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Monday, March 16, 2009

Stock Market News, Financial News - Mar 16, 2009

Bharti to recast business in April '09

NEW DELHI (Reuters) - Bharti Airtel Ltd, India's top mobile operator, will restructure its businesses next month as it looks to expand beyond voice telephony, the Economic Times reported on Monday.

The newspaper said Bharti would expand its three divisions to nine to focus on mobile commerce, Internet, enterprise business and small and medium business.  (More ...)

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iGate says Satyam bid below current market price

MUMBAI (Reuters) - U.S.-based iGate Corp's bid for fraud-hit Satyam Computer Services will be well short of the current market price, its chief executive told a television channel on Monday.

"I mean what we have picked up in terms of the financial, I do believe our bid will be quite a bit south of the 90 cents a share, which is currently the market price of Satyam," Phaneesh Murthy said on CNBC-TV18.  (More ...)

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Rupee off 2-week high as importers buy dollars

MUMBAI (Reuters) - The rupee retreated after climbing to its strongest in more than two weeks early on Monday, as importers bought the U.S. dollar but gains in regional currencies and local shares should support.

At 10:20 a.m., the partially convertible rupee was at 51.60/62 per dollar, after touching 51.33, its highest since Feb. 27. It had closed at 51.48/50 on Friday.  (More ...)

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US recovery to begin in 2010: Bernanke

Federal Reserve Chairman Ben Bernanke suggested in a taped interview on Sunday that the US recession could last most of the year and said the biggest risk was that the political will needed to fix the fractured financial system could be lacking.

"This (economic) decline will begin to moderate and we'll begin to see a leveling off," Bernanke said when pressed during an interview on the CBS program "60 Minutes" about whether he sees the recession ending this year.  (More ...)

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