The met department has made it official. India is experiencing its first drought in three years. On Thursday the Indian Meteorological Department said rains were expected to be deficient in 2012. Rains are deficient if they fall below 90% of a 50-year average.
The massive power blackouts of Monday and Tuesday have drawn criticism from Moody’s Investor Service. On Thursday, the ratings agency said the breakdowns had a credit-negative effect on India’s economic activity. It said the failures highlighted the lack of adequate infrastructure. Moody’s currently rates India at Baa3, its lowest investment grade.
Once-troubled company, Satyam Computer Services has beaten expectations with its first quarter earnings. Profits for the June quarter shot up 56.4% to Rs 352 crore. Satyam’s numbers were boosted by the contracts it won during the quarter. The company is currently being merged with its parent firm Tech Mahindra, which currently owns about 43% of Satyam.
Canadian company Research in Motion, which makes BlackBerry phones, has dismissed reports that it has given the Indian government access to some of its key services. On Thursday it denied a claim that authorities had been given the encryption keys to its corporate e-mail and messaging services. The company said it was only providing lawful access to telecom operators- and that this did not extend to its enterprise services.