BackEmani quits Wipro Tech, Nandy tipped to take over
Emani quits Wipro Tech, Nandy tipped to take over
PremiumVast opportunities: A file picture of the Wipro campus at Bangalore. Ramesh Emani, who has been with Wipro for 25 years, was the president of the product engineering solutions division at Wipro Techno
Bangalore: Ramesh Emani, a key executive heading the engineering solutions and Research & Development unit at Wipro Ltd, India’s third largest IT vendor, resigned from the company on Thursday.
Emani, who has been with Wipro for 25 years, was the president of the product engineering solutions (PES) division at Wipro Technologies, the global IT arm of Wipro.
When contacted, Emani said “I don’t want to comment."
Pratik Kumar, Wipro’s corporate vice-president, human resources, said: “There has been no internal announcement and I cannot confirm this now."
‘Mint’ couldn’t independently ascertain the exact reasons for Emani’s exit.
The PES group at Wipro was the world’s largest engineering services group and had presence with sales and delivery capabilities outside of India in the US, Europe, Japan, China, Taiwan, Korea and Israel.
A Masters in Computer Science from the Indian Institute of Technology, Kanpur, Emani joined the company in 1983 to concentrate on software applications for banking group at Wipro Infotech and moved on to the then Wipro Systems in 1989 to create focus in the software services export market. He was the chief executive of the telecom solutions business between 1995 and 2000.
Later, Emani worked as the chief technology officer and chief executive eEnabling Solutions until February 2002, after which he moved to head the Embedded and Product Engineering group. Emani headed the PES group after it was formed in July 2005 by merging the telecom solutions and embedded groups.
Sudip Nandy, at present the chief strategy officer of Wipro, is tipped to take over Emani’s role.
Musharraf to lift emergency on Saturday
Islamabad: President Pervez Musharraf will lift Pakistan’s state of emergency on Saturday, only after changing the Constitution to ensure he cannot be hauled before a court, a senior official said, as lawyers held more protests against the retired army chief.
On Thursday, attorney general Malik Mohammed Qayyum had said that the President, who has acknowledged he breached the Constitution, will amend the charter to protect his decisions from legal challenges.
Qayyum said government legal experts were finalizing the changes that would be announced before Musharraf lifts the emergency, but provided no details.
“The President will lift the emergency to restore the Constitution and the fundamental rights," he said.
Parliamentary elections, due to be held on 8 January, will decide who will form the next government. AP
SC defers hearing on Triumph’s plea
New Delhi: The Supreme Court on Thursday deferred for four weeks the hearing on an appeal filed by Triumph International Finance India Ltd, which challenged a Securities and Exchange Board of India (Sebi) decision to bar it from trading on the bourses.
A bench headed by justice S.H. Kapadia postponed the hearing after Triumph counsel Anil Diwan sought more time to abide by an earlier direction of the court that asked the company to comply with the accounting standards under the Companies Act.
The court had in November asked Triumph to submit a certificate issued by a chartered accountant stating that it had no connection with Ketan Parekh, who was banned for rigging stock prices between 1999-2000.
Sebi had in 2001 cancelled Triumph’s certificate of registration on charges of price rigging.
Triumph said that the Securities Appellate Tribunal, while dismissing its petition against the Sebi order, had held that it was not controlled by Parekh who was banned for 14 years by the regulator for price rigging. PTI
UB raises Rs600 crore from placement
Mumbai: The country’s United Breweries Holdings Ltd, the holding company of alcoholic drinks maker UB Group, said on Thursday that it had raised Rs600 crore from a placement with qualified institutional buyers. A total of 5.4 million shares were placed at Rs1,110 each, it said in a statement which did not identify the buyers.
The company also issued 6.4 million warrants to the founders at Rs1,110 each, for a total of Rs710 crore, it said, in line with a previously disclosed plan to raise money.
Ahead of the news, shares in the company, which also controls Kingfisher Airlines, ended up 0.3% at Rs1,147.15 in a weak Bombay Stock Exchange. Reuters
TV18 in strategic pact with Forbes Media
Mumbai: Media company Television Eighteen India Ltd said on Thursday it would launch a business magazine in India through a strategic alliance with magazine publisher, Forbes Media. The partnership with ‘Forbes’, which includes a content licensing arrangement, also envisages the introduction of other Forbes products, the company said in a statement. Reuters
Kolte Patil posts 25% return on BSE debut
Mumbai: Real estate firm Kolte Patil Developers Ltd on Thursday surged as much as 25.14% in its debut on the Bombay Stock Exchange (BSE). The stock opened at Rs220 and rallied ahead to an intra-day high of Rs223.90, a gain of Rs78.9 over its issue price of Rs145. The scrip parted with some gains to close at Rs181.45. More than 10.6 million shares changed hands at BSE. PTI
Naukri.com introduces global jobs section
New Delhi: Leading job portal Naukri.com on Thursday said it has introduced an international jobs section on its website.
The new section would have 9,000 international jobs spread across 15 countries with opportunities both for freshers and for professionals with up to 25 years of experience, Naukri.com said in a statement.
More than 10% of individuals registered on Naukri.com are open to working abroad. At the same time, there is a huge demand for Indian talent. Creating this section is a logical step to cater to this demand, said Hitesh Oberoi, chief operating officer of Info Edge (India) Ltd, which runs the job site. PTI
GMR rises as Citigroup, Soros buy $1 bn of stock
Mumbai: Shares of infrastructure company, GMR Infrastructure Ltd, rose in Mumbai after selling $1 billion (Rs3,940 crore) of shares to 49 investors, including Citigroup Inc. and George Soros, to build roads and airports in India.
The company’s stock on Thursday, gained 0.16% to Rs243.6 at the close on the Bombay Stock Exchange, after climbing as much as 4.9%.
“Some big investors have been attracted by the company’s growth and the large number of orders it may win," said R.K. Gupta, who manages the equivalent of $100 million at Credit Capital Asset Management Ltd in New Delhi and owns 81,000 GMR shares. “The play is on infrastructure." Bloomberg
JSW surges on reports it may buy iron ore mine
Mumbai: The country’s fourth largest steel producer, JSW Steel Ltd, had its biggest gain in two months in Mumbai trading on speculation that the company may buy an iron ore mine to secure supplies of the steel making ingredient.
JSW climbed as much as 12.3% on the Bombay Stock Exchange, before closing the day with a gain of 7.84% at Rs1,334.65.
Managing director Sajjan Jindal had said in October that the company bought a coal mine in Mozambique and is looking to add more coal and iron ore assets. Finance director Seshagiri Rao declined to comment on Thursday.
BHP Billiton Ltd’s bid for Rio Tinto Group to create a company controlling almost half the Asian iron ore market has sparked concerns among steel makers who need the raw material to feed new plants. Bloomberg
10 firms apply for insurance licences
Mumbai: The Insurance Regulatory and Development Authority (Irda) on Thursday said 10 new players have applied for licences to enter this fast growing sector.
“Five players have applied for licences to operate in the life insurance segment and the rest for non-life insurance business," Irda member C.R. Muralidharan said.
The Shriram group, Ranbaxy- promoted Religare Securities Ltd and real estate leader DLF Ltd have sought regulatory approvals for entering the sector, Muralidharan said.
Some European and Australian companies have also applied for licences, he said. PTI
SC dismisses petition for Nusli Wadia eviction
New Delhi: The Supreme Court has dismissed a petition filed by New India Assurance Co. to evict Nusli Wadia, chairman of the Rs1,000 crore Bombay Dyeing Group, from his Malabar Hill flat in Mumbai.
New India Assurance, which acquired the complex in 1962, rented out a flat to the Wadias on a monthly rent of Rs700 in 1972. The company’s estate officer had issued three notices between 2001 and 2003 under Public Premises (Eviction of Unauthorized Occupants) Act, 1971, asking Wadia to vacate the premises.
Wadia, however, had sought to quash the notice of termination of tenancy. He had termed the company’s action as “malafide and arbitrary". PTI
India produces 330,000 tonnes of e-waste
Bangalore: India generated 330,000 tonnes of electronic waste (e-waste) in 2007 as dumping from developed countries and informal recycling added to environmental degradation, a new study said on Thursday.
The study jointly conducted by Mait, the apex body representing India’s IT hardware, training and R&D services sectors, and GTZ, the German Technical Cooperation Agency, said e-waste is expected to touch 470,000 tonnes in India by 2011.
E-waste, according to a directive of the European Commission, is defined as waste material consisting of any broken or unwanted electrical or electronic appliances.
The Mait-GTZ assessment study, however, focused only on the waste stream of computers, television sets and mobile handsets. PTI
Unpredictable rulings biggest challenge: PwC
New Delhi: Corporates consider unpredictable rulings by the authorities as the biggest challenge facing the tax administration in the country, even as they devote more time and attention to deal with issues concerning income tax.
“Corporates, especially multinational companies, believe that unpredictable rulings by the tax administration are the most important reasons leading to tax- risk challenges, while lack of clarity in tax laws is a major concern for Indian firms", said a survey on ‘Tax Risks in India’ conducted by consultancy firm PriceWaterhouseCoopers (PwC).
Conflicting judicial positions and frequent changes in tax laws were other areas of concern, PwC executive director Ketan Dalal said. PTI
KPO companies step up cross-border buys
Mumbai: India’s knowledge process outsourcing (KPOs) firms are venturing overseas for acquisitions as they scale-up, struggle for talent, try to beat a rising rupee and face competition from big software firms.
“Cross-border M&A (mergers and acquisitions) market has opened up for KPOs," said Sumir Chadha, managing director, Sequoia Capital India.
The sector faces the problems of a small market and niche opportunities.
“...as the KPO industry booms the supply side will struggle to meet demand," M.S. Krishnan, professor at the University of Michigan, wrote in a recent issue of ‘Global Services’ magazine. Reuters
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