The Mint report for 4 May 2010

The Mint report for 4 May 2010

Some good news for IT company Cognizant, whose quarterly profits handily topped expectations. First quarter net income rose 34% to $151 million. Revenues climbed 29% to reach $960 million. Cognizant’s numbers were boosted by demand from financial services, the company’s most important market.

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Media company NDTV says it has ended its agreement with Scripps Network Interactive. In November, NDTV got into a so-called definitive agreement with Scripps to bring new lifestyle channels into the country. Scripps was also supposed to get a 69% stake in its subsidiary, NDTV Lifestyle. NDTV has not disclosed its reasons for ending the deal.

Greece’s troubles and worries about a decline in Chinese demand for metals sent European stocks down Tuesday. And Indian markets also took the hint. The Sensex plunged a full 249 points to end at 17,137.And the Nifty joined it, losing 74 to close at 5,148.