Patni Computer Systems announced financial results, reporting 9 per cent decline in net profit, for the period ended December 31, 2008.
Patni's net stood at Rs 483.01 crore in the reporting period, due to decline in demand in Information Technology segment under the impact of global slowdown, as compared to Rs 483.63 crore in the same period last year.
Patni Computer Chairman and CEO, Mr. Narendra K Patni said, "The effect of the global meltdown has been more than expected for everyone and this is impacting our business in the short run."
Leading tyre maker, Apollo Tyres Ltd announced to start retrenchment drive, shedding about 1500 jobs, out of total headcount of 10,000, in days to come. The move is aimed to mitigate the impact of global slowdown on its business and register adequate growth rate by employing cost cutting and cost saving measures. 
Tata group owned Tata Motors and Bangalore based Corporation Bank has signed a deal aimed to provide easy finance facilities to customers for purchase of passenger cars. The deal may help the company, facing low demand in auto sector under the impact of global slowdown and recession like conditions across the world.
The newspaper and magazine publishing industry has reason to smile as Union Government has announced to provide custom duty exemption on newsprint with immediate effect. 
The development and production versions of IBM Information Management database servers, IBM Lotus content management, and IBM WebSphere portal and middleware products would now be getting pay-as-you-go access by IBM and Amazon. 
According to news report released by a well known Press agency, an enormous space debris was created by the collision of two communication satellites from the US and Russia on 10th February, which might pose a threat to the International Space Station. 
