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US telecom giant, Verizon Wireless is set to scrap its unlimited smartphone data plan this summer, according to Fran Shammo, Verizon’s Communications Chief Financial Officer.

While speaking at Reuters Global Technology Summit on Thursday he said that the carrier will scrap its $30-a-month unlimited option and introduce new tiered pricing plans for mobile phone users

AT&T had made a similar move last year and Verizon officials indicate that the carrier will follow soon. Verizon had also introduced a plan with 150MB of data per month for $15 briefly in order to test the market in October.

The largest professional-networking website, LinkedIn has doubled to $94.25 on the first day of trading after a successful Initial Public Offering (IPO).

The 109% rise is best performance recorded by company recorded in months and is favorable news for the IT industry. The IPO only included 7.8 million, or 10%, of the total shares.

The successful response has shown that there is a lot of investor interest for social networks. LinkedIn’s IPO could open the flood gates for other big social-networking companies to go public. Investors are eagerly waiting for similar moves from Facebook and Twitter.

Technology giant, Apple has released the second beta version of its Mac OS X 10.6.8 for developers.

The Combo Update and the Delta Update for Mac OS X 10.6.8 build 10K524 are a 1GB download. The Airport, Graphics Drivers, Mac App Store, Networking, QuickTime and VPN were the focus area for the build, according to people familiar with the matter.

The last update to Snow Leopard came in March in the form of Mac OS X 10.6.7. The update had offered display fixes for Apple's early 2011 Thunderbolt MacBook Pros.

Mumbai, May 20 : Rishi Kapoor and Arbaaz Khan expressed their happiness in various ways after their films "Do Dooni Chaar" and "Dabangg" were named for national awards.

Arbaaz's debut production venture "Dabangg" was named the best popular film providing wholesome entertainment at the 58th National Film Awards announced Thursday.

"It's a proud moment for my entire family and the team of 'Dabangg'. The national award is extremely prestigious. I am over the moon," said Arbaaz.

Mumbai, May 20 : Bollywood celebrities like Dharmendra, Priyanka Chopra and Arshad Warsi wish a speedy recovery to Tamil superstar Rajnikanth, who is admitted to the Intensive Care Unit (ICU) of a Chennai hospital.

Rajnikanth, admitted in the ICU of the Sri Ramachandra Medical Centre here, is improving after advanced treatment, including hemodialysis, according to doctors attending on him.

The matinee idol was admitted to the hospital for recurrent respiratory infection and gastro-intestinal problems May 13 and was shifted to the intensive care unit (ICU) Wednesday to improve his breathing pattern.

PEL reported a surprise topline growth of 33% YoY for Q4FY11 but bottomline dipped by 50%YoY, due to lower operating profit at 8.1% vs 12.6% in Q4FY10. During the quarter interest cost jumped by 58% YoY to Rs728mn, which includes interest cost of ~Rs250mn towards its Noida real estate project. Adjusting for sale of property in Jogeshwari, operating margin further dips to 5.6% (Cons) and 4.2% (Stand) and adj conso PAT posted a loss of Rs90mn. In all a bad quarter, we downgrade our recommendation to HOLD.

Real estate boosts revenue during quarter