The Mint Report for 29 September 2010

The Mint Report for 29 September 2010

Mahindra Satyam, has finally reported its earnings. The company posted a consolidated loss of 24.6 crore for the year to March 2010. Net sales was at ,481 crore.. The company’s restated numbers for the previous year were much worse. It posted a net loss of ,177 crore for the year to March 2009. Net sales were at 8,812.6 crore.

Wednesday’s numbers are the first since the accounting scandal that shook corporate India last year. In January 2009, then Satyam chairman B. Ramalinga Raju admitted that his company had committed accounting fraud. Tech Mahindra later took over the company and renamed it Mahindra Satyam.

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The unique identification programme has officially begun. On Wednesday Prime Minister Manmohan Singh the first of the UID numbers to ten people. The ceremony took place in the little village of Tembhli in Maharashtra. Officials have already started collecting biometric information from hundreds of Tembhli residents. The UID project plans to provide everyone in India with a unique identity.

Security has been tightened in anticipation of the Ayodhya judgment on Thursday. Thousands of armed policemen are patrolling the streets of Ayodhya as well as other sensitive areas across north India. Shops and businesses are closed in Ayodhya city and the ban on mass text messages remains in place nationwide.

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