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BW Businessworld

News In Pictures: 14 April 2009

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TECH SUPPORT: BT Group Plc, the British telecommunications carrier that holds 31 per cent of Tech Mahindra Ltd, said it backed its affiliate's plan to acquire a stake in scandal-hit Satyam Computer Services. "As a shareholder in Tech Mahindra we support the deal," a BT spokesman said. BT is also a major customer of Tech Mahindra, which provides software services. (Reuters)
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MUTED RESULT: India's top software services outsourcers are set to report a small drop in quarter-on-quarter profit as clients squeeze orders and prices in a downturn and the industry's growth is set to slow even further. The country's $60 billion sector, which provide an array of services from software coding to managing computer networks and call centres, face headwinds such as weak demand, cut-rate prices and rising competition from global rivals such as IBM. (Reuters)
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SEBI MOVES: The Securities and Exchange Board of India has said no single mutual fund product can invest more than 30 per cent of its net assets in money market instrument of an issuer. "In order to mitigate concentration risk, the board decided to amend the (regulations)," Sebi said in a statement after its board meeting on Monday. The limits do not cover government bonds, treasury bills and collateralised borrowing and lending obligation. (Reuters)