State run Bharat Earth Movers Limited (BEML) said that it has signed up a strategic deal with Indonesia based Sumber Mitra Jaya.
The top mining and construction equipment manufacturing company signed the deal to bid for forthcoming contract mining business.
The consortium approach consists of agreement for investments in contract mining in which BEML will make 30% investment, while the remaining 70% will be made by the Indonesian company.
Infrastructure companies could well see an upside to their margins after the reduction in prices of steel and cement. Last week, steel manufacturers cut the price of steel by Rs 400-600 a tonne to about Rs 28,000 and cement makers have reduced the cost of bulk cement by Rs 4-5 per 50-kg bag to Rs 225-245. The moves follow the reduction in the central excise duty from 10% to 8% on February 24. 
The company is sitting pretty with an order book of $100 mn, set to hire 150 employees by March-end
In a bid to transform and enhance the use of cutting edge technology across all its branches, YES Bank launched 'Branch of the Future' at its South Extension branch in the capital spread across 10,000 sq ft area. The bank would focus on optimum use of technology in the transaction process to offer highly reliable and efficient services to customers.
The Union Government on Wednesday approved the recommendations of the Foreign Investment Promotion Board (FIPB) clearing 29 FDI proposals worth Rs 6.16 billion. The companies, whose FDI proposals have been cleared, include AAPC Singapore, ABG Bulk Handling Poltrona Frau and some media and entertainment houses.
IT & BPO services and consulting firm Hexaware Technologies has decided to put 350 of its employees on 'virtual bench' in a bid to control costs and to mitigate the impact of global slowdown on its business. Recently, Mumbai-based IT firm Mastek had taken such step on similar grounds.
