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Deputy Prime Minister, Nick Clegg has shown his views towards Britain's banks and has called for their drastic overhaul. He said that the country already had enough and that it could no longer tolerate the oversized banking system that has developed in the country.

He criticized the banks to the fullest and only stopped at a point from where break-up of universal banks seemed to be the only possibility. He also said that there are numerous examples that make it a necessity to make the banks more insulated and less-risk taking. They also need to over leverage the banking activities.

Latest news reports have revealed that $ 2 billion talks between Serco and SRA International has been called off. While Serco is into the business of outsourcing, SRA takes care of the spying business.

Serco which has got many public service companies in Britain as its clients has tried for a very long time to takeover SRA. Had the deal taken place then it would have been one of the biggest foreign run companies in US. But sadly, that could not happen.

Sasken's overall revenue increased 5%QoQ to USD30.6mn, in-line with expectation, but IT services revenue continues to decline. Products revenue increased ~61%QoQ. Lower forex and higher taxes led to flattish growth in PAT to Rs157mn and EPS of Rs5.5.

IT services revenue declines, products surge

Ashok Leyland's (AL) Q3FY11 results were below expectation with profits declining to Rs434mn as against our expectation of Rs693mn. Margins during the quarter were impacted due to a one time charge of Rs260mn on account of bonus payments for FY10. Consequently, margins contracted by 390bps YoY to 7.5%. Additionally, higher capital charges led to a 59% de-growth in profit to Rs434mn.

Vodafone on Sunday announced that they are not against Essar for conducting an IPO of their 33% stake in Vodafone-Essar JV. However this British telecom company assumed that the Indian firm fails to provide the material information to the SEBI and the BSE about the proposed merger of two companies.

On the contrary Essar refuse any such allegations and said that the company has previously made clear its stand.

Within hours of resignation Wipro ex- CEOs Girish Paranjpe and Suresh Vaswani have start receiving calls from various Indian companies and multinationals asking if the two were 'available' for hire.

Once again it has been proved that there are numerous opportunities in the IT sector.

According to a report they both have acknowledged calls from executive search firms like Korn/Ferry International, Stanton Chase, EMA Partners and Head Hunters India.