BackThe week in review
The week in review
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New Delhi: The week began with one of the largest acquisitions in the IT space. On Monday, Oracle acquired Sun Microsystems for a whopping $5.6 billion or Rs28,000 crores. Oracle will be paying $9.55 per share in cash for Sun’s stock. That is a premium of 42% to Friday’s close. Sun has been the target of acquisition ever since its business took a beating after the end of the tech boom in 2001. It had earlier talks with HP and IBM for a possible buyout.
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On Thursday over 107 million people across 12 states lined up at polling booths to participate in step two of Election 2009.
Over 55% voted in the elections that went off largely peaceful. Insurgent violence hit Assam and Jharkhand and there were clashes among political groups in Andhra Pradesh. The highest voter turnout was in the state of Tripura where 78% to 80% voters exercised their franchise. The lowest was in Bihar and Uttar Pradesh at 44%. Assam recorded an average of 62% turnout, Jammu and Kashmir 46%, Jharkhand 47%, MP 45%, Orissa 55%, Andhra Pradesh 68%, Maharashtra 56%, Goa and Karnataka 55%.
Though satisfied with the security measures taken for the second phase, the Election Commission announced re-polling in a few polling stations that were affected by Naxal violence in the first phase.
The Reserve Bank of India on Tuesday cut the repo rate and the reverse repo rate by 25 bps each urging banks to reduce rates as well. It also cut its forecast for economic growth in the new fiscal year to 6%, the slowest since 2003.
The Mukesh Ambani-led Reliance Industries, India’s largest company by market capitalization, on Thursday reported a fall of 1% in net profit for its fourth quarter. This is the second quarter in a row that RIL has reported a fall. Net profit fell to Rs3,874 crore from Rs3,912 crore last year. RIL’s net turnover for the quarter was Rs28,362 crore, down from Rs37,286 crore. RIL’s loss was largely on account of falling revenues in its major businesses of hydrocarbons exploration, crude oil refining and petrochemical refining.
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