Heard on the Street: Kavveri Telecom bucks mid-cap trend on Europe JV talk
Shivakumar Reddy, managing director of Kavveri Telecom, said, “We would not like to comment.” The announcement is expected to come this week.
By ET Bureau | Updated:
Kavveri Telecom bucks mid-cap trend on Europe JV talk
Kavveri Telecom, a Bangalore-based wireless subsystem manufacturer, is close to entering into a joint venture (JV) with a European company, making it an exclusive contract manufacturer for the European company.
While the financial details could not be ascertained, the JV is expected to contribute significantly to Kavveri’s bottomline. The company, which provides hardware products and solutions for the telecom, defence and space industry, will manufacture the entire sophisticated RF conditioning products for the European company and will provide it access to its global portfolio.
Shivakumar Reddy, managing director of Kavveri Telecom, said, “We would not like to comment.” The announcement is expected to come this week.
The stock closed at Rs 132 on Monday, down about 2% in line with broader markets. The company has been trading firm in a bearish market in the past one month despite the midcap index falling around 5%.
Citi’s Khattar quits to head Morgan Stanley’s Global Capital market here
Citi’s Vikas Khattar has joined Morgan Stanley, as managing director and head global capital markets in India. He will be responsible for the firm’s equity and debt capital markets businesses. Khattar reports to Crawford Jamieson and George Taylor, the Hong-Kong based coheads of global capital markets in Asia Pacific.
Technical glitch at HDFC Bank upsets mutual fund investors
Atechnical snag at HDFC Bank caused a furore among investors having their investment account with the private bank. Investors who had availed of the bank’s real time gross settlement (RTGS ) facility had a tough time transferring money to brokers and mutual funds.
Several liquid fund investors missed their 2 pm cut-off time because of the crash. According to Sebi rules, fund houses can assign the day’s NAV only if they receive in the mutual funds’ accounts before 2 pm. Monies reaching after the cut-off time will be assigned the next day’s NAV.
“I don’t think there was any problem with our RTGS network; the facility was working fine all day. Even if there was an issue, it must have been local... we’ve not received any complaints from investors regarding our RTGS facility,” an HDFC spokesperson said.
(Contributed by Apurv Gupta, Deeptha Rajkumar & Shailesh Menon)
Kavveri Telecom, a Bangalore-based wireless subsystem manufacturer, is close to entering into a joint venture (JV) with a European company, making it an exclusive contract manufacturer for the European company.
While the financial details could not be ascertained, the JV is expected to contribute significantly to Kavveri’s bottomline. The company, which provides hardware products and solutions for the telecom, defence and space industry, will manufacture the entire sophisticated RF conditioning products for the European company and will provide it access to its global portfolio.
Shivakumar Reddy, managing director of Kavveri Telecom, said, “We would not like to comment.” The announcement is expected to come this week.
The stock closed at Rs 132 on Monday, down about 2% in line with broader markets. The company has been trading firm in a bearish market in the past one month despite the midcap index falling around 5%.
Citi’s Khattar quits to head Morgan Stanley’s Global Capital market here
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Citi’s Vikas Khattar has joined Morgan Stanley, as managing director and head global capital markets in India. He will be responsible for the firm’s equity and debt capital markets businesses. Khattar reports to Crawford Jamieson and George Taylor, the Hong-Kong based coheads of global capital markets in Asia Pacific.
Technical glitch at HDFC Bank upsets mutual fund investors
Atechnical snag at HDFC Bank caused a furore among investors having their investment account with the private bank. Investors who had availed of the bank’s real time gross settlement (RTGS ) facility had a tough time transferring money to brokers and mutual funds.
Several liquid fund investors missed their 2 pm cut-off time because of the crash. According to Sebi rules, fund houses can assign the day’s NAV only if they receive in the mutual funds’ accounts before 2 pm. Monies reaching after the cut-off time will be assigned the next day’s NAV.
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“I don’t think there was any problem with our RTGS network; the facility was working fine all day. Even if there was an issue, it must have been local... we’ve not received any complaints from investors regarding our RTGS facility,” an HDFC spokesperson said.
(Contributed by Apurv Gupta, Deeptha Rajkumar & Shailesh Menon)
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