Stocks in News

by khalid on 25/03/2010 · 0 comments

Bull Eye

Bull's Eye

Bharti Airtel : The company stood on the cusp of transforming itself into an
emerging-market multinational after the board of Kuwait’s Zain Telecom on approved the sale of most of its African assets to India’s largest mobile phone company. The $10.7-billion deal for Zain’s operations in 15 countries will give Bharti a firm foothold in the relatively untapped African market and take it past China Unicom, Sweden’s TeliaSonera, and Germany’s TMobile as the world’s seventh-largest mobile phone company by subscribers. The acquisition is the second largest by an Indian company, after the $12-billion takeover of Corus by Tata Steel in 2007. Bharti has tied up $8.5 billion in loans to fund the transaction and a sale is expected to be completed within days.
Impact on Bull : Positive

Ranbaxy Laboratories : The Delhi High Court has turned down a plea by US pharma major Bristol-Myers Squibb (BMS) to ban India’s Ranbaxy Laboratories from launching a generic version of its patented hepatitis B drug Baraclude. The HC ruling allows Ranbaxy to go ahead, for now, with the launch of a drug that goes by chemical name Entecavir and has global sales of $191 million for the quarter ended October 2009.
Impact on Bull : Positive

Tech Mahindra : US telecom provider AT&T has picked up an 8.07% stake in
Tech Mahindra from its promoters in return for giving the company a certain amount of business over a period. AT&T purchased about 98.7 lakh shares in an off-market transaction at $3.5, or about Rs 162, per share. An agreement signed between the two firms in May 2005 gave AT&T the option to purchase shares in Tech Mahindra if it met certain revenue targets. AT&T is Tech Mahindra’s second-largest customer, contributing about 15% of its revenues. There is no fresh issue of capital, and, therefore, no equity dilution. The shares were held by Mahindra BT Mauritius and AT&T had options against these shares.
Impact on Bull : Neutral

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