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SC issues notices to 23 states, 3 UTs on Tata Motors' plea
The Supreme Court has issued notices to 23 states and three UTs on a petition by Tata Motors seeking quashing of the Central Sales Tax Appellate Authority"s decision asking it to pay Central Sales Tax to the tune of around Rs 14 crore on sale of bus chassis to the Andhra Pradesh government.

ICICI issued warning note twice: Pranab
ICICI Bank was twice issued letter of warning or advisory note in the last two years for violating the Reserve Bank of India (RBI) guidelines, the Lok Sabha was informed on Friday.

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No restriction on export of iron ore, says Minister
The government today said there would be no restriction on export of iron ore, as there is surplus of the mineral in the country even after its export.
Corporate

Patni net Q2 up 14% y-o-y

Higher other income, positive currency movement and enhanced focus on operating discipline aided Patni Computer Systems post net income (India GAAP) of Rs 135.9 crore for the second quarter ended June 30, 2009, an increase of 14 per cent from Rs 119 crore in the corresponding quarter last year. - Web exclusive: Fuelling business innovation - Hexaware open to acquisitions in remote infra mgmt, BPO spaces - IT industry hasn"t reduced strategic investment: Infosys - Apollo Tyres mulls Rs 1,000 cr investment in Kerala - Wipro Q1 net up 12% at Rs 1,016 cr - Sonata Software joins IATA"s partnership programme Revenue at Rs 779.6 crore dropped marginally by 1.6 per cent from Rs 767.3 crore for the quarter ended June 30, 2008. Sequentially, the net income grew 77.7 per cent from Rs 76.5 crore — but revenue remained flat from Rs 776.4 crore. For the third quarter (July-September) guidance, the expects net income to be in the range of $22.5 million to $ 23.5 million (around Rs 109 - 113.9 crore, guidance is based on constant Rupee -$ rate of Rs 48.5 )and revenue at $163 million to $165 million (around Rs 790.5 - 800 crore).The company also expects a mark-to-market loss of $4 million in the next quarter. With $347.6 million (Rs 1,659 crore) in cash the company is scouting for acquisition in the Europe and APAC regions. “We have been saying that acquisition is a part of our growth. We want to increase our Europe contribution to 30 per cent from the current 15 per cent. Also we want to grow our market share in the APAC regions too,” said Surjeet Singh, Chief Financial Officer, Patni. He further said that despite meeting its guidance for this quarter, the next quarter numbers reflect the business scenario. “I think the market are still shallow. We do think that our portfolio will be impacted and that is reflected in the guidance. We will hold on to margins and manage bottomline. Getting the revenue numbers will take longer,” added Singh. The total headcount of the company at the end of this quarter was 13,780. It has a net addition decline of 760 people.


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