In a perceptible bid to build the confidence of foreign players just before the auction process for the third generation (3G) spectrum begins, the government said the foreign companies, which successfully bid in the auction, would also be kept in the queue for second-generation (2G) spectrum.

The assurance came from R. Ashok, member (finance), Telecom Commission, the apex government body for the sector, at a pre-bid conference yesterday.

On Monday, Kingfisher Airlines said that there is no case for decreasing its air fares in the immediate term.

Kingfisher Airlines spokesperson informed, “Once the Government brought aviation turbine fuel (ATF) under the Declared Goods category, it would immediately and significantly reduces fares.”

He further said, “The sharp and immediate spike in ATF prices earlier in the year has left a lasting impact on the bottom lines of the companies, leading to an accumulation of huge outstandings and liabilities with the oil companies and the likes.”

IT services firm Hexaware Technologies has appointed new heads for its business units and has strengthened its organisational structure and the management team.

The software exporter shall now focus on three specific business areas, banking, financial services and insurance (BFSI); travel and transportation; and Emerging verticals.

The Emerging verticals unit will concentrate the manufacturing and healthcare areas and the existing non BFSI and non travel and transportation activities at one place, for better management.

Major public sector banks such as Bank of India, Bank of Baroda and Canara Bank have decided to lower their prime lending rate (PLR), following the State Bank of India's (SBI) decision to cut PLR. The PLR would be cut to 12.5% from 13.25% by these three banks and the new lending rates will be effective from January 1, 2009.

It should also be noted that the reduction in rate will also benefit banks' existing education loan, auto loan and home loan borrowers. Furthermore, the deposits rates will also be lowered by the banks from January by 50-100 basis points.

The second largest realty firm of the country, Unitech Ltd would raise Rs 5,000 crore from the market through issuances of debt, equity and semi-equity. The plan is approved by the company's board after its meeting on January 19, 2009 following the approval of the stake holders. The funds would be used to repay debts of over Rs 8,000 crore. However, it would cause significant dilution of promoter's share in the company.  
 

Indian Railways reported 14.49 per cent increase in earning for the period of April-November2008. It stood at Rs44,485 in the same period of last year and currently stands at Rs50,932 crore. Now, Union Railways Minister, Lalu Parsad Yadav has reason to cheer as he can take credit to bring the Indian Railways out of the red due to his efficient management. Indian Railways maintains a long history of losses.