Word: mahindra
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...with big-ticket IPOs like those of Adani Power and National Hydro Electric Power Corp. falling below their launch prices last week, and smaller entrants like Excel Infoways and Mahindra Holidays and Resorts continuing to trade below listing prices, retail investors are turning wary. The latest IPO, that of state-run Oil India which closed Sept. 10, saw a relatively muted retail response, say investment bankers, with most of the interest coming from institutional buyers. "We've invested very selectively in the companies that have come to markets post elections," says Sukumar Rajah, chief investment officer at Franklin Templeton Mutual...
Best Price has tried to match this, but customers have to pay for home delivery. It has also linked up with Kotak Mahindra Bank to offer "business cards" with which customers can shop on credit for 14 days. Kalia, the restaurateur, laughs at this: "In a country where half the economy is a black economy, how do they expect a shopkeeper to give checks and put all transactions on record...
...cost, consumers may not be convinced, especially in India, that the car can compete against similarly priced gasoline-powered family sedans. "Reva is yet to hit the price-performance equation," says Mohit Arora, senior director for India for J.D. Power market research. According to Pawan Goenka, president of Mahindra & Mahindra's automotive business in Mumbai, "The challenge is to make the economics work in a price-sensitive Indian market." For electric cars, "performance and range are major bottlenecks," he says. (Read "Coming to an Ex-Car Dealer Near You: Pickups from India...
...purchase is a gamble by Tech Mahindra, which is joint venture between Indian Mahindra & Mahindra and British Telecom. Accountants are still trying to unravel years of fraudulent accounting; bidders had little access to reliable financial data, and there is additional risk of class-action suits and litigation in the U.S. relating to the fraud. Other interested buyers, including IBM and India's Spice Group, withdrew because of the uncertainties. "It's a very risky bet," says New Delhi-based equities analyst Dhirendra Kumar. "The reward or penalization could match the risk." Tech Mahindra has yet to issue a comment...
...goes well, the deal could propel Tech Mahindra into the top tier in Indian software services. Satyam's client base, which includes Cisco Systems and Nestle SA, would reduce the company's heavy reliance on British Telecom, its biggest customer. The markets gave the purchase a thumbs-up. Tech Mahindra shares were up 12% at the end of trading Monday, while Satyam shares were up 3%. Also applauding the deal were India's business groups. "The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major...