The Week That Was(20th Apr-26thApr)

Sunday, April 26, 2009 , Posted by Silent Observer at Sunday, April 26, 2009

Reserve Bank cuts key rates
The Reserve Bank of India on Tuesday cut key policy rates - repo and reverse repo - by 25 basis points each in order to push banks to lend more at viable rates and prop up the sagging economy. The RBI, in its Annual Policy for 2009-10, reduced the reverse repo rate to 3.25 per cent. This is lower than the savings bank rate of 3.50 per cent and the repo rate to 4.75 per cent

Oracle to Purchase Sun Microsystems for $7.4B
Oracle Corp agreed to buy Sun Microsystems in a $7.4-billion deal. The Oracle offer caught the industry by surprise as it came barely two weeks after the collapse of takeover talks between IBM and Sun Microsystems.

Maruti Suzuki Profit Unexpectedly Falls on Currency
Maruti Suzuki India Ltd announced 18 per cent drop in quarterly net profits despite a 30 per cent growth in total income. The drop is because of increased raw material costs and forex fluctuations offsetting gains from higher car sales. Net sales for the fourth quarter increased by 32 per cent to Rs 6,308.35 crore from Rs 4,762.91 crore in the same period of fiscal 2007-08. However, its net profit for the quarter declined 18 per cent at Rs 243.13 crore from Rs 297.68 crore during previous year period.

RIL Q4 net slips 9.3%
Reliance Industries has reported its second consecutive decline in quarterly net profit, as adverse global conditions continued to shrink its refining margins.
Its fourth quarter net profit fell 9.4 per cent, to Rs 3,546 crore, from Rs 3,912 crore a year ago. Its gross refining margin fell to $9.9 from processing one barrel of crude, against $15.5 a year ago. Reliance turnover for the quarter dipped 25 per cent to Rs 29,073 crore against Rs 38,697 crore following drop in oil and gas exploration, production, refining and petrochemicals revenue during the period

Shikha Sharma to head Axis Bank
The board of Axis Bank appointed Ms Shikha Sharma, Managing Director, ICICI Prudential Life Insurance Company, as the bank's new Managing Director & CEO. The appointment, however, did not find favour with the current Chairman & CEO, Dr P.J. Nayak, who quit in protest. Ms Sharma's appointment, which will be for a period of 5 years, beginning August 1, 2009, is subject to RBI clearance and shareholders approval.

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