After Trading Hour News
Infosys to buy Progeon staff shares
Infosys Technologies has announced a Rs 76 crore buyback plan for employees who hold shares of the erstwhile Progeon - now Infosys BPO.
The buyback has been necessitated after Infosys bought out the Citigroup stake in the BPO arm in April 2006 in a deal that valued Citi's 23% stake at Rs 518 crore. Citi had invested $20 million in 2002 to acquire 8.75 million shares.
According to information available, there are around 100 employees of Infosys BPO who had stock options that have since been vested into 11.66 lakh shares. Infosys has offered a price of Rs 604 per share, the same price at which Infosys bought out Citi. This will mean that Infosys will be paying out Rs 76 crore to the employees.
According to an Infosys official, the company will next work out ways to compensate another 150 Infosys BPO employees who have options that have not been vested into shares. "The first stage is to complete this buyback by December 26, and then move to the next stage," the official said.
Infosys BPO currently employs close to 10,000, and has a topline of around $102 million with operating margins at 23%.
Bluebird India slips 9.7% on debut
Notebook and stationary manufacturer Bluebird India closed at Rs 94.85, a discount of 9.7 per cent over the IPO price of Rs 105. Volumes of over 53 lakh resulted in a high of Rs 109 during the intra-day trading.
The Bluebird brand has a significant presence in the west and south of the country and its overall market share is estimated at around 46-48 per cent in the organised segment.The company has recently initiated several measures aimed at expansion including a second notebook manufacturing and printing unit in south India and capacity expansion at its Pune plant.The company also plans to boost its sales and distribution, meet long-term working capital requirements and settle existing long-term debts.
Bluebird has posted decent numbers in the first half ended September with net profit rising 20 per cent based on sales of Rs 237.11 crore.
3i Infotech, Oracle in technology tieup
3i Infotech has partnered with Oracle, the world`s largest enterprise software company, to develop a technology centre of excellence for insurance in Chennai.
Through this partnership, 3i Infotech will gain access to Oracle`s extensive network of partners in the region as well as take advantage of Oracle`s innovative solutions. The solutions developed at this centre will be powered by Oracle E-Business Suite, Oracle Database and Fusion Middleware technologies targeted at the Europe, Middle East and Africa (EMEA) regions where 3i Infotech is a leading provider of insurance solutions.
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HPCL to consider interim dividend
Hindustan Petroleum (HPCL) has said that a meeting of the board of directors of the company would be held on Dec. 20, 2006, to consider a proposal for payment of interim dividend for the financial year 2006-07.
The company has fixed Dec. 28, 2006 as the record date for the purpose of payment of interim dividend.The Mumbai based refiner had posted a net profit of Rs 12219.80 million in the October quarter, compared with a loss of Rs 221.40 million a year ago.
In a recent development, HPCL and France`s Total planned to build India`s first underground storage for liquefied petroleum gas (LPG) by means of a joint venture agreement by July.
Infosys Technologies has announced a Rs 76 crore buyback plan for employees who hold shares of the erstwhile Progeon - now Infosys BPO.
The buyback has been necessitated after Infosys bought out the Citigroup stake in the BPO arm in April 2006 in a deal that valued Citi's 23% stake at Rs 518 crore. Citi had invested $20 million in 2002 to acquire 8.75 million shares.
According to information available, there are around 100 employees of Infosys BPO who had stock options that have since been vested into 11.66 lakh shares. Infosys has offered a price of Rs 604 per share, the same price at which Infosys bought out Citi. This will mean that Infosys will be paying out Rs 76 crore to the employees.
According to an Infosys official, the company will next work out ways to compensate another 150 Infosys BPO employees who have options that have not been vested into shares. "The first stage is to complete this buyback by December 26, and then move to the next stage," the official said.
Infosys BPO currently employs close to 10,000, and has a topline of around $102 million with operating margins at 23%.
Bluebird India slips 9.7% on debut
Notebook and stationary manufacturer Bluebird India closed at Rs 94.85, a discount of 9.7 per cent over the IPO price of Rs 105. Volumes of over 53 lakh resulted in a high of Rs 109 during the intra-day trading.
The Bluebird brand has a significant presence in the west and south of the country and its overall market share is estimated at around 46-48 per cent in the organised segment.The company has recently initiated several measures aimed at expansion including a second notebook manufacturing and printing unit in south India and capacity expansion at its Pune plant.The company also plans to boost its sales and distribution, meet long-term working capital requirements and settle existing long-term debts.
Bluebird has posted decent numbers in the first half ended September with net profit rising 20 per cent based on sales of Rs 237.11 crore.
3i Infotech, Oracle in technology tieup
3i Infotech has partnered with Oracle, the world`s largest enterprise software company, to develop a technology centre of excellence for insurance in Chennai.
Through this partnership, 3i Infotech will gain access to Oracle`s extensive network of partners in the region as well as take advantage of Oracle`s innovative solutions. The solutions developed at this centre will be powered by Oracle E-Business Suite, Oracle Database and Fusion Middleware technologies targeted at the Europe, Middle East and Africa (EMEA) regions where 3i Infotech is a leading provider of insurance solutions.
For Detail News Click Here
HPCL to consider interim dividend
Hindustan Petroleum (HPCL) has said that a meeting of the board of directors of the company would be held on Dec. 20, 2006, to consider a proposal for payment of interim dividend for the financial year 2006-07.
The company has fixed Dec. 28, 2006 as the record date for the purpose of payment of interim dividend.The Mumbai based refiner had posted a net profit of Rs 12219.80 million in the October quarter, compared with a loss of Rs 221.40 million a year ago.
In a recent development, HPCL and France`s Total planned to build India`s first underground storage for liquefied petroleum gas (LPG) by means of a joint venture agreement by July.
posted by SY at 8:22 PM
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