The Mint Report for 17 August 2010

The Mint Report for 17 August 2010

India’s export growth is slowing down. Government figure show they rose just 13.2% in July to just over $16.24 billion. In June they rose 30.4% to$17.75 billion. The commerce ministry warned exports may continue to do poorly in the coming months because of economic troubles abroad. Meanwhile imports into India have maintained high growth in July, going up 34.3% to $29.17 billion.

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Good news for Mahindra Satyam. On Tuesday the company said a New York court has ruled in its favour in a case with Britain–based company Upaid. Satyam said the court denied a motion from U-paid that demanded taxes be included in a $70 million dollar settlement payment. According to the company, the New York Supreme Court has told U-paid it must co-operate with the escrow agent IDBI Bank and let Satyam off the hook for any taxes. Last December Mahindra Satyam agreed to pay $70 million dollars to Upaid as part of a settlement over a patent case. And in February it went to the New York court to validate its settlement.

News of the ruling sent Satyam stock upwards on the BSE, closing with a gain of 2.3% at 85.40.

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