TopNews

Ashok Soota, previous CMD of IT company MindTree, assured in an interview with CNBC-TV18 that he was going to sell off 5.5% of its stake to an information technology company but he did not reveal about the buyers of the stake and the amount at which the stakes were sold.

In a word to word interview with Ekta Batra and Reema Tendulkar, he was asked about the whereabouts of the buyers and emphasized on the aspect that the deal was made at a 20% of the premium quiet close to the end of the stock market the last day. Mr. Soota had sold 11% stake in the company through a block deal.

Despite a steady flow of the Indian Rupee and satisfactory gains in the rates of the euro and stocks of Europe, dollar managed to be at the top with sudden rise in its demand from the oil companies.

According to the share market, it was observed that the markets have finally firmed up. The markets have a higher trade as the investors rolled over from June to July sessions.

The Nifty index touched a high of 5,637 points in the morning session following by the firm global cues. The index touched a low of 5,607 points and decreased because the investors were unconvinced if the gains were made in the past week than they would be sustained.

The S&P CNX Nifty was trading at 5,617, up by 20 points and the Sensex was trading at 18,760, up by 63 points at 14:30 hours.

On Wednesday, Vodafone’s Chief Financial Officer, Andy Halford reported that Vodafone could receive an amount of $5.5bn from its 45% stake in Verizon Wireless annually starting from next year. This estimate is totally based on the $1bn-a-month or $12bn-a-year free cash flow that Verizon Wireless generates. The cash has to be mainly used to pay down the company’s debt.

In 2005, Verizon Wireless, which is the largest US mobile operator have stopped paying a dividend to the firms Verizon Communications and Vodafone.

Andhra Pradesh’s state government has once again failed to woo European auto-makers in its attempt to launch an automobile manufacturing industry within the state.

In its most recent attempt to kick-start the industry, the Government of Andhra Pradesh actively courted France-based PSA Peugeot Citroen in the hopes that the company would establish automobile manufacturing facilities in the state.

The government had hoped that PSE Peugeot Citroen would act as an anchor client, which would help the state government to develop an automotive cluster complete with assembly production line, ancillaries units, dye manufacturing, and body-building shops.

Bidding for the Orissa ultra mega power project is set to close on August 1st after bids were invited in June of last year and the deadline for bidding was extended six times.

The Orissa ultra mega power project is one of nine 4,000 megawatt capacity coal-fired plants being built across the country to expand access to electricity.