10:30am Interview
8K Miles Software Services, the global secure cloud solutions company,
through its US subsidiary announced the acquisition of SERJ Solutions. SERJ
provides innovative Epic EHR consulting, custom application development, and
support solutions for the healthcare market.
Suresh Venkatachari, chairman & CEO, 8K Miles in an interview to
CNBC-TV18 said the company has paid Rs 15.8 crore for the acquisition and the
funding was through internal accruals and warrant issue. Serj currently
generate revenues to the tune of Rs 35-40 crore, he added.
The company is also looking at one or two more acquisition opportunities in
the near-term and is likely to complete an acquisition in FY15. They are
looking at opportunities in healthcare and life sciences space. "Our
intention is to leverage our cloud based offering to this domain mathematical.
So, what we are looking at is a strong domain technology company where we can
able to integrate with our cloud, secure cloud offering and we can offer as
software service or planning services," said Venkatachari.
Serj has no debt on the books and neither does 8K Miles except line of
credit, he said.
10:20am Just Dial in focus
Just Dial gained nearly 3 percent as RBI says FIIs/RFPIs can now invest up
to 75 percent under PIS in the company.
"The Reserve Bank of India has advised that foreign institutional
investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest
up to 75 percent (revised from earlier limit of 49 percent) of the paid up
capital of Just Dial Limited under the Portfolio Investment Scheme," said
the RBI.
The Reserve Bank has stated that the company has passed resolutions at its
Board of Directors’ level and a special resolution by the shareholders,
agreeing for enhancing the limit for the purchase of its equity shares and
convertible debentures by FIIs.
10:10am Market Expert
Vibhav Kapoor of IL&FS is bullish on the Indian market and sees the
Nifty rising to 8,750 this month. In an interview to CNBC-TV18 he said that
medium term base for the Nifty has moved up to 8,000 levels.
Sharing views on the much-waited December 2 monetary policy, he said that
the current trend of falling crude oil price open up possibility of an earlier
than anticipated rate cut. He is hoping RBI governor Rajan to slash rates in
the upcoming policy. “If rate cut is not announced on December 2nd, then the
market could see a mild negative reaction,” he added.
10:00am Market Check
Bulls kept complete control over bears on Dalal Street. The market continued
to trade near record high following the OPEC's decision of not cutting oil
output. Paint, tyre, airline etc companies rallied on hopes of fall in raw
material prices after Brent crude oil prices hit fresh four-year low of USD
71.25 a barrel in previous trade.
The Sensex shot up 319.05 points or 1.12 percent to 28757.96 and the Nifty
climbed 98.15 points or 1.16 percent to 8592.35. Advancing shares outnumbered
declining ones by a ratio of 1440 to 552 on the Bombay Stock Exchange.
Shares of ICICI Bank, State Bank of India, Axis Bank, HDFC Bank, and housing
finance company HDFC rallied 1-4 percent on hopes of indication of rate cut
from the Reserve Bank of India in its monetary police on December 2 (next week)
after falling oil prices in international market. More information please visit
this site www.bigprofitbuzz.com
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