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Heard on the Street
29 Oct 2009, 0353 hrs IST, | |||||||
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| Former Citi Tech MD joins JPMorgan’s Punit Sood former MD of Citi Technology, Citigroup’s captive BPO, has made yet another move. He has joined JP Morgan’s captive unit in Mumbai as managing director and head of technology for JP Morgan Services. Before joining JPMorgan, Mr Sood worked with Wipro after the company’s acquisition of the Citi captive in December last year. He was in-charge of the Citi account, which is one of the largest customers for India’s third-largest IT company. Industry sources said that Mr Sood was keen to work with an international bank of repute like he did when he was with Citi. Incidentally, JPMorgan also figures among the top clients of Wipro. Jet Airways soars 9% despite poor Q2 nos Despite posting poor numbers for the September quarter, shares of Jet Airways were in demand on Wednesday. The stock was the best performer in the A group, rising 9% to close at Rs 398, supported by heavy volumes. In the last one month, the stock has gained around 22%. Players tracking the counter say that earnings for the current quarter are expected to be good because of the vacation season. Also, most of the negatives are already reflecting in the current price, they say. Buzz is that one of the domestic mutual funds, which already has a stake in the company, has been adding to its position over the past few sessions. In addition, a South-based mutual fund too has begun accumulating the stock. Jet has has reported a net loss of Rs 407 crore for the quarter ended September, compared with a net loss of Rs 385 crore during the same period last year. The company incurred higher fuel costs in the September quarter as fuel prices rose 17%, impacting it to the tune of Rs 108 crore. The five-day pilots’ strike wiped off Rs 80 crore. The company is awaiting approval the FIPB to raise up to $400 million through an equity offering to domestic and foreign investors. MFs quake at the thought of graveyard shifts Fund managers appear to be the most distraught over Sebi’s proposal to extend trading hours. While it may be possible for brokerage firms to have two sets of dealers and sales traders working in shifts, it is unlikely that fund houses can afford to keep two sets of fund managers. “If extended trading hours become a reality, I may have to keep two sets of drivers; one to drive me to work, and the other to drive me back at the end of the day,” said one fund manager. Contributed by Jessica Mehroin Irani, Apurv Gupta & Shailesh Menon | |||||||
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