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Friday, October 3, 2008

Tech major scouts for acquisitions



Satyam Computer on Thursday said that it has accelerated the hunt for prospective companies that it could acquire globally even if the cost runs into billions of dollars. Sensing opportunities arising out of the financial crisis triggered by fall of major banks and mortgage giants in the US, B Ramalinga Raju said that it is possible to raise $4-5 billion as war-chest for acquisitions that strategically fit India's fourth largest IT entity.

Raju said that the company had a billion-dollar cash surplus and funds were not any issue when any potential acquisition opportunities came around.

"The acquisition could be even in billions of dollars". Asked if its next bid could be a billion-dollar deal, Raju said, "That is a possibility"

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 05
07:00 Trade Balance (MoM) 3 5,413M 6,100M 6,892M Revised from 6,900M
07:00 Imports (MoM) 2 1.1% -2.4% Revised from -2.2%
07:00 Exports (MoM) 2 -2.4% 7.2% Revised from 7.6%
n/a Unemployment Rate s.a (MoM) 1 2.9% 2.8% 2.8%
13:15 BoE's Greene speech 2
14:00 S&P Global Construction PMI 1 47.2 46.6
17:00 Challenger Job Cuts 2 105.441K
18:00 Goods and Services Trade Balance 1 $-94.0B $-140.5B
18:00 Initial Jobless Claims 4-week average 1 230.75K
18:00 Continuing Jobless Claims 1 1.910M 1.919M
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