Skip to main content

IPO News

L&T puts IT arm's IPO plan on hold (The Economic Times 15th Feb 2008)L&T Infotech, the IT arm of engineering major Larsen & Tubro, has put its IPO plan on hold citing unfavourable market conditions. A senior company official said the company could issue shares to promoters to raise money if and when needed. The company had earlier announced its plans for a listing in the latter half of 2008. Speaking to ET on the sidelines of the Nasscom summit, chief executive and member of board at L&T Infotech, Vijay Magapu, said: “Although we have the intention of doing an IPO, the market conditions are not right just now. While the preparation for the IPO is on within the company, the time for hitting the capital markets could be extended considering that P/E ratios of many listed IT companies have fallen in the recent market correction, apart from other factors like the rising rupee and the non-extension of the STPI regime.” Instead, the company is known to be looking at growing its business through acquisitions and capacity expansion in its existing facilities. The company is looking for acquisitions with a ticket size of $100-300 million. “It is high time we start on our acquisition strategy. We should have done at least a couple of acquisitions by this time. A 45% growth rate is good news for the company but a company cannot just survive on deal pipelines alone, it also has to grow non-organically,” Mr Magapu said. More
Labels:

Comments

Post a Comment

Popular posts from this blog

Jyoti Structures bags Rs 253 cr worth orders

Jyoti Structures on Tuesday said it has bagged two orders worth Rs 253 crore from Uganda Electricity Transmission Company Ltd and Eskom Enterprises (Pty) Ltd for construction of transmission lines. The company has bagged Rs 160-crore order from Uganda Electricity Transmission Company Ltd for construction of transmission lines and sub-stations. Besides, the company's joint venture company Jyoti Structures Africa (Pty) Ltd has bagged a contract for Eskom Enterprises (Pty) Ltd, the electricity utility of South Africa for construction of transmission line. The scope of the order from Uganda Electricity Transmission Company includes supply and erection of Bujagali Interconnection Project, the manufacturer of transmission line towers informed the Bombay Stock Exchange. The contract valued at around $39.64 million (Rs 160 crore) is to be executed in 24 months, the company said, adding the company would construct 220 kV and 132 kV transmission lines and substations.
Post a Comment
Read more

Company News

ITI Ltd seeks Rs2,000 crore aid from government (Live mint.com 26th Dec 2007) The funds are being sought to wipe out accumulated losses of Rs2,225 crore and to obtain working capital for telecom equipment manufacturing. According to a company official who did not wish to be named, a committee has been set up by the Centre to finalize the package. More
Post a Comment
Read more

Inflation hits 42-week high of 7.57%

Inflation rose to a 42-week high of 7.57 per cent in the 12 months to April 19, higher than the previous week’s annual rise of 7.33 per cent, largely on account of an increase in food, metal products and industrial fuel prices, official data showed. Analysts said that the inflation of 7.57 per cent was “slightly higher” than their expectations and this could be due to price increase in tea and certain items in the steel group. India’s wholesale price index (WPI) based inflation now stood highest since November 13, 2004, when it was 7.68 per cent. Economists expressed confidence that the recent fiscal and monetary measures would yield results in the coming weeks. They, however, noted that inflation was unlikely to return to the comfort zone of the Reserve Bank of India any time this fiscal. “There could be some easing of food inflation given the good wheat production and likelihood of good monsoon. I see some temporary relief on food side. But commodities are tough to predict. The infla...
Post a Comment
Read more