Global Markets update 07/04/2011

DJIA Up 32 (0.3%) NSDQ Up 8.6 (0.3%) FTSE 100 Up 34.1 (0.6%) Asian Markets as on 8.45 AM  NIKKEI Up 55 (0.57%) HANG SENG Down 41 (0.17%) SGX NIFTY Down 2

Global Markets update 06/04/2011

DJIA Down 6.1 (0.1%) NSDQ Up 2.0 (0.1%) FTSE 100 Down 9.9 (0.2%) Asian Markets as on 8.45 AM  NIKKEI Down 21 (0.21%) HANG SENG Up 54 (0.23%) SGX NIFTY Up 21

Ashok Leyland gains on its plans to be among top 10 truck-makers globally

Ashok Leyland is currently trading at Rs. 59.25, up by 0.85 points or 1.46% from its previous closing of Rs. 58.40 on the NSE.

The scrip opened at Rs. 59.00 and has touched a high and low of Rs. 59.80 and Rs. 58.70 respectively. So far 11,76,244 shares were traded on the counter.

The NSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 81.90 on 08-Nov-2010 and a 52 week low of Rs. 45.10 on 24-Feb-2011.

Last one week high and low of the scrip stood at Rs. 59.80 and Rs. 56.10 respectively. The current market cap of the company is Rs. 7849.00 crore.

The promoters holding in the company stood at 38.61% while Institutions and Non-Institutions held 31.33% and 16.62% respectively.

Ashok Leyland in a bid to break into the list of top 10 global truck manufacturers and top five bus makers in the next 5-10 years is adopting a three-pronged strategy. The company is currently among list of top 20 in truck manufacturing and among top 10 in bus manufacturing globally.

The three-prolonged strategies on which the company will be working would be - focusing on delivering quality products, developing and managing people, and leveraging the value of products by adopting new branding exercise.

Ashok Leyland had set a target of selling around 1.10 lakh to 1.20 lakh units during this financial year (2011-12). Till March 31, the company has sold 94,100 units with exports contributing over 10,000. The company has also ramped up the capacity of its Pant Nagar facility to produce 30,000-40,000 vehicles from next year from the present 2,600 units.

Recently, Ashok Leyland and Japanese auto-maker Nissan Motor Company rolled out their first light commercial vehicle under the brand, 'Ashok Leyland - DOST'. The company’s net profit for the quarter ended December 31, 2010 has plunged by 58.55% at Rs 43.37 crore as compared to Rs 104.63 crore for the quarter ended December 31, 2009.

Gravita India jumps on acquiring K. M. Udyog, Jammu

Gravita India is currently trading at Rs. 410.80, up by 8.70 points or 2.16% from its previous closing of Rs. 402.10 on the BSE.
The scrip opened at Rs. 406.05 and has touched a high and low of Rs. 412.90 and Rs. 406.05 respectively. So far 51,000 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 421.85 on 04-Apr-2011 and a 52 week low of Rs. 165.70 on 10-Dec-2010.
Last one week high and low of the scrip stood at Rs. 421.85 and Rs. 335.60 respectively. The current market cap of the company is Rs. 547.66 crore.
The promoters holding in the company stood at 73.52% while Institutions and Non-Institutions held 7.45% and 19.03% respectively.
Gravita India together with its subsidiary company - Gravita Exim has acquired 60% stake in K. M. Udyog, Jammu. The installed lead manufacturing and refining capacity of K. M. Udyog, Jammu is 7200 MT per annum.
With this acquisition, the enhanced capacity of the company will be 45,900 MT per annum. The addition of K. M. Udyog, Jammu is expected to improve the top and bottom line of Gravita India by around rupees sixty five crores and rupees three crores respectively during the financial year 2011-12.
In January this year, Gravita India’s subsidiary - Gravita Exim - has completed the disinvestment of 287,450,000 shares of ZMK 1 each, held by the said subsidiary in Gravita Zambia on December 25, 2010. Gravita Zambia, a wholly owned subsidiary of Gravita Group of Companies, is a growing name in Lead Recycling & Process industries of Zambia. The company is promoted to manufacture Remelted Lead & Plastic Recycling.
Gravita India manufactures lead metal using recycling and smelting process, besides it also makes other lead based products and lead alloys. Lead is the second most recycled metal in the world and is also most widely used across in industrial sectors, especially automobiles.

FII DII DATA 05/04/2011

Net Index Futures (1393), Net Stock Futures (-511), Derivative Market: Total Open Interest (Rs 1,17,370 cr), Stock Futures Open Interest (Rs 31,992 cr)

Indian ADRs Update 05/04/2011

INFOSYS Up 0.3 (0.4%), WIPRO Up 0.0 (0.1%), ICICI BANK Up 0.6 (1.2%), HDFC BANK Up 4.0 (2.3%)

Global Markets update 05/04/2011

DJIA Up 23 (0.2%) NSDQ Down 0.4 (0.0%) FTSE 100 Up 7.1 (0.1%) Asian Markets as on 8.45 AM  NIKKEI Down 112 (1.15%) HANG SENG Up 349 (1.46%) SGX NIFTY Up 0.50

FII DII DATA 04/04/2011

Net Index Futures (-123), Net Stock Futures (-648), Derivative Market: Total Open Interest (Rs 1,08,445 cr), Stock Futures Open Interest (Rs 30,428 cr)

Indian ADRs Update 04/04/2011

 INFOSYS Up 1.4 (2.0%), WIPRO Up 0.3 (1.9%), ICICI BANK Up 0.3 (0.5%), HDFC BANK Up 2.5 (1.4%)

Global Markets update 04/04/2011

DJIA Up 57 (0.5%) NSDQ Up 8.5 (0.3%) FTSE 100 Up 101.2 (1.7%) Asian Markets as on 8.45 AM  NIKKEI Up 70 (0.72%) HANG SENG Up 250 (1.05%) SGX NIFTY Up 11

FII DII DATA 01/04/2011

Net Index Futures (1338), Net Stock Futures (-463), Derivative Market: Total Open Interest (Rs 1,67,061 cr), Stock Futures Open Interest (Rs 35,192 cr)

Indian ADRs Update 01/04/2011

INFOSYS Up 0.9 (1.3%), WIPRO Up 0.1 (0.8%), ICICI BANK Down 0.2 (-0.4%), HDFC BANK Up 2.5 (1.5%)

Global Markets update 01/04/2011

DJIA Down 31 (0.3%) NSDQ Up 4.3 (0.2%) FTSE 100 Down 39.5 (0.7%) Asian Markets as on 8.45 AM  NIKKEI Down 10 (0.11%) HANG SENG Up 13 (0.05) SGX NIFTY Up 5.50

Supreme Infrastructure surges on revision in ratings assigned to the bank facilities of the company by CARE

Supreme Infrastructure is currently trading at Rs. 210.15, up by 1.20 points or 0.57% from its previous closing of Rs. 208.95 on the BSE.
The scrip opened at Rs. 207.55 and has touched a high and low of Rs. 216.50 and Rs. 207.55 respectively. So far 5200 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 319.80 on 20-Aug-2010 and a 52 week low of Rs. 175.00 on 01-Apr-2010.
Last one week high and low of the scrip stood at Rs. 216.50 and Rs. 195.25 respectively. The current market cap of the company is Rs. 359.95 crore.
The promoters holding in the company stood at 56.61% while Institutions and Non-Institutions held 12.23% and 31.16% respectively.
Credit rating agency, CARE has revised the ratings of Rs 224.75 crore long term bank facilities of Supreme Infrastructure to ‘BBB-‘from ‘BB+’. The rating agency has also revised the ratings of Rs 300 crore short term bank facilities of the company to PR3 from PR4.
The rating revision takes into account the improved financial performance of the company in terms of sales, profitability during FY10 and 9M FY11 and improved leverage position and average collection period in 9M FY11. The ratings continue to factor in the promoters’ long experience in execution of construction contracts, qualified management team, revenue visibility in the medium term, comfortable profitability margins and growth prospects of the infrastructure sector in general.
Supreme Infrastructure is engaged in the construction of highways, roads and bridges and engineering works. It also manufactures crushed metals, ready-mix concrete, asphalt and wet mix macadam.

Aurobindo Pharma gains on getting final approval from USFDA for Fosinopril Sodium

Aurobindo Pharma is currently trading at Rs 194.50, up by 0.70 points or 0.36% from its previous closing of Rs 193.80 on the BSE.
The scrip opened at Rs 198.40 and has touched a high and low of Rs 198.50 and Rs 192.75 respectively. So far 235783 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 275.00 on 05-Jan-2011 and a 52 week low of Rs 156.50 on 25-Feb-2011.
Last one week high and low of the scrip stood at Rs 203.95 and Rs 184.65 respectively. The current market cap of the company is Rs 5649.21 crore.
The promoters holding in the company stood at 54.40% while Institutions and Non-Institutions held 35.80% and 9.81% respectively. Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fosinopril Sodium Tablets USP 10mg, 20mg and 40mg.
Fosinopril Sodium Tablets USP 10mg, 20mg, and 40mg is the generic version of Bristol-Myers Squibb Company Pharmaceutical Research Institute’s Monopril tablets 10mg, 20mg, and 40mg. The product falls under the cardiovascular (CVS) therapeutic category and is indicated for the treatment of hypertension. The product has a market size of about $20 million for the twelve months ending September 2010.

Reliance MediaWorks climbs on plans to raise Rs 500-Rs 600 crore through sale of equity

Reliance MediaWorks is currently trading at Rs. 151.90, up by 0.65 points or 0.43% from its previous closing of Rs. 151.25 on the BSE.

The scrip opened at Rs. 153.50 and has touched a high and low of Rs. 154.00 and Rs. 151.30 respectively. So far 60,354 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 309.00 on 06-Oct-2010 and a 52 week low of Rs. 122.25 on 09-Feb-2011.

Last one week high and low of the scrip stood at Rs. 154.00 and Rs. 148.05 respectively. The current market cap of the company is Rs. 700.43 crore.

The promoters holding in the company stood at 62.23% while Institutions and Non-Institutions held 6.07% and 31.70% respectively.

Reliance MediaWorks is in talks with strategic investors to raise Rs 500 crore to Rs 600 crore through a sale of equity. Some large global media services firms based in the United States and Europe are showing interest in buying a stake in the company.

Reliance MediaWorks has been discussing with the global firms from the last three months and the deal may be signed by the middle of the fiscal that begins in April. The company which operates cinemas, film and media services, and television production is seriously thinking of turning the media services business into a separate subsidiary, which can then offload a stake, although nothing has been finalized yet.

In January this year, the company was all set to open the country’s most modern studio that may invite several Hollywood and European filmmakers with its affordable international-standard production facilities.

Reliance MediaWorks is India’s fastest growing film and entertainment services company. It operates BIG Cinemas, the largest cinema chain of the country with over 525 screens spread across India, US, Malaysia, Nepal and Netherlands. 

Equity indices continue to trade firm; Nifty above 5800 mark

The domestic equity bourses have maintained their rally for the eight consecutive day with the BSE Sensex surpassing the 19,400 mark and the NSE Nifty trading well above 5800 milestone in the mid morning session. After making a firm start tracking positive cues from global indices, the Indian equity markets are continuing the rally some mild profit booking too has appeared but recovery was instant and the indices are trading on a firm note. It seems that bulls have taken total grip of the bourses and are in no mood to relent. However market may see some volatility in the latter part of the trade due to expiry of March F&O series.
Meanwhile, the rally in the domestic market continues on buying supported from institutional, domestic and retail front. The FIIs on Wednesday were the net buyers in equities. The Asian markets were trading mostly in green, barring Shanghai Composite that has plunged by more than a percent.

The BSE Sensex is currently trading at 19,422.80, up by 132.62 points or 0.69%. The index has touched a high of 19,443.48 and a low of 19,339.75 respectively. 19 stocks were advancing against 11 declines on the index.

In the broader markets, BSE Mid cap and Small cap indices climbed 0.34% and 0.66% respectively.

The top gaining sectoral indices on the BSE were, CG up by 1.17%, IT up by 1.09%, Realty up by 0.91%, Oil & Gas up by 0.82% and CD was up by 0.80%. While the Auto index remained the sole loser in the space down 0.50%.

The top gainers on the Sensex were Hero Honda up by 3.24%, TCS up by 2.25%, BHEL up by 1.70%, ONGC up by 1.66% and L&T was up by 1.47%.

On the flip side, M&M down by 2.77%, Cipla down by 1.88%, RCom down by 1.73%, Bharti Airtel down by 1.54% and Maruti Suzuki down by 1.47% were the top losers on the index.

Meanwhile, despite the Indian government looking to further ease the regulations governing the foreign direct investment (FDI), the direct capital inflows into the country declined for a second consecutive month in February to $1.2 billion. The figure is about 30% below the FDI worth $1.7 billion received in the same month a year ago.

Various agencies have been raising concerns over declining FDI amidst a widening current account deficit (CAD). Cumulative FDI into India during the first 11-months of the current fiscal year has declined by 25% to $18.3 billion, putting pressure on the government to fine-tune its policies in order to attract greater amount of overseas investment. The country had received FDI worth $24.6 billion during the corresponding period of last financial year.

The Reserve Bank of India (RBI) had said recently that it preferred greater amount of long-term and stable flows through FDI into the country rather than often short-term oriented foreign institutional investment (FII) to bridge the current account deficit (CAD) that the country faces. The Governor of the central bank D Subbarao said that while inflow of foreign capital was welcome for bridging the CAD, the RBI would always prefer the stable inflows in terms of FDI, which comes with a long term commitment, rather than volatile portfolio inflows which can reverse in case of even a small change in either domestic of global economic scenario.

The decline in FDI in India has been rather against the trend seen in other developing countries. A recent report by the United Nations Conference on Trade and Development (UNCTAD) had observed that in the last calendar year, emerging market economies (EMEs) attracted more foreign investment than developed countries for the first time in history as the global economic engine shifts to the EMEs. Despite this, the FDI into India has seen a decline.

Meanwhile, the government is set to release a revised FDI policy circular later in the day hoping to attract greater amount of foreign funds in the next financial year beginning April 1. Among other modifications, the third edition of the Consolidated FDI Policy Circular (CFPC) may contain guidelines on domestic companies issuing shares to foreign entities for considerations other than cash, a move aimed at checking possible misuse of FDI policy to engage in money laundering.

The S&P CNX Nifty is currently trading at 5,823.65, higher by 36 points or 0.62%. The index has touched a high of 5,830.80 and a low of 5,803.05 respectively. There were 29 stocks advancing against 21 declines on the index.

The top gainers of the Nifty were Grasim up by 3.15%, Hero Honda up by 3%, TCS up by 2.30%, ONGC up by 2.02% and L&T up by 1.83%.

M&M down by 2.85%, HCL Tech down by 2.10%, RCom down by 1.87%, Cipla down by 1.85% and Bharti Airtel was down by 1.54%, were the major losers on the index.

Asian markets were trading mostly in the green zone; Hang Seng added 22.68 points or 0.10% to 23,474.11, Jakarta Composite climbed 22.67 points or 0.62% to 3,663.65, KLSE Composite advanced 4.71 points or 0.31% to 1,536.34, Nikkei 225 rose 26.97 points or 0.28% to 9,735.76, Straits Times gained 1.96 points or 0.06% to 3,097.28 and Seoul Composite moved up 6.36 points or 0.30% to 2,097.74.

On the other hand, Shanghai Composite plunged 28.62 points or 0.97% to 2,927.15 and Taiwan Weighted shed 12.12 points or 0.14% to 8,634.19.

Benchmarks make firm start tracking positive cues from global indices

The Indian equity markets have made a firm start tracking positive cues from global indices. The US markets extended their gains overnight supported by good jobs data, even though European concerns resurfaced with Portugal nearing a bailout. However, the Asian markets were trading on a mixed note. Back home, Nifty surged to its two and a half month high and breached its crucial 5,800 level supported by sustained buying by foreign funds which boosted investors’ sentiments and India’s win over Pakistan in the cricket’s World Cup semi finals also aided the sentiments. Consumer durables witnessed the maximum gain in trade followed by software and capital goods with no losers on the BSE sectoral space. The broader indices were going neck to neck with benchmarks. Meanwhile, Paper stock, AP Paper Mills again touched the roof in the early trade and gained about 20% as in a surprising deal of International Paper Company, the US based paper and packaging giant, has bought 53.5% stake in Andhra Pradesh Paper Mills from its promoters for around Rs 1160 crore. Other Paper stocks viz., Tamil Nadu Newsprint, JK Papers and West Coast Paper mills were also trading with good gains. The market breadth on the BSE was positive; there were 1,119 shares on the gaining side against 467 shares on the losing side while 72 shares remained unchanged.

The BSE Sensex opened at 19,339.75; about 49 points higher compared to its previous closing of 19,290.18, and has touched a high of 19,443.48 while low remain its opening.

The index is currently trading at 19,420.49, up by 130.31 points or 0.68%. There were 20 stocks advancing against 10 declines on the index.

The overall market breadth has made a strong start with 67.49% stocks advancing against 28.17% declines. The broader indices were trading in line with benchmarks; the BSE Mid cap and Small cap indices surged 0.49% and 0.80% respectively. 

The top gaining sectoral indices on the BSE were, CD up by 2.06%, IT up by 1.03%, CG up by 0.87%, Realty up by 0.86% and Bankex was up by 0.84%. While there were no losers on the index.

The top gainers on the Sensex were TCS up by 2.05%, Hero Honda up by 1.70%, ONGC up by 0.66%, Jaiprakash Associates up by 1.41% and HDFC was up by 1.25%.

On the flip side, Bharti Airtel down by 1.38%, M&M down by 1.34%, Wipro down by 0.94%, RCom down by 0.50% and Sterlite Industries down by 0.49% were the top losers on the index.

Meanwhile, Government has once again delayed a decision on levying service tax on transport of goods by rail to July 1. The move to defer the levy of tax came after Railway Minister Mamata Banerjee put pressure on the government to waive off service tax as it had done in the previous year. This is the fourth time that the government is postponing a decision on service tax on rail freight which was to be implemented from April 1, 2010.

Earlier in Budget 2009-10, the government had proposed a 10% service tax on goods carried by the railways to provide a level-playing field to transport of goods by road. However, it exempted rail freight from service tax in September 2009. However, in Budget 2010-2011, Pranab Mukherjee announced that the exemption from service tax would be withdrawn.

The service tax attracted an abatement of 70% of the gross value of freight charged on goods (other than exempted goods). This translated to a tax on only 30% of the value of transported goods. The service tax on rail would result in an increase in freight rates between 6-7%, in case the railway decides to pass it on to the consumers. With high food inflation, which has again entered double digits at 10.05% for the week ended March 12, while the overall wholesale price inflation stood at 8.31% in February, this would have further fuelled prices.

The exchequer has already lost around Rs 800 crore in 2010-11 as the finance ministry decided not to levy service tax on transport of goods through rail this fiscal. Service Tax is a form of indirect tax imposed on specified services called 'taxable services'. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government is to gradually increase the list of taxable services until most services fall within the scope of service tax.

The S&P CNX Nifty opened at 5,803.05; about 16 points higher compared to its previous closing of 5,787.65, and has touched a high of 5,830.80 while low remain its opening.

The index is currently trading at 5,823.70, higher by 36.05 points or 0.62%. There were 36 stocks advancing against 14 declines on the index.

The top gainers of the Nifty were TCS up by 2.18%, Hero Honda up by 1.63%, ONGC up by 1.63%, Sesa Goa up by 1.32% and HDFC up by 1.27%.

M&M down by 1.50%, Bharti Airtel down by 1.34%, Wipro down by 1.03%, Sterlite Industries down by 0.64% and Power Grid was down by 0.64%, were the major losers on the index.

Asian markets were trading on a mixed note; Hang Seng was up 22.68 points or 0.10% to 23,474.11, Jakarta Composite was up 15.81 points or 0.43% to 3,656.79, KLSE Composite was up 5.36 points or 0.35% to 1,536.99 and Seoul Composite was up 2.04 points or 0.10% to 2,093.42.

On the flip side, Shanghai Composite was down 28.62 points or 0.97% to 2,927.15, Nikkei 225 was down 26.46 points or 0.27% to 9,682.33, Straits Times was down 1.42 points or 0.05% to 3,093.90 and Taiwan Weighted was down by 23.86 points or 0.28% to 8,622.45.

Glenmark Pharma surges on its arm discovering IND enabling studies of NBE

Glenmark Pharma is currently trading at Rs. 286.00, up by 4.45 points or 1.58% from its previous closing of Rs. 281.55 on the BSE.

The scrip opened at Rs. 284.00 and has touched a high and low of Rs. 290.10 and Rs. 281.55 respectively. So far 94,756 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 389.75 on 07-Dec-2010 and a 52 week low of Rs. 241.60 on 28-Feb-2011.

Last one week high and low of the scrip stood at Rs. 290.10 and Rs. 273.25 respectively. The current market cap of the company is Rs. 7629.78 crore.

The promoters holding in the company stood at 48.32% while Institutions and Non-Institutions held 37.92% and 13.75% respectively.

Glenmark Pharmaceuticals SA (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals India has discovered and initiated IND enabling studies of a Novel Biological Entity (NBE) lead candidate, GBR401 and anti-CD19 monoclonal antibody. GBR 401 is developed completely in-house by Glenmark’s Biologics Research Centre located in Switzerland.

The disease areas primarily targeted by GBR 401 are lymphomas and leukemia’s of B-cell origin. Lymphomas are cancers originating from the lymphatic system. Non-Hodgkin’s lymphoma (NHL), a type of B cell lymphoma, is the most common form of blood cancer.

GBR 401 shows great promise to emerge as a valuable therapeutic option to treat patients affected with B-cell malignancies. GBR 401 has demonstrated strong anti-tumour potency and anti-proliferative apoptotic activity in several in-vito and in-vivo studies. CD19 is known to be expressed earlier and more broadly in B-cell development than CD20, the latter being the target of the world’s second largest selling anti-cancer biotech product rituximab whose annual 2010 sales were in excess of $6 billion.

Mahindra Satyam, Cairn, Hindalco and Titan Industries to hog the limelight todayI

In a major setback to Mahindra Satyam, the Andhra Pradesh High Court asked the company to issue bankers' cheques worth Rs 350 crore to the Central Board of Direct Taxes (CBDT). The company was also asked to provide an unconditional bank guarantee worth Rs 267 crore to the tax authorities.

In a blow to Cairn Energy, the government's law officers have held that Edinburgh-based firm needs state-owned ONGC's consent to sell its majority stake in Cairn India to Vedanta Resources.

AV Birla Group's flagship company Hindalco is planning to raise Rs 8000 crores for Aditya Aluminium project. The fund raising is expected to close in Q1FY12. This comes soon after the financial closure of the Mahan project. Hindalco is on a fund raising spree to put all their domestic projects on a fast track.

Indian Oil Corp (IOC) plans to shut a kerosene unit at its Haldia refinery for maintenance from mid-April, prompting the firm to float a rare jet fuel tender.

Tanishq, the jewellery retail chain arm of Titan Industries, under Tata Group, is planning to invest around Rs 150-200 crore for setting up around 15 showrooms in various parts of the country in next fiscal year.

National Aluminium Company (Nalco) is likely to increase the price of the metal by Rs 2,000-3,000 a tonne with effect from April, in sync with firming global prices.

In a bid to increase its footprint, the country's second largest lender HDFC Bank opened 275 branches in the current fiscal taking its total network to 2,000.

Pune-based chemicals maker Deepak Fertilisers and Petrochemicals Corp said on Wednesday it would invest about $350 million to set up a technical ammonium nitrate (TAN) manufacturing unit in Australia, pushing its shares up more than 4%.

Indian Oil Corporation and Engineers India have placed order with Fernas Construction India worth Rs 300 crore for laying of pipelines and composite works for south jetty pipeline project.

Religare Commodities (RCL), a wholly-owned subsidiary of Religare Securities ( RSL ), was awarded the prestigious award for the 'Best Commodity Broker of the Year' at the recently-concluded Bloomberg UTV's Financial Leadership Awards 2011 - The Final Word in Money.

Cognizant, which counts Walmart among its top retail customers, has doubled its revenues from the segment in the last two years, and is set to challenge rivals like TCS, Infosys in increasing business from top retailers in the world.

US listed software firm iGate's open offer for 20.6 per cent in India's Patni Computer Systems will open on April 8 and close on April 27.

Bharti Airtel, Vodafone Essar and Idea Cellular are close to signing an agreement to share their third-generation radio bandwidth.

Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Galantamine Tablets USP 4mg, 8mg and 12mg.

Nexxoft Infotel has decided to sell 30% of its stake in Elsoft Technologies at a cost of Rs 20 per share. The company holds a total of 75% stake held in Elsoft Technologies out of which it has decided to sell 30% of its stake.