New Delhi: The Supreme Court has dismissed a petition by an investor protection organization seeking compensation for retail shareholders of Satyam Computers. The organization was asking for nearly Rs5000 crore as compensation for some 300,000 shareholders. Shares of Satyam fell dramatically in January after details of a massive accounting fraud became public.
The India Meteorological Department has reduced its monsoon forecast again. It says the monsoon this year will be just 87% of the normal. This is the third time in five months that the department has cut its expectations. Prime Minister Manmohan Singh has called a meeting of chief ministers and agriculture ministers on 21 August to discuss the impact of the poor monsoon.
The government is considering a program to create a workforce for the future. It could produce up to 150 million trained workers and cost about Rs12,000 crore . There is a growing need for skilled people in India, but the labour market is not keeping up. The government trains less than four million people a year and the courses of the Industrial Training Institutes are often outdated.
Car sales continue to zoom ahead. Industry figures show automobile sales jumped 31% in July, the sixth straight month they have increased. Even commercial vehicle sales have picked up in July, after a year of decline. Manufacturers say falling interest rates and new models have boosted demand. The government may have also helped. Its stimulus package in December reduced value added tax on cars.
Tata Steel will increase the security of its raw materials from the current figure of 25% to 60% by 2015. The move is expected to reduce risks from price volatility. Raw materials usually account for about 40% of a steel maker’s turnover.
Markets lost ground on Monday. The Sensex plummeted 150 points to close at 15,010, while the Nifty fell 44 points to end trade at 4,438.