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Wednesday, December 24, 2008

News Flash

Satyam Banned From World Bank Orders For 8 Years Over `Improper' Benefits Satyam Computer Services Ltd. shares plunged after the World Bank said it stopped ordering from India's fourth-biggest software-services provider, alleging ``improper'' benefits were given to the bank's employees.

ABG Shipyard Expects Profit to Climb 25% on Gains From Offshore Oil Rigs ABG Shipyard Ltd., India’s biggest non-state shipbuilder, expects profit to increase 25 percent this year, aided by gains in its year-old offshore oil-rig business.

India Sensex Drops to Two-Week Low, Led by Satyam, ITC; Oil Refiners Gain India’s key stock index dropped to a two-week low, paced by Satyam Computer Services Ltd. after the company was barred from doing business with the World Bank for eight years. ITC Ltd. and Reliance Industries Ltd. also fell.

Pyramid Saimira Drops by Daily Limit as Regulator Investigates Fake Letter Pyramid Saimira Theatre Ltd., an Indian entertainment company, fell by its daily limit after the regulator said it is investigating a fake letter that claimed it directed Chairman P.S. Saminathan to buy a fifth of the company.

Rupee Climbs From Two-Week Low on Speculation Some Exporters Sold Dollars India’s rupee gained for the first time in four days on speculation some exporters took advantage of the currency’s drop to a two-week low to convert their overseas earnings.

Wipro Gains in Mumbai on Acquisition of Citigroup Back-Office Unit, Orders Wipro Ltd., India's third-largest software-services provider, rose in Mumbai trading after the company said its acquisition of a Citigroup Inc. technology unit in India provided it with at least $500 million in orders.

source: Bloomberg


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