Mumbai: The rupee arose in the direction of a nine-year peak today after the US Federal Reserve slashed rates sending securities higher across Asia, but dollar buying by state-run banking institutions and a local company reduced a few gains.

The Fed cut on Tuesday the prime federal funds target rate by 50 basis to 4.75% from 5.25%. It also slashes the discount rate that it charges for direct loans to banks by a half-point to 5.25%.

Leading hospitality company Hotel Leela Venture is all set to invest around Rs 22 billion in the next three years (2010) to set up five new hotels and a service apartment in Gurgaon near Delhi.

The new hotels will be established in Pune, Hyderabad, Chennai, Delhi and Udaipur.

The company has already expended Rs 11 billion on 86 service apartments that it is projecting to built up in Gurgaon.

Mumbai: IDBI Ltd has slashed the rates of interest on fixed home loans by around 100 basis points that will be effective from September 1.

New Delhi: BHEL is in quest of mergers and acquisition (M&A) in order to encourage inorganic expansion and targets earning of Rs 45,000 crore by the next five years (2012).

At the shareholders conference, A K Puri, BHEL Chairman and Managing Director said, the company has drawn what it names “Strategic Plan 2012” to make sure sustainable profitable development over the next five years with the aim of achieving an earning level of Rs 45,000 crore.

Chennai: Deepak Puri, MD Moser Baer India Ltd, stated that the company is planning to invest Rs 2,000 crore in Tamil Nadu to make photovoltaic films. The project will be licensed in 18 months.