Mastek acquires US company for $29 million
Bangalore: Mastek Ltd has acquired the New York-based Systems Task Group (STG) International Ltd, an IT solutions provider to the North American property and casualty insurance industry for Rs116 crore ($29 million) in a cash deal that will enhance the company’s intellectual property-led IT solutions portfolio. STG is the second such buyout for Mastek after Vector Insurance Services was acquired in July.
Mastek will be presently paying 85% of consideration, while the rest will be linked to ongoing performance and paid by way of earn-outs, the company said in a statement. Staff Writer
India asks drug makers to lower prices
New Delhi: Pharmaceutical companies will have to lower prices on most of the non-scheduled drugs by 4.58% following duty cuts in the Union Budget, the National Pharmaceutical Pricing Authority (NPPA) said on Monday.
The NPPA said price cut should take effect from 1 March.
India halved excise duties on drugs to 8% in the Budget for 2008-09, and the authorities now want firms to pass on the benefit to consumers. Reuters
Tata Group denies interest in Ferrari stake
Mumbai: The Tata group, which is in final talks to buy Ford Motor Co.’s Jaguar and Land Rover luxury brands, denied on Monday a magazine report that it was interested in a stake in Ferrari.
Italy’s ‘L’Espresso’ weekly news magazine on Friday had quoted chairman Ratan Tata as saying that he would like to buy a stake in Fiat Automobiles SpA ’ s luxury sports car unit Ferrari. “Tata group wishes to clarify that the statement has been misquoted and taken out of context,” a spokesman for Tata group said on Monday. “The report is completely untrue,” he said in a statement. Reuters
Hockey: India fails to qualify for Olympics
New Delhi: Eight-time Olympics field hockey champion India plunged to a new low by failing to qualify for this year’s Beijing games, snapping an 80-year history that featured six successive gold medals since a startling debut at Amsterdam in 1928.
India’s hopes of figuring in the Beijing Olympic lineup were dashed on Sunday when it lost 2-0 to Britain in the final of a qualifying competition at Chile. AP
India fund assets to reach $440 bn by 2012
Mumbai: The total assets under management in India would grow by 33% every year to reach as much as $440 billion by 2012 with mutual funds and portfolio management services as key drivers, a survey showed.
Besides, the overall economic growth will attract participation from the international investment community across retail and institutional segments, consultancy firm McKinsey and Co., which conducted the survey, said in a report on Monday.
The retail segment would grow between 36% and 42% annually to about $200 billion by 2012, while institutional investments would grow by 25% to 33% annually to $160 billion, it said. Reuters
Bharti EasyDay plans April launch