The weekly recap: 30th March-3rd Apr

The weekly recap: 30th March-3rd Apr
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First Published: Fri, Apr 03 2009. 08 28 PM IST

Updated: Fri, Apr 03 2009. 08 28 PM IST
New Delhi: In the days before the Satyam fraud was revealed, there was speculation that IBM was buying the company. Now, when the new board is in the process of selling a controlling stake in the company, such talk has resurfaced. Mint Bangalore bureau chief Venkatesha Babu says Big Blue, as IBM is known, may have entered the race to acquire Satyam through a New York-based legal firm. IBM has refused comment and Satyam has not divulged the identity of all the entities in the race.
In the second militant attack in Lahore in a month, terrorists stormed a police-training academy on Monday. They killed eight recruits, wounded many and held off troops and police for eight hours. Pakistani Taliban leader Baitullah Mehsud claimed responsibility for the attack, which came less than a month after Sri Lanka’s cricket team was targeted in the city.
And Habil Khorakiwala has stepped down as managing director of Wockhardt. He has been replaced by his younger son Murtaza. Khorakiwala senior will continue as chairman. The change at the top comes at a time when the company, India’s sixth largest by sales, has referred itself for corporate debt restructuring. The company’ has a debt to equity ratio of 2:3 and debt of Rs3,400 crore. Wockhardt has also postponed its fourth quarter resultsto April-end, saying the statutory audit has not been completed.
On to politics now --- It was just a few days ago that Varun Gandhi’spolitical career seemed to have run into rough weather even before it started. His party, the BJP, did a flip-flop on whether it would stand by the estranged scion of the Gandhi family. But his arrest under NSA changed all that. And the BJP is loudly protesting against the use of NSA.
On Thursday the Supreme Court issued notice to the UP Government and the Pilibhit District Magistrate for invoking National Security Act. Varun’sadvocate said the detention order under NSA was passed with “political motivation” without following the due procedure. The matter will come upfor hearing on April 13.
After the Supreme Court quashed Sanjay Dutt’s political dreams, the Samajwadi Party, found a way of keeping him within its fold by making himits national general secretary. Sanjay played the political novice at thepress conference held to announce his appointment.
And the Indian stock market indices rose to a new high for calendar year 2009 on Thursday, closing at 10,348. Investors continued buying stocks, encouraged by strong global markets, a positive flow of economic data, expectations of concrete action in the G-20 summit in London.
Breaking a nine-week downward trend, the wholesale price inflation rosemarginally to 0.31% for the week ended March 21, moving up from 0.26% inthe week before. The annual rate of inflation was 7.85% in correspondingweek last year.
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First Published: Fri, Apr 03 2009. 08 28 PM IST
More Topics: Podcast | Weekly Recap | Satyam | IBM | Big Blue |