Telecommunications-service provider Reliance Communications Ltd. of India yesterday said it signed a pact to buy data-communications-services provider Yipes Holdings Inc. of the U.S. for $300 million.
"We have signed a definitive agreement to acquire a 100% stake in U.S.-based Yipes Holdings in an all-cash 12-billion-rupee, or $300 million, transaction," said Reliance Communications' Chairman Anil Ambani.
"This is the largest acquisition that Reliance Communications has ever made....We expect this acquisition to significantly enhance the growth rate, profitability and returns of our global data business," he said.
The news drove Reliance Communications' stock price up 3.5%, or 19.35 rupees, to 574.05 rupees on the Bombay Stock Exchange yesterday, after the stock rose to an record of 577.40 rupees intraday.
Reliance Communications, one of India's largest telecom operators, bought closely held Yipes, whose headquarters is in San Francisco, through Reliance Communications' wholly owned unit Flag Telecom.
"This is a big buy for Reliance in terms of strategic fit," said Harit Shah, a Mumbai-based analyst at Angel Broking.
"It will give R-Com a footprint in the U.S. enterprise market and advance its plans to become a major telecommunications player globally," he added.
Yipes counts NTT Data Corp. of Japan and Verizon Communications Inc. of the U.S. as its clients. Yipes expects its revenue to grow to about $100 million in the year ending March 31, Yipes Chief Executive John Scanlon said.
Yipes owns more than 22,000 route kilometers of fiber across 14 U.S. metropolitan areas.
Yipes has benefited from the growth of electronic trading, where financial exchanges such as INET at the Nasdaq Stock Market and Globex at the Chicago Mercantile Exchange employ split-second trading strategies. Yipes's network connects buy-side and sell-side traders with the different exchanges.
Source: http://online.wsj.com/article/SB118460843906467786.html?mod=googlenews_wsj
Monday, July 16, 2007
Wednesday, July 4, 2007
India's Stock Market Preview : Banks, DLF, Hindustan Petroleum
The Bombay Stock Exchange's Sensitive Index, or Sensex, added 0.5 percent to 14,880.24, a third straight record. The S&P/CNX Nifty Index on the National Stock Exchange was little changed at 4359.30. Nifty Futures for July delivery was little changed at 4355.25.
Overseas investors bought a net 4.1 billion rupees ($100.6 million) worth of Indian shares on July 3, according to the latest figures from the Securities & Exchange Board of India's Web site.
Banks: Indian lenders are cutting interest rates on deposits of more than 1.5 million rupees, the Hindu Business Line reported, citing local bank officials. Some banks have slashed interest rates on deposits by as much as 2 percentage points to less than 10 percent, the newspaper said, citing J. Moses Harding, head of wholesale banking at IndusInd Bank Ltd.
ICICI Bank Ltd. (ICICIBC IN), the nation's most valuable lender, added 19.15 rupees, or 2 percent, to 985.35. State Bank of India (SBIN IN), the country's largest lender, fell 19.05 rupees, or 1.2 percent, to 1563.4.
DLF Ltd. (DLFU IN): The real-estate developer controlled by billionaire Kushal Pal Singh, will list on the Indian stock exchanges today. The company raised 91.9 billion rupees in the nation's biggest initial share sale, selling 175 million shares at 525 rupees apiece.
Hindustan Petroleum Corp. Ltd. (HPCL IN): The state-run oil marketer and refiner said its venture with billionaire Lakshmi Mittal will raise as much as $1 billion through overseas borrowings in next four years. Hindustan Petroleum rose 0.5 rupee, or 0.2 percent, to 265.95.
JM Financial Ltd. (JM IN): The company, Morgan Stanley's former Indian partner, said it agreed to buy a 60 percent stake in ASK Securities India Pvt. for 581.4 million rupees. The venture will focus on equity research, institutional sales and trading. JM Financial declined 7.15 rupees, 0.7 percent, to 1,058.8.
Oil & Natural Gas Corp. (ONGC IN): India's largest oil producer had its stock rating cut to ``neutral'' from ``buy'' at Goldman Sachs. The shares declined 13.65 rupees, or 1.5 percent, to 874.25.
Overseas investors bought a net 4.1 billion rupees ($100.6 million) worth of Indian shares on July 3, according to the latest figures from the Securities & Exchange Board of India's Web site.
Banks: Indian lenders are cutting interest rates on deposits of more than 1.5 million rupees, the Hindu Business Line reported, citing local bank officials. Some banks have slashed interest rates on deposits by as much as 2 percentage points to less than 10 percent, the newspaper said, citing J. Moses Harding, head of wholesale banking at IndusInd Bank Ltd.
ICICI Bank Ltd. (ICICIBC IN), the nation's most valuable lender, added 19.15 rupees, or 2 percent, to 985.35. State Bank of India (SBIN IN), the country's largest lender, fell 19.05 rupees, or 1.2 percent, to 1563.4.
DLF Ltd. (DLFU IN): The real-estate developer controlled by billionaire Kushal Pal Singh, will list on the Indian stock exchanges today. The company raised 91.9 billion rupees in the nation's biggest initial share sale, selling 175 million shares at 525 rupees apiece.
Hindustan Petroleum Corp. Ltd. (HPCL IN): The state-run oil marketer and refiner said its venture with billionaire Lakshmi Mittal will raise as much as $1 billion through overseas borrowings in next four years. Hindustan Petroleum rose 0.5 rupee, or 0.2 percent, to 265.95.
JM Financial Ltd. (JM IN): The company, Morgan Stanley's former Indian partner, said it agreed to buy a 60 percent stake in ASK Securities India Pvt. for 581.4 million rupees. The venture will focus on equity research, institutional sales and trading. JM Financial declined 7.15 rupees, 0.7 percent, to 1,058.8.
Oil & Natural Gas Corp. (ONGC IN): India's largest oil producer had its stock rating cut to ``neutral'' from ``buy'' at Goldman Sachs. The shares declined 13.65 rupees, or 1.5 percent, to 874.25.
India's Stock Market Preview : Banks, DLF, Hindustan Petroleum
The Bombay Stock Exchange's Sensitive Index, or Sensex, added 0.5 percent to 14,880.24, a third straight record. The S&P/CNX Nifty Index on the National Stock Exchange was little changed at 4359.30. Nifty Futures for July delivery was little changed at 4355.25.
Overseas investors bought a net 4.1 billion rupees ($100.6 million) worth of Indian shares on July 3, according to the latest figures from the Securities & Exchange Board of India's Web site.
Banks: Indian lenders are cutting interest rates on deposits of more than 1.5 million rupees, the Hindu Business Line reported, citing local bank officials. Some banks have slashed interest rates on deposits by as much as 2 percentage points to less than 10 percent, the newspaper said, citing J. Moses Harding, head of wholesale banking at IndusInd Bank Ltd.
ICICI Bank Ltd. (ICICIBC IN), the nation's most valuable lender, added 19.15 rupees, or 2 percent, to 985.35. State Bank of India (SBIN IN), the country's largest lender, fell 19.05 rupees, or 1.2 percent, to 1563.4.
DLF Ltd. (DLFU IN): The real-estate developer controlled by billionaire Kushal Pal Singh, will list on the Indian stock exchanges today. The company raised 91.9 billion rupees in the nation's biggest initial share sale, selling 175 million shares at 525 rupees apiece.
Hindustan Petroleum Corp. Ltd. (HPCL IN): The state-run oil marketer and refiner said its venture with billionaire Lakshmi Mittal will raise as much as $1 billion through overseas borrowings in next four years. Hindustan Petroleum rose 0.5 rupee, or 0.2 percent, to 265.95.
JM Financial Ltd. (JM IN): The company, Morgan Stanley's former Indian partner, said it agreed to buy a 60 percent stake in ASK Securities India Pvt. for 581.4 million rupees. The venture will focus on equity research, institutional sales and trading. JM Financial declined 7.15 rupees, 0.7 percent, to 1,058.8.
Oil & Natural Gas Corp. (ONGC IN): India's largest oil producer had its stock rating cut to ``neutral'' from ``buy'' at Goldman Sachs. The shares declined 13.65 rupees, or 1.5 percent, to 874.25.
Overseas investors bought a net 4.1 billion rupees ($100.6 million) worth of Indian shares on July 3, according to the latest figures from the Securities & Exchange Board of India's Web site.
Banks: Indian lenders are cutting interest rates on deposits of more than 1.5 million rupees, the Hindu Business Line reported, citing local bank officials. Some banks have slashed interest rates on deposits by as much as 2 percentage points to less than 10 percent, the newspaper said, citing J. Moses Harding, head of wholesale banking at IndusInd Bank Ltd.
ICICI Bank Ltd. (ICICIBC IN), the nation's most valuable lender, added 19.15 rupees, or 2 percent, to 985.35. State Bank of India (SBIN IN), the country's largest lender, fell 19.05 rupees, or 1.2 percent, to 1563.4.
DLF Ltd. (DLFU IN): The real-estate developer controlled by billionaire Kushal Pal Singh, will list on the Indian stock exchanges today. The company raised 91.9 billion rupees in the nation's biggest initial share sale, selling 175 million shares at 525 rupees apiece.
Hindustan Petroleum Corp. Ltd. (HPCL IN): The state-run oil marketer and refiner said its venture with billionaire Lakshmi Mittal will raise as much as $1 billion through overseas borrowings in next four years. Hindustan Petroleum rose 0.5 rupee, or 0.2 percent, to 265.95.
JM Financial Ltd. (JM IN): The company, Morgan Stanley's former Indian partner, said it agreed to buy a 60 percent stake in ASK Securities India Pvt. for 581.4 million rupees. The venture will focus on equity research, institutional sales and trading. JM Financial declined 7.15 rupees, 0.7 percent, to 1,058.8.
Oil & Natural Gas Corp. (ONGC IN): India's largest oil producer had its stock rating cut to ``neutral'' from ``buy'' at Goldman Sachs. The shares declined 13.65 rupees, or 1.5 percent, to 874.25.
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