Tech Mahindra posts Rs.221 crore net profit in Q4

July 30th, 2009 Indo-ASIAN NEWS SERVICE MUMBAI - Auto major Mahindra and Mahindra Thursday reported a net profit of Rs.400.8 crore for the quarter ended June 30, up from Rs.159.3 crore in the like period last year. The company's total income increased to Rs.4,266.1 crore as against Rs.3,331.8 crore, Mahindra said in a regulatory statement.

July 29th, 2009 NEW DELHI - Reliance Power has posted a net profit of Rs.100.56 crore ($21 million) for the quarter ended June 30 as against Rs.59.7 crore reported in the like period last year. The total income has increased to Rs.144.24 crore from Rs.77.67 crore, the company said in a statement.

July 16th, 2009 MUMBAI - India's largest engineering and construction major Larsen and Toubro Thursday reported a 218-percent increase in net profits for the quarter ended June 30, thanks mainly to the sale of its long term investment in Ultra Tech Cement. The company said its net profit tripled to Rs.1,598.2 crore for the first quarter of this fiscal from Rs.502.44 crore during the like period of last fiscal.

July 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.

June 23rd, 2009 HYDERABAD - Two days after Satyam Computer Services was re-branded as Mahindra Satyam, the company Tuesday announced changes in its leadership with Tech Mahindra's head of international operations C.P. Gurnani being named the outsourcer's new chief executive.

June 21st, 2009 HYDERABAD - Satyam Computer Services has been renamed as Mahindra Satyam, while the logo will be adopted from the Mahindra Group. Tech Mahindra had bought it in April, The decision was taken at a closed-door meeting attended by top executives of Tech Mahindra in Hyderabad.

May 28th, 2009 NEW DELHI - Auto major Mahindra and Mahindra (M&M) Thursday reported a 22.2 percent decline in its net profit for 2008-09 at Rs.858.7 crore, down from Rs.1,103.3 crore reported the year before. This is despite a 14.5 percent jump in the company's annual turnover to Rs.13,364.02 crore last fiscal from Rs.11,671.6 crore in 2007-08, the company said in a regulatory statement.

May 5th, 2009 MUMBAI - Satyam Computer Services Tuesday said it has allotted 30.28 crore equity shares, representing 31 percent of the share capital, to Venturbay Consultants, a subsidiary of Tech Mahindra, which is acquiring a controlling stake in the scam-hit IT major. 'The board of directors of the company allotted 30,27,64,327 equity shares on preferential basis to Venturbay Consultants,' the company said in a statement.

April 22nd, 2009 MUMBAI - After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an 'open offer' to acquire a further 20 percent stake so that it can get a controlling stake. As per the next steps laid out by the Satyam board, Tech Mahindra announced the 'open offer' to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.

April 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.

April 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of Satyam Computer Services, Monday said it was excited about the prospects of the fraud-hit IT major and that restoring financial health was the priority. After the first meeting with the government-appointed board, Anand Mahindra, chief of Mahindra Group, said Satyam would remain a stand-alone unit in foreseeable future and its leadership would continue with marginal changes.

April 13th, 2009 MUMBAI - Following are the highlights of Tech Mahindra's winning bid for a controlling stake the scam-hit Satyam Computer Services, which was approved by its board here Monday and notified to stock exchanges: - Acquiring company: Venturbay Consultants Pvt Ltd, a Tech Mahindra subsidiary - Price at which acquisition of 31-percent stake approved: Rs.58 per share - Number of shares constituting 31 percent: 302,764,327 - Amount raised by way of 31-percent stake: Rs.1,756 crore ($351 million) - Money to be deposited in an escrow account by April 21 - If not, next highest bidder will be considered - Larsen and Toubro and consortium of Wilbur Ross-Cognizant were also in fray - Tech Mahindra to make open offer of 20 percent at Rs.58 per share - After open offer, total stake held cannot be more than 51 percent - Subscribers of American depository shares also eligible for open offer - Open offer to be made within 55 days - Company Law Board exemption for shareholder approval on preferential offer - Financial advisers: Goldman Sachs and Avendus Capital - Satyam board says no other bidder within 90 percent of Tech Mahindra's offer - Satyam board and Tech Mahindra execute share subscription pact - Two directors - Deepak Parikh and S.B. Mainak - abstained from decision

April 13th, 2009 MUMBAI - Shares of Satyam Computer Services shot up Monday after its board named Tech Mahindra as the highest bidder to take over a strategic stake of 31 percent in the company for Rs.1,756 crore ($351 million). Tech Mahindra, which will also make an open offer for another 20 percent stake in the scam-hit company through its subsidiary Venturbay Consultants, also saw its shares soar over 12 percent soon after the announcement.

April 13th, 2009 MUMBAI - Shares of Tech Mahindra, the IT arm of automobile major Mahindra and Mahindra shot up over 12 percent Monday after Satyam's board announced it had emerged as the highest bidder to take over a strategic 31 percent stake in Satyam. Tech Mahindra's bid would infuse Rs.1,756 crore ($351 million) into Satyam's equity base.

January 30th, 2009 MUMBAI - Auto major Mahindra and Mahindra (M&M) Saturday said its stand-alone net profit dipped over 99 percent to Rs.11.96 million (Rs.1.19 crore/$242,757) for the quarter ended Dec 31, from Rs.4.05 billion in the same period the previous year. The company's total income decreased to Rs.25.62 billion for the third quarter from Rs.29.8 billion in the corresponding period last year, M&M said in a statement.