The Mint Report for 04 October 2010

The Mint Report for 04 October 2010

Less than two months after it went public, SKS Microfinance has fired its CEO. On Monday the company’s board sacked Suresh Gurumani without explanation. He’s been replaced by deputy CEO, M.R. Rao. Stocks of SKS plummeted on the news, closing 5.81% lower on the BSE at 1,276.50.

Suzlon Energy says its debt is under control. Chairman and founder Tulsi Taanti says the company’s debt problems are over after it sold a stake in Hansen Transmissions last year and reduced its working capital. Suzlon is the world’s third largest wind turbine maker.

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And the rupee might be rising to five-month highs, but finance minister Pranab Mukherjee says there’s no need for any intervention right away. Mukherjee said the RBI was monitoring the situation and would do whatever was necessary. Foreign investors have poured more than $19 billion into India so far in 2010. The rupee was trading at below 45 to the dollar on Monday.

Markets have risen for a third straight day of trade, soaring to a 33-month high. The Sensex finished 31 points higher at 20,476. And the Nifty wound up with a gain of 16 at 6,159.