U.S. deficit to total $1.2 trillion 2008 year

USA economic data

U.S. Dec. ADP employment index falls 693,000

Through this partnership ICICI Lombard, Airtel and Max New York Life will help 3i Infotech provide a bouquet of retail services in the general insuran

The project, worth Rs6.05bn covers approximately 200 kms between Vaitarna and Utran on the Vasai- Bharuch section in the states of Maharashtra and Gujarat.

3i Infotech partners with ICICI Lombard, Bharti Airtel and Max New York Life

Through this partnership ICICI Lombard, Airtel and Max New York Life will help 3i Infotech provide a bouquet of retail services in the general insurance, telecom and life insurance sectors respectively.

Satyam carries inflated figures in books

For second quarter of the financial year 2008-09, the company reported revenues of Rs 27 billion and an operating margin of 24% as against the actual revenues of Rs 21.12 billion and actual operating profit margin (OPM) of 3%. This resulted in artificial cash and bank balances going up by Rs 58 billion in Q2 alone.

> Inflated (non-existent) cash and bank balance of Rs 50.40 billion (Rs 53.61 billion was reported in books).

> An accrued interest of Rs 3.76 billion which is non-existent.

> An understated liability of Rs 12.30 billion on account of funds arranged by the chairman, Raju.

> An over stated debtors` position of Rs 4.90 billion (as against Rs 26.51 billion reflected in books).

The gap in balance sheet had arisen purely on account of inflated profits over a period of last several years.

3i Infotech announces strategic alliances to empower rural India

3i Infotech, a global Information technology company, on Jan. 07, 2009 announced strategic partnerships with ICICI Lombard, Airtel and Max New York Life to offer a comprehensive range of services to rural consumers under I-SERV brand.

Satyam Computer confirms Chairman and Founder, B Ramalinga Raju, sent letter tendering resignation and detailing financial irregularities

Co confirms that it has received a letter from its Chairman and Founder, B Ramalinga Raju. "We are obviously shocked by the contents of the letter. The senior leaders of Satyam stand united in their commitment to customers, associates, suppliers and all shareholders. We have gathered together at Hyderabad to strategize the way forward in light of this startling revelation." Satyam confirmed that its immediate priorities are to protect the interests of its shareholders, protect the careers and security of its approximately 53,000 associates, and meet all its commitments to its customers and suppliers. "We recognize that our associates have committed a significant part of their careers to build Satyam. We will pursue all avenues to secure their future in the company." Satyam believes that its underlying business model, customer assets and growth prospects remain sound, even in the current challenging financial environment. Satyam leadership expressed confidence that the company will be able to overcome this latest development and continue to provide excellent service to clients, while delivering value to shareholders in the medium to long term. Satyam is committed to uphold the highest levels of corporate transparency and will cooperate with the relevant regulatory authorities to conduct detailed investigations into this matter. Satyam will keep stakeholders informed of the developments on a regular basis.

LIC to decide on Satyam stake soon

Life Insurance Corporation (LIC), which holds 4.34% in the Satyam Computer Services, will soon decide on its holding in the software firm

BHEL to foray into nuclear power equipment production

Bharat Heavy Electricals (BHEL) is embarking on a massive expansion plan to improve its manufacturing capacity to 20,000 mega watt by 2012 and foray into nuclear power equipment production like generators, turbines and nuclear reactors together with its joint venture partners

DSP Merrill terminates advisory services with Satyam

Satyam Computer Services saga, DSP Merrill Lynch announced that it has terminated their advisory engagement with the company for various strategic options on Jan. 6, 2009.

BNP Paribas exits Satyam

The Indian mutual fund venture of BNP Paribas has divested its entire holding in Satyam Computer Services, reports Economic Times.

Satish Ramanathan, head of equities, Sundaram BNP Paribas Asset Management disclosed that though the fund house held tenfold in December to more than 5 million shares, they divested their entire stake last week before the saga enfolded.

Punj Lloyd Group bags 4 new contracts

Punj Lloyd Group, an engineering, procurement and construction (EPC) conglomorate announced that is has bagged four contract including Group`s first infrastructure project in Libya and a prestigious oil and gas contract from Cairn Energy India.

Two of the projects, from Cairn Energy India, and Housing and Infrastructure Board (HIB) of Tripoli, bagged by the group are valued around Rs 11.55 billion.

Sun Pharma gets USFDA nod for 4 generic drugs

Drug Maker, Sun Pharma announced that the company along with its subsidiaries had received final approval from US Food and Drug Administration (USFDA) for several abbreviated new drug applications (ANDA).

Top govt officials meet to discuss Satyam scandal

A meeting of top officials from the ministry of corporate affairs is said to be going on the disclosures made by Ramalinga Raju, founder of Satyam Computer Services. Though the agenda is not clear, it is learnt that they are discussing on what sort of actions could be taken in Satyam scandal.

Satyam Computer downgraded to Sell at Gilford Securities following confession of fraud by former Chairman Ramalinga Raju

Gilford Securities downgrades SAY to Sell from Buy based on the shocking confession of fraud by former Chairman Ramalinga Raju. Firm notes that in a chilling letter to the Satyam board, Mr. Raju disclosed an essentially nonexistent cash balance plus inflated operating results over several years, and admitted that the aborted Maytas deal was a final attempt to exchange fictitious assets with real ones. They say he also revealed that insider shares had been pledged for the purpose of raising funds to sustain operations. No board member had any knowledge of this situation, nor did a vast majority of senior executives (listed by name in the letter). The firm says fallout is likely to be widespread: ~50K employees, 180+ Fortune/Global-500 clients, international investors and peer companies