As per a leading financial daily, Tube Investments of India is planning to curtail its capital investment in Punjab in the light of slowdown in the automotive sector. The company was earlier setting up a tube facility in Punjab at an investment of Rs 2 - 2.5 bn. The company not only wants to reduce the ticket-size of the investment but is also planning to carry out the project in phases as opposed to a single phase. The company had reported erosion in earnings in 1QFY13 due to intense competition, inability to pass on input price-hikes and drop in price of railway wagon channels. Going forward, the company wants to strengthen its position in the leisure and fitness bicycle segment and expand presence in overseas markets. The stock is down 1.4%.
As per a leading financial daily, Tata Consultancy Services (TCS) and Housing Development Finance Corporation Limited (HDFC) are investing 15% each in a sports education outsourcing venture. The venture titled 'Kids Out Of Home' (KOOH) will basically service the sports education of schools outsourced to them. The venture is being handled by Serco Global Services, the new avatar of Intelenet after it was acquired by UK-based back-office company last year. Other startups in outsourced sports education for schools include Edusports, Leapstart and Sportseed. TCS is down 1% whereas HDFC is marginally up.