The Hindu Business Line : Friday, January 23, 2009

Satyam overstated headcount numbers, says CID counsel
Only 40,000 employees on record; ‘funds diverted to acquire lands’. Hyderabad, Jan 22 As the saga of ‘fudging and manipulations’ of finances by Mr B. Ramalinga Raju, the ex-Chairman of the Rs 7,136- crore scam hit Satyam ...

Ramalinga Raju’s salary is lowest among peers!
Bangalore, Jan. 22 Mr Ramalinga Raju’s total remuneration as the Chairman of Satyam Computer Services Ltd was lower than that of the chief executives and chairmen of the other top four Indian IT services companies, a comparative ...

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Tata Steel (Rs 179.20): Sell
We recommend a sell in Tata Steel from a short-term trading perspective. It is apparent from the charts of Tata Steel that after bottoming in late November 2008 at Rs 146, it rallied up to Rs 260. The stock price has appreciated almost 78 ...

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Reliance’s net profit down first time in 12 quarters
Volatility in prices, lower refining margins hit bottomline. Mumbai, Jan. 22 Reliance Industries Ltd said its third quarter net profit fell 9.8 per cent as it processed less crude, and at lower refining ...

Ranbaxy reports net loss of Rs 806 cr
Early adoption of new accounting standard, forex losses impact performance. New Delhi, Jan. 22 Ranbaxy Laboratories Ltd on Thursday reported a net loss of Rs 806.54 crore (on a standalone basis) for the quarter ended December 31, 2008 compared ...

Satyam effect: 70 firms report director exit
Mumbai, Jan. 22 Even as the Government is finding it difficult to appoint a full-fledged Board of Directors for the troubled Satyam Computers Services, about 70 companies have reported that some of their directors, many of them independent ...

Bank of India net rises 70% on higher income
Credit growth in retail segment flat. Mumbai, Jan. 22 Bank of India recorded a 70-per cent growth in net profit at Rs 872 crore, for the quarter ended December 31, 2008, against Rs 512 crore in the corresponding quarter last year. The growth ...

iGate eyes taking over parts of Satyam
Waiting to hear from the Board; working out ways to bring in cash. iGATE Inc is in the fray to take over parts of the beleaguered Satyam Computer Services. Speaking to Business Line, Mr Phaneesh Murthy, CEO, iGATE, said, “Employees and ...

Little known agri firms ‘lent’ Satyam Rs 1,230 cr
Investigating agencies probe identity of firms, source and use of funds. Hyderabad, Jan. 22 The Registrar of Companies (RoC) team, investigating the Rs 7,136-crore Satyam Computer Services fraud, has stumbled upon vital documents that show flow ...

Wipro has Rs 5,831-cr liquid investments
Two thirds held in cash. Bangalore, Jan. 22 Wipro Ltd has liquid investments to the tune of Rs 5,830.6 crore at the end of the December quarter, parked in various instruments such as cash deposits, money market mutual funds and certificate ...

Bharti Q3 net rises 25% on record subscriber additions
New Delhi, Jan. 22 Riding on a record number of subscriber additions Bharti Airtel Ltd on Thursday announced a 25 per cent increase in its net profit to Rs 2,159 crore for the third quarter ended December 31, 2008 compared with Rs 1,722 ...

3G: Unique IDs for a billion-plus Indians
I had earlier shared my thoughts on how 3G technology can facilitate business in India. However, for India to gain the global leadership in this domain, we need to create an ecosystem of operators, vendors and regulators who work in tandem to ...

L&T stock hits 52-week low
‘Markets have taken efforts to acquire Satyam negatively’. Mumbai, Jan. 22 Even as Larsen and Toubro appear keen on being a suitor for the beleaguered Satyam Computer Services, the L&T stock on Thursday touched its 52-week low of ...

Slowdown tells on Bharat Forge numbers
Standalone net falls 93% in Q3. Pune, Jan. 22 Bharat Forge’s third quarter results reflect the slowdown in the automobile market, with its domestic operations showing a 93 per cent drop in net profit while its consolidated results, ...

Inflation rate rises to 5.6% as food items turn costlier
Wholesale Price Index for all commodities at 230. New Delhi, Jan. 22 Reversing eight weeks of consecutive decline, the annual wholesale rate of inflation increased from 5.24 per cent to 5.60 per cent for the week ended ...

Drug firms not rocking Price Waterhouse boat, just yet
Mumbai, Jan. 22 A clutch of drug companies that have Price Waterhouse as its auditors, look unlikely to rock the boat just yet. Novartis, Piramal Healthcare and Hikal have had their board meetings since the Rs 7,000 crore accounting scam broke ...