Company News

Twitter unveils growth figures ahead of $1bn IPO

Twitter unveils growth figures ahead of $1bn IPO

After weeks of hyped anticipation, widely popular micro-blogging site Twitter on Thursday unveiled its planned stock market debut.

Outlining its plans in a filing with the Securities & Exchange Commission (SEC), Twitter said it expected to raise $1 billion from its initial public offering (IPO).

The company also revealed that it generated $317 million in revenue during 2012, while the number of its active users jumped 44 per cent year-on-year to more than 218 million in the second quarter of this year.

Gillette India moves a step forward to meet MPS norms

Gillette India moves a step forward to meet MPS norms

The Securities & Exchange Board of India (Sebi) has finally approved Gillette India's proposal to partly reclassify its Indian promoters as non-promoter as part of its efforts to comply with the government's minimum public shareholding (MPS) rules.

Gillette India, the company behind the widely-popular shaving products, has confirmed that that the capital market regulator accepted its revised proposal to reclassify its shareholder Saroj Kumar Poddar as non-promoter.

Fairfax consortium agrees to take BlackBerry private for $4.7 billion

Fairfax consortium agrees to take BlackBerry private for $4.7 billion

A consortium led by property & casualty insurer Fairfax Financial Holdings Ltd has agreed to acquire beleaguered smartphone maker BlackBerry in a US$4.7 billion deal.

Led by Indian-born Prem Watsa, Fairfax already owns 10 per cent of BlackBerry's common shares. Under the terms of the newly-hit deal, the consortium would pay US$9 a share to the company's shareholders and take the company private.

The deal is however just a tentative offer, and many believe that it has set a floor for counteroffers that might surface in the near future.

Ranbaxy stock rebounds nearly 5%

Ranbaxy stock rebounds nearly 5%

After suffering its worst one-day decline on Monday, stock in Ranbaxy rebounded nearly 5 per cent in early trade on Tuesday.

As of 09.30 in the morning today, Ranbaxy shares were trading 4.7 per cent higher at Rs 333.45 apiece on the National Stock Exchange (NSE).

On Monday, Ranbaxy shares slipped more than 30 per cent to Rs 318.85 apiece, after the U. S. Food & Drug Administration (FDA) issued an import ban on the pharmaceuticals giant's Mohali plant over quality concerns.

Twitter IPO will help investors get back money they invested so far

Twitter IPO will help investors get back money they invested so far

Twitter's planned IPO (initial public offering) will allow the folks behind the micro-blogging site to get back some of the money they have so far invested in the company and also provide them with extra funds to invest in new projects, a social media expert said.

The micro-blogging site on Thursday announced that it had confidentially submitted an S-1 document to the SEC for a planned IPO of its stock.

UltraTech acquires Jaypee’s Gujarat unit for Rs 3,800 crore

UltraTech acquires Jaypee’s Gujarat unit for Rs 3,800 crore

UltraTech Cement, the flagship of Aditya Birla Group, on Wednesday confirmed that it had acquired a Gujarat-based unit of Jaypee Group in a deal worth Rs 3,800 crore.

The acquisition of the 4.8 million tonne (mt) unit will increase UltraTech Cement's capacity by nearly 9 per cent to 59 mt. The unit is currently operating at a capacity utilization of around 62 per cent. UltraTech has plans to increase it to 85 per cent.

To fund the deal, UltraTech will assume Rs 3,650 crore of debt and issue equity worth Rs 150 crore to Jaypee.

Ex-Infosys executive Ashok Vemuri joins iGate Corp

Ex-Infosys executive Ashok Vemuri joins iGate Corp

Ashok Vemuri, who recently resigned as the Americas head & global manufacturing chief at Indian software firm Infosys Ltd, has joined rival IT outsourcing firm iGate Corp as CEO.

Confirming Vemuri's appointment as CEO, NASDAQ-listed iGate Corp. also announced that the ex-Infosys executive would also join iGate's board.

Sunil Wadhwani, co-founder of iGate, said, "He is a talented and established leader, and the board has great confidence in his ability to drive iGate to continued growth into the future."

Airtel Bangladesh acquires 5 Mhz of 3G spectrum from BTRC for US$105 million

Airtel Bangladesh acquires 5 Mhz of 3G spectrum from BTRC for US$105 million

Bangladesh Telecommunication Regulatory Commission (BTRC) has revealed in a recent statement that, on Sunday, Bharti Airtel's wholly owned subsidiary in Bangladesh - Airtel Bangladesh - won 5 megahertz (Mhz) of third-generation (3G) spectrum for US$105 million in an auction.

Vodafone sells its 45% stake in Verizon Wireless to Verizon for $130bn

Vodafone sells its 45% stake in Verizon Wireless to Verizon for $130bn

British telecommunications giant Vodafone Group Plc on Monday confirmed that it would sell its 45 per cent stake in Verizon Wireless to American mobile phone operator Verizon Communications Inc for $130 billion.

Verizon currently owns 55 per cent stake in Verizon Wireless joint venture, and after the transaction it will become the sole owner of the company.

Under the terms of the deal, Verizon will also offload its 23 per cent stake in Vodafone's Italian subsidiary back to Vodafone for $3.5 billion.

Tata Motors’ shares fall on weak August sales

Tata Motors’ shares fall on weak August sales

Tata Motors' shares slipped nearly 2 per cent to Rs 293 apiece in the morning trade on Monday after the auto giant report weak August sales figures.

The auto giant gave poor sales performance in August as domestic demand for commercial as well as passenger vehicles maintained the downward trajectory.

The company's total sales volumes, including exports, slipped 30.9 per cent year-on-year and 3.6 per cent month-on-month to 49,611 units in August.

Sales of commercial vehicles and passenger vehicles slipped 26.6 per cent and 48.2 per cent year-on-year, respectively.