In Today's News: Satyam going downhill

Satyam has felt the backlash of its controversial near deal with Maytas. Although the deal has been called off, investors have definitely lost their confidence in the company - resulting in a 14% plunge in the exchange market at the end of trade this Tuesday on the BSE. To add insult to injury, the World Bank debarred the company from doing business with it for eight years, on the charges of data theft. There's also rumours flying about a possible resignation from the Chairman, Ramalinga Raju.

In other news, the Bajaj brothers have finally reached a mutual agreement after six years of dispute. Rahul has agreed to give younger brother Shishir control of Bajaj Hindusthan, with a stake of 32.47% in the company.

Also, Wipro is all set to buy the technological arm of Citigroup Inc., i.e. Citi Technology Services Ltd (Citos). The deal has been reportedly fixed at $127 million - this would be a mutually beneficial acquisition, helping Wipro to get assured business of about half a billion dollars in software services and infrastructure management over the next six years, while Citigroup can focus on core business operations. This is similar to the deal that they had earlier inked with TCS - in Ocotber, TCS had acquired Citigroup Global Services Ltd (CGSL), the backoffice centre of Citigroup, for $505 million.