The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
As much as Rs 47,810 crore was spent on share buybacks by 48 companies in 2023 -- the highest amount since 2017. This surge in value was largely driven by a few large-sized issues, including those by Tata Consultancy Services (Rs 17,000 crore), Larsen & Toubro (Rs 10,000 crore), and Wipro (Rs 12,000 crore). In 2022, 58 companies had repurchased shares worth Rs 38,305 crore, according to data from Prime Database.
Hinduja Global Solutions, the BPO arm of the Hinduja group -- one of the interested parties in acquiring the scam-tainted Satyam Computer Services -- said it has chalked out a 100-day plan, just in case it is successful in its attempt. Meanwhile, it has written to the merchant bankers involved in the transaction. "We are very interested in Satyam and accordingly, we have written to the merchant bankers but are yet to receive any reply," said Anand Vohra, CFO.
After information technology, it's now the turn of Indian business process outsourcing services companies to harness China as a delivery location.
Hinduja Global Solutions, an outsourcing solutions firm, today said it plans to invest $2.5 million to add 1,000 seats at its Manila centre. The additional facility will be constructed at an estimated cost of $2.5 million, which will be funded through internal accruals, it said.
Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016.
At the end of June, 2016, TCS had a total headcount of 3.62 lakh.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Shares of small-cap companies have been on a roll with the S&P BSE Small-Cap index hitting a new high in intra-day deals on Thursday. The rally has been fueled by an up move in stocks of chemicals, cement, graphite electrode makers, pharmaceuticals and information technology (IT) shares. In the past two weeks, since March 25, the index has outperformed the market by gaining 7.3 per cent. In comparison, the S&P BSE Midcap index was up 6.1 per cent, while the S&P BSE Sensex gained 3.6 per cent during the same period.
As more and more businesses move towards digital technology-enabled solutions such as chatbots to increase interaction with their own customers, BPM companies have seen a significant chunk of their revenue proceeds shifting towards business outcomes.
'Investors are now getting clarity on policies.'
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
Actors and sportspersons are increasingly blacklisting products like colas and fairness creams. Urvi Malvania explores what lies behind the concern among endorsers over brands they promote and how will it impact both.
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