Mahindra Satyam Q3 net up two-fold to Rs58.9 crore

Mahindra Satyam had reported a net loss of Rs1,250 crore for the year ended March 2010, giving a first view of its financials almost two years after founder B Ramalinga Raju admitted to cooking the company's account books for years

MUMBAI: Mahindra Satyam, formerly known as Satyam Computer Services, today reported an over two-fold sequential jump in consolidated net profit for the quarter ended 31 December 2010, to Rs58.9 crore, up from Rs23.3 crore for the July-September quarter of 2010, reports PTI.

Revenue for the third quarter grew marginally to Rs1,279.3 crore from Rs1,242 crore in Q2, FY2010-11, Mahindra Satyam said in a filing to the Bombay Stock Exchange.

Mahindra Satyam had reported a net loss of Rs1,250 crore for the year ended March 2010, giving a first view of its financials almost two years after founder B Ramalinga Raju admitted to cooking the company's account books for years.

"Our efforts of investing in core competencies have begun to show encouraging results. The recognitions that we have received from our partners are true reflections of our inherent capabilities... Mahindra Satyam is geared up for a promising year of growth and opportunities," Mahindra Satyam chairman Vineet Nayyar said.

In January 2009, former chairman and founder Ramalinga Raju had confessed to perpetrating a multi-crore scam wherein the company's profits were overstated and its assets falsified.

Tech Mahindra took over Satyam in April 2009 and is operating it as an independent company.

The company had 217 clients at the end of 31 December 2010. Its consolidated cash and cash-equivalent reserves stood at Rs3,048 crore for the reporting quarter.

The headcount of the company at the end of the third quarter was 28,832, an increase of 764 personnel from 28,068 employees as at the end of September 2010.

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WPI inflation for January eases marginally to 8.23%

The easing of inflation is expected to come as a morale booster for the government and the RBI, which have been under pressure due to high prices of food items in recent months

New Delhi: The wholesale price index (WPI) based inflation declined marginally to 8.23% in January from 8.43% in the previous month, as prices of certain commodities like wheat, pulses and sugar eased, even as essential items like onion and other vegetables continue to remain dearer, reports PTI.

The headline inflation, based on wholesale prices, has remained above the 8%-mark since January 2010.

The fall in inflation has been mainly on account of declining prices of sugar (down 14.99%), pulses (12.78%), wheat (4.94%) and potato (1.21%).

However, vegetable and fruits continued to remain expensive. On an annual basis, vegetable prices rose by 65% and onion prices nearly doubled. Also, fruits became costly by 15.01% and eggs, meat and fish by 15.09%.

Overall, primary articles became costly by 17.28% with food articles rising 15.65%.

In the non-food articles category, fibre prices rose by 48% on an annual basis.

Prices of fuel and power shot up by 11.41%, with petrol rising 27.37% on a year-on-year basis.

However, among manufactured items, sugar prices fell by 15%, while edible oils turned costlier by 7.16%.

The inflation number for November has also been revised upwards to 8.08% from 7.48%, according to government data released today.

The easing of inflation is expected to come as a morale booster for the government, which have been under pressure due to high prices of food items in recent months.

It also shows that Reserve Bank of India's (RBI) action of raising rates seven times since March 2010 has started showing some results.

It may be recalled that food inflation, which accounts for over 14% in the overall wholesale price index (WPI) inflation, has remained high since December scaling up to 18.32%.

At its third quarterly review last month, the RBI revised its inflation estimate to 7% by March-end, from the earlier 5.5%.

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IPO guidelines for life insurers to be out in 10 days: IRDA

IRDA is likely to allow public float by only those companies, which are in business for at least 10 years and have a track record of three successive years of profit

New Delhi: The Insurance Regulatory and Development Authority (IRDA) on Sunday said guidelines for initial public offer (IPO) of life insurance companies will be out within the next 10 days, reports PTI.

"The IPO guidelines for life insurance companies should be out in next 10 days," IRDA chairman J Hari Narayan told PTI.

In October last year, capital market regulator, Securities and Exchange Board of India (SEBI) had given an approval to the insurance companies for coming out with a public float.

IRDA is likely to allow public float by only those companies, which are in business for at least 10 years and have a track record of three successive years of profit.

Several private sector insurers, including Reliance Life and HDFC Standard Life, have shown interest in tapping the capital market to augment their resource base.

Though HDFC Standard Life has completed 10 years of operations, Reliance Life does not meet this criterion.

As per the disclosure norms in offer document mandated by SEBI, the insurers would have to come up with disclosure of risk factors specific to the companies. Also, the offer document would have a glossary of terms used in the insurance sector.

Besides the state-owned Life Insurance Corporation, 22 private companies are offering life insurance policies.

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