Bharti Airtel on Tuesday, 13 May 2008, said its talks for South Africa's MTN were still exploratory and it has not made any bid. “The discussions being held are aimed at combining the strengths of the two leading 'emerging markets' players and accordingly veering towards possible structures to achieve this objective,” the company said in a statement. Bharti said there was no requirement to make a bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that Bharti was considering raising its offer to around 175 South African rand ($22.84) a share for control of MTN. It said an official bid could come this week. MTN's market value has risen to $38.8 billion, after an 8.8% increase in its share prices since 2 May 2008, the trading day before the company said it was in talks with Bharti.
Hewlett-Packard Co., the world's biggest personal-computer maker, on Tuesday, 13 May 2008, agreed to buy Electronic Data Systems (EDS) Corp. for $13.9 billion to more than double its sales from computer services. This may trigger the mandatory 20% open offer for Indian software firm Mphasis in which EDS owns 60.89% stake.
Diversified firm DCM Shriram Consolidated on Tuesday, 13 May 2008, reported net profit of Rs 11.30 crore in Q4 March 2008 as against a net loss of Rs 14.80 crore in Q4 March 2007. Net sales rose 10.5% to Rs 612.70 crore in Q4 March 2008 over Q4 March 2007.
Steel pipe maker PSL said on Tuesday its Sharjah-based unit has received an order worth $45 million to supply pipes.
KEC International said on Tuesday it has secured orders from transmission utility Power Grid Corp worth Rs 111 crore, to set up transmission lines in Jharkhand, Bihar and West Bengal.
GAIL India said on Tuesday it plans to buy five to six liquefied natural gas (LNG) cargoes from the spot market in the last quarter of the current fiscal year to fire its Dabhol power plant. The company would float a tender to buy the LNG and each cargo would have 1,35,000 cubic metres of gas.
Shares of oil marketing firms may see action on reports the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008, to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners.
Companies announcing March 2008 quarter results today include Agro Tech Foods, JK Lakshmi Cement, Lupin, Mercator Lines, MRO-TEK, Shanthi Gear, Syndicate Bank and Torrent Cable.