Various mobile and smartphone manufacturers are targeting high end consumers in India. The latest to join the bandwagon is a phone by Nokia dubbed as 5800 XpressMusic touch-screen phone.

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.

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.

Mastek Ltd has declared the results for the three month period ended December 30, 2008.

The IT and offshore outsourcing services company has recorded a 15.14 percent net profit growth despite the company’s numbers were impacted by forex losses and fall in customer demand.

The company has posted a net profit of Rs 31.3 crore as compared to Rs 27.21 crore during the same period of the last year (Dec 2007).

The company's total income during the same period came up by 24.18 percent at Rs 268.2 crore as against Rs 215.98 crore for the same period last year.

Government would take stern action against the guilty involved in financial bungling in Satyam Computer Services. The Serious Fraud Investigation Office (SFIO) would investigate the entire case after verification by the Registrar of Companies (RoC) in Hyderabad. Registrar of Companies is directed to prepare report by January 14. The role of Satyam's company secretaries, auditors and finance officials would also be investigated and action would be taken for their contribution in the biggest ever corporate fraud.