Indian IT trioka fit for Buffett's portfolio: S&P

NEW DELHI: The world's greatest investor Warren Buffett may have shied away from putting his money in Indian companies so far, but those fulfilling his investment criteria include at least three companies based here -- namely Infosys, Wipro and Satyam Computer.

Standard and Poor's, one of the world's biggest investment services providers that compiles a list of stocks meeting the legendary investor's appetite twice a year, has named the three of the biggest names in Indian IT space in the latest model portfolio.

The American Depositary Receipts of the three Indian IT giants have been named alongside global giants Microsoft, Oracle, Ericsson, Cisco Systems, Diageo, China Mobile and SAP.

Besides, the list also includes 3M Company, Altria, British American Tobacco, Mcgraw-Hill Company and Qualcomm.

Read more in The Economic Times

Infosys, Ispat, Genpact & Enfield await Aug 8 SEZ meet of BoA

Four major industry players Infosys, Ispat, Genpact, Enfield await the August 8 crucial decision on Special Economic Zones (SEZ) of Board of Approvals (BoA).

osys has submitted two SEZ proposals of about 120 hectares and 61 in Andhra Pradesh. While Ispat's 1,012 hectares SEZ at Raigad in Maharashtra will come up for clearance.

Enfield Infrastructure has submitted three applications for setting up IT/ITES SEZs in 16 hectares at West Bengal. Genpact India has notified its desire to set up a 10 hectare IT/ITES SEZ in Jaipur and Adarsh Prime Projects a 468 hectare IT/ITES SEZ in Karnataka.

In all, 132 SEZs have been notified, in addition to 340 such projects with formal approval and 171 with in-principal nod.

According to the commerce ministry, over Rs 43123 crore have been invested in these notified SEZs and it says that these SEZ may provide direct employment to 35,053 persons.

IT majors sit on growing cash mountain

The top five Indian IT firms have piled up net cash in excess of Rs 20,000cr.

Riding high on a booming economy and growing outsourcing opportunities, the top five Indian information technology players – Tata Consultancy Services, Infosys Technologies, Wipro, Satyam Computer Services and HCL Technologies – have piled up net cash in excess of Rs 20,000 crore.

The net cash figure jumped 31 per cent to Rs 21,148.42 crore in 2006-07 from Rs 16,151.36 crore in the previous year. Analysts estimate the figure to increase by 60 per cent in the current financial year.

The logic lies in the revenue and net profit numbers of these companies. For instance, the total turnover of the five companies for the 2006-07 financial year stands at Rs 57,397 crore — a jump of nearly 40 per cent over last fiscal’s number of Rs 41,033 crore. Read more at Business Standard

Nandan Nilekani to become co-chairman of Infy

BANGALORE: The Board of Directors of Infosys Technologies Limited today approved changes at the senior level management, with Nandan M Nilekani becoming Co-Chairman of the Board, effective June 22.

S Gopalakrishnan would assume the role of Chief Executive Officer and Managing Director, and S D Shibulal the Chief Operating Officer of the NASDAQ-listed software major.

Infy investors to make moolah with 130% dividend

BANGALORE: IT bellwether Infosys Technologies Ltd Friday declared a final dividend of Rs 6.50 per share, 130 percent on par value of Rs 5 per share for fiscal 2006-07, amounting to Rs 3.71 billion ($86 million).

In a notification to the stock exchanges here, the company said with an interim dividend of Rs 5 per share (100 percent of Rs 5 per share), amounting to Rs 2.78 billion, the total dividend for the entire fiscal (FY 2007) would be Rs.11.50 per share. This would be 230 per cent on par value of Rs 5 per share, with a payout of Rs 6.49 billion.

The decision to reward its shareholders handsomely was taken by the company's board of directors, which met here to approve the financial results for the fiscal under review.

For the previous fiscal (FY 2006), the blue-chip firm rewarded its investors with a silver jubilee dividend of 600 percent and a 1:1 bonus issue.

Murthy is now chairman of Asia Biz Council

In yet another recognition to India Inc's growing prowess, Infosys Technologies Ltd Founder N R Narayana Murthy takes over as Chairman of the prestigious Asia Business Council (ABC).

The Asia Business Council announced key leadership changes at its Spring Forum held in Hong Kong on March 15-17, a press release said.

Murthy, who takes over as the chairman of the organisation with immediate effect, promised to take the Council to the ‘next level’.

Read more The Financial Express