It seems that things are not going well for Satyam computers as close on heel on its botched acquisition deal of Mayatas, news have now come out that the World Bank has banned it from dealing with it. The charges labeled on Satyam include providing inadequate detail on invoices to bribing officials of the bank. [...]
With yet another addition to the series of cuts in CRR (Cash Reserve Ratio) by RBI, after a total decrease of 2.5 percentage points in the last couple of days, the current CRR stands at 6.5%. Banks have shown mixed reactions as to whether this will cause a drop in their lending rates or not. [...]
UNITES, (Union of IT enabled Services) India believes the Global Economic slowdown is to continuously cause job cuts in the sector. The total number can rise up to 50,000 by June of 2009, for both the IT and BPO sectors. This value stood at 10,000 in September-December period. Though a major chunk of this came [...]
Even after declaring that the Government has an open mind for the Insurance Bill, it has been referred to standing committee of the Parliament before its fate is finally decided. This Bill intends to raise the FDI limit in Insurance Companies in private sectors to 49%; the value presently stands at 26%. The information came [...]
It seems that the steeps cuts made by Opec is finally making some impact with Oil prices firming up after reaching record low levels. In a series of cuts the ministers of Oil producing countries had vowed to cut down on oil production by unprecedented levels and their effect is holding for the moment. However [...]
Government has allowed navratnas and miniratnas to put 30% of the surplus funds they hold in equity markets via the mutual funds of public sector. This is actually resuming of scheme that had expired on 1Aug of this year, one year after its notification. The announcement was made by FM P Chidambaram while he was [...]
It seems that major airlines may go in for fare cuts in January and the low traffic volumes are pushing their hands. The first of the block may be Air India which is likely to be followed by Kingfisher and Jet airlines. With price of Air Turbine fuels remaining at comfortable labels airlines believe that [...]
Giving more respite to the loan borrowers, Punjab National Bank and Bank of Baroda-two major public sector banks, today announced a reduction in their prime lending rate (PLR) by 50 and 75 basis points, respectively. The new rates will take effect from January 1, next year. PNB also slashed its peak deposit rate to 8.5 [...]
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It seems like the saga of Satyam woes is not going to stop in near time and the latest blow to the Indian Computer services giant is the resignation of three more independent directors. Satyam Computers confirmed the resignation while announcing the rescheduled date of the board meeting. Two independent Satyam directors- Krishna Palepu and [...]
IDBI Home Finance, the wholly owned subsidiary of Industrial Development Bank of India, formally known as IDBI Bank, is now up for sale. IDBI Bank is selling out its home finance arm with a view to raise up to Rs 200 crore. The bank is already in initial talks with a number of companies including [...]