SobhaRani

Satyam Computer chairman B Ramalinga Raju, today, stepped down as chairman and admitted of account manipulations and under-stating liabilities. In his resignation letter to the board, he mentioned following facts.

1. The Balance Sheet  carries as of September 30, 2008

• Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the book)
• An accrued interest of Rs. 376 crore which is non-existent
• An understated liability of Rs. 1230 crore on account of funds arranged by Ramalinga Raju
• An over stated debtors position of Rs. 490 crore (as against Rs. 2651 reflected in the books)

2. For the Q2, Satyam reported revenue of Rs. 2700 crore and operating margin of Rs. 649 crore (24% of revenue) as against the actual revenues of Rs. 2112 crore and an actual operating margin of Rs. 61 crore (3% of revenues). This has resulted in artificial cash and bank balances going up by Rs. 588 crore in Q2 alone.

He said despite many efforts, the gap in Balance sheet has arisen and his last attempt to fill fictutious assets with real ones using Mytas acquisition failed.

Raju said that none of the boad directors and his family members are not aware of the actual situation. Raju may get 7-year jail sentense if his admissions are proven.

Today Satyam stock plunged to its all time low of 30 after losing 80% in single day and closed at around 40.

BSE Sensex and Nifty crashed further more than 6.5% today amid credit crisis woos. Sensex closed at 10527.85 down by 800 points (-7%) in a single day. Nifty closed at 3279.95 down by 233.7 (-6.65%). Lot of mid-cap stocks lost more than 80% from their all-time highs since the turmoil started.

Rupee weakened further and hits record low and now trading at 48.675 against the dollar. It is not more than few months ago rupee was on other side of the boat ans was trading at 39.

Mike Hussey helped Australia go past 400 with a century 146 made off 276 balls. Hussey was dropped on 1 by Dhoni on first day and it proved to be a very costly drop. Indian pacers Zaheer Khan and Ishant Sharma dismissed nine batsmen between them with a 5-wicket haul for Zaheer Khan. Australia are all out for 430 in 149.5 overs.

Later Indian Openers Virender Sehwag and Gautam Gambhir disappointed Australia without making any mistakes and remained not out. India are 68 for no loss at stumps for the second day.

The skipper Ricky Ponting’s century helped Australia to post a decent total on the first day of first test match against India in Chinnaswamy Stadium at Bangalore. Ponting scored 123 off 243 balls and put on 166 run partnership with Simon Katich for the second wicket before Harbhajan dismissed him for leg before wicket (LBW). Indian seamer Zaheer Khan dismissed Mathew Hayden in the very first over but India had to wait for 54 overs more to get the second wicket. Incidentally Zaheer dismissed Michael Clarke for last ball of the day. Ishant Sharma and Harbhajan Singh picked up one wicket each. At end of the day, Australia is on 254 at a loss of four wickets.

Australia (1st innings): 254/4 (Ponting 123, Katich 66, Zaheer 2/39)

US President George Bush signed the historic Indo-US nuclear deal bill this Wednesday. India and US will formally sign on the 123 bill this Friday. After signing Bush said that there won’t be any disruption of fuel supply to Indian nuclear reactors. Indian External Affairs Minister Pranab Mukherjee and US Secretary of State Condoleezza Rice will formally sign the overall bilateral nuclear cooperation accord on Friday.

TATA Nano Car

Gujarat Government allotted 1100 acres of land for TATA’s Nano Car Project and TATA decided to roll out Nano cars from Gujarat after pulling out of Singur, West Bengal. Trinamool Congress chief Mamata Banerjee fought relentlessly against TATA Nano car project to move it out of Singur. Ratan Tata arranged a press conference with Gujarat’s Chief Minister Narendra Modi and announced that Nano project will officially move to Sanand near Ahmedabad.

Nano will start rolling out from next January or February. Ratan Tata revealed that apart from producing CNG, Electric models of Nano, there are plans to make export-quality cars as well.

Ingredients:

• Boiled Basmati rice 2 cups
• Soyabean 150 gm
• Cinnamon 1 stick
• Clove 3-4
• Cardamon 2
• Red chillie 2-3 whole
• Turmeric 1/2 sp
• Ghee 2 sp
• Salt to the taste

Procedure:

1. Soak the soyabean overnight
2. Boil the soyabean in the pressure cooker
3. Heat the ghee add masala to it
4. Add soya bean to it and mix it well
5. Add tumeric and salt and cook for 2-3 minutes.
6. Add the boiled rice and mix it well on slowly for about 3-4 minutes.

Saurav Ganguly

One of the Indian batting Trio Saurav Ganguly announced that he will retire from Test Cricket after the current Australian test series. BCCI and Selection Committee Chairman Kris Srikanth praised his move. Australian is currently in India for four match test series and the first test will start on Thursday.

Saurav is the most successful captain of India who won most number of test matches for India. He will put an end to his 16-year career after the current test series. Saurav had his debut against England at Lord’s where he made maiden century 131 before getting dismissed by Mullally.

BSE

Amidst concerns about US Credit Cricis and possible world economic recession, Asian markets tumbled down today. Indian stock markets BSE Sensex and Nifty crashed to their new 52-week lows. BSE Sensex closed at 11802 down by 725 points and Nifty closed at 3602 down by 216 points. Both indices down by over 5.5% as global sell-off continues.

Sterlite Industries (India) Limited (NSE:STER) down by 15.45% and remained biggest loser followed by Reliance Infrastructure Limited (NSE:RELINFRA) today.

US and European markets are also seen plunging more than 5% early in the trade. Dow Jones is below 10000 mark

Ingredients:

• Milk (½ Ltr)
• Tea Powder (4 tea spoons)
• Ginger (small piece)
• Sugar (4 tea spoons)

Procedure:

1. Take a medium sized bowl and put the milk and tea powder and mix well.
2. Keep it on a medium flame and wait till milk gets bubbled.
3. Add mashed ginger to milk and continue with medium flame for 10 minutes.
4. Now stop the flame and add required amount of sugar and serve it with biscuits or snacks.