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G20 eyes bankers' pay amid warnings over recovery
G20 finance ministers meet here tomorrow to chart the next steps out of the global economic crisis, with calls to curb bankers" bonuses as part of beefed-up financial market rules topping the agenda.

Relaxed ECA, forward trading blamed for price rise
The West Bengal government today said a relaxed Essential Commodities Act and "forward trading" had led to the rise in prices of commodities. "During the NDA regime when Trinamool Congress was a partner, there was a complete relaxation of the Essential Commodities Act. We are trying to bring that in order," West Bengal state finance minister Asim Dasgupta said here when asked about price rise.

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Govt studying effects of climate change on crops
The government today said it has initiated several projects to develop high-temperature tolerant superior foodgrain varieties and also to study the impact of climate change on agriculture.
Corporate

Patni net Q2 up 14% y-o-y

Higher other income, positive currency movement and enhanced focus on operating discipline aided Patni Computer Systems post net income (India GAAP) of Rs 135.9 crore for the second quarter ended June 30, 2009, an increase of 14 per cent from Rs 119 crore in the corresponding quarter last year. - Web exclusive: Fuelling business innovation - Hexaware open to acquisitions in remote infra mgmt, BPO spaces - IT industry hasn"t reduced strategic investment: Infosys - Apollo Tyres mulls Rs 1,000 cr investment in Kerala - Wipro Q1 net up 12% at Rs 1,016 cr - Sonata Software joins IATA"s partnership programme Revenue at Rs 779.6 crore dropped marginally by 1.6 per cent from Rs 767.3 crore for the quarter ended June 30, 2008. Sequentially, the net income grew 77.7 per cent from Rs 76.5 crore — but revenue remained flat from Rs 776.4 crore. For the third quarter (July-September) guidance, the expects net income to be in the range of $22.5 million to $ 23.5 million (around Rs 109 - 113.9 crore, guidance is based on constant Rupee -$ rate of Rs 48.5 )and revenue at $163 million to $165 million (around Rs 790.5 - 800 crore).The company also expects a mark-to-market loss of $4 million in the next quarter. With $347.6 million (Rs 1,659 crore) in cash the company is scouting for acquisition in the Europe and APAC regions. “We have been saying that acquisition is a part of our growth. We want to increase our Europe contribution to 30 per cent from the current 15 per cent. Also we want to grow our market share in the APAC regions too,” said Surjeet Singh, Chief Financial Officer, Patni. He further said that despite meeting its guidance for this quarter, the next quarter numbers reflect the business scenario. “I think the market are still shallow. We do think that our portfolio will be impacted and that is reflected in the guidance. We will hold on to margins and manage bottomline. Getting the revenue numbers will take longer,” added Singh. The total headcount of the company at the end of this quarter was 13,780. It has a net addition decline of 760 people.


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