TCS Salary Cut Email

Also read EconomicTimes Editorial
The origial email sent is shown below.

Dear Colleagues,

Last week, TCS posted results for the third quarter of 2007-08 with revenues rising at 5.04 per cent sequentially to Rs 5,924 crore and net profits rising 6.72 per cent sequentially to Rs 1,331 crore.

As you are well aware, our variable compensation policy is linked to EVA, based on the overall performance of the company and your individual performance. The variable pay component is paid monthly, based on the company’s expected performance for the quarter. As indicated in the annual compensation letters, variable pay may change based on actual performance of the company and the ongoing performance of the individual.

In Q3 this year, we met our revenue target but we fell short of meeting our EVA target due to a combination of internal and external factors. The EVA target forms the basis for the variable pay computation and has been given in advance, each month during Q3. Based on the audited results the EVA-based variable payout amounts to Rs. 293 crore for the quarter. The actual variable payout based on expected EVA given in advance amounts to Rs. 376 crore. The advance payment that has to be adjusted amounts to Rs. 83 crore, which will be recovered during Q4 from the employees. The recovery would be reflected in your salary in the months of February and March 2008.

TCS continues to enjoy industry-leading growth. We expect to meet our EVA targets in Q4. There is a strong business pipeline and we are very positive about the future. In order to be globally competitive and maintain our leadership position, we not only need to grow revenues, but also manage our costs better and enhance operational efficiencies.

In Q4, we will follow the same basis of advance payment of Variable Pay as per expected EVA projections at the beginning of 2007-08. When the audited results for Q4 are announced in April 2008, appropriate adjustment in Variable Pay will be made either upwards or downwards as the case may be.

We will shortly let you know the actual amount to be recovered through a letter in Ultimatix. On viewing your letter, in case you need any further clarification, please send in your query to the following mail address – ......@tcs.com and we will respond to your questions

RBI Keep Key Rates Unchanged

The rupee stood at 39.39/40 per dollar, holding steady after the Indian central bank's decision, while the yield on the 10-year benchmark bond rose 2 basis points to 7.52 percent.

No Entry Load for Direct Mutual Fund Applications

SEBI/IMD/CIR No. 10/ 112153 /07
December 31, 2007

At present irrespective of the mode of entry, investors are required to pay the entry load.
Keeping in view the interest of the investors it has now been decided that
no entry load shall be charged for direct applications received by the Asset Management Company (AMC) i.e. applications received through

• Internet
• Submitted to AMC
• Collection centre
• Investor Service Centre

that are not routed through any distributor/agent/broker.

Applicability

1. This circular shall be applicable for investments in existing schemes with effect from January 4, 2008 and in new schemes launched on and after the said date.

2. It shall also be applicable to additional purchases done directly by the investor under the same folio and switch-in to a scheme from other schemes if such a transaction is done directly by the investor.

3. AMCs shall follow the provisions pertaining to informing the unitholders upon a change in load structure as per clause 3(d) of standard observations.

This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Source:http://www.sebi.gov.in/circulars/2007/mfdcir1007.html

Fitch Affirms Ratings of India's Unitech Ltd Post Allotment of Telecom Licence

The Outlook on the rating is stable.

Unitech's eight subsidiaries have recently been awarded the license to operate a telecom business in 22 circles by the Department of Telecom (DoT), Government of India. The affirmation is based on a de-risking strategy put in place by Unitech for its entry into the telecom sector. As part of this strategy, the operational risk would be mitigated by a strategic partner who would bring in the required expertise to operate the facilities. The venture is expected to work as a separate entity and has not drawn any material funding from Unitech's balance sheet. The venture is also not envisaged to draw any material support or funding from Unitech's balance sheet in future. Based on the above, Fitch does not expect any material impact on Unitech's balance sheet due to the telecom venture.

Unitech is one of India's largest real estate developers with a comparatively diverse market presence. Having started as a civil consultancy and then operating as a construction company, it now focuses more on real estate development. In FY07, real estate accounted for 87% of its revenue compared with 55% in the previous year. The company made a net profit of INR13.1 billion on revenue of INR33.0bn in FY07. The corresponding figures for H108 were INR7.8bn and INR18.8bn, respectively.

Indiabulls International Partner SocGen hit by 7 billion fraud

Reuters reports from Paris

French bank Societe Generale said fraud by a single trader had caused it a
4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a
result, shocking battered markets.
If fraud is proved, the loss will be the
biggest caused by a rogue trader,

Source:Google News

List of Currently Open IPOs

* NEW DELHI - Shriram EPC Ltd Chairman Arun Duggal holds a news
conference on its forthcoming public issue. 12 p.m. (0630 GMT)
* NEW DELHI - Wockhardt Hospitals Ltd holds a news conference
on its coming initial public offer. 1 p.m. (0730 GMT)

List of Currently Open IPOs

Book Building Issues
IPO Name	Minimum Quantity	Multiple Quantity	Price Band (Rs.)	Open Date	Close Date	Transact
Cords Cable Industries Ltd	50	50	125-135	21/01/2008	24/01/2008	Apply
KNR Construction Ltd	35	35	170-180	24/01/2008	30/01/2008	Apply
Onmobile Global Ltd	15	15	425-450	24/01/2008	30/01/2008	Apply

OnMobile – IPO: Invest at cut-off

The niche nature of OnMobile’s business, sustainable growth prospects, strong operating margins and absence of peers in the listed space make a strong case for investment.
says hindu businessline

Bank Employees Strike January 25 2008

Federal Bank Ltd has informed BSE that The Indian Banks Association has vide their letter dated January 07, 2008 informed that the convener of the United Forum of Bank Unions, which is constituent unit of five unions

• AIBEA
• NCBE
• BEFI
• INBEF
• NOBW

and four Officers' Associations

• AIBOC
• AIBOA
• INBOC
• NOBO
  

has served a notice of strike dated January 03, 2008 stating that all the workmen employees and officers' staff in the public sector and private sector will be observing a day's total strike on January 25, 2008 throughout the country on certain demands.

If the strike materializes, a section of the Bank's employees may take part in the proposed strike on the said date.

SENSEX CIRCUIT DOWN TUE 22

TRADING TO RESUME AFTER 1 hour at 10.55am.

Satyam ADS

1. The Board of directors approved the proposal to list the Company's American
Depositary Shares (ADSs) on the European platform of the NYSE Euronext Group with
Amsterdam as an entry paint into the EU capital markets under the fast-path
cross-listing, globally the first of its kind. Upon listing, the Company's existing ADSs
will trade on one single cross-border trading platform with connectivity to the
European stock exchanges of Amsterdam, Brussels, Lisbon, and Paris, in addition to
trading on the NYSE in the US.

2. The Board of directors approved the proposal for the acquisition of M/s. Bridge
Strategy Group LLC (Bridge) a US based Company specializing in providing Strategy
and Management Consulting Services to various large clients in different industry
segments. The maximum purchase consideration will be US$ 35 million in an all cash
transaction and has been structured into three parts — an initial payment, a deferred
payment and a contingent payment and upon consummation, Bridge will be a wholly
owned subsidiary of the Company.

Indiabulls Results Update, Quarter ended, 31-DEC-2007

Indiabulls Financial Services Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2007 as follows: Net Sales of Rs. 32674 lacs for quarter ending on 31-DEC-2007 against Rs. 6891 lacs for the quarter ending on 31-DEC-2006. Net Profit / (Loss) of Rs. 10515 lacs for the quarter ending on 31-DEC-2007 against Rs. 3630 lacs for the quarter ending on 31-DEC-2006.


Indiabulls Financial Services Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2007 as follows: Net Sales of Rs. 45346 lacs for quarter ending on 31-DEC-2007 against Rs. 33368 lacs for the quarter ending on 31-DEC-2006. Net Profit / (Loss) of Rs. 16388 lacs for the quarter ending on 31-DEC-2007 against Rs. 11176 lacs for the quarter ending on 31-DEC-2006.

source:NSE

TCS Quarterly Results

Tata Consultancy Services Ltd , India's No. 1 software services exporter, releases quarterly results. Live from News conference at 5:30 p.m.

Tata Consultancy Services BSE
+6.25 (+0.67%)
Last Trade: 944.50 INR
Prev Close: 938.25
Day's Range: 925.00 - 966.00
52-week Range: 867.00 - 1,399.00
Volume: 175,149
Avg. Volume: 154,628

Tata Consultancy Q3 net rises 20.5 pct, beats forecast

Tata Consultancy Services Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2007 as follows: Net Sales of Rs. 592297 lacs for quarter ending on 31-DEC-2007 against Rs. 563973 lacs for the quarter ending on 30-SEP-2007. Net Profit / (Loss) of Rs. 132667 lacs for the quarter ending on 31-DEC-2007 against Rs. 125324 lacs for the quarter ending on 30-SEP-2007.

Tata Consultancy Services Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2007 as follows: Net Sales of Rs. 483437 lacs for quarter ending on 31-DEC-2007 against Rs. 457687 lacs for the quarter ending on 30-SEP-2007. Net Profit / (Loss) of Rs. 117899 lacs for the quarter ending on 31-DEC-2007 against Rs. 114711 lacs for the quarter ending on 30-SEP-2007.

Its leading clients include General Electric, ABN AMRO and Nielsen Co.

Apple Macbook Air Laptop Review - Thinnovation

At the annual Macworld Conference Expo 2008 in San Francisco Apple Inc CEO Steve Jobs unveiled "World's thinnest notebook" named Apple-Macbook-Air. This can be considered as an evolutionary product but not as a revolutionary product. Apple shares were down 6% in a market which was 2.5% down.

Comparison of Mac Air $1799 model and AirMac-Book$3098 model..



Watch Macbook Air review from various sources.



Apple-Macbook-Air Specifications

1. $1,799 MacBook Air( MacBook Air May cost 85,000 in India )
2. Ecofriendly aluminum shell
3. 13.3-inch screen
4. 1.9 cms thick
5. 3 pounds (1.4 kilograms)
6. Back-lit keyboard
7. 80GB Harddisk. High end model use 64GB Solid State harddrive.With no moving parts, a solid state drive largely eliminates seek time, latency and other electro-mechanical delays and failures associated with a conventional hard disk drive. This means boot time will be of the order of milliseconds...:)
   
8. Intel's Core 2 Duo chip 1.6Ghz and 1.8 Ghz

iPhone coming to Asia and India this year.

Other Products release by Steve Jobs at Macworld 20008

• A wireless backup device for Macintosh computers called "Time Capsule," with models costing $299 and $499 (152 and 254 pounds).
• iTunes to offer online movie rentals. from 30 days after DVD release.

Source: google, reuters blogs, bloomberg, twitter, youtube .. etc.

Howto Reliance Power IPO

Issue Name : Reliance Power Ltd.
Book Building Minor Applied: NO
BRLM : ENAM Sec ,UBS,Kotak,ABN,DeutscheICICI,JM,JP Morgan.
Opening Date : 15.Jan.08 Tuesday Lower Band : 405
Last Date : 18.Jan.08 Friday Upper Band : 450
Retail Limit : 100000
Lot Size : 15 * (Discount To Retail Investor Rs.20/ per share)
Maximum shares for common man:225

Indian shares cross 21,000 lifehigh record

At 9:57 a.m., the 30-share BSE index was up 1.13 percent, or 236.19 points, at 21,048.84, having risen as far as 21,077.53 in early deals.

Businessline: IPO Recommendations 2007

# Brigade Enterprises: Invest at cut-off (December 09, 2007)
# BGR Energy Systems: Invest at cut-off (December 09, 2007)
# Transformers and Rectifiers: Invest at cut-off (December 09, 2007)
# eClerx Services: Avoid (December 02, 2007)
# Jyothy Labs (IPO): Invest at cut-off (November 25, 2007)
# Edelweiss Capital: Invest at cut-off (November 11, 2007)
# Religare Enterprises: Invest at cut-off (October 28, 2007)
# Maytas Infra: Invest at cut-off (September 30, 2007)
# Supreme Infrastructure India: Avoid (September 23, 2007)
# Consolidated Construction: Invest at cut-off (September 17, 2007)
# Koutons Retail: Invest (September 17, 2007)
# Dhanus Technologies (IPO): Avoid (September 09, 2007)
# Kaveri Seeds (IPO): Invest at Cut-off (September 09, 2007)
# Power Grid Corporation — IPO: Invest at Cut-off (September 09, 2007)
# Dhanus Technologies (IPO): Avoid (September 09, 2007)
# Kaveri Seeds (IPO): Invest at Cut-off (September 09, 2007)
# Power Grid Corporation — IPO: Invest at Cut-off (September 09, 2007)
# KPR Mills — IPO: Avoid (August 05, 2007)
# SEL Manufacturing — IPO: Avoid (July 29, 2007)
# Puravankara Projects — IPO: Invest at cut-off (July 29, 2007)
# Zylog Systems — IPO: Invest at cut-off (July 22, 2007)
# Asian Granito — IPO: Invest at cut-off (July 22, 2007)
# Central Bank of India — IPO: Avoid (July 22, 2007)
# IVR Prime Urban Developers: Avoid (July 22, 2007)
# Omaxe: Invest at cut-off (July 15, 2007)
# Allied Digital Services : Invest at cutoff (July 01, 2007)
# Spice Communications: Avoid (June 24, 2007)
# Suryachakra Power: Avoid (June 24, 2007)
# HDIL: Invest at cut-off (June 24, 2007)
# Roman Tarmat: Avoid (June 17, 2007)
# DLF: Invest at cut-off (June 10, 2007)
# Vishal Retail: Invest at cut-off (June 10, 2007)
# Meghmani Organics: Invest at cut-off (June 03, 2007)
# Nelcast: Invest at cut-off (June 03, 2007)
# Decolight Ceramics: Avoid (May 27, 2007)
# Nitin Fire Protection Industries: Invest (May 13, 2007)
# MIC Electronics: Invest at cut-off (May 06, 2007)
# Binani Cement: Invest at cut-off (May 06, 2007)
# Hilton Metal Forging: Avoid (April 15, 2007)
# Bhagwati Banquets and Hotels: Avoid (April 15, 2007)
# Fortis Healthcare: Avoid (April 15, 2007)
# Grading of IPOs (April 15, 2007)
# Orbit Corporation: Avoid (March 18, 2007)
# ICRA: Invest at cut-off (March 18, 2007)
# Gremach Infrastructure: Avoid (March 11, 2007)
# Page Industries: Avoid (February 25, 2007)
# Raj TV: Avoid (February 18, 2007)
# MindTree Consulting: Invest at cut-off (February 11, 2007)
# Mudra Lifestyle: Invest at cut-off (February 11, 2007)
# Indus Fila: Invest at cut-off (February 11, 2007)
# Broadcast Initiatives: Avoid (February 11, 2007)
# Idea Cellular: Invest at cut-off (February 11, 2007)
# C&C Constructions: Invest at cut-off (February 04, 2007)
# SMS Pharma: Invest at cut-off (February 04, 2007)
# Vijayeswari Textiles: Avoid (February 04, 2007)
# Euro Ceramics: Invest at cut-off (February 04, 2007)
# Indian Bank: Invest at cut-off (February 04, 2007)
# Power Finance Corporation: Invest at cut-off (January 28, 2007)
# Firstsource Solutions: Invest at cut-off (January 28, 2007)
# Technocraft Industries: Avoid (January 21, 2007)
# House of Pearl Fashions: Avoid (January 21, 2007)
# Cinemax India: Invest at cut-off (January 21, 2007)
# IPOs: Look before you bid (January 21, 2007)
# Redington (India): Invest at cut-off (January 21, 2007)
# Autoline Industries: Invest at cut-off (January 07, 2007)
# Cambridge Technology Enterprises: Avoid (January 07, 2007)

Reliance Power IPO : Power ON India ON

Reliance Power, 50 percent owned by power producer Reliance Energy Ltd, is part of the Anil Dhirubhai Ambani Group (ADAG), which owns the rest through other group companies.The offer will be open from Jan. 15 to Jan. 18.

Anil Ambani Speech from Reliance Power IPO Press Brief
On behalf of ADAG I welcome all of you witness the announcement of a very very important of
a very very young ADAG Group. This group is a creation of the demerger and the restructuring of the group. vision dreams of late father DA As I reflect back roughly 2.5 yrs the ADAG rewarding journey opportunity in June 2005, to be born again as a new group
She took great care in ensuring .. such is the love and affection of all mothers
and I must acknowledge the role played by my mother..
The reliance group was the vision of one man,it was the dream and it continues..
I had the big fortune to be the part from 1982 and the opportunity to be part of every major capital raising programmes and that was invaluable learning process under the able and living guidance of my late father. The journey began in 70s slogan roti, kapda or maakan
father chose kada, started textile vimal. that was the birth of RIL
Then came 2000, roti, kapda, makaan mobile.That was the big rev of telecom in the country
What we see in 2008 is for india roti, kapda, makan, mobile, power it was always vision of my late father to provide high quality low cost services in every area..
financial , entertainment, energy i think we are fully committted in this
ADAG June 2005 the market value of 15000 crores , currently as I stand here in front of you its 32500 crores making us the second largest industry group This is something we have accomplished with the support of over 7 million retail investors and 100s of domestic and foreign investors.

• Rs.20 less than issue price for public.
• Reliance Power IPO 15 to 18
• Part payment option available.
• To be listed in the first week of February
• 60%QIB ,30%Retail (due to regulations.)
• 16crores - 300crores ADAG grew Last year.
• Every listed company of ADAG beat sensex in 2007.
• Per Capita Power Consumption 618 units is less than 1/4th of world average.
• Installed Capacity CAGR power 4%, China 12%
• india 25 yr = china 1 year

GDP 9% end of 10th plan - 07 - energy shortage 14% Generation coal,gas,hydro captive coal - 6states sell power sasan, krishnapatnam power trading uttarkhand arunachal largest domestic sasan december 09- first commision 40% Gas. Bullish on Gas

***** Media Question Time*********

CNBC journalist ->40% Gas based.
ADA:Bullish on Gas.Returns will be based on project specific.

Why no wind energy?
ADA:Part of thought process...will unveil . We have operations in Karnataka. Projects in the pipeline.

ADA: Nuclear Power->pipeline.
Imported coal-> Looking at future demand, there will be number of projects. There are number of countries that like to give coal long term. Looking for agreements. Risk management for coal and transportation.

Land Acquisition Issue?
ADA:Packages

CNBC Aawaz->Revenue Visibilty
ADA: Our direction is an accelarated schedule of execution. Dividends , Capital Appreciation

Economic Times->Transfer REL
All Power generation in RELPOWER.

Journalist: Please tell abt Mode of execution
ADA: India going to be no different.SPV for different projects. Ex. Arunachal Pradesh. will be an SPV.

Livemint: Want reply in Hindi
Maakan . kab logon ko
ADA: Aur kisi ko bolo. competition koi takleef nahin hain.bohaut saare entrepaneurs hain already

Reuters: When do you plan to announce pre-IPO? What will be price?
ADA:Usually you have all insider info. Unfortunately we dont have any pre-IPO placement. We have moved ahead . So we will stick to our announcement.
Reuters:When do u plan to list?
We are consious about financial penalty..We are targetting to list in first week of Feb 2008. It will be quite enviable task.
Reuters:Financial penalties?
ADA: Yes, people are blocking money. So faster we finish , faster we refund, the better.

Reuters: What happens to REL ? What does Reliance energy do?
ADA:It will hold 45% of company.It will be the parent company. There are number of projects in infra, transmission, distribution franchisees, ..At the end of the day investors will value it.

Journalist: Require Financing.What will be the key challenges..
ADA: I personally believe that India has come a long way. In 1990s as tariffs went down,...
In 2008 , I think the last issue is availability of financial resources. We have loan offers more than that we can consume. There is huge amount of debt appettite...

Media: When do we see financing of remaining 12 projects?
ADA:We launch into after financial closure. We dont go without that. We are strong promoters. We have ability to cushion risk capital. Debt capital is easily available.

CNBC:When the case came in bombay high court. unless RIL commits to supply gas, financing issues. How important is the court directions?
ADA:Financing is equally important.I would not underrate the importance of financing. With our credit history and record we can get funds. For the risk you take you get reward. Most of matters as sub judice..

Archana, Bloomberg: How are you managing equipment shortages? What kind of hiring people?
ADA: We have strategic partners who will deliver. We are very confident that we wont face shortage. We will talk about tie ups later. People - no shortage of talent either for project or operations. I just give u an idea, for sasun 24x7 operations we require only under 500 ppl per shift, so these are not people consuming , but thousands of ppl for construction. Also we can bring foreign talents example we have 100s of foreign nationals in telecom sector. So if we plan its not big challenge.
Archana, Bloomberg: How many people will you hire for Reliance Power?
ADA:5000, 75000 constructors.

End to end power... Is there a possibility to make machines?
ADA:We get lots of our ideas from media, we are in active discussions to make things. Delivery and quality challenges. So its not build/buy but is there value? Will that be under REL or RPOWER? It won't be under REL or RPOWER.

Plans other than Power..
ADA: Sustainable value creation for shareholders. jo bhi katham ...
ADA: One last question.. not from CNBC... :)

Vijaykumar from UNI:Massive power projects..Do you plan further companies for these projects?
ADA: As per current thinking of govt, they want more private participation...

Journalist:What will be the valuation given by merchant bankers?
ADA:Ask men at podium
Merchant Banker:Secondary Market for powersector response is huge.

ADA: Hope to see you in the first week of February...

India Hot Stocks Fri Jan 4, 2008 12:36 PM IST

* Ramsarup Industries Ltd (RASW.BO: Quote) extended gains to a new high of 300 rupees after the steel-wire rope maker said it has secured an order worth 440 million rupees from the Indian Railways, to be executed this quarter. The stock is trading at 295.90 rupees, up 4.6 percent.

* Dhanlakshmi Bank Ltd (DNBK.BO: Quote) was up by its maximum daily limit of 5 percent at 131.25 rupees after the private sector lender said its board will meet on Jan. 14 to consider a rights share issue.

* Steel tubes maker ISMT Ltd (ISMT.BO: Quote) rose to a high of 138.50 rupees after 1.6 million shares, or 1.11 percent of its equity changed hands in a block deal on the BSE. Details of the buyer and seller were not immediately available. The stock is trading at 135.50 rupees, up 6.9 percent.

* Kopran Ltd (KPRN.BO: Quote) touched a new 52-week high of 46.35 rupees after the drug maker agreed to sell its over-the-counter brand SMYLE, to Maneesh Pharmaceuticals for 528.8 million rupees. The stock is trading at 45.75 rupees, still up 3.6 percent.

* Consolidated Finvest & Holdings Ltd (CONS.BO: Quote) rose by its maximum daily limit of 5 percent to 108.15 rupees after the photo film maker decided to spin off its investment business to a new firm, and merge another group firm with itself.