Steel sector are trading strong led by Tayo Rolls and Maharashtra Seamless. As per a leading daily, Maharashtra Seamless has received the approval of its board for the buyback plan. The Rs 1 bn share buyback will be done through open market at a maximum price of Rs 300. It will be within 10% of the paid-up capital and free reserves of the company. The transaction will be in cash for these fully paid up equity shares of Rs 5 each. As of December 2012 end, promoters' stake stood at 55.48% in the company. Maharashtra Seamless manufactures pipes and tubes including seamless pipes. The stock is currently trading up by 8%.
IT stocks are trading mixed led by Moser Baer and NIIT. However, Wipro and Infosys are witnessing losses. As per a leading daily, Tata Consultancy Services (TCS) has acquired French firm ALTI SA for 75 m Euros (Rs 5.5 bn). This move will help TCS strengthen its presence in France and the other nations in the European region. ALTI SA is a leading French technology services firm with strong expertise in IT Services including Enterprise Solutions, Assurance and CRM solutions. We may note here that European region is only second to North America as a big market for Indian IT firms. Considering this huge opportunity, recently Infosys too had acquired Zurich based Lodestone Holding in September 2012.