Indian IT hub, Bangalore is also facing the heat of global recession. The IT industry of state of Karnataka has suffered 5 per cent decline in manpower utilization. Employment opportunities are also decreased by 3 to 5 per cent during the April-September 2008 period. It is established in a report based on the survey conducted by the Confederation of Indian Industry (CII) for the Southern Region.

IT sector witnessed low demand following global financial crisis. A decline of 2-3 per cent in pricing (billing) during the first half of the current financial is also noticed. Overall decrease in the demand from European countries is also a cause of concern for Indian IT industry.

Norway-based telecom company, Telenor has brought a majority of 60% stake in Unitech Wireless. Telenor is the largest telecom company of Norway having existence in 12 nations with subscriber strength of over 150 million. The Norway government holds 54 per cent stakes in Telenor. Unitech wireless is a subsidiary of major reality giant, Unitech.

Union Finance Minister, P. Chidambaram chaired a meeting of key regulators, policymakers and economic experts to discuss financial situation and India’s stand in crucial G-20 Summit. The finance minister reviewed the economic situation of country, in the meeting. Other issues related to financial sector reforms, liquidity position and regulations were also discussed with leading economists.

Mahindra & Mahindra Limited (M&M) reported a decline of 35 per cent in its net profit for the quarter ended September 30, 2008. Its net profit was Rs 285.9 crore in the same period last year. Now, it stands at Rs 185.7 crore registering 35 per cent decline.

M&M reported an exchange loss of Rs 117.8 crore including a notional loss of Rs 96.7 crore. These losses were suffered following revaluation of the company’s net foreign currency borrowings. Its gross revenue for the quarter ended September 30, 2008 registered a growth of 14.1% and stands at Rs 3,695.2 crore. It was Rs 3,239.5 crore during the corresponding period last year.

Indian IT hub, Bangalore is also facing the heat of the global recession. The IT industry of state of Karnataka has suffered 5 percent decline in manpower utilization.