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Reliance Money continues to remain negative on the Indian IT sector. Indian IT sector is expected to face rough Industry headwinds and the research firm believes 2009 is going to be tougher for the Indian IT players.
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The government-appointed Satyam board met on Wednesday to decide on the company’s CEO, CFO and restructuring plans. The meet, however, was extended till Thursday when it will again take place. No communication was given by the company on what transpired at the meeting today.
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HCL Technologies is the top gainer on the Nifty. It had touched an intraday high of Rs 114.20 and an intraday low of Rs 106.95. At 10:41 am, the share was quoting at Rs 112.50, up Rs 3.35, or 3.07%.
It was trading with volumes of 184,159 shares. Yesterday the share closed down 4.17% or Rs 4.75 at Rs 109.15.
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IL&FS Investsmart has announced its third quarter results. The company's net sales were at Rs 45.8 crore versus Rs 122.9 crore. Its operating loss was of Rs 56.6 crore versus operating profit of Rs 54.7 crore.
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The Satyam board meet was held today at the Satyam Infocity Campus in
Hyderabad. Post the meeting, Satyam board said it has appointed
Goldman Sachs and Avendus as its investment bankers. Meanwhile, Boston
Consulting Group was named as management advisors. The company said
the 3-member BCG team is expected to work on reviving Satyam. However,
no decision has been taken on CEO, CFO appointment yet.
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Net profit of Wipro declined 8.84% to Rs 733.00 crore in the quarter ended December 2008 as against Rs 804.10 crore during the previous quarter ended December 2007. Sales rose 23.87% to Rs 5397.00 crore in the quarter ended December 2008 as against Rs 4357.00 crore during the previous quarter ended December 2007.
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The benchmark indices have slipped further and continued Tuesday's weaktrend for another day. Weak global cues are putting pressure on our markets. Banking, metal, telecom, power and real estate stocks are under pressure.
At 9:56 am, the Sensex went down 155 points to 8,945 and the Nifty lost 41 points at 2,755. CNX Midcap 100 slipped 1% to 3,454.
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Nilesh Shah of Envision Capital said Infosys may not underperform till full year numbers are out. "The outlook is better given the current environment.
Commenting on the recent developments in Satyam, he said there is no case for a positive view on Satyam despite the rescue moves. "We may see trading moves in Satyam, but have no fundamental view on the stock. We feel investors should avoid Satyam and stick to other top 3 in IT players."
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The National Stock Exchange (NSE) has removed Satyam Computer Services from the Nifty Index with effect from January 12, 2008. Satyam, the NSE said, will be replaced by Reliance Capital.
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The board of Dollex Industries has accepted the resignation of Somesh Bansal, executive director with effect from 12 December 2008.
This was decided at the board meeting held on 15 December 2008.
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