Piramal Group`s healthcare private equity fund is in talks to pick up a sizable stake in Trichy-based Kaveri Medical Centre (KMC), a 400-bed hospital, for around Rs 1 billion,

Tata Motors, which has announced a three-day block closure of its commercial vehicles unit at Pimpri plant, has not taken a final decision on another shutdown from December 23 to December 30,

Ashok Leyland has cut down its production by 59% to 1,491 vehicles in November 2008 from 3,609 in the previous month (October 2008) and 7,041 in November 2007,

State Bank of India, plans to raise at least Rs 20 billion through an issue of upper tier-II subordinated debt this month

Power Finance Corporation (PFC) will raise more than Rs 40 billion from the debt market by March 2009,

Infosys to stop hiring due to slowdown

The global economic slowdown has started hitting Indian IT companies hard, Infosys Technologies, India`s second largest exporter of IT services has decided to freeze its annual hiring cycle following the global economic slowdown, reports Business Line.

The company had planned to hire 25,000 people earlier this year and till date the company has confirmed about 16,000-17,000 jobs, while the rest of 6,000 jobs will also be confirmed said company chief executive Kris Gopalakrishnana.

The company is also unsure whether it will continue to run it`s two-month paid internship summer programme for undergraduate students of various universities worldwide. But the company said it had no plans for downsizing.

The company said that it was looking at somewhere in the region of 15% of growth. The company to survive this tough time is looking at controlling it`s cost and controlling it`s expenses.

Grasim Industries, an Aditya Birla group company are adhering to their plan of adding ready made concrete (RMC) units in the country despite the slowdown in the economy and realty sector,

Zicom Electronic Security Systems said it has signed a deal with Gurgaon police to implement wireless city surveillance project worth Rs 85 million,

State Bank of Mysore, at its meeting held on May 17, 2008, approved splitting of the bank`s shares of face value of Rs 100 a share to Rs 10 a share.


Manipal Education has acquired the entire shareholding of American More Pictures, University of Antigua (AUA) from New York-based Greater Caribbean Learning Resources

Hyundai cuts car prices up to Rs 33,000

Eli Lilly, a US based pharma major has filed cases against Indian drug makers Aurobindo Pharma and Lupin, for the alleged infringement of patent of Cymbalta, an anti-depressant drug discovered by the company,

Colgate Palmolive declares 1st interim dividend of 900%

Colgate Palmolive India, leading manufacturer of tooth paste today announced on Friday the board of directors of the company declared first interim dividend of 900% or Rs 9 for each equity share of Re 1 for the financial year ending Mar. 31, 2009.

MHL announces open offer to buy 20% stake in Vanasthali Textile

Millennium Holdings (MHL) along with Nikhil Poddar, a person acting in concert (PAC) through Chartered Capital & Investment announced on Friday an open offer to acquire up to 20% of equity share capital of Vanasthali Textile Industries (VTIL).

Meltdown: Export orders of Rs 18 bn lost, 65k jobless

The companies have lost export orders worth Rs 17.92 billion during the period of August-October 2008 and were forced to lay off 65,000 workers, as per the data revealed by commerce department from a survey of 125 companies,

SEBI extends validity period for public /rights issue

Securities Exchange Board of India (SEBI) announced that the validity period of public /rights issue has been revised to 1 year from 3 months, subject to filing of updated document with SEBI where there are material changes.

The market regulator along with approving electronic trading of `rights entitlement` in stock exchanges has also approved the introduction of an alternative mode of application that, ASBA mode (application supported by blocked amount), wherein the amount required for application is blocked in the applicant`s bank account till the time of allotment of the shares.

The mode has already started functioning in the case of application for public issues through select SEBI-approved banks.

SEBI also announced that all new close-ended schemes would now have to be listed on the stock exchanges. This according to SEBI, would also apply to schemes, which have been approved earlier but yet not launched.

This would imply that investors could now make an early exit from such schemes only through the secondary market and not through the fund house.

The regulator also decided to adopt a `code` for members of the board to avoid any conflict of interest that may arise. These would be put up in the public domain before Dec. 12, 2008.

Bosch has announced that in order to adjust production to meet the demand for products and to avoid unnecessary inventory buildup, the company is closing down temporarily select production areas/shops at its Nashik plant.

The Cabinet today (December 5) issued guidelines for publication of local editions of foreign magazines by Indian publishers in the news and current affairs arena


General Motors India, a wholly owned subsidiary of General Motors Corporation is looking at a market share of 10% by 2010,


Oil & petroleum minister Murli Deora has cut the price of petrol by Rs 5 per litre and diesel by Rs 2 per litre from Saturday, leaving cooking gas LPG and kerosene unchanged.

If statistics is anything to go by then Indian power sector is growing at an electrifying pace with a total of 168 power projects have been accorded environmental clearance during the last three years.

USA ECONOMIC DATA

U.S. Nov. payrolls drop 533,000 vs. -350,000 expected

U.S. Nov. unemployment rate rises to 6.7% vs. 6.8% expected

U.S. nonfarm payroll losses worst since Dec. 1974

U.S. Oct., Sept payrolls revised down 199,000

U.S. Nov. services jobs fall 370,000, most in 25 years

U.S. Nov. hours worked fall 0.9%

U.S. Nov. average hourly earnings up 0.4% vs. 0.2% expected

U.S. Nov. unemployment rate highest since Oct. 1993

U.S. job losses average 419,000 per month past three months

U.S. Nov. retail jobs down 91,000