The Telecom Regulatory Authority of India (TRAI) announced an increase of about 7 percent in cable rates, both conditional access system (CAS) notified and non-CAS areas in the country.
The changed tariffs would be applicable from New Year's Day 2009.
As per the new tariffs, a viewer will have to pay Rs 5.37 per channel in the CAS-notified areas (Delhi, Mumbai, Kolkata and Chennai).
The board of Satyam Computer Services would meet on December 29 to discuss the various issues including the fate of its independent director, Dr Mangalam Srinivasan and Chairman, Ramalinga Raju. Dr. Srinivasan and Mr. Raju are under pressure to quit their posts following the failed attempts to acquire Maytas firms. The Dean of Indian School of Business, Dr Mendu Rammohan Rao would also attend the proposed meet. 
The advance tax collection of the country declined over 22 per cent for the third quarter of the current financial year. Tax collection was Rs 54,900 crore in the same period last year and it now stands at Rs 42,600 crore. The decline in the advance tax collection indicates the grim situation following the economic slowdown which may further worsen in the coming times. Now, the growth rate in direct tax collections for the first nine months stands at 12%. Government has set a target to achieve the tax growth rate of 15 per cent with net tax collection of Rs 3,65,000 crore for the current financial year. 
A subsidiary of Mukesh Ambani owned Reliance group, Reliance Petroleum Ltd has commissioned an export specific refinery near the existing unit in Jamnagar, Gujarat. Both units have the capacity to refine 1.24 million barrels of crude per day. US Company, Chevron has a 5% stake in the refinery and it would produce high quality Euro-IV and Euro-V grade fuels.
The government criticized the Steel Authority of India Ltd. for slow growth in its expansion plans. It has decided to review its work on regular basis for timely completion of ongoing and new projects. SAIL has to increase its steel production capacity to 26 million tons by the financial year 2010. 
India's second largest real estate firm, Unitech has terminated the services of about 10 percent of its employees, following the slowdown in the industry. The reality sector is facing the heat of the global financial turmoil and is applying many cost cutting measures to mitigate its impact. 
