New Delhi: It was an action packed week on both, the corporate and political fronts.
As Satyam’s new board is in the process of selling a controlling stake in the company, IBM may be bidding for the company. The Big Blue may do this 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.
Terrorism re-surfaced this week. 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.
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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 He has been replaced by his younger son Murtaza.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 is trying to restructure its debt. The company has also postponed its fourth quarter results to April-end, saying the statutory audit has not been completed. It has debt equity rate of 2.3 times.
Varun Gandhi’s arrest under NSA has made the flip-flopping BJP stand up for him. On Thursday the Supreme Court issued notice to the UP Government and the Pilibhit District Magistrate for invoking National Security Act. The matter will come up for 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 him its national general secretary. Sanjay played the political novice at the press conference held to announce his appointment.
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 rose marginally to 0.31 percent for the week ended March 21, moving up from 0.26 percent in the week before. The annual rate of inflation was 7.85% in corresponding week last year.