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Nasdaq Composite down 3%; Wipro slumps 5%
The US markets on Friday ended on a negative note. The Dow Jones Industrial Average slipped 2% to 10,173 and the Nasdaq Composite Index dropped around 3% to 2,205.

Project management gathers momentum as infrastructure grows
Over eight years ago, engineering and construction major Larsen and Toubro (L&T) decided to join hands with the Shailesh J Mehta School of Management at the Indian Institute of Technology (IIT) Bombay. The purpose was designing a programme in project management to bridge the human resource (HR) gap in the industry.

News of the day

Double taxation of computer software yet to be redressed
Budget 2009 contained important proposals in regard to exempting packaged software from customs duty, on importation, and on excise duty, with regard to domestic supplies, to the extent that such software is purportedly chargeable to the service tax. The proposals attempted to redress the problem of potential double taxation that arises in regard to such software. Earlier articles in this column had highlighted the problem of double taxation in relation to several transactions including the service taxation of packaged software post the changes announced in the Budget 2009.
Online Business

Aban Offshore Q1 net dips 10%; to raise $400 mn

Drilling and oil services firm Aban Offshore today said its consolidated net profit declined by 10.34 per cent to Rs 110.8 crore for the first quarter ended June 30, 2009, over the same period last year. - Tough drill - Aban Offshore: Oil prices help - Aban Offshore plunges 11% - Aban Offshore Q4 net loss at Rs 93 cr - Aban Offshore: Too much leverage - Boom-time expansion leaves Aban with Rs 13k-crore debt Total income increased to Rs 803.4 crore in the latest quarter, as against Rs 770.2 crore in the same period in the previous fiscal, Aban Offshore said in a filing to the Bombay Stock Exchange(BSE). On the standalone basis, the company has posted a growth of 11.04 per cent in its net profit of Rs 79.49 crore for the quarter under review, against net profit of same period in the previous fiscal. Total income has increased to Rs 344.2 crore in the quarter ended June, against Rs 271.4 crore in the same quarter previous fiscal. In a separate filing to the BSE, the board of directors have approved to raise $400 million (nearly Rs 1,923.6 crore) by issue of Foreign Currency Convertible Bond (FCCB), American Depositary Receipt (ADR) and Global Depositary Receipt (GDR) from international market. The board has also approved to raise Rs 2,500 crore by way of private placement of shares with qualified institutional buyers, the filing said. The above proposal are subjected to the shareholders approval, it added.


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