- Nifty slips below 2600; BPCL, HUL, TCS down (ET)
- The Sensex opened 67 points lower at 8,259. The index is at almost the day’s low, down 111 points at 8,215. Hindustan Unilever has plunged 3% to Rs 217. Jaiprakash Associates has shed 2.5% at Rs 68. Sterlite, Reliance and TCS have dropped over 2% each to Rs 244, Rs 1,145 and Rs 470, respectively. Wipro, ITC and Sun Pharma have shed 2% each at Rs 209, Rs 162 and Rs 1,002, respectively. Bharti Airtel, Reliance Infrastructure and Infosys have slipped nearly 2% each to Rs 591, Rs 444 and Rs 1,198, respectively. Tata Power, Hindalco, ACC and Reliance Communications have declined around 1.5% each to Rs 629, Rs 39, Rs 524 and Rs 136, respectively.(BS)
- National Aviation Company of India Limited (Nacil), formed after the merger of Air India and Indian Airlines in 2007, surpassed its own estimations of losses for 2007-08 and its working capital need this financial year, which is already 42 per cent higher than last year, is likely to surpass the company board’s sanctioned limit of a whopping Rs 13,550 crore. Also its exposure of banks has breached the limits set for a single company.(IE)
- SpiceJet Ltd is in talks with the GoAir for either a merger or to acquire a controlling stake (Mint)
- Infosys Technologies Ltd, says it has completed absorbing all 20,000 engineering students who graduated last year and to whom it had made job offers on campus. (Mint)
- The worsening economic climate in the US indicates that the challenges will only increase for Indian IT companies, which derive half of their revenues from the region.The resultant fallout of a slowdown has been a drop in IT spends by US companies, forcing Indian IT companies to offer bigger discounts to potential customers and re-price existing contracts at lower rates.(BS)
- US IT companies turning to Zero-based budgeting (ET)
- Nokia has dropped broad hints of its intentions to enter the netbook market. (BS-blog)
- India’s capacity of manufacturing power equipment is set to increase four-fold to around 43,000 Mw over the next five years through investments of over Rs 30,000 crore. (BS)
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