Buyers market

State-owned telecom firm BSNL today reported a net loss of Rs 1,823 crore for 2009-10 mainly due to payment of wage arrears for the past three years, as against Rs 575 crore net profit in the previous year.

The company’s total revenues also plunged by over 10 per cent during the year at Rs 32,045 crore (both from services and other income), compared to Rs 35,812 crore in 2008-09, BSNL CMD Kuldeep Goyal told reporters here.

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India’s wholesale price inflation could come down to 5 per cent to 6 per cent by December, but price pressures in the economy may prompt the Reserve Bank of India (RBI) to resort to tightening through unpredictable moves, a top government official said on Tuesday.

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Infosys Technologies Ltd reported a surprise 2.6 per cent drop in quarterly profit but raised its full-year revenue forecast on hopes of strong outsourcing demand from overseas clients. India’s No. 2 outsourcer, a trendsetter in the country’s showpiece software services sector, added 1,026 new staff in April-June, its slowest pace of addition in four quarters, sending its shares 2 per cent lower.

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Toyota Motor Corporation, which recalled over 8.5 million vehicles this year, has been asked by an expert panel to improve its media relations worldwide to ensure better crisis management.

The Japanese car maker has been grappling with millions of recalls due to quality problems, which have negatively impacted the entity’s global image.

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