Satyam softwares in problem

Satyam softwares is one of the leading software company in world, but now it is in critical stage here is the detailed news below.

Mumbai: National Stock Exchange said on Wednesday it will remove Satyam Computer Services Ltd from its S&P CNX Nifty 50-share index from January 12.

The head of the outsourcing firm resigned on Wednesday, disclosing profits had been falsely inflated for years, sending its shares crashing nearly 80 per cent.

The exchange did not give any reason for the change. Anil Ambani-group firm Reliance Capital Ltd will replace Satyam in the main index, the exchange said in a statement.

Satyam will also be excluded from the CNX 100 index, CNX 500 index and the CNX IT index. Satyam is a component of the Bombay Stock Exchange’s main 30-share index, the country’s benchmark index.

The BSE has not made any statement on Satyam as yet.

U.S Dollar Crash

US dollar falls on recession fears

Japanese currency yen rose for the first time in five days against the dollar on speculation the US plan to invest $US250 billion in financial institutions won’t prevent the world’s largest economy from falling into a recession.Japan’s currency gained versus the euro and the South African rand as US stocks plunged, encouraging investors to sell higher-yielding assets and pay back low-cost loans in Japan. The dollar extended its loss against the yen after a US Commerce Department report showed retail sales declined in September by the most in three years.

”Yen buying is still the mainstream trade because of risk aversion,” said Hidetoshi Yanagihara, senior currency trader at Mizuho Corporate Bank in New York. ”We are in a recession. People need to buy the yen in case the stock market collapses.”

Japan’s currency climbed 1.3% to 100.77 per dollar in New York, from 102.07 yesterday. It will strengthen to 95 in the next few weeks, Yanagihara said. The yen increased 2% to 136.26 per euro from 139.04. The dollar rose 0.7% to $US1.3526 per euro from $US1.3619 as investors sought a haven.

US retail sales decreased 1.2% in September, the most since August 2005, following a 0.4% drop in the prior month, the Commerce Department reported.

The economy deteriorated throughout the US last month, and pessimism about the outlook spread, the Federal Reserve said in its regional economic survey, known as the Beige Book because of the color of its cover. Fed Chairman Ben S. Bernanke said in a speech in New York that government efforts to calm financial markets and stem the credit crisis probably won’t lead to an economic rebound ”right away.”