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Friday, February 20, 2009

Stock Market News, Financial News - Feb 20, 2009

Nikkei touches Oct trough amid economy worries

TOKYO (Reuters) - Japan's Nikkei stock average was down 1.8 percent on Friday, after briefly touching its October bear market low, dented by bank shares on worries about their European peers, while exporters largely failed to benefit from a weak yen.

Jittery investors also pushed the broader Topix index to 741.42, a level that would mark its lowest close in 25 years.  (More ... )

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Rupee edges lower, strike affects volume

MUMBAI (Reuters) - The rupee dropped on Friday, weighed down by losses in the share market and a stronger dollar overseas, but volume was thin following a one-day strike by central bank employees.

At 10:20 a.m., the partially convertible rupee was at 49.87/88 per dollar, 0.5 percent weaker than Thursday's close of 49.62/63.

"The forex market is open but there is very thin trade, the strike has affected volumes," said a senior dealer with a private bank.

(More ... )

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L&T says studying Satyam decision

MUMBAI (Reuters) - Larsen & Toubro, the largest shareholder in Satyam Computer Services, said it will review a decision to allow the fraud-hit outsourcer to increase shares on issue and sell a stake before making its next move.

"We are studying details of the Company Law Board order. Only after studying the details, we will take a decision," Chairman A. M. Naik told reporters on Friday.

L&T, India's leading engineering and construction firm, has a 12 percent stake in Satyam.  (More ... )

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IFCI for rejig of entire Maytas board, open to bigger role

By Financial Express Bureau

Development Financial Institution IFCI Ltd is favouring reconstitution of the existing board of Maytas Infrastructure as it lost the trust of one and all and cannot perform the duties with due importance and in a more transparent manner. While welcoming the Centre's move to refer the case to CLB, IFCI said that the company was 'overlooked' despite having 17.4% stake in Maytas Infra, said Atul Kumar Rai, chairman and managing director, IFCI.  (More ...)

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