Monthly Archives: August 2013

Hyderabad-born Prem Watsa may bid for BlackBerry

Toronto :

Just over a year ago, Prem Watsa said Research in Motion , now re-named BlackBerry, was a “Canadian success story,” a good buy and a likely turnaround story, despite declining market share.

BlackBerry’s fortunes have only deteriorated since then, but Watsa, chief executive of top BlackBerry shareholder Fairfax Financial, is an old hand at looking wrong today and right tomorrow.

(Prem Watsa, chief executive…)
(Prem Watsa, chief executive…)

Fairfax, both an insurance holding company and Watsa’s investment vehicle, was on the losing end of bets against the market in the mid 2000s as Watsa waited for the US mortgage industry to collapse.

The company’s stock fell by 50% between mid-2003 and mid-2006 as Watsa’s purchases of credit default swaps flattened profits, while rivals feasted on a housing-fed bull market.

But when the market began to weaken in 2007, Fairfax began notching up investment gains, pulling in billion-dollar profits in 2007 and 2008. Then with markets still reeling and other investors licking their wounds, Watsa started to plow money back into equities, bringing another strong year in 2009.

Since their 2006 low of C$100, Fairfax’s shares have more than quadrupled, and the stock is up 100-fold over 28 years.

Indeed, Watsa had already shown his investment chops by selling stock ahead of the 1987 stock market crash and buying Japanese puts – or rights to sell stocks at guaranteed prices – ahead of the Tokyo market’s collapse in 1990.

Canada’s Buffet?
Often called Canada’s version of  Warren Buffet , Watsa preaches a long view that suggests it may be too early to assess his decision to take on a leading 10 per cent stake in BlackBerry.

As it sits now, BlackBerry has not been a turnaround story under Watsa’s watch. Since January 2012, a period when Fairfax has raised its stake in the company from just over 2 per cent to just under 10 per cent, BlackBerry’s share price is down about 25 percent.

“Prem invests for the long term,” said Paul Holden, an analyst at CIBC World Markets who follows Fairfax. “He’s held his major stake now for what I would say is a fairly short period of time relative to his investment horizon, so I would say it’s probably too early to put any score on that investment.”

Watsa stepped down from the BlackBerry board on Monday, citing a potential conflict of interest, as the company said it was exploring the sale of itself and other options.

Holden said Fairfax, with a market capitalization of C$8.7 billion, would be too small to purchase BlackBerry outright. The smartphone maker has a market capitalization of C$5.8 billion.

But others said the signs that Watsa could be working behind the scenes were a positive.

“We have a lot of respect for the investment acumen and long-term track record Prem Watsa has established at Fairfax,” said Todd Johnson , a portfolio manager at Winnipeg-based BCV Financial, which owns Fairfax debt.

“Hearing the announcement from BlackBerry accompanied by Prem’s departure from the board should indicate something will happen this time on the strategic front.”

Low profile
Watsa, who was born in 1950 in Hyderabad, India, and trained as a chemical engineer, has a public profile that has at times bordered on the reclusive since he took over Fairfax in 1985. For his first 15 years at the company, he barely spoke to a reporter, and he only started holding investor conference calls in 2001.

Fairfax has generally not been known as an activist investor, but Watsa has not shied away from a fight, launching a $6 billion lawsuit against a group of hedge funds in 2006, accusing them of conspiring to the drive the company’s shares down so they could be shorted.

A short position enables an investor to profit when a stock drops.

To be sure, not all Watsa’s moves have been golden. Fairfax had to write off most its investment in Winnipeg-based media company Canwest in 2009 as the company filed for bankruptcy protection.

It also wrote down a significant investment in publisher Torstar in 2008-09 and took losses on its holding of forestry company Abitibi Bowater.

Speaking last year, Watsa suggested investors looking for a short-term rebound in BlackBerry might be disappointed.

“Is it going to turn around in three months, six months, nine months? No,” he told reporters. “But if you’re looking four, five years … We make investments  over four or five years.”

source: http://www.articles.timesofindia.indiatimes.com / The Times of India / Home> Tech> Tech News> Hardware> Invstment / by Reuters / August 14th, 2013

Sania Mirza-Jie Zheng pair wins doubles title at New Haven

Sania Mirza. (Photo Courtesy: AP)
Sania Mirza. (Photo Courtesy: AP)

New Haven:

Indian tennis ace Sania Mirza notched up her third title of the season and 17th overall as she lifted the women’s doubles trophy at the WTA New Haven Open along with new partner Jie Zheng here.

Playing just their fourth event together, third seeds Sania and Jie pipped the second-seeded pair of Anabel Medina Garrigues and Katarina Srebotnik 6-3 6-4 in the summit clash.

Mirza and Zheng fell behind an early break but quickly got back and from 3-3 in the first set, they won six of the next seven games to capture the first set and take control of the second.

They did have a bit of trouble closing it out, as at 5-2 in the second set, Medina and Srebotnik won two games in a row and then got to deuce on Mirza’s serve before the Indo-Chinese duo finished off the triumph on their fifth match point.

“We didn’t start the tournament too well, winning a couple of what you might call ugly matches,” Mirza said. “But we kept getting better with each match. It was great to play our best match in the final.

“It’s tough with this format. It’s relentless. There’s really no margin of error with the deuce points, the super tie-break. It’s just a toss-up sometimes. Even today’s match was 63 64, but it was much tighter with the deuce points. The last set we won three deuce games.”

It was Sania’s fourth final of the year and 25th overall.

Sania, the only Indian woman to win a Grand Slam title, had won two titles this season before this triumph. Both the previous titles came with American partner Bethanie Mattek-Sands.

source: http://www.deccanchronicle.com / Deccan Chronicle / Home> Sports> Tennis / by PTI / August 25th, 2013

A blessing in disguise

Picture for representational purpose only.
Picture for representational purpose only.

Visakhapatnam:

It might not win the race for the capital of Seemandhra following the state’s bifurcation but Vizag is set to emerge as the sports capital of the proposed state (Seemandhra), according to sports experts here in this rather bustling coastal city.

Well, that’s not a mere hunch of the sports enthusiasts. Their opinion has a basis because Vizag is already fast emerging as a sports hub. It won’t take the coastal city much time in transforming into a full-fledged sports capital of Seemandhra once the separate state comes into being, sports experts opined.

That doesn’t seem a misplaced opinion what with coastal city already boasting a series of sporting structure. They are the Dr YS Rajasekhara Reddy ACA-VDCA nternational cricket stadium, Swarnabharati Indoor Stadium besides a number of clay and synthetic tennis courts.

And the list doesn’t complete without the city’s crowning glory: The picturesque East Point golf course.

This booming sporting infrastructure is sure to mushroom following the formation of a separate state of Seemandhra. And with that will multiply the opportunities for the city’s budding sports persons, according to the observers of the city’s sporting scene.

Traditionally, the erstwhile Andhra Pradesh had more players from Hyderabad excelling in national and International arenas than Vizag. Following bifurcation, the situation may just alter. The coastal city may attain that prima Donna status, according to sports lovers.

“Vizag stands a very good chance of becoming the sports capital of Seemandhra despite it being located at the corner of the new state”, said Subba Rao, President of Andhra Cricket Association. “The city is equipped to host international events easily as it has international air connectivity besides boasting some international level stadiums and several star hotels”, he added.

Vizag emerging as a sports capital would mean more budding sportspersons from Seemandhra getting a chance to flower and representing their region in national and international events, Rao said.

Sports fraternity of the region feels that Vizag being a coastal town and blessed with good beaches can also host international waters sports evens like surfing, rowing, kayaking and sailing. “We also need some more world class sporting infrastructure so as to be able to host national and international events of football, basketball, archery and athletics”, said President of Andhra Pradesh Volleyball Association S Kodandaramiah.

According to Sports Authority of Andhra Pradesh officials, once a separate state of Seemandhra is created, a separate Sports Authority of India and Sate Olympic Association would have to be formed.

source: http://www.deccanchronicle.com / Deccan Chronicle / Home> News> Current Affairs / by Nalla Ram, DC / August 11th, 2013

‘Government nod to set up 38 radar stations’

Visakhapatnam :

The central government has approved the setting up of 38 radar stations across the country in the second phase under Coastal Surveillance Network, said defence secretary R K Mathur, adding that the first phase of the network comprising 46 radar stations was expected to be completed by October. Out of the 46 radar stations to be set up in the first phase, six are in AP, including Kalingapatnam, Visakhapatnam, Kakinada, Machilipatnam, Ramaiayapatnam and Krishnapatnam.

Speaking to mediapersons on the sidelines of the commissioning the Inshore Patrol Vessel (IPV) ICGS Rajveer for the Indian Coast Guard (ICG), Mathur said the overall expansion plan of coast guard was to include 150 different type of ships with an appropriate mix of pollution control vehicles, IPVs, Offshore Patrol Vehicles and interceptor crafts depending on the needs of the coast guard. At present the ICG has 87 ships and 16 aircrafts under its control. Mentioning that the sophisticated IPV built by Garden Research Shipbuilders and Engineers (GRSE) amply demonstrates the indigenous ship building capability of the country, he said, “The focus is now on shortening delivery periods.” Furthermore, he said that many more vessels were at various stages of construction in both public and private ship building yards. “ICG is on its way to be one of the most strongest and potent coast guards of the world. ICG is on the right path of growth,” he added.

Pointing out that coastal security remains one of the prime concerns, he said, “Induction of new assets would definitely boost the ICG’s efforts to provide a safe coastline. Establishment of coastal security network will ensure maximum protection.” He also said that the Indian Navy and Coast Guard were working in a synergised manner with stage governments to achieve the overall objective of maritime security.

On the commissioning of the seventh in series of eight ships at the Coast Guard jetty here on Saturday, GRSE chairman-cum-managing director Rear Admiral (retd) A K Verma said, “We hope to deliver the eighth IPV by end of this month. The first ship under this class was delivered in January 2012. With the delivery of this ship, we have delivered at the rate of one ship every two-and-half months.”

Stating that ship a 75% indigenisation level as most of the machinery was sourced from Indian vendors, he added that the ship is a cost effective and fuel efficient platform.

The 50 metre IPV commissioned on Saturday is equipped with the most advanced and sophisticated navigational communication sensors and equipment, said vice-admiral Anurag G Thapliyal, director general, Indian Coast Guard.

The ship is propelled to a maximum speed of 35 knots by three MTU 4000 Series Diesel engines of 2720KW capacity at 2100 rpm each, coupled with three 71S2 Rolls Royce Kamewa Jets. At an economical speed of 14 knots, it has an endurance of 1500 nautical miles.

The special features of the ship include an Integrated Bridge System, Integrated Machinery Control System and an indigenously built 30-mm gun mount with fire control system. The ship is designed to carry one rigid inflatable boat and two Geminis for search and rescue, law enforcement and maritime patrol.

source: http://www.articles.timesofindia.indiatimes.com / The Times of India / Home> City> Visakhapatnam> Indian Coast Guard / TNN / August 11th, 2013

The name has always been Hyderabad

 

Urdu scholars and academicians have once again come out to claim that the idea of Bhagyanagar as the earlier name for the city is mere folklore which is not backed by substance.

Scholars at the four-day international seminar on “400 years of Mohammed Quli Qutb Shah” which was organised at the department of Urdu at University of Hyderabad, said that no available manuscripts, epigraphs, literature or even coins of that era suggest that the name of the city was Bhagyanagar. One among them even feared that with Telangana being formed, there might be a demand to rename the city as Bhagyanagar.

Noted city-based historian and managing trustee of Deccan Heritage Trust, Mohammed Safiullah, rubbishing the concept of Bhagyanagar, said that some historians with vested interests were behind the imaginary stories of Bhagyanagar and said that no concrete proofs suggest that the city was called Bhagyanagar. “Bhagmati could have been a Rajasthani courtesan like Taramati and Premamati. But, even the first available coins of Hyderabad dating to 1603 have the legend as Dar-ul-Sultanate Hyderabad.”

According to him, the title Hyder, meaning lion, has never been given to any woman across the world. “Qutb Shahis were ardent Shias. The city was named after the corner stone of Shia fate, Hazrath Ali, who was also called as Hyder-e-Karrar,” he said. He further said that Mohammed Quli Qutb Shah was a great poet who mentioned many women in his collection of poetry and it was unfair to pick just one of them as his lover.

Echoing similar views, Prof Ahmed Shareef, retired professor of architecture, JNAFAU, said that Bhagyanagar could have been the jagir of Bhageerathi Bai, the Vijayanagara princess, who married Ibrahim Quli Qutb Shah, but there were no proofs available. “It was in the late Nizam era that the concept of Bhagyanagar came up and that was because of the rising atrocities against Hindus by the Nizam. One should put down all such gossip and look forward to a livable environment for all,” he added.

According to him, it is more important to preserve the historical texts, manuscripts, epigraphs, architecture, literature and culture of Qutb Shahi rulers for a better understanding of our past.

Mohammed Quli Qutb Shah, the fifth king of the Qutb Shahi dynasty, who ruled the region for 32 years, was the founder of Hyderabad Deccan in 1591-92. He was also considered to be the first Urdu poet and lived between 1565 and 1612. Contemporary to Ibrahim Adil Shah the 2nd and Mughal emperor Akbar, his period is regarded as the golden age for the Deccani culture. “The Deccani culture and heritage has been so neglected that only a very small portion of it is studied and researched upon. There are many major contributions of the Qutb Shahis, but only poetry is given importance in Urdu departments. We call for further research, critical review and examination of art, culture, architecture, jewelry, music, etc,” said Habib Nisar, associate professor and coordinator of the seminar, department of Urdu, UoH.

source: http://www.newindianexpress.com / The New Indian Express /Home> Cities> Hyderabad / by Express News Service – Hyderabad / August 24th, 2013

GHMC to deck city with mural art

Depending upon the themes proposed and rates quoted, empanelment of artists/firms will be made for taking up the works. | EPS
Depending upon the themes proposed and rates quoted, empanelment of artists/firms will be made for taking up the works. | EPS

As a part of beautification of city, the Greater Hyderabad Municipal Corporation (GHMC) will soon take up mural art works in mosaic, cement and mixed media on wall surfaces at public places and on the pillars and ramps of flyovers in the city.

In this connection, the corporation has invited tenders from artists and art firms.

The GHMC will open technical bids on August 14. A  committee constituted by the GHMC commissioner will evaluate and select the technical bids basing on the experience of the artists or firms. The proposed themes will be evaluated by a committee and the financial bids of eligible bidders will be opened later and finalised.

Depending upon the themes proposed and rates quoted, empanelment of artists/firms will be made for taking up the works.

GHMC officials told Express that interested artists can examine the sites and obtain all information necessary for executing the works.

As the art work is to be taken up outdoors, standard colours and paints of branded companies must be used so that the works last long, they added.

After completion of the work, it will be verified by the work scrutiny committee or by a competent authority. Payment will be released only after the committee certifies that the work has been executed as per specifications.

The committee can also notify the bidder of any defects, which must be corrected. If the defect is not rectified, penalty will be imposed and same would be deducted from the bills, they said.

source: http://www.newindianexpress.com / The New Indian Express / Home> Cities>Hyderabad / by S Bachan Jeet Singh / ENS – Hyderabad / August 12th, 2013

Personal agenda: Sania Mirza, Tennis player

Photo: Virender Singh; Location Courtesy: Shangri-La’s-Eros
Photo: Virender Singh; Location Courtesy: Shangri-La’s-Eros

Birthday: November 15

Sun sign: Scorpio

Place of birth: Mumbai

Hometown: Hyderabad

School/college: NASR School, St. Mary’s College, Hyderabad

High point of your life
Winning the Wimbledon in 2003 (Girl’s Doubles title)

First break
My debut on the International Tennis Federation circuit at age 15

Currently i am…
The brand ambassador for Krrish Delhi Smashers and opening an academy soon

If you weren’t a tennis player, you would have been …
A doctor, definitely.

What’s your fitness regime?
It depends on whether I’m playing or not. If I’m not playing, then I train for nearly 5 to 6 hours.

One dance form you’d like to learn?
Salsa. It’s fascinating.

The hardest thing about being on TV?
When you are doing an interview, you need to be very careful about your body and what you say.

What can’t you get enough of?
Shoes, actually! I just love them and at last count, I had 327 shoes.

The one myth about marriage you’d like to bust.
That just because a couple comes out holding hands, it doesn’t mean they haven’t been fighting.

The most romantic thing Shoaib has done for you?
He replaced my seven-carat diamond ring with a 13.5 carat one recently.

The craziest thing a fan has done for you.
When I was at the Amsterdam Open, a guy not only stalked me but entered my room, got hold of my sister’s phone and called me 20 times. He even left a bundle of my pictures and his college degree in my room.

A song that always lifts your spirits.
Bollywood music is very uplifting. These days I’m hooked on to Tum Hi Ho from Aashiqui 2.

Your favourite sportspersons.
Roger Federer and Sachin Tendulkar.

If you were in a movie, who’d make a dream co-star?

  Akshay Kumar.

Which superhero would you like to be?
Spiderman. I’ve liked him since I was a kid.

One food craving you wish you could indulge.
I love any kind of food. I don’t have a sweet tooth, but I love haleem.

One thing nobody knows about you?
That I’m extremely soft on the inside.

The last line of your autobiography would read…
You will have to wait for that as it is going to come out very soon.

A tennis player you wish you could partner with?
Steffi Graf. Unfortunately, she stopped playing when I started

SteffiGrafBrunchHF23aug2013

Travel Wishlist

Your idea of a great weekend?
Going off to the beach, relaxing and getting a nice massage

A place you’d like to be lost in for a month?
The Maldives

Three travel necessities?
My makeup kit (I take the bare minimum), a change for the night and my mobile phone

Your worst holiday?
Thankfully I haven’t had a bad one yet

Your favourite travel movie?
Eat Pray Love

Interviewed by Veenu Singh

From HT Brunch, August 11

source: http://www.hindustantimes.com / Hindustan Times / Home> News> BRUNCH / by Veenu Singh, Hindustan Times / August 09th, 2013

Workshop on minimally invasive procedures

With an aim to discuss the latest advances and improved outcomes of Minimally Invasive Cardiac Surgeries (MICS) and educate the surgeons in and around India, Yashoda Hospital is organizing and conducting a live international workshop on MICS for the third time from August 10. Dr. Alla Gopala Krishna Gokhale, HoD, department of Minimally Invasive Cardiac Surgery, Yashoda Hospital  will preside over the live workshop to facilitate smooth interactions between the audience and the faculty and contribute to the workshop’s success.

Explaining more on MICS, Dr Gokhale said, a minimally invasive procedure uses small incisions to access the heart without stopping the heart or cutting the breastbone and ribcage. It causes lesser trauma with faster recovery time and lowers risk of complications such as bleeding and infection. In just three weeks, patients can resume day-to-day activities and even return to their jobs”. He said, one day most of the cardiac surgeries have to become minimal access procedures without compromising on the long term results and patient safety and the goal of this workshop is to taking surgeons in this direction. Two live cases a bypass surgery and mitral valve surgery will be performed using the minimal access approach in this workshop.Speaking on the occasion, Dr. GS. Rao, managing director, Yashoda Group of Hospitals said,  “We have made great strides in cardiology and cardiothoracic surgery performing thousands of procedures and surgeries with precision and success. This live workshop will not only highlight the advantages but will also talk about taking this procedure to its next logical level.”Nearly 200 eminent doctors from all over India and Sri Lanka and renowned international cardiac surgeons will attend the workshop as faculty. International faculty include Dr. Jaishankar Raman from Rush University Medical Center, Department of Cardiovascular and Thoracic Surgery, USA and Dr. Theo Kofidis, associate professor, head opf division of Adult Cardia Surgery, Deptartment of Cardiac, Thoracic and Vascular Surgery, National University of Singapore.

source: http://www.newindianexpress.com / The New Indian Express / Home> Cities> Hyderabad / by Express News Service – Hyderabad / August 10th, 2013

National Seed Association of India appoints Nuziveedu Seeds CMD as its president

National Seed Association of India (NSAI) on Friday said it had appointed the chairman and managing director of Hyderabad-based seed company Nuziveedu Seeds Limited M Prabhakar Rao as its new president. Rao will be heading NSAI’s governing council for a period of two years starting 2013. The announcement came after NSAI’s annual general meeting was held in New Delhi on July 31.

Commenting on the development, Rao said, “I am honoured to have been bestowed with such responsibility that gives me an opportunity to work towards regulatory issues faced by seed industry, creating conducive environment for the functioning of seed industry and for intellectual property rights for the seeds varieties so as to enhance research and development (R&D) investments for benefit of farmers”.

The other members of NSAI’s office bearers include MG Shembekar, vice president, (Ankur Seeds private limited), Bhupen Dubey, general secretary, (UPL Advanta limited) and KS Narayanaswamy, treasurer, (GEO Biotechnologies private limited) among other members.

National Seed Association of India is an industry body representing 238 private and public sector seeds companies in India. The association mainly facilitates consultation between the members and central government, state governments and different international agencies. NSAI said it is also gearing up for hosting national as well as international seed conferences thus working towards an increased role for India in the international seed trade.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> Business> India Business / by Swati Rathor, TNN / August 09th, 2013

UK firm to buy Four Soft’s IT business for $43 m

Hyderabad : 

The Four Soft board has decided to sell its IT solutions business and its stake in all its foreign subsidiaries to the UK-based Kewill group for a consideration of $43.4 million.

“The transaction for the business is valued at $22.5 million and investments in the share capital of foreign subsidiaries are valued at $20.9 million, making a total deal value of $43.4 million. The deal is expected to close in 90 days, subject to statutory approval and closing processes,” the company informed the Bombay Stock Exchange on Saturday.

The Hyderabad-based company, promoted by Palem Srikanth Reddy, provides IT solutions to logistics and transportation industries.

The board, which met here on Saturday, considered the ‘slump sale’ after discussing Transport, I.T. Solutions Private Ltd (a Kewill group company) proposal to acquire the business. The proposal also included purchase of stake in the company’s foreign arms.

The promoter will adhere to a five-year non-compete and non-solicit agreement with the acquirer. Srikanth Reddy, who is also the Chairman and Managing Director, told Business Line that the company could tap opportunities in testing services, big data analytics, as also media and entertainment industries.

For the quarter ended June 30, the company registered a turnover of Rs 30 crore against Rs 32 crore in the same period last year. It made a net profit of Rs 4 crore (Rs 2.76 crore). For the full year 2012-13, the company made a net profit of Rs 11 crore on a turnover of Rs 132 crore.

source: http://www.thehindubusinessline.com / Business Line / Home> Industry> Info-Tech / by K. V. Kurmanath  kurmanath.kanchi@thehindu.co.in / Hyderabad – August 10th, 2013