IT blue chips end red streak in China
The Financial Express

Indian IT firms are reaping the benefits of international attention shifting to China after the global slowdown, as their Chinese operations finally move into the black. Infosys Technologies is the first to see some light beyond the Chinese wall, with a 64% jump in revenues in 2010-11, along with a net income of $8.73 million, after posting losses ever since it started operations in the neighbouring country in 2003. Encouraged, Infosys now plans to recruit 4,000 over the next 18 months in China, increasing headcount to 7,000.

Bharti Airtel puts proposed $1 billion global bond sale on hold
The Economic Times

India's largest telecom operator Bharti Airtel has put a proposed sale of bonds worth $1 billion to global investors on hold on account of weak investor appetite for the issue, two people with knowledge of the development said on condition of anonymity. Bharti had recently appointed seven banks - Barclays Capital, Standard Chartered, Deutsche Bank, HSBC, UBS, BNP Paribas and Credit Agricole - to manage the proposed issue.

CVC for probe into LIC's investments in 2008 & 2009
The Economic Times

Anti-corruption watchdog Central Vigilance Commission has recommended a probe by the Central Bureau of Investigation into investments made by Life Insurance Corporation in 2008 and 2009, weeks after a finance ministry committee found some flaws, a top government official said. The CVC came into the picture after the finance ministry passed on all reports relating to former chairman TS Vijayan and other managing directors to the commission as part of the process to seek vigilance approval for the next LIC chairman. This also included a report relating to investments made by LIC in various firms. A three-member committee comprising officials in the department of financial services, which deals with insurance firms and banks, found some irregularities in LIC's investments, a senior finance ministry official said.

Wodkhardt posts Rs 162-crore profit in Q4
The Hindu Business Line

Drug-maker Wockhardt Ltd clocked a net profit of Rs 162 crore, for the fourth quarter ended March 2011. The debt-saddled company had posted a net loss of Rs 565 crore in the corresponding quarter last year. “Wockhardt's performance this year has shown significant improvement, which reflects in its operating profits, primarily driven by improved efficiencies within the organisation and the launch of new products,” said Wockhardt chairman, Dr Habil Khorakiwala, in a company statement. The company clocked sales revenues of Rs 938 crore, as compared with Rs 871 crore in the corresponding period the previous year.

India poised for $5 billion wave of PE exits from real estate: Nomura
The Economic Times

Private equity investors are poised to exit roughly $5 billion worth of Indian real estate investments in the next two or three years, a Nomura report said, adding pressure to a sector struggling with access to capital and falling property prices. During the boom years of 2006-2008, India attracted an influx of private equity in property, a big chunk of it structured as debt, and in some cases developers will be forced to buy back the investment from the PE firms, the report said. "This will increase pressure on developers to generate cash flows through affordable pricing and better execution," Nomura analyst Aatash Shah wrote

Fashion’s big brands take aim at India
The Financial Express

The debate on multi-brand FDI can wait, but the big fashion brands can’t. Nearly a dozen global fashion brands are poised to enter India and are in talks with domestic players for distribution arrangements. British clothing brand Jack Wills, Italian Rifle jeans, American fashion designer Michael Kors and several others will enter Indian cities soon, following licensing agreements with local partners. Indian regulations allow 51 percent FDI in single brand retail while no foreign investment is allowed in multi-brand retail. However, these fashion brands prefer the licensing route. Under this, the local retail partner invests in branding, marketing and expansion. “Several international brands will stock stores in Delhi, Mumbai, Bangalore, Hyderabad and Chennai very soon. Some deals are in the advanced stages of getting vetted by both partners,” a senior executive representing a legal firm said.

Severance packages new buzzword among would-be India Inc CEOs
The Economic Times

Do you talk divorce at the time of marriage? Definitely not. But what about a pre-nuptial agreement before tying the knot? Maybe. Many would-be India Inc CEOs are doing just that. Severance packages, rarely discussed till recently, are now common in pre-hire negotiations. "The increased conversations around severance are a change of business norms," says Purvi Sheth, CEO of executive search firm Shilputsi Consultants. "Termination is now less of an emotional issue; it is a reality for both companies and individuals."