Indusind Bank has announced a phenomenal growth in its standalone net profit for the three month period ended December 31, 2008.

During the third quarter, the bank has recorded growth of 79.95% in its net profit to Rs 450.60 million, as compared to Rs 250.40 million during the corresponding period of the previous year (Dec 2007).

The bank’s interest income grew 25.10% to Rs 6,274.80 million, whereas total income for the same period zoomed 34.34% to Rs 7,605.50 million, when compared with the prior year period.

To cheer demand amid softening raw material costs, Apollo Tyres has decided to cut product prices by 3-5 percent across categories for the second time in two months.

In a declaration, the tyre manufacturer said that the price cut will come into effect immediately.

In December 2008, the company had slashed prices by 4 percent, passing on to clients a reduction in a manufacturing tax.

Government is likely to announce a special bailout package for beleaguered IT giant, Satyam Computers Services in few days.

The new Board of the company has reported that the IT major is not having enough of funds for salary pay outs and future of its 53,000 employees is hanging in dark.

Government has already appointed a board of experts who are working on many ideas to restore the image of Satyam Computer Services.

The Institute of Chartered Accountants (ICAI) may revise tenure of a company's auditors to deal with audit fraud committed by companies as did by Satyam Computer Services recently. It is also planning to issue guidelines to its members to review periodic record of companies to avoid possibility of alteration in company's balance sheet.

It is to be noted that Price Waterhouse has been associated with Satyam as an auditor for eight years and ICAI recently declined to take any action against it for audit mishandling, blaming management for this fraud.
 

Government may announce bail out package for beleaguered IT giant, Satyam Computer services for salary payout and to avoid large scale lay-offs. The company has 53,000 employees engaged in its various operations and their future is hanging in dark following revelation of largest ever corporate fraud in Indian history by its Chairman, Mr. R. Raju and other executives.
 

The World Bank had banned Indian IT giant, Wipro Technologies on account of extending undesired benefits to its employees in 2007. The company would not able to do business with bank for four years till 2011.

Earlier, beleaguered IT service provider Satyam Computers was also banned to do business with WB following serious bribery charges. Hyderabad-based Megasoft Consultants has also been banned for four years on similar grounds.