Shiv Nadar may offload HCL stake in 'small tranches'

Nadar's 61.75% stake is valued at $11.1 billion, up almost $4.6 billion, as HCL Tech share price more than doubled in the past 12 months.

BANGALORE: HCL Technologies founder Shiv Nadar, whose wealth swelled the most among Indian billionaires last year, has brushed aside rumours about selling the country's fourth largest IT services company, but may pare shareholding in 'small tranches'.

Nadar's 61.75% stake is valued at $11.1 billion, up almost $4.6 billion, as HCL Technologies share price more than doubled in the past 12 months, according to the Forbes list of billionaires published on Monday.

Last week, HCL Technologies vehemently denied a Wall Street Journal report about Nadar looking to offload his entire stake, but wouldn't find buyers willing to write $13 billion cheque betting on Indian IT services story currently. Nadar told top HCL Tech executives that he would not 'exit' the company in foreseeable future, but may resort to occasional share sale to propel his philanthropic activities. "I am through my family spending considerable time building Shiv Nadar Foundation as a legacy for the future," he wrote in a letter on February 28.

Nadar was not a seller nor in a hurry to unlock value from a cash spewing company, with annualized revenue of $6.3 billion, investment bankers said. HCL Tech outpaced some of its bigger rivals in recent quarters riding on the buoyant demand environment from mainstay markets.

"There aren't enough enthused buyers. This doesn't rule out Nadar offloading shares in smaller tranches exercising various market options," sources explained. The 68-year-old self-made billionaire has committed big money for charity, with his family foraying into healthcare recently. "Shiv Nadar is focused on philanthropy and is looking to expand his footprint into newer areas. He may be looking to unlock some value in the business and deploy it the Nadar Foundation," said Pradeep Udhas, partner & head IT/ITES in KPMG India.

Nadar family-run firm Vama Sundari Investments (Delhi) has a 43.84% stake in HCL technologies, followed by HCL Holdings and Nadar Foundation that hold 17.11% and 0.80% in the company respectively. Nadar has a record of paring down shares on bourses in the past.

Bankers have speculated on the possibility of Nadar taking HCL Technologies - only Indian IT services giant not trading on NYSE or NASDAQ -- for a possible US listing. "It's an option available but the float has to be big enough. It entails tighter compliance norms as well," added a banker who did not wish to be named in this report.

The Nadar stake was unlikely to fall below 51% even if he sold shares in tranches or revived plans for overseas listing. "He probably wouldn't sell for next five years. Still it is better to have controlling interest, if the trigger is pulled somewhere down the timeline. So I don't see him offloading more than 100-150 bps at a time," the banker cited above said.

"Clients become nervous when they hear of an outright sale and uncertainty kicks into the business. But a gradual 5%-7% stake sale gives them some comfort that there is continuity in the business and strategies don't have to be redrawn," said Sudin Apte, CEO of Pune-based IT advisory firm Offshore Insights.

In a report last week, Viju K George and Amit Sharma of JPMorgan Asia Pacific Equity Research, said the current valuation metrics of the stock made it tougher for potential acquirers, including private equity funds, to look at HCL Technologies
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Asia Cup: India beat Afghanistan by 8 wickets in inconsequential match

Shikhar Dhawan plays a shot, as Afghanistan’s players watch during their Asia Cup match in Dhaka. (AP Photo)

MIRPUR: Knocked out of contention for the final, five-time champions India ended theirAsia Cup campaign with a consolation win over debutantes Afghanistan, beating them by eight wickets in a lop-sided encounter on Wednesday. 



After skipper Virat Kohli opted to bowl on winning the toss, Indian spinners Ravindra Jadeja, R Aswhin and Amit Mishra shared eight wickets between them to skittle out Afghanistan for 159 in 45.2 overs. 

The Indians chased down the target in 32.2 overs to clinch the bonus point but it was a case of too little too late after defeats against Sri Lanka and Pakistan poured cold water on their final hopes. 

Ajinkya Rahane (56), after being promoted to open, and Shikhar Dhawan (60) set up the chase for India with a 121-run opening wicket partnership. 

Earlier, Mohammed Shami provided India the first breakthrough by dismissing Nawroj Mangal (5) and thereafter it was a one-sided contest as Jadeja ripped through the inexperienced batting to finish with figures of 4/30. 

Ashwin (3/31) also chipped in to fox the Afghans, who will go out with their heads held high after beating Bangladesh during the course of their campaign. 

Afghanistan's innings centered around No 8 batsman Samiullah Shenwari, who scored a sensible 50 from 73 balls to give their total a semblance of respectability after a top-order collapse left them reeling at 95/7. 

Having played safe by not fiddling with the playing XI even in a dead rubber against Afghanistan, India sent Rahane in the opening slot, a move that clicked as he and Dhawan put on a century partnership. 

The duo played mostly in ground strokes and Rahane impressed up the order with his composed batting. The youngster, who usually bats at number four, settled in quickly and rotated the strike to take pressure off Dhawan, a tentative-starter who got a reprieve on 28. 
But inspired by Rahane, Dhawan too got into the groove as the duo scored their half-centuries in tandem. Rahane was unlucky to have been given out LBW after completing his fifth ODI half-century. 

Dhawan was gone exactly an over later when Mohammad Nabi knocked off his off-stump after the batsman was beaten by the turn. Dhawan smashed four boundaries and a six in his knock that came off 78 deliveries. 

But their dismissal in quick succession did little to hamper the Indian momentum as Rohit Sharma (18 not out) and Dinesh Karthik (21 not out) steered the Indians home with ease. 

Earlier in the match, Afghanistan started on a positive intent with openers Noor Ali (31) and Nawroj Mangal (5) looked in no trouble against the Indian new-ball bowlers Bhuvneshwar and Shami. 

Noor Ali looked attractive with his elegant drives and he also stepped out to Shami who looked jaded and seemed to have lost his bite. The Indian pacer conceded 23 runs from his first two overs. 

The effects of bowling non-stop since emerging into the scene began to show on Shami who was kept in the playing XI despite the game being dead rubber. 

With the likes of Cheteshwar Pujara and Ishwar Pandey warming the bench, the think-tank could have easily handed them the berths but skipper Kohli opted to play it safe retaining the XI. 

The Afghanistan openers were cruising along at 30 for no loss from five overs when Nawroj went for an expansive heave way outside the off-stump only to play on to the stumps.

Their inexperience cost them heavily as Jadeja came in the 13th over and took two wickets helped by some poor shot selection by the Afghan batsmen. 

Jadeja had Rahmat Shah (9) trapped before scalping the impressive Noor Ali who threw his wicket after pulling a short ball straight to Kohli. 

In the next over, Jadeja dismissed Afghanistan's leading run-getter in the series Asghar Stanikzai who also pulled the ball straight to Mishra to be dismissed for five. 

Jadeja's figures at that stage read an impressive 2-0-3-3. 

It could have been a fourth wicket had Kohli not messed up while taking a sitter of Najibullah Zadran but it did not hurt the side with the bowlers on a roll. 

Apart from Shenwari only two others -- Noor Ali Zadran (31) and Mohammad Shahzad (22) -- could reach double figures faced with India's hostile spin attack. 

Shenwari was the last wicket to fall, trapped in front of the wicket by Shami, who emerged as the most expensive bowler for India conceding 50 runs from his 7.2 overs while picking up two wickets. 

Asia Cup: India vs Afghanistan

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Afghanistan's Samiullah Shenwari (R) plays a ball as Dinesh Karthik watches during their Asia Cup match in Dhaka. (Reuters Photo)

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Google Nexus 6 to be based on LG G3: Report

The next-generation Nexus phone will be based on LG’s upcoming G3 smartphone, according to a report.

NEW DELHI: The next-generation Nexus phone will be based on LG's upcoming G3 smartphone, according to a report.

Gizmodo Germany, citing sources, says thatNexus 6 will be a "lightweight version" of the G3. LG is expected to launch the G3 smartphone in June this year. The device is said to have display resolution of 2560x1440p, run on a 64-bit processor and 16MP rear camera.

As Nexus 6 will be a lighter version of G3, it is speculated that Google may opt for lower camera and screen resolution. Therefore, Nexus 6 may have an 8 or 13MP rear camera and 1920x1080p resolution (just like Nexus 5).

Last week at the Mobile World Congress, Android chief Sundar Pichai said that Nexus 6 will not hit the market in the first half of the year.

READ ALSO: Google not to launch Nexus 6 in July

It is expected that Google will unveil the handset in October or November this year, just like Nexus 4 and 5. The company is likely to launch a new version of Android with Nexus 6.

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Google Nexus 6 to be based on LG G3: Report

The next-generation Nexus phone will be based on LG’s upcoming G3 smartphone, according to a report.

NEW DELHI: The next-generation Nexus phone will be based on LG's upcoming G3 smartphone, according to a report.

Gizmodo Germany, citing sources, says thatNexus 6 will be a "lightweight version" of the G3. LG is expected to launch the G3 smartphone in June this year. The device is said to have display resolution of 2560x1440p, run on a 64-bit processor and 16MP rear camera.

As Nexus 6 will be a lighter version of G3, it is speculated that Google may opt for lower camera and screen resolution. Therefore, Nexus 6 may have an 8 or 13MP rear camera and 1920x1080p resolution (just like Nexus 5).

Last week at the Mobile World Congress, Android chief Sundar Pichai said that Nexus 6 will not hit the market in the first half of the year.

READ ALSO: Google not to launch Nexus 6 in July

It is expected that Google will unveil the handset in October or November this year, just like Nexus 4 and 5. The company is likely to launch a new version of Android with Nexus 6.

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Yahoo to disable Facebook, Google sign-in for its services

Yahoo will stop letting consumers access its various online services by signing-in with their Facebook or Google credentials.

SAN FRANCISCO: Yahoo will stop letting consumers access its various online services, including Fantasy Sports and photo-sharing site Flickr, by signing-in with their Facebook orGoogle credentials. 

The change, which will be rolled out gradually according to a Yahoo spokeswoman, will require users to register for a Yahoo ID in order to use any of the internet portal's services. 

The move marks the latest change to Yahoo by chief executive Marissa Mayer, who is striving to spark fresh interest in the company's Web products and to revive its stagnant revenue. 

"Yahoo is continually working on improving the user experience," the company said in a statement, noting that the new process "will allow us to offer the best personalized experience to everyone". 

The first Yahoo service to require the new sign-in process is Yahoo Sports Tourney Pick'Em, a service focused on the NCAA college basketball tournament which begins later this month. News of the change to Yahoo's Tourney Pick'Em sign-in process was first reported by the technology blog Betanews. 

Since Mayer took the reins in 2012, the company has rolled out new versions of many of its key products, including Yahoo Mail and Yahoo Finance. Last year, Yahoo announced a program to recycle inactive Yahoo user IDs, letting new users claim email addresses that have not been used for more than 12 months. 

In eliminating the Facebook and Google sign-in features, Mayer, a former Google executive, is effectively reversing a strategy that Yahoo adopted in 2010 and 2011 under then CEO Carol Bartz. 

The change to the Tourney Pick'Em sign-in process began on Monday, the Yahoo spokeswoman said, noting that users could still access other services with Google or Facebook IDs. 

The sign-in buttons for Facebook and Google will eventually be removed from all Yahoo properties, the Yahoo spokeswoman, though she declined to provide a timeframe
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Micromax Canvas Knight with octa-core processor launched at Rs 19,999

The Canvas Knight is Micromax's first octa-core processor powered smartphone.

NEW DELHI: Indian handset firm Micromaxhas launched its first octa-core processor powered smartphone, Canvas Knight, at a price of Rs 19,999. 

The dual-sim phone sports a 5-inch full-HD(1080 X 1920p) IPS display made by Sharp. The Canvas Knight is powered by a 2GHz MediaTek octa-core processor, ARM Mali450 graphics and 2GB RAM. 

It sports a 16MP rear camera that comes with OmniVision's CameraChip sensor and the M8 Largan Lens. It's worth pointing out that the Gionee Elife E7 features a similar camera module. The phone has an 8MP front-facing camera. It comes with 32GB internal storage and runs Android 4.2 Jelly Bean. The phone doesn't feature a microSD card slot. 

Canvas Knight A350 also comes with a Yamaha Amplifier for enhanced audio output and a 2350mAh battery. In terms of connectivity, the phone supports Bluetooth 4.0, Wi-Fi and 3G. It comes with several pre-loaded apps including Hike, Spuul, Opera, M! Live, M! Security, M! Vault, Real Steel, Where is my water, Where is my perry, Getit, BBM, True caller and Kingsoft Office. 

The phone will be available in 3 colour variants - Black, White and Gold and Black and Gold, and will be sold exclusively via the company's official online webstore.
Other Mediatek octa-core processor powered phones available in the Indian market include Intex Aqua Octa and WickedLeak Wammy Passion X.

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Google, Samsung’s 'fears' on Microsoft-Nokia deal

China's ministry of commerce is conducting an anti-monopoly review and is likely to approve the deal.

Google and Samsung have asked Chinese regulators to ensure that Microsoft's bid to acquire Nokia's phone business did not lead to higher licensing fees on patents that remain with the Finnish company, it was reported on Monday.

The companies joined Chinese mobile phone makers in voicing concerns about Microsoft gaining more power in the smartphone market, the report said, citing two government officials familiar with the matter.

The companies have asked the regulators to set conditions on the deal, the officials said.

China's ministry of commerce is conducting an anti-monopoly review and is likely to approve the deal, the officials told Bloomberg. European Union antitrust regulators approved the acquisition without conditions in December.

Samsung and Google did not respond to Reuters requests for comment. Nokia declined to comment.

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Asia Cup 2014: What India gained despite debacle

Indian players endured a heart-breaking loss against Pakistan. (AFP Photo)

India may be virtually out of Asia Cup after defeats against Sri Lanka and Pakistan, but they have still made some gains that should enthuse the team management. 

Virat Kohli's captaincy: Stand-in captainVirat Kohli has shown he has leadership qualities. In the opener against Bangladesh, he led from the front by slamming 136 to script an easy win after India had stuttered at the start. In the next two games, he was left defending moderate scores on flat tracks, with the dew factor making things tougher. 

Kohli's aggressive style of captaincy has shades of Sourav Ganguly, and fires up his teammates as well. Tactically, he proved his reading of the conditions was spot on by picking three spinners, including the much-ignored Amit Mishra, against Pakistan. His praise for teammates after the heart-breaking loss to Pakistan is admirable, and shows he is willing to back them even in tough times. 

Amit Mishra's 'resurrection': When was the last time you saw an Indian bowler concede merely 28 runs in 10 overs and take two wickets? Playing his first international game in close to six months,Amit Mishra showed little rustiness. His show against Pakistan showed what an exciting option an attacking leg-spinner provides to the team. 

It isn't easy for a leg-spinner to find his groove when he hardly gets to play, but Mishra was on the ball and bamboozled even quality players of spin. Now the big question: Will Mishra enjoy Dhoni's confidence too? 

Ravindra Jadeja's emergence as all-rounder: This 25-year-old, once ridiculed as Dhoni's 'favourite,' seems to be finally coming of age and is the leading all-rounder in the team currently. While Pakistan nullified his threat by going after him early on, the youngster was terrific with the ball in the other two games. 

It is with the bat, though, that the Saurashtra man is now looking like solving a critical problem for the team, by making useful contributions at No. 7. 

Rahane and Rayudu's encouraging show: Though Ajinkya Rahane is an almost certainty in Test cricket for India now, the young turk is yet to seal his ODI spot. In the first game though, Rahane showed that he was keen to do that as well as he played the perfect foil to Kohli, stroking a calm 73 in a 213-run match-winning stand with the skipper. A couple of knocks more like this, and the Mumbaikar could be a different batsman altogether. His energetic fielding at point and cover gives India a definite advantage. 

Ambati Rayudu too would feel much more confident after his 62-ball 58 against Pakistan. Having been preferred over the likes of Yuvraj Singh and Suresh Raina for a middle-order berth, Rayudu knows it was a knock that should guarantee him a few more games
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