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Sunday, February 15, 2009

Interim Budget 2009 Highlights

Finance Minister of India announced the interim Budget 2009 in Parliament. Mukherjee pointing out that the United Progressive Alliance (UPA) had succeeded in implementing the promises outlined in the Common Minimum Programme (CMP).

“Achieving 7% growth rate on a sustained basis was one of the targets of the UPA,” Mukherjee said. “And the country clocked above 9% growth rate for three consecutive years — FY06, FY and FY08.”

Highlights of 2009 Interim Budget:

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All efforts made to deliver on commitments
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Sustained growth over 9% in last 4 years
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Per capita income grew 7.4% during UPA regime
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Gross domestic savings rate at 37.7%, gross cap formation at 14.2%
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Tax-GDP ratio at 12.5% in 2007-08, close to fiscal correction target
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Domestic investment rate over 39% in FY08
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Growth drivers - agriculture, services, manufacturing, construction
Outlook for food grain production encouraging for coming year
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Exports grew at annual average rate of 26.4% during last 4 years
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Challenges related to capital inflows and global inflation
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We have weathered the crisis, but no room for complacency

Read the complete budget 2009 analysis and highlights at www.stockinvest.in>>>

Wednesday, January 7, 2009

Full text of Satyam Chairman's Letter

Read below the text of the letter of Satyam Chairman written to the board members describing the fraud.

Satyam Computers Services Ltd.

From B. Ramalinga Raju
Chairman, Satyam Computer Services Ltd

Dear Board Members,

It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:

1. The balance sheet carries as of September 30, 2008

a) Inflated (non-existent) cash and bank balance of Rs 5,040 crore (as against Rs 5361 crore reflected in the books)

b) An accrued interest of Rs 376 crore which is non-existent

c) An understated liability of Rs 1,230 crore on account of funds arranged by me

d) An over stated debtor position of Rs 490 crore (as against Rs 2651 reflected in the books)

Continue reading the full text. Click here>>>>

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SEBI to probe Satyam transactions.>>>>>

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Saturday, October 11, 2008

Yahoo! first quarter results had beaten street expectations

Yahoo Incs. first-quarter results that surpassed analysts’ modest expectations. Yahoo’s earning per share are 11 cents a share compared to Wall street expectation of 9 cents per share.

The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.

Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo’s stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.

If not for the Alibaba windfall, Yahoo would have earned 11 cents per share — comparable to its profit at the same time last year, on an apples-to-apples basis.

The results were 2 cents above the average earnings estimate on the same basis among analysts surveyed by Thomson Financial.

Revenue climbed 9 percent to $1.82 billion.

After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion — just $30 million ahead of analysts’ average projection.

The performance provided another pointer to the ever-widening gap separating Yahoo from Internet search and advertising leader Google Inc., whose first-quarter profit climbed 30 percent to $1.3 billion on revenue that rose 42 percent to $5.2 billion.

Perhaps even more importantly, Yahoo didn’t raise its revenue outlook for the remainder of year.

Yahoo expects its revenue to increase more dramatically in 2009 and 2010 as the benefits from its expanded Internet advertising network start to kick in. “We feel we are on the verge of fundamentally changing the game,” Sue Decker, Yahoo’s president, said in Tuesday’s conference call.

The confident tone of Yahoo’s management contrasted with a more glum tenor at the end of January when Yang warned economic “headwinds” might complicate the company’s turnaround efforts. The bleak outlook came just two days before Microsoft made its unsolicited takeover offer.

Yahoo ended March with 13,800 employees, down from 14,300 workers at the end of 2007. The company jettisoned more than 1,000 workers during the first quarter, but offset some of the purge by hiring about 600 new employees.

Investors didn’t seem to be impressed as Yahoo shares shed 19 cents in extended trading after dipping a penny to finish the regular session at $28.54.

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The Failed Yahoo! Microsoft talks

The way Microsoft had withdrawn its bid for Yahoo! seemed all too subdued, but it seems the Redmond software giant does not give up so easily.

Microsoft said Sunday that it is considering doing an unspecified deal with Yahoo!, but it’s not seeking another acquisition of the Internet portal–at least for now. Does this mean Microsoft will look to acquire Yahoo! on a later date? Seems very much possible.

Microsoft Corp. said on Sunday that it is talking to Yahoo Inc. about a transaction that doesn’t involve a full buyout like the software maker’s $47.5 billion offer that didn’t come through earlier this month.

Microsoft declined to provide details of its proposed deal with Yahoo!, but the transaction likely involves Yahoo!’s search advertising business. The deal could be structured two ways: as an acquisition of that business or a partnership in which Yahoo! outsources its search ads to Microsoft. Yahoo! has also been in discussions with Google about such an outsourcing partnership.

Yahoo! said in a statement that it had responded to Microsoft’s latest overture by telling the software giant that it’s not interested in being acquired at this time, but it’s “open to pursuing any transaction which is in the best interest of our stockholders.”

Even though Microsoft said Sunday it isn’t trying to acquire all of Yahoo!, it noted that it “reserves the right to reconsider that alternative depending on future developments and discussions that may take place with Yahoo! or discussions with shareholders of Yahoo! or Microsoft or with third parties.”

Many analysts believe that despite Microsoft’s assurances it is moving ahead without Yahoo, the software maker would revive its bid, likely at a lower price, if the Silicon Valley icon’s stock continues to languish.

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Thursday, October 9, 2008

RBI cuts CRR by 150 basis points

The breaking news is that the Reserve Bank Of India has cut the CRR ratio by 150 basis points to 7.5 percent from tomorrow infusing Rs 60,000 Crore into the banking system.

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