Tuesday, July 28, 2009

Broadband and India - New market opportunity?

Yesterday I saw a writeup on net that average broadband speed in NI (Northern Ireland) is 4.1 Mbps while for whole UK it is 3.6Mbps. In india MTNL and BSNL offers top speed of 2 Mbps (when saying top, it is available to retail customers as well in practical). May be it is just my unknowingness, but I have not seens anyone saying that they have seen anything near 1Mbps from airtel, reliance or TATA in India.
Today there was news about Airtel that it is gowing to aggressively reduce its broadband tariff, upto 43% cut in existing. MTNL and BSNL are following lead by further reducing their prices if Airtel actually does it. While there is no one cheaper than BSNL and MTNL, post sell services which forms a major factor for wowing customers could bring Airtel in front while it is already biggest private mobile service provider in India.
Anyway, in this post I wanted to put forth idea of what it could mean for India in future? When we are talking computers and internet, there is still a lot to grow in india. It is mainly people related to software industry and their relatives who are actually buying PCs and using internet. factors contributing to it are -
1. Awareness - people are not aware of what all can be done through internet.
2. Litteracy - only a portion of our population know how to use PC and browse internet. Forget about if they can actually go to website they need and use services provided there.
3. Cost - Average income per person in india is still 3000 per month and this is a news :(.

Now with cost coming down and already plans being laid to reduce PC prices could mean better reach to more people in india. Opportunities it presents -
1. Increase in domestiv market - Internet is fastest way to reach people if you are selling anything - given that people are using it. With internet within reach of more people, sellers will start putting more and more information on internet.
2. Web market - Most of selling happens in india in person. Now people will start buying from net as well and new market areas and competetive ground will imerge from internet.
3. Increase in courier services - As selling will increase, it will require a better supply chain management in india. While DHL and Fedex both collabarating with indian partners, they will be planning to grab their shares.
4. Small website development market - For all above there will be need to develop websites on small scale and cost effective way. Indian young people can gearup to do this by using tools and creating expertise in this area.

While I am myslef is in software line, it sounds a good idea to get in touch with young force who is willing to do point 4 above and that could be a start of small company for serving india:). what do you say?

Wednesday, May 20, 2009

Recession over for US?

I was reading this news and it seems to me like, is recession really over, especially for US? Checkout this news where few of top US banks are returning bailout money given to them by governement. and it is not less, they are returning a whooping $45 billion back while total bailout planned by governement was $700 billion.

Why? There could be many reasons but mainly it has been stated that it is to avoid restrictions posed by accepting this bailout money which could hamper their way of operating and is not a very good offer to them. Main restrictions to companies are limiting bonus and pay for their top employees and not to hire workers from outside US. While one will increase unsatisfaction in company, other will force a company to work in a less productive way with more cost.

Critical times ask for extreme measures and highly innovative environment for work. Putting a low money condition in it will hamper the work and insert a demotivation feeling among employees when they should be free to come up with brilliant ideas. These companies might be thinking that by accpeting bailout money, they will be forced to go on a conservative path which is always diverted from an innovation path. While they would be able to recover for sure, company who opt for it, might left out way behind in the race when economic situation is improved. In today's world of cut throat competition, lagging behind could mean closing down sooner or later. So why not keep doing the same and apply same formula which you are confident of getting result. Things have anyway improved from worst and confidence have built up. Sentiments of people have strengthened by many policies which was one of the main factor to keep pulling economy down for a country.

If requests from these banks are accepted, it will surely improve more sentiments and it clearly will be taken as a sign of strength. Do you also think same or of view that it is too early? Please share your thoughts -

Sunday, March 22, 2009

Satyam Bidding - latest news

Satyam bidding process started last week where request for proposal was sent to many companies who have shown interest in taking over Satyam. Few of these names were - L&T, Spice Group, iGate, Hinduja group and also IBM, HP names were mentioned.

Due to ambiguity of pending class action suits, its impact and current financial situation of company, IBM and HP didn't even proceeded further while iGate and now Hinduja have stepped out of race. It leaves only two front runners - L&T and Spice Group. Both have shown a strong interest as it would be strategically a big step for any of them to acquire a large IT service provider company with presence in more than 50 countries and a good skilled resource base of more than 40,000.

On morning of 23rd March 09 L&T and Spice group have been selected for second phase of bidding. It has not been disclosed who else has qualified or have bid for Satyam. There are expected to be seven players who are shortlisted for second stage of bidding which may show Tech Mehindra also in race..

iGate has issues a statement before that its bidding price will be much lower than current market price. Typical market sentiements are also in line with this feeling and from the time bidding process has started, Satyam share is slidding down on Indian stock exchange. Today it has already gone down by 2.7% of its previous close 43.9 to 42.7 and still going low.

It is expected that Satyam share might trade in range of 30-40 this week because of high risk invovle in this bidding process (for company who will buy Satyam). Rating agency Fitch withdrew its AAA rating for Tech Mahindra citing the risks involved in bidding for the software company

24th March 2009
------------------
Seems like Modi, Spice group chairman, is not happy how things are panned in Satyam bidding process. Name of all players are not revealed and goign forward news are not in public.

Also for bidders now there are mixed news in market. Business standard has reported that there are six bidders and not seven which may include IBM, HP and KKR Private equity investors.

Watch out this space for more news on Satyam Bidding. Please leave your comments on what you think will be share price for bidding and who will be the ONE.

Thursday, February 5, 2009

Murthy, Satyam's new CEO

AS Murthy, a vetreran of Satyam has been appointed as new CEO. Previous CEO Raju was arrested on charge of 7,000 crore fraud in company in Jan, 2009. Mr. Murthy has been associated with Satyam for 15 years and was heading company's global delivery unit.

Though it could be a concern for many that an internal face will not be able to clean Satyam's name in international community (as it is still not clear who are all were invovled in scam), it could be positive for current clients as they will be comfortable dealing with a known person than a strange new face.

Another good news for Satyam is to get sanction of Rs 600 crore of loan from banks for meeting operation expenditure of company. Company board was already putting effort to collect pending receivables from client and along with this loan, company could have enough cash in hand to plan a month wise strategy for improving situation.

What do you think? Will Satyam strike back or go down?

US Stimulus package and Indian Industry

The almost $900-billion American stimulus plan for reviving the beleaguered economy has many interesting and intriguing aspects and will be analysed and discussed for long. One which is best for India is that most of the jobs (create or save 111,300 jobs) will be created in private sectors.
Image courtesy: http://uk.biz.yahoo.com/03022009/323/photo/main-points-president-barack-obama-s-economic-stimulus-plan.html
Also three hi-tech areas have been specifically mentioned in the new plan
1. The computerisation of medical records
2. The creation of smarter electrical grids
3. The expansion of high-speed broadband access to the Internet in rural and undeserved communities.
While last point could seem as a favour to the already favour-able Obama public and not actually for reviving economy, mind you that much of today’s economic crisis is because of sentiments at various levels which are working against reforming measures and so letting the situation worsen by itself ex. Banks are not offering loans even to some enable candidates in fear of loosing money and so actually helping in making economy poorer. This is the time for creating new jobs which is one of the major actions for bringing economy back to its feet. So you don’t know, may be the least important point might turn out to be the revolutionary one in future. Do you think different?

With advances in Internet to bring availability of unlimited broadband will change the course of many industries like education, entertainment and many other businesses. Long distance learning could prove useful for India where services can be provided by IT giants and intellectual people of India can leverage technology to find employment (at reasonably good price:)).

New $11 billion amendment to help auto industry will surely help India as many of big auto makers are client for Indian industry (mainly IT). Improvement in health of General Motors will surely means some good news for Indians who are directly (India operations) or indirectly (IT Vendor) working for GM. Aid to create new highways and improving infrastructure will also in turn motivate increase in sale of automobiles which is part of this stimulus package.

Business using new concept like cloud computing can cut cost of their current application licenses and provide services on a more global sense. While US jobs will increase for new opportunities in health care, infrastructures and networking, India can support at lower level providing services in area where it is expert.

What are your views on this stimulus package – how this will help India and especially IT?

Monday, January 26, 2009

2009 Top 100 Employers. Where do you work or will work?

Fortune 500 magazine has announced top 100 companies in US for best emplyer. Alas, dream company of many, Google, has fallen to 4th place from its 1st position in this list. Below are the top 10 in this list -
NetApp
Edward Jones
Boston Consulting Group
Google
Wegmans Food Markets
Cisco Systems
Genentech
Methodist Hospital System
Goldman Sachs
Nugget Market

Adobe is on 11th place and couldn't make it to top 10 for 2009.

Though these are best employer, it doesn't mean that people are happy there becuase of a big fat paycheck. You will be surprised to see list below who are actually giving a hefty pay to their employees. Looks like, lower the pay and better is employer :). So think before you join company just based on what is coming in your pocket.
Company NamePos in Top 100RoleAnnual Pay
----------------------------------------------------------------
Bingham McCutchen30Associate$256,312
Lehigh Valley Hospital & Health Network76Physicians$244,605
Orrick Herrington & Sutcliffe 87Associate$240,955
Alston & Bird36Associate$203,655
Perkins Coie82Associate$190,126
Devon Energy 13Engineer$186,882
Chesapeake Energy73Toolpusher$178,108
Salesforce.com55Senior Sales Engineer$172,303
Arnold & Porter21Associate$172,192
Adobe Systems11Sr. Computer Scientist Software Development$165,947
If you sutdy the other details for top companies, you might find that people are more satisfied due to facilities and perks being offered in these companies. While 2nd position Edward Jones has a 8th position for work life balance list, it also offers fully paid Sabbaticals. So it is great for your career inside and outside company. Also most of good companies are now allowing telecommuting and flexible office timing, which are much easier to employee in this internet world.

Wednesday, January 14, 2009

It will not hurt Indian IT - How many time??

In recent news, Nortel is filing for bankruptcy. Nortel is a telecom giant which originated from company 'Bell Telephone Company of Canada '. It is based out of Canada and employed more than 32,000 employee worldwide. Though troubles were going on in company, there were plans to revive company and pull it out of problem and reap profits again. A New innovation transformation was planned for company to set its foot in emerging technologies like web2.0. Unfortunately, things went still bad and today (14th Jan 2009) it has to file for bankruptcy. It was indeed a good plan but not perfect while its competitor CISCO has mastered process to move innovation in market in short time period. That's the key for business profit on which company survives.

As soon as this news was in market, our IT companies started words that it doesn't matter to them and they are not hurt due to this company. Like TCS, which is saying that it includes in less than 1% margin of their revenue, still it is there right? In last few months there have been at least 5-10 companies gone flat to ground and every time it doesn't matter to Indian IT industry. Fine, may be not as a single company, but what about combining all of these? And Citibank, Lehman, General Motors, Toyota, ICICI all these were well renowned leader of banking and Manufacturing industry. With a telecom giant going down, doesn't it give signal that recession is now spreading to telcom sector?

With banks already down, Manufacturing crawling on their knees and Telecom ready to fall, where does Indian IT companies think they are gonig to sell their services? Most of countries will put laws to hold the jobs within country so that employment can be improved. How are we going to fight a double battle? There is already less work and over it outsourcing will be restricted. IT need to come up with their innovation and reform the process to approach other countries for work. Now it is no more just cheap labour (though it still remains one of most attractive point) but also about expertise and quality, thinking of turning service into business profit.

Its time Indian IT industry, its time... do something or else we might not see it but we are also on verge of falling with others. Beware...

Monday, January 12, 2009

Infosys Q3 results - Will market improve?

Summary of Infy Q3 -results -

1. Slightly above expectation
2. More revenue coming from North America while it reduced in Europe.
3. Increased revenue from product and Infrastructure services.
4. Good thing is that they are able to reduce expenses by a good amount (YtoY by more than 7%)
5. Revenue increase in BFSI domain and Energy domain.
6. 30 clients are added in this quarter.
7. 2772 employees were added and billable headcount is increased. Attrition reduced to 11.8% from previous quarter of 12.8%
8. YoY growth is 8% while sequential growth declined by 3.7%

Overall a promising future... wait for their guidance for next quarter and year coming ahead...:)

Sunday, January 11, 2009

IGate may buy Satyam

In latest news, iGate CEO, Mr. Phaneesh Murthy, showed his interest in buying Satyam. he mentioned that he was planning on this thought even before Satyam fiasco. At current stage, Satyam will be a very cheap buy and it will give iGate a very good strategic position against other Indian IT companies.

Not to remind anyone that with present in about 66 countries and 54,000 strength of employees, Satyam was India's 4th largest IT company. Phaneesh was involved in growth of Infosys before iGate and believes that he has a good mangement team to handle such a large organisation. Satyam on the other hand currently strugling with lack of management while it has a skilled workforce and a lot of domain expertise to utilize.

With so much strenght and presence in his hand, he can change the face of Indian IT and rewrite the position of IT companies when market situation improves. Watchout this space for more info as the stiuation unfolds:)...

Thursday, January 8, 2009

Latest Updaet on Satyam - Running post

I think it would be good for readers to see all important links for news related to Satyam at one place instead of running around in search engines. It would save a lot of effort on your side, so I have created this post for you (reversed the sequence to reflect from bottom to top with top being latest. It would be easier for you to get latest news without scrolling)-
9th Jan 2009
12. No salary for Satyam Employee for 2 months. Officials have denied any layoff but has commented that is cash position is bad. SEBI have summoned Raju at Satyam's corporate office at 4:30 PM.
11. CID has started probe into Satyam fraud after state govt gave a green flag for operation.

10. While it is recession time, things are not too bad if you are a Satyam employee and good in your area. Checkout this news about opportunities for Satyam employees.

9. Satyam's CFO who has put papers, tried to commit suicide. It is really a shame but running off like this is not going to help things. We expect cooperation from these people so that no one else in future could try this scam.

8. SEBI has seized all finance files of Satyam. Investigation has formally started with this step.

7. Infosys has instructed its HR to not hire Satyam employees. I feel sorry about Satyam employees that their association with a bad name is bringing bad time for them. Also this statement from Infosys has been criticised by Satyamites.

6. Top leaders of Satyam, new CEO Ram Mynampati including vertical and regional division heads and HR head, has vowed to stay with company in this crisis. They have committed that they won't resign and will work together to bring it out of crisis.

5. While there is news that Satyam may fire 10,000 employees in Feb, new CEO has assured that Decemeber salary of Employees has been taken care of. Main issue company is facing for its operation is liquidity crunch.

4. Hoping news for investors and traders that Satyam trading will not be suspended in India.

3. KPMG raised doubt on Raju's confession. According to them, it is no a one man show and it could be a larger crime where someone has actually pulled out the money while actual money was with Satyam. If it is true, it could act positive for Satyam as a company.

2. Satyam share plunged to 18.75 while in morning it touched lowe than 12.

1. Satyam has got a major Irish contract. Under the contract, Satyam will drive FETAC’s implementation of Business Process Management (BPM) solutions for its core business processes.

8th Jan 2009
7. Despite all speculations, LIC is not planning to sell its stake in Satyam. It could be a soothing news for Satyam investor or could start worrying LIC investors who are taking ULIP from LIC. Other institutional stakeholders like ICICI, Citigroup,Fidelity etc are evaluating their option and have not made any decision till now while Aberdeen and Swiss Finance has sold their stakes.

6. Ram MynamPati is new CEO of Satyam in place of Raju. He holded a conference on 8th Jan evening to assure investors and clients of Satyam. He also revealed that Satyam's CFO has resigned while resignation is not approved yet, may be as all senior member of company are already out of company.

5. Brokerage firms have stopped coverage on Satyam share and advising new investors to stay away from this stock.

4. Maytas Infra along with other Satyam subsidiaries will be scrutinized for its link with Satyam. It might uncover another fraud. As per recent news (8th Jan, 4:00 PM IST) RC Sinha, chairman and independent director of Maytas Infra has stepped down. Mendu Rammohan Rao, a former director on the board of scam-tainted Satyam Computer Services, has quit as the Dean of the prestigious Indian School of Business in Hyderabad.

3. Law firms Izard Nobel and Vianale & Vianale have filed class action suits in the US on behalf of those who purchased American Depository Receipts (ADRs) of Indian outsourcer Satyam Computer Services.

2. Satyam was listed in New York stock exchange. It halted trading for Satyam in US as well as Amsterdam in Europe. National Stock Excahnge of India has removed Satyam from its Nifty 50-share index. BSE may follow later. Also it could be that Satyam is de-listed from stock exchanges.

1. SEBI announced that it will take strict action against Satyam Chariman for fraud. It even gave hint that it could be removed from Nifty and trading could be stopped for its share.

Till 8th Jan 2009
1. Ruchika Sharma has comiled a very nice list of events along with dates as it unfolded. It is a must start for reading and getting a history feed of what all has happened with Satyam till 8th Jan,2009.

(Plesae help me by leaving comments if you find any good link which should be here)

Wednesday, January 7, 2009

Fate of Satyam after Raju Resigns

This is today’s shocking and hot news for India. Chairman B. Ramalinga Raju’s admission that Satyam Computer Services Ltd’s Balance Sheet was completely fabricated got the stock
Crashing down by 66.5 per cent to Rs 40 from Wednesday’s high of Rs 188.70 (check here)

Company share hit a lowest of Rs 30, while previous 52 week low was marked at 114, as details of the extent of fraud perpetrated by the promoters shook the stock market.
Not only the prices of own company share but this news has brought down the whole Sensex. The BSE IT Index plunged 7.70 per cent and BSE Realty tumbled 11.20 per cent.

Satyam fraud raised question over corporate governance of other companies also, especially IT. The Satyam fiasco has left a big question mark on corporate governance in India while sending a negative signal to the foreign institutional investors, analysts said. Company was already in news for bad governance over decision to invest in family business and 8 year ban from World Bank. Check my previous post on this topic.

The Satyam story poses a big question over the credibility of auditors in general, as PricewaterhouseCoopers was auditor of the company. The bankers to Satyam included Bank of Baroda, BNP Paribas, ICICI, HDFC, Citi Bank, HSBC.

Chairman’s letter to the company board and SEBI revealed a fraud of unprecedented proportions. Raju stated that Satyam’s balance sheet as on Sep 30, 2008, carries an inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 reflected in the books). Further, it carries an accrued interest of Rs 376 crore which is non-existent. The books carry an understated liability of Rs 1,230 crore on account of funds arranged by Raju, and an over stated debtors position of Rs 490 crore (as against Rs 2,651 crore in the books).

The Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses. As Raju mentioned in his letter that neither he nor managing director have been benefited from this and it is a result of inflated profits company was showing over the past few years (source unknown, and I am not responsible for validity of this statement).

There may not be much impact on the other IT companies, except a bad name in general for Indian corporate and one may see Infosys, Wipro or TCS go up in next trading sessions. Companies in competition of Satyam overseas can look it as opportunity as management will take some time to get hold on company and it may not pursue its growth that aggressively like it was doing before. It can act as advantage for Satyam’s competitors.

Monday, January 5, 2009

India IT Future in 2009

Indian IT industry has mature a lot from time when it started in 70s with body shopping. Though it looks a bad term now a days, this was the crude face of today's IT at that time where capable people were offering their services to needful client of US. Today, IT industry not only provide maintenance service and customised solution, but looking forward to partner with client and get involved in strategic thinking for benefit of business. It is just not offshoring anymore.

If things have been good for some more time, we could have seen Infosys, Wipro and other bumping their shoulders with IBM, Accenture for consulting assignment. With economic recession slowing down growth of industry, what should we expect in 2009 for India? Instead of making a blind attempt, it is better to look into few of facts and then devise a plan to battle in this ground. I am hopeful that if you are in software industry, this post will help you organise your thinking and make a better decision.

While 30-40% revenue of Indian IT was coming from BFSI segment, as some of major player of this sector are going down, there will be a big impact on Indian IT firms. Situations ranging from job cut, downsize, slowdown to domain change can occur. While subprime lending could be said a result of mere greed, it is also asking for a better solution in loan and credit area for better governance and long term view. Going forward, it might not be just maintenance, but more money will be pushed for innovation which can help improving core systems. Most of BFSI applications are decade old which are not efficient in fast growing global economy and innovation will be the key for dominating in new era.

Indian IT firms are majorly operation from SEZs. It is planned to end Tax holiday for these companies in 2010 which will shoot expenditure cost for these companies and bring down profit margin by a great extent. While companies are trying to extend it, it would not be good for Indian society to depend on it for long and keep its eye closed on this fact. IT companies need to think of increasing growth and minimizing expenditure at other places then avoiding tax to Indian govt. If all these companies will start giving tax to govt. growth in other sectors could be increased which will help Indian society in general. Be ready to expect some impact of this on your salary in 2010 or 2011.

China is next emerging country for IT services. While it is starting on field where India has matured, its threat should not be ignored for competition. Indian companies have already thought of taking its advantage and major giants like Infosys have opened development centers in China for future time. If it grows, they will be sharing the profit from these locations. Only one thing can keep us ahead in race and that is up-the-ladder services and strategic partnership with client. If we keep working in down the chain in service ladder, China will soon take over and give you a hard time.

Onsite is not the only charm of industry. With many of Indian companies (other than IT) are making their presence globally, it is time to look into domestic market and slot in your position for future. Idea has given a multi year $80 billion contract to IBM for its IT service management. Why not one of our Indian company? Because while we were trying in US for opportunity, an US company bargained domestic work out of India. Reliance, TATA, ICICI and many others are now global companies and should have a lot of need of IT support. These are nowhere less in revenue than any US or Europe company, so don't underestimate our domestic market. Even SBI could give a fight to any international bank for its customer count and money it handles.

And as I started, this is era of automation. Lame coding is outdated in current time. You need to be sensible to client business and provide a solution which could be mapped to a final income. If you are not thinking in that line, you are not growing up and cannot keep up with new race which is going to begin. So sharpen your skill, look for long term opportunity and make your position to be in front when race starts.

Wish you a happy and prosperous future of 2009. Good luck.

Thursday, January 1, 2009

Major Financial news of 2008

I want to begin New year by summurazing what happened in last year. It will help one to do a better financial planning and take into factor many events which normally people skip and consider as non-related. Below are few major events which happened in India in 2008 and what could be its economical impact -

Mumbai Terror Attack: It is being remembered as 26/11 in line with 9/11 of US attack. Went on for 3 days, leaving at least 173 dead and more than 300 injured. While most serious loss is human lives in this incident, it impacts economy as well. And it is not only Mumbai but a concern for security in whole country. In 2008, hundreds of lives were lost as a series of blasts shook various Indian cities. While short term equity fall and rupee value depreciation was expected, it is not that negative as long term impact. Companies will worry about safety of their employees and establishment and so could impact foreign investment and industry growth. Tourism industry will be impacted for reducing foreign visit to India.

Sunsex: It started with a very promising 21,206. 'Black Monday' (21 Jan) as it is named, is famous for 2000 point fall in Sensex in a single day. And then it touched an unimaginable low 0f 7697 giving heart attack to many traders and even investors' belief was shaken. Trading market rules will be written again after this year and equity is no more a promising product for investors. Mutual funds are even worst performer and loosing faith of their customers.

Crude Oil: Oil price touched a all time high of $147 per barrel in July 11 and it was expected that it is not going to come down. With recession news it came down to <$40 surprising everyone but still not able to help economy to stablize. Inflation: Inflation neared 13% in mid jan while it was normal when year started. Comforting news is that it soothe down to single digit when year ended. Else it was a bouble impact on public to face inflation and economic recssion impact at same time.

Debt relief to Farmers: The Finance Minister, in his Budget Speech for 2008-2009, announced a Debt Waiver and Debt Relief Scheme for farmers. It was amounted to Rs 60,000 Crore.

Nuclear Agreement: Govt made historical civilian deal with US. On August 1, 2008, the IAEA approved the safeguards agreement with India. Us expect to bring $150 billion for nuclear power plan which will help India increasing its electricity production and improvising transportation.

Confidence Vote: In lieu of nuclear deal, govt had to go through confidence voting. Communist parties - Left fron withdrew its support from got on July bringing uncertainty in India. Govt survived with support from SP.

Nano: TATA announced world's cheapest car Nano. It planned to setup production plan in Singur, West Bengal. Later it was forced to move out becuase of opposition from Mamata Benerjee of Trimul Congress. It delayed roll out of car and TATA accepted Gujarat offer of setting production plan in their state. There are news for electric version of Nano as well (e-Nano) which might come up later.

Banks: HDFC Bank and Centurion Bank of Punjab announced their merger, creating India’s largest bank in terms of branches. India’s top private lender ICICI’s share price dipped more than 50 pct on various news of economic recession impact on this bank.

Satyam: IT major Satyam Computer Services faced some tough questions about corporate governance after a botched attempt to buy two of its sister firms for $1.6 billion. It was further impacted by World bank 8 year direct contract ban on company.

Jet Airways Layoff: Jet Airways faced staff ire over efforts to downsize and survive. 1900 employees were asked to go which was after Kingfisher and Jetairways shook hands. It was considered to be impact of this deal. Later Jet Airways chairman offered all employees to join back and keeping survival issue on hold and promised to look into other options for handling it.

Cricket: Cricket changed its shape when IPL was introduced in India in April 2008. The success of the inaugural IPL 20/20 league conceptualized a new business strategy and brought cricket again on top of sports while expanding opportunity in this field multiple times for sportmen. Even other sports are now trying to change how the games are played and increasing revenue.

Ranbaxy: FDA has banned 30 generic drugs made by Indian drug-maker Ranbaxy Labs from import to the US. It impacted one of largest pharmacy of India is big.

Please let me know more major events which are worth mentioning here and I will add those in above list.