Sintex Industries, a market leader in the plastic and textiles business segments, has announced the results for the three month period ended December 31, 2008.

On a standalone basis, the company has registered an increase of 21.06 percent in its third quarter net profit, which stood at Rs 708.44 million, as against Rs 585.175 million during the corresponding quarter of the last year (Dec 2007).

The total income of the company rose 36.12 percent to 8453.49 million as against Rs 6210.39 million in the previous year period.

Country’s top commodity exchanges, Multi commodity Exchange (MCX) has launched the future trading in Electricity, which will be traded in weekly as well as monthly contract.

Satyam Computers is likely to terminate services of about 10,000 employees by next month. The IT giant has strong workforce of 53,000 employees and future of many of them is hanging in dark following revelation of largest ever corporate accounting fraud by its controversial head, Mr. R. Raju.

Expressing concerns over financial and accounting mishandling by IT giant, Satyam Computer Services, the Reserve Bank has asked all concerned banks to provide details of indirect loan and equity data concerned with Satyam. The international branches of Indian banks that have exposure in Satyam Computer Services are also asked to submit all account details if any, pertaining to the embattled company.

Professor M. Rammohan Rao has resigned from the post of Dean of the Indian School of Business (ISB) on Wednesday. His tenure was due to over in June this year. He also worked at the Indian Institute of Management, Bangalore, and Stern School of Business, New York University and RBI.

Rao's name has been involved in the biggest ever corporate scam in India, and he presided over the meeting of Satyam's board of directors to approve acquisition of Maytas Properties and Maytas Infra on December 16.

In order to continue with its aggressive expansion planning, country’s fixed line and broadband operator, Tata Communications (formerly VSNL) has approached the government, a 26 per cent shareholder, for a rights issue to raise Rs 1,000 crore and another Rs 2,000 crore through debt to finance acquisitions in the US and the UK and bid for spectrum for wireless broadband.

It is believed that the operator is trying its best to raise equity since early last year, yet, the state has not approved any of the company’s previous proposals.