Monday, March 27, 2006
Multi-million dollar orders
Satyam and HCL Technologies (HCLT) have announced multi-million dollar outsourcing order wins. While Satyam further enhanced its dominance in the manufacturing vertical by winning an outsourcing order from Nissan (North America), HCLT will roll out a complete suite of Oracle applications at a leading US-based company, MSC Software Corporation.
Though the deal size has not been disclosed in both the cases, the nature of work and the manpower requirements indicate that both the orders are likely to be worth over $100 million.
The family rejoices
The Union Cabinet approved the draft amendment to the State Bank of India (Subsidiary Banks) Act. The amendment will make it easier for SBI to sell its stake in these subsidiaries in case it decides to do so. The amendment to the act will also help SBI to unlock the value of the unlisted subsidiaries, as it will become easier to float the public offering of these subsidiaries.