INDIA'S BILLION DOLLAR CLUB ADDS 51 FIRMS; $500 BILLION

The rally in the stock market and the recent appreciation in rupee value has brought 51 new members to the elite billion-dollar market-value club, while doubling its overall valuation since October when the benchmark index had dropped below the 8,000-level.

The country boasts of as many as 144 companies with a market capitalisation of at least a billion dollar at present. The number represents a increase of 51 companies from just 93 in October 2008. Interestingly, the cumulative market value of the club currently stands at about 900 billion dollars (Rs 42,34,171.25 crore) as on June 5, more than double of its value in October last year of 410 billion dollars (about Rs 20,41,029.8 crore).

The Economic Times

TECH MAHINDRA BECOMES NO 4 IN IT COS' LIST

Maimed and left gasping for a lifeline, Satyam Computer Services has finally found its new knight in shining armour, Tech Mahindra (TechMa).

The bidding process for the beleaguered software firm culminated on Monday with TechMa emerging as the highest bidder with an offer price of Rs 58 per share. TechMa's price outbid other suitors, engineering giant Larsen & Toubro and private equity player Wilbur Ross, by a comfortable margin. L&T's bid of Rs 45.90 per share and Wilbur Ross' Rs 20, were not even within striking distance of TechMa's deal-winning bid.

The Economic Times