That there is an apparent slide in deposit rates has become all the more obvious with two of India’s leading public sector banks – State Bank of India (SBI) and IDBI Bank – slashing their deposit rates, with the revised rates taking effect from April 13. The state-owned IDBI Bank also intends cutting its yardstick prime lending rate (BPLR) from April 15 onwards.

As per the reports by Business Standard, Aircel Cellular is working on plans to expand its presence in India, proposing to put in a $5 billion investment over the next three-year period.  

Initiating its operations in Mumbai on Friday, the GSM service provider - with a 70 percent stake held by Malaysian telecom giant Maxis Communications – has dispelled hearsay about its plans to get hold of the city’s oldest mobile company, Loop Mobile.

According to domestic institutional investors, the debt-ridden Indian real estate bigwig Unitech Ltd intends raising Rs. 1,250 crore by way of a qualified institutional placement (QIP) of shares, for the repayment of part of its debt of more than Rs. 8,000 crore.

An unnamed company official said that the funds, likely to be raised by the end of this month, would help the company cut its debt by Rs 1,000 crore by June this year.

Despite the global downturn having delivered harsh blows to the industrial output in India - with the figures dropping for the third time in five months during February to 1.2 percent, and a rather drab March quarter - analysts are hopeful that the industrial revival might just be round the corner!

Suven Life Sciences, a Drug Discovery and development company, has finished the phase I clinical trial for its new molecule, SUVN 502 in healthy volunteers.

In a filing, Suven Life Sciences said, “The company has completed its Phase I multiple ascending dose study of SUVN-502 in healthy volunteers.”

Gold prices again came in action on Wednesday on the back of reports that the glamorous metal would soon retrieve the psychologically important level of $1,000 per ounce in overseas market in coming few months, due to volatility in stock markets.

It should be noted that earlier this week, precious metals consultancy GFMS said in its annual gold survey report that, the gold prices could rise to a record above $1,100 an ounce in the coming months, as investors seek to guard against rising inflation.

Yesterday, the price of yellow metal soars by an impressive Rs 315 to close at Rs 14,735 per 10 gm in Delhi.