance sectors that conduct their business using indirect sales force.
The investment will be used to expand product offering and improve technology.
27TH JANUARY ,2012: KOTAK MAHINDRA BANK EYES LOCAL ACQUISITION
Aiming to transform itself into a bank of global scale, quality and size, ‘ever-young’ Indian banking company Kotak Mahindra Bank is looking for acquisition opportunities within India on a top priority basis, its chief, Mr Uday Kotak, has said.
“We are also seriously looking at opportunities for acquisitions within India and if (we) get something appropriate, it would be top of our priority and this is something we are currently focusing on,” Mr Kotak acknowledged
JANUARY 26,2012 : LIFE INSURANCE PREMIUM DOWN 17% UP TO DEC 2011
The first year premium of life insurers has decreased 17 per cent at Rs 71,952 crore up to December 31, 2011 compared with Rs 86,697 crore in the year-ago period.
The decline in the business of private insurers was higher at 20 per cent compared to the State insurer, Life Insurance Corporation of India, which suffered a 15 per cent dip in the first-year premium.
In the non-life segment, the gross premium underwritten grew by 24 per cent at Rs 42,023 crore during April-December 2011 as against Rs 33,889 crore in the corresponding quarter of previous financial year, according to flash figures released by the Insurance Regulatory and Development Authority.
2nd FEBUARY, 2012: MOODY WARNS AGAINST DEBT RECAST PLAN
Moody’s Investors Service Inc. has cautioned that the DEBT exercise is not in the interest of bank creditors since banks will avoid setting aside money for such exposure.
The debt recast plan— scripted by SBI Caps and vetted by consulting firm Deloitte Touche Tohmatsu India Pvt. Ltd—proposes that banks should be allowed to carry the debt on their books as performing assets. This means they will not be required to set aside money for the debt.
A debt recast would not reflect the true exposure of banks to the Air India credit risk problems. It would allow banks to avoid provisioning for such exposure, which is not in the interest of bank creditors,” said Vineet Gupta, vice president and senior analyst, financial institutions group at Moody’s
1st FEBUARY, 2012 :CARLYE GROUP SELLS HDFC STAKE
U.S. private equity giant Carlyle Group has sold about 20 million shares of Housing Development Finance Corp in market deals , the chief executive of the Indian mortgage lender said, citing market sources.
The buyers of the shares include domestic as well as foreign investors, Keki Mistry told Reuters.
About 1.3 percent of HDFC's outstanding shares changed hands on the stock markets on Wednesday.
Carlyle, which currently owns 5.2 percent of HDFC, will pare its stake in the mortgage lender to nearly 4 percent after a sale of shares via block deals
31ST JANUARY , 2012: TCS EXPANDS US OPERATION WITH NEW FACILITY IN SILICON VALLEY
Expanding its presence in the US, India's IT major Tata Consultancy Services (TCS) has opened a new facility in silicon valley which was welcomed by the US lawmakers and the Californian government.
Just a few blocks away from the Yahoo's corporate headquarters, the facility, among other things, would serve as the worldwide headquarters of TCS' Mobility Solutions Unit which aims to bring the benefits of emerging technologies like big data, analytics and mobility to enterprises across all industries.
30TH JANUARY ,2012 : WIPRO TECHNOLOGIES GRANTED PATENTS FOR StORM
Wipro Technologies has been granted a patent by the United States Patent and Trademark Office for its Statistics Operations Research Matrix (StORM) methodology.
StORM, a system and method for software test suite optimisation, increases the effectiveness of the testing process while reducing the number of test cases.
The company said that StORM can reduce the software test suite by around 30 per cent.
29TH JANUARY ,2012: ATTRITION GOES DOWN IN IT'S TOP 4
Fewer employees left the top four Indian software companies in the quarter ended December 31, 2011.
In other words the top four companies, including Tata Consultancy Services and Infosys, saw a drop in employee attrition during the quarter.
Attrition in the industry reduced after a spate of lateral hiring (those hired from other companies) in 2010. This has been contained in the last couple of quarters, said Mr Siddharth Pai, partner with Information Services Group.
Wipro witnessed a sharp decline in its employee attrition to 14.2 per cent – this means for every 100 people only 14.2 left the company. It was 21.7 per cent in same quarter a year ago.
28TH JANUARY ,2012: CLOUD CO PEEL-WORKS GETS RS 3.25-CR VENTURE FUNDING
Indian Angel Network, a large group of successful Indian entrepreneurs and CEOs who invest in early stage businesses, has invested Rs 3.25 crore in Peel-Works, a Mumbai-based cloud-enabled sales force transformation and BPO company.
Peel-Works has been set up by a team of management graduates with experience in the consumer goods sector.
Peel-Works, according to a press release from the Indian Angel Network, offers customised solutions for companies in FMCG, telecom and insurance sectors that conduct their business using indirect sales force.
The investment will be used to expand product offering and improve technology.
27TH JANUARY ,2012: KOTAK MAHINDRA BANK EYES LOCAL ACQUISITION
Aiming to transform itself into a bank of global scale, quality and size, ‘ever-young’ Indian banking company Kotak Mahindra Bank is looking for acquisition opportunities within India on a top priority basis, its chief, Mr Uday Kotak, has said.
“We are also seriously looking at opportunities for acquisitions within India and if (we) get something appropriate, it would be top of our priority and this is something we are currently focusing on,” Mr Kotak acknowledged
JANUARY 26,2012 : LIFE INSURANCE PREMIUM DOWN 17% UP TO DEC 2011
The first year premium of life insurers has decreased 17 per cent at Rs 71,952 crore up to December 31, 2011 compared with Rs 86,697 crore in the year-ago period.
The decline in the business of private insurers was higher at 20 per cent compared to the State insurer, Life Insurance Corporation of India, which suffered a 15 per cent dip in the first-year premium.
In the non-life segment, the gross premium underwritten grew by 24 per cent at Rs 42,023 crore during April-December 2011 as against Rs 33,889 crore in the corresponding quarter of previous financial year, according to flash figures released by the Insurance Regulatory and Development Authority.
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