Sunday, February 15, 2009
CAsh -strapped realty major Emaar MGF may turn out to be the first major beneficiary of a government package in the real estate sector,
thanks to its partnership with Delhi Development Authority (DDA) for the 2010 Commonwealth Games village project in east Delhi. The government had already facilitated a nine-month deferment of its Rs 50-crore instalment to State Bank of India (SBI), and has now further asked DDA to prepare a report on buying out flats at a negotiated price, a government official told SundayET. In fact, Emaar MGF could turn out to be the lone beneficiary in a downturn where all major real estate companies, including DLF and Unitech, are affected and witnessing a sharp erosion of their bottomlines. The government has so far refused to give any concession to the real estate sector and is asking for a price correction. While talking to SundayET, urban development secretary M Ramanchandran said he had asked DDA to prepare a report on the issue and suggest possible solutions. “Emaar MGF has already got nine months extra to repay its Rs 50-crore instalment to SBI. We are assessing the situation. If the need arises DDA would either give them a loan or buy flats at a negotiated price. Also, PSUs may buy in bulk,” he said.
Wednesday, February 11, 2009
satyam gets some relief
satyam gets 60 0crore ..from IDBI and Bank of Baroda...for working capital requirements
Friday, February 6, 2009
Satyam Fiasco:ESOP's sold at hefty prices by " BUSINESS LEADERS"
Insider trading per se is not illegal. Sale or purchase of shares by people privy to price-sensitive information, before it is intimated to the regulator and the stock markets, is, however, a crime. However, Board Chairman Kiran Karnik, and Member Deepak Parekh said they were aware of such transactions but found nothing illegal.
Yet, a close look at the filings by the company with the National Stock Exchange since September 2004 is interesting. They reveal that many of those identified as ‘Business Leaders’ by erstwhile Chairman of Satyam B. Ramalinga Raju sold the employee stock options (ESOPs) at regular intervals.
What’s more, Mr. Murty sold the shares frequently since October 2004. If Srinivas Vadlamani, the jailed CFO, sold in all 3.65 lakh shares, the highest by any employee in the last four-and-a-half years, Mr. Murty sold the second largest number of shares — 3.14 lakh shares.
Company president Ram Mynampati exercised 1.83 lakh stock options in the Indian stock market and 56,250 American Depository Shares (ADS) in the U.S. during the last few years. Manish Mehta and T. R. Anand too figured among those who sold more than a lakh of shares each, closely followed by Keshab Panda, who exercised over 90,000 stock options.
Most of these shares were sold between mid-2006 and mid-2008 when the Satyam’s scrip ruled high between Rs. 350 and Rs. 480, fetching fat sums. For instance, Mr. Murty sold 17,000 shares on March 29, 2007, and 30,000 shares in just another week, on April 4, the same year. The sale on April 4 alone fetched him about Rs. 1.38 crore considering that the stock opened at Rs. 465 on the BSE on that day.
Of course, “it cannot be proved whether Mr. Murty is aware of the price sensitive decision of the company’s move to acquire Maytas Infra and Maytas Properties when he sold the shares in December, as he is not on the then board,” said Ambareesh Baliga, Vice-President, Karvy Broking. None could stop a shareholder from selling the stocks as the ESOPs were meant for sale. Surely, some senior employees must have been aware that “every thing was not hunky dory with the company,” he said.
Yet, a close look at the filings by the company with the National Stock Exchange since September 2004 is interesting. They reveal that many of those identified as ‘Business Leaders’ by erstwhile Chairman of Satyam B. Ramalinga Raju sold the employee stock options (ESOPs) at regular intervals.
What’s more, Mr. Murty sold the shares frequently since October 2004. If Srinivas Vadlamani, the jailed CFO, sold in all 3.65 lakh shares, the highest by any employee in the last four-and-a-half years, Mr. Murty sold the second largest number of shares — 3.14 lakh shares.
Company president Ram Mynampati exercised 1.83 lakh stock options in the Indian stock market and 56,250 American Depository Shares (ADS) in the U.S. during the last few years. Manish Mehta and T. R. Anand too figured among those who sold more than a lakh of shares each, closely followed by Keshab Panda, who exercised over 90,000 stock options.
Most of these shares were sold between mid-2006 and mid-2008 when the Satyam’s scrip ruled high between Rs. 350 and Rs. 480, fetching fat sums. For instance, Mr. Murty sold 17,000 shares on March 29, 2007, and 30,000 shares in just another week, on April 4, the same year. The sale on April 4 alone fetched him about Rs. 1.38 crore considering that the stock opened at Rs. 465 on the BSE on that day.
Of course, “it cannot be proved whether Mr. Murty is aware of the price sensitive decision of the company’s move to acquire Maytas Infra and Maytas Properties when he sold the shares in December, as he is not on the then board,” said Ambareesh Baliga, Vice-President, Karvy Broking. None could stop a shareholder from selling the stocks as the ESOPs were meant for sale. Surely, some senior employees must have been aware that “every thing was not hunky dory with the company,” he said.
IPL acutions..
English players Andrew Flintoff and Kevin Peterson became the most valuable players in IPSL..when they were valued at 1.55 million Dollars apiece....KP was snatched by BangaloreRoyal chanllengers.....Flintoff was tekn by Chennai kings...
2 days after auctions were announced...England was bundled out for 51 against West indies in their 2 innings conceding a defeat by innings and 19 runs to Windies.......This sure will reaise some questions about spending huge moolah on KP and Flintoff.....
2 days after auctions were announced...England was bundled out for 51 against West indies in their 2 innings conceding a defeat by innings and 19 runs to Windies.......This sure will reaise some questions about spending huge moolah on KP and Flintoff.....
P&G looking to sell its pharma business
P&G, one of the rworld's largest cosnumer goods company, with rbrands like Gilletter razor and Crest toothpaste is looking to sell off its Phrma business....its CEo A.G Lafley said.....this comes after last dyear decision to stop spneinding on new moecule research....its pharma buisness has revenues of $ 2 billion annually.....
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