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Siemens has announced that its wholly owned IT subsidiary, SISL would be transferred to the parent, Siemens AG, at an undisclosed valuation. This decision comes close on the heels of the company reporting an unexpectedly weak result for SISL in FY2008 and the Satyam accounting malpractices revelation, which has brought down average valuations in the … Read more Siemens India to transfer IT business to German parent
Educomp Solutions has entered into a service agreement with a US based charitable foundation Michael & Susan Dell Foundation, to create a model to transform learning levels of poor children served by private schools in Hyderabad for an investment of Rs 4.78 crore. The project named Gyanashakti will help in significantly improving the learning levels … Read more Educomp Solutions ties up with Dell Foundation
In the last few months, there was a sharp decline in Bajaj Auto Limited volumes in the domestic market, though the company managed to maintain its No. 2 position in the Two Wheeler market until November 2008. However, in November 2008, Honda Motorcycles and Scooters India – HMSI sold 95,222 units, as against Bajaj Auto, … Read more Bajaj Auto loses No 2 position in Two Wheeler market
Our reporters have confirmed that, Citibank has frozen more than 30 trade receivable accounts of Satyam Computer Services Ltd, following erstwhile chairman B Ramalinga Raju’s startling admission of fraud as the bank aims to protect the bank’s $70-million exposure to the troubled IT major. This will directly hurt the daily operations of Satyam Computers. Citibank … Read more Citibank starts freezing Satyam’s Accounts
The two-year old health insurer – Star Health Insurance – aims to notch a profit of Rs 6 crore and attain a premium of Rs 500 crore at the end of the current financial year. V Jagannathan the Managing Director of the insurance company announced that it would infuse about Rs 20 crore this year, … Read more Star Health Insurance aims Rs 6 cr profit this fiscal
The Indian rupee opened lower on Friday on concerns that overseas investors would offloads their local equities holdings following the Satyam fiasco, seen as India’s biggest corporate fraud so far. The domestic unit opened at 49.22 a dollar but staged a marginal recovery to trade at 49.10/12 in early trades. The rupee had closed at … Read more Rupee slips against Dollar on fund outflows