A quite bigger than expected quarterly loss was posted by the world number three mobile phone maker Sony Ericsson and the company also informed regarding its plans for further cost cuts, possibly including jobs, as it braced for even weaker demand.

It was reported by President Dick Komiyama that this year will see shrinkage of global demand by at least 5 percent. It was further informed by him that market share was less of a main concern than preserving profitability.

A 262 million Euro ($346 million) pretax loss in the three months to end-December was made by Sony Ericson. A profit of 501 million was registerd a year earlier with Ericsson and Sony venture.

After bankruptcy of leading financial institutions of United States, its now turn of Nortel Networks Corp. to file bankruptcy following the adverse impact of global financial crisis on its business.

Nortel Networks Corp is a leading telephone equipment manufacturer in US, which is facing tough liquidity conditions under the impact of global financial crisis.

Tata Consultancy Services (TCS) posted 2.7 per cent increase in its net profit for the quarter ended December 31, 2008. Its net profit stood at Rs 1,362 crore for the reporting quarter as compared to Rs 1,327 crore in the same quarter last year.

TCS CEO and Managing Director, S. Ramadorai said, "In tough market conditions, TCS continues to perform in a stellar fashion, driving revenue growth through our diversified market presence and boosting our operational profitability by conserving costs and creating efficiencies."

Comverse, a supplier of software and systems enabling network-based billing and VAS, has made announcement that Bharti Airtel, India’s largest cellular provider, has deployed its SMS Router network in order to maximize network performance, handle speedily increasing SMS text messaging traffic and enable introduction of unmatched SMS-related services.

Bharti, which presently has over 80 million subscribers, said that Comverse SMS Router solution will help it to raise the effectiveness of their subsisting SMS infrastructure and improve service availability.

IT solutions provider NIIT Technologies posted 51.58 per cent decline in net profit for third quarter ended December 31. Its net profit currently stands at Rs 16.8 crore as compared to Rs 34.7 crore for the same quarter last year.

Tight financial conditions and Forex losses due to fluctuations in Dollar and Pound prices impacted its business leading to decline in net profit during the reporting period. The Joint Managing Director and CEO of NIIT Technologies, Arvind Thakur said, "With major economies moving into recession, our immediate focus has been securing future business with our top clients."

NIIT Technologies has announced the results for the three month period ended December 31, 2008.

During its third quarter, the IT services firm has posted a fall of 52% in its consolidated net profit, which stood at Rs 168 million as against Rs 347 million during the corresponding period of the last year.

The company said the decline in net profit was mainly because of currency fluctuations, the dollar’s appreciation against the Indian currency and the weakening of the pound, which shaved Rs 32.8 crore off its net profit.