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Weekly news ending


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Weekly news ending

  1. 1. Weekly news ending 02-10-10
  2. 2. Mahindra Satyam FY-10 loss at Rs 124.6 cr, net sales at Rs 5481 cr <ul><li>FY-10 total sales stood at Rs 5481 crore. The company suffered a loss of Rs 124.6 cr. FY-10 standalone loss stood at Rs 71.2 cr. </li></ul><ul><li>Mahindra Satyam called the publication of the earnings &quot;a new beginning&quot; for the troubled company. </li></ul><ul><li>Chairman Vineet Nayyar refuted allegations that Mahindra Satyam had been less transparent in the entire process, he cited the sheer volume of audit & reconciliation work that had to be done. </li></ul><ul><li>&quot;We have done a lot of work but have we completely recovered, no. It will take another year or two before it is healthy. We are getting new clients. This year EBITDA has gone up. This also includes lots of clients who left the company but their work was nearing end,&quot; he added. </li></ul>
  3. 3. India makes more billionaires, but top 2 slip in list <ul><li>Mukesh Ambani, who controls conglomerate Reliance Industries , remained the richest Indian on the Forbes list with a fortune of $27 billion. Shares in his firm have underperformed the market this year, leading to a 15 percent erosion in his wealth. </li></ul><ul><li>London-based steel tycoon Lakshmi Mittal stayed in the No. 2 slot, but his wealth dropped 13 percent from a year earlier as his flagship firm, ArcelorMittal, faced pressure in the wake of the worldwide economic crisis. </li></ul><ul><li>Mukesh Ambani's younger brother, Anil, saw the biggest reduction in wealth among Indians worth at least $10 billion, Forbes said, losing 24 percent over the last year and dropping to the No. 6 spot from No. 3 a year earlier. </li></ul>
  4. 4. <ul><li>Wealth in India remains concentrated among a few people, more so than in China or the United States, with the 10 richest Indians accounting for 50 percent of the wealth among the top 100. In China the 10 richest account for 38 percent, while in the United States they account for 32 percent, according to Forbes. </li></ul><ul><li>India's economy, Asia's third largest, is growing at 8.5 percent, and foreign funds have poured nearly $18 billion so far in 2010 into the country's stock market, after pumping in a record $17.5 billion in 2009, pushing the benchmark index up by 14 percent this year. </li></ul>
  5. 5. Banks raise base rates, BPLR <ul><li>Indian Bank said on Friday it has raised by 50 basis points to 8.5 percent, with effect from Oct.1. </li></ul><ul><li>It has also raised benchmark prime lending rate by 25 basis points to 12.75 percent, it said in a statement to the Bombay Stock Exchange. </li></ul><ul><li>Indian Overseas Bank also said it has raised base rate and by 25 basis points to 8.5 percent and 12.75 percent respectively, excluding housing loans, with effect from Oct. 1. </li></ul><ul><li>Earlier, IDBI Bank , Axis Bank and Punjab National Bank raised base rates. </li></ul>