From the monthly archives:

January 2009

Reliance Power gets 4,000 MW Tilaiya UMPP

by free stock tips on January 29, 2009

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The project entails an investment of Rs16,000 to Rs18,000 crore and will have a debt equity ratio of 70:30
Anil Ambani Group firm Reliance Power today bagged its third 4,000 MW Ultra Mega Power Project, at Tilaiya, in Jharkhand.
“Reliance Power has bagged the 4,000-MW Ultra Mega Power Project at Tilaiya in Jharkhand,” a source said. The [...]

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Raju created 300-strong network of firms to divert funds, says minister

by free stock tips on January 29, 2009

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“Our information is that there was a network of almost 300 compnaies and funds were diverted from one company to (another) and then to third,” corporate affairs minister PC Gupta said
The government said on Wednesday that Satyam Computer’s disgraced founder Ramalinga Raju created a network of about 300 companies and diverted funds from one company [...]

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Sensex falls by 1.58% on weak global markets

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The 30-share BSE Sensex ended lower by 139.49 points at 8,674.35 and the 50-share NSE Nifty closed 35.25 points down at 2,678.55
The BSE index ended 1.58% down as markets continued to trade weak after investor hopes of further rate cuts ended when the Prime Minister’s economic panel announced that Reserve Bank of India is to [...]

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Wipro hit as World Bank bars unit from direct pacts

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Shares of Wipro dropped in Mumbai Monday after the company said the World Bank had barred its software unit in June 2007 from participating in direct contracts from the lender between 2007 and 2011.
Wipro said the company, India’s third-largest software exporter, and the World Bank were making the announcement under revised disclosure policies.
The shares dropped [...]

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Sensex ends 3.1% down, Satyam gains, Wipro falls

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Sensex closed 296 points down at 9,110, as the low Asian markets weighed on the benchmark sentiments
The BSE benchmark, Sensex, continued to fall for the third straight session, on the heels of the Satyam debacle and the offloading by foreign funds.
The Sensex ended 296 points or 3.1% down at 9,110 and NSE Nifty ended 100 [...]

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Satyam scandal shocks Dalal St, key indices tank

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The broader 50-share Nifty of National Stock Exchange also tumbled by 173.75 points, or 5.70 points, to end the week at 2,873
The New Year rally failed to last long and the key indices plunged by about 6.0% as the disclosure of the country’s biggest accounting scandal at Satyam Computer sent shivers down the spine of [...]

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Satyam Sued by Investors in Three U.S. Lawsuits Over Fraud

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Satyam Computer Services Ltd. was sued by investors in at least three class-action lawsuits in federal court in the U.S. after its shares in Mumbai plunged to record lows when its chairman said he falsified accounts.
Hossein Momenzadeh, who bought 75 shares of the Indian software company’s American depositary receipts in July 2007 at $26.50 each, [...]

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Govt dissolves Satyam board; Raju surrenders

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Markets regulator says it would file a complaint only after completing its investigation; 5 more class action suits filed
India’s ministry of corporate affairs (MCA) moved decisively on Friday to address the fallout of the country’s biggest corporate fraud, the Satyam scandal, and dissolved the company’s board, which was supposed to meet on Saturday, and said [...]

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Satyam’s officials under regulators’ scanner

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Lawyers say chairman Raju and directors could be booked on several counts, face penalties and imprisonment
The management, promoters and independent directors of Satyam Computer Services Ltd could face punitive action, including imprisonment, fines and possibly attachment of personal assets and the company could also be banned from the stock markets in the wake of Wednesday’s [...]

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Satyam Scam : Raju's Letter (Satyam Letter)

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As the promoters held a small percentage of equity, the concern was that poor performance would result in a take-over, thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten
To the Board of DirectorsSatyam Computer Services Ltd.From B. Ramalinga Raju,Chairman, Satyam Computer Services Ltd.January 7, 2009
Dear [...]

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