Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra on June 21, 2009 renamed the IT major as Mahindra Satyam.
The logo will be adopted from the Mahindra Group. “This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra group and the inherent strength of the Satyam brand,” said a company statement here June 21, 2009 evening.
“Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group,” said Mahindra Group vice chairman and managing director Anand Mahindra.
“This rebranding exercise symbolizes an amalgamation of the Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organization and its people,” the statement said.
Satyam’s executive vice chairman Vineet Nayyar described the move as “a significant milestone towards the recovery of the company”.
Tech Mahindra, owned by the $6.3 billion Mahindra Group, bought the scam-hit IT company in an open auction in April 2009.
The re-branding comes six months after Satyam’s founder and then chairman B. Ramalinga Raju confessed to a Rs.78-billion accounting fraud.
The government launched a probe, superseded the board, and put the company up for sale in open auction.
Ramalinga Raju, his brother Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused are currently in jail.
June 22, 2009
Posted by Bala |
Business, General, India Related, IT, Science, Software, Technology, World News | 78 Billion, Accounting, Accounts, Accused, Anand, Anand Mahindra, B. Ramalinga Raju, Bala, Balamurugan, Balamurugan R, Balgates, Brand, Brother, Centricity, CFO, Chairman, Chief, Chief Financial Officer, Commitment, Computer, Corporate, Customer, Customer Centricity, Director, Emergence, Ethics, Executive, Executive Vice Chairman, Expertise, Financial, Founder, Founder Chairman, Fraud, Governance, Information Technology, IT, Jail, Logo, Mahindra, Mahindra Group, Mahindra Satyam, Major, Managing, Managing Director, MD, Milestone, Nayyar, Officer, Organization, People, Prison, Proficiency, Purpose, R Balamurugan, Raju, Rama, Rama Raju, Ramalinga, Ramalinga Raju, Rebranding, Recovery, Robust, Rs., Rupees, Satyam, Satyam Computer Services, Satyam Computers, Significant, Srinivas, Strategic, Tech, Tech Mahindra, Vadlamani, Vadlamani Srinivas, Vice Chairman, Vineet, Vineet Nayyar |
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COMPANY FORECAST: S Gopalakrishnan, CEO and MD of Infosys, speaks at the Reuters India Investment Summit.
Infosys Technologies Ltd will freeze recruitment after meeting this fiscal year’s target of hiring 25,000 staff, a telling sign the global downturn is hitting India’s $52 billion outsourcing sector.
The country’s second largest software services firm however has no plans to cut jobs and is sticking with its third quarter outlook, CEO Kris Gopalakrishnan told reporters.
He said the outsourcing sector’s growth rate would halve next year as some customers delay orders. “Last year the IT industry grew more than 30 per cent, this year it is looking at somewhere in the region of 15 per cent,” Gopalakrishnan said.
India’s export-driven IT sector, used to a scorching pace of growth, has been hit by the financial crisis and recession in the United States, which contributes more than half their revenue. In the last few years, the outsourcing industry has created tens of thousands of jobs, mainly attracting young workers, as global companies look to trim labour costs.
Infosys hired 16,000-17,000 employees in the first half of the fiscal year that began in April and would honour commitments to 6,000 under training, Gopalakrishnan said. Infosys, which counts Goldman Sachs and Philips Electronics among its clients, cut its full-year dollar revenue outlook in October due to the worsening global downturn.
Gopalakrishnan said on Dec 04, 2008 the company would freeze fresh recruitment, apart from meeting specific skill needs. “We will have to look at controlling our cost, controlling our expenses making sure that we run an optimised business. We will have to look at what are things we need to do in order to prepare ourselves for the recovery.” “Growth is coming more and more from emerging markets so hese are the things we need to prepare ourselves. We should not lose momentum in this slowdown,” he said.
But Infosys still expects its strong client base and a weakening rupee to help it meet a forecast for December quarter earnings of $0.57 a share. The Indian rupee has fallen nearly six per cent so far this quarter against the dollar.
“Infosys is seeing further degradation of the demand environment, with headwinds from leadership changes at customers, a shrinking large deal pipeline …. Pricing pressure has emerged,” CLSA Asia-Pacific said in a report this week.
December 4, 2008
Posted by Bala |
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The England cricket team is likely to return to India on December 3 to play the two Test series against India.
The first Test from December 11 to 15 has been shifted to Mohali from Ahmedabad. The second Test had been shifted to Chennai earlier itself after the terror attack on Mumbai.
The three-day practice game that was scheduled to be held in Baroda from December 5 to 7 is also likely to be played in Mohali.
England called off their seven-match ODI series with two more games to play after the terror attacks in Mumbai. The visitors were playing their fifth ODI in Cuttack on December 26 when terrorists struck India’s financial capital.
The team flew to Bangalore from where they flew back home. While some England cricketers have voiced their reservations about coming back to play in India, England skipper Kevin Pietersen has refused to be cowed down by the attacks.
December 1, 2008
Posted by Bala |
Cricket, General, India Related, Sports | Against, Ahmedabad, Bangalore, Baroda, Capital, Chennai, Cricket, Cuttack, December, Earliet, England, English, Financial, First, First Test, Game, India, Indian, Indians, Kevin, Kevin Pietersen, Mohali, Mumbai, ODI Series, One Day International, Pietersen, Practice, Practice Game, Refused, Return, Schedule, Scheduled, Second, Second Test, Series, Shift, Shifted, Skipper, Team, Terror Attacks, Test, Test Series, Visitors |
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Source: Forbes.com
|
Rank
|
Name
|
Net Worth ($mil)
|
Age
|
City
|
|
1
|
Mukesh Ambani (Reliance Industries Limited)
|
20,800
|
51
|
Mumbai
|
|
2
|
Lakshmi Mittal (Mittal Steel Company Ltd.)
|
20,500
|
58
|
London
|
|
3
|
Anil Ambani (Reliance Communications, Reliance Energy)
|
12,500
|
49
|
Mumbai
|
|
4
|
Sunil Mittal (Bharti Airtel Group)
|
7,900
|
51
|
Delhi
|
|
5
|
Kushal Pal Singh (DLF Limited)
|
7,800
|
77
|
Delhi
|
|
6
|
Shashi & Ravi Ruia (Essar Group)
|
7,600
|
64
|
Mumbai
|
|
7
|
Azim Premji (Wipro Technologies)
|
7,000
|
63
|
Bangalore
|
|
8
|
Kumar Birla (Aditya Birla Group)
|
5,000
|
41
|
Mumbai
|
|
9
|
Adi Godrej (Godrej Group)
|
4,000
|
66
|
Mumbai
|
|
10
|
Gautam Adani (Adani Enterprises Group)
|
3,900
|
46
|
Ahmedabad
|
|
11
|
Dilip Shanghvi (Sun Pharmaceutical Industries)
|
3,100
|
53
|
Mumbai
|
|
12
|
Savitri Jindal (O.P. Jindal Group)
|
2,900
|
59
|
Delhi & Hisar
|
|
13
|
Malvinder & Shivinder Singh (Ranbaxy Laboratories Limited)
|
2,800
|
36
|
Delhi
|
|
14
|
Anil Agarwal (Vedanta Resources Corporation)
|
2,400
|
55
|
London
|
|
15
|
Shiv Nadar (HCL Group)
|
2,200
|
63
|
Delhi
|
|
16
|
Micky Jagtiani (Landmark Group)
|
2,000
|
57
|
Dubai
|
|
17
|
Indu Jain (Bennett, Coleman & Co. Ltd.,)
|
1,800
|
72
|
Delhi
|
|
18
|
Cyrus Poonawalla (Poonawalla Group, Serum Institute of India)
|
1,600
|
67
|
Pune
|
|
19
|
Uday Kotak (Kotak Mahindra Bank)
|
1,550
|
49
|
Mumbai
|
|
20
|
Chandru Raheja (K. Raheja Corp.)
|
1,500
|
68
|
Mumbai
|
November 13, 2008
Posted by Bala |
Business, General, India Related, World News | Adani Enterprises Group, Adi Godrej, Aditya Birla Group, Age, Ahmedabad, Akruti City Limited, Anand Jain, Anil Agarwal, Anil Ambani, Anurag Dikshit, Azim Premji, Baba Kalyani, Bajaj Auto Ltd., Bangalore, Bengaluru, Bennett, Bharat Forge, Bharti Airtel Group, Billion, Bombay, Brijmohan Lall Munjal, Chandru Raheja, Chennai, Cipla Pharmaceutical Laboratories, Cities, City, Coleman & Co. Ltd., Crisis, Cyrus Poonawalla, Dabur India Limited, Delhi, Dilip Shanghvi, Divis Laboratories, DLF Limited, Dollar, Dollars, Dubai, Essar Group, Financial, Forbes, G.M. Rao, Gautam Adani, Gibraltar, Glenmark Pharmaceuticals Ltd., Global, GMR Infrastructure Group, Godrej Group, Gracias Saldanha, HCL Group, Hemant Shah, Hero Honda Motors Limited, Hisar, Hissar, Hyderabad, India, Indians, Indu Jain, Inflation, Infosys Technologies Limited, Jai Corporation Ltd., Jaiprakash Gaur, Jaypee Group, K. Raheja Corp., Kalanithi Maran, Kotak Mahindra Bank, Kumar Birla, Kushal Pal Singh, Lakshmi Mittal, Landmark Group, London, Malvinder Singh, Micky Jagtiani, Million, Mittal Steel Company Ltd., Mukesh Ambani, Mumbai, Murali Divi, N.R. Narayana Murthy, Name, Net, Net Worth, New, New Delhi, Niranjan Hiranandani, Niranjan Hiranandani Group, O.P. Jindal Group, PartyGaming, Poonawalla Group, Pune, Rahul Bajaj, Rajan Raheja, Rajan Raheja Group, Ramesh Chandra, Ranbaxy Laboratories Limited, Rank, Ravi Ruia, Reliance Communications, Reliance Energy, Reliance Industries Limited, Rich, Richer, Richest, Savitri Jindal, Serum Institute of India, Shashi Ruia, Shiv Nadar, Shivinder Singh, Sub Continent, Subhash Chandra, Sun Pharmaceutical Industries, Sun TV Network, Sunil Mittal, Suzlon Energy, Times Now, Times of India, Tulsi Tanti, Uday Kotak, Unitech Group, Vedanta Resources Corporation, Venugopal Dhoot, Videocon India, Vivek Burman, Wipro Technologies, Worth, Yusuf Hamied, Zee TV Entertainment |
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