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US firms plan pay hike in 2010 on recovery: Mercer
American companies are planning to hike employees" salaries next year to retain talent as the economy is showing signs of recovery, says a report by consulting firm Mercer.

Vedanta seeks Orissa's help to restrict movement of international NGOs
The Vedanta Group has asked the Orissa government to restrict the entry of foreign non-government organisations (NGOs) in the area where it proposes to mine bauxite, as part of its $8-billion project in the state, saying they were instigating locals. “These NGOs comprising Survival International and Action Aid are instigating locals to go to the hill top, where we have proposed to mine bauxite, and set up houses. The Orissa government has already said there is no tribal population in our proposed mining site. Such efforts by these NGOs are aimed at harming the project and investments in the state; their movement has to be regulated,” Vedanta Aluminium Ltd COO Mukesh Kumar told PTI.

News of the day

Only 1% of IT workforce laid off: Nasscom
Suggesting that layoffs in the information technology and business process outsourcing (BPO) industry are still less than 1 per cent of the total workforce, top National Association of Software and Service Companies (Nasscom) executives have said that the industry has not yet come in the grip of large-scale layoffs.
Public Company

ICICI Bank may sell 3i Info stake to US PE firm

Talks for acquisition of ICICI Bank Ltd’s controlling 30 per cent stake in 3i Infotech Ltd have veered to a likely price range of Rs 110-120 a share, sources told NewsWire18. - 3i Infotech up ICICI stake sale plan - 3i Infotech BPO appoints Parag Patankar as CEO - Your SMS is not secure, but help is at hand - 3i Infotech plans 4-day week for US employees - 3i Infotech appoints Som Sarma as Global IT services head - Analysts" corner Analysts said prospects for a price near Rs 130 per 3i Infotech share seem distant given the uncertainty over the visibility of business from current promoter ICICI Bank. 3i Infotech gets 8 per cent of revenue from ICICI Bank. A fund manager with a portfolio management service company said: “Such deals normally have an assured business component. The business that ICICI will guarantee will determine the bidder’s price.” Reports state a clutch of private equity firms such as Carlyle Group, Apax Partners, and Kohlberg, Kravis & Roberts are in the fray to acquire ICICI’s stake in 3i Infotech, which now stands at 27 per cent after the bank sold 5.7 million shares in early October. 3i Infotech’s CFO Amar Chintopanth said he was unaware of any such development. India’s largest private sector bank and its unit ICICI Strategic Investments Fund together held 29.97 per cent or 50.47 million shares in 3i Infotech as of September-end.The stock has been in the limelight this month, with high volumes but analysts attribute that to year-end net asset value adjustments by mutual funds, which hold a considerable amount of the company’s equity.


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