Indian Consumers will be happy to know that finance ministry, along with Reserve Bank of India (RBI) and the Indian Banks Association (IBA) are presently in talks to bring interest rates further down.

The rate cut are expected to reflect in segments like home, auto and personal loans.

The world’s pioneering steel company Tata Steel has announced a growth of 26 per cent in its sales for the last month (January 2009).

During the month, the company’s sales stood at 511,000 tons, as against 404,000 tons in the corresponding period of the last year.

With an increase of 35%, the company’s saleable steel in January 2009 recorded the highest production at 548,000 tons as compared to the prior year period,

In the meantime, production of hot metal zoomed 32% at 574,000 tons and that of crude steel grew 25% to 525,000 tons, over the prior year period.

Low demand due to decline in construction activities, high freight charges and rising input costs caused Ambuja Cement to post decline of 25 per cent in the net profit for the financial year ended December 31, 2008.

The company's net profit declined to Rs 1,390 crore in the reporting period as compared to Rs 1,846 crore in the financial year 2007. The company posted 9.5% increase in net sales during the period which stood at Rs 6,261 crore as compared to Rs 5,718 crore in the same period last year.

Country’s second largest public sector lender, Punjab National Bank, has launched a global credit card.

While speaking during the commercial launch of the cards, PNB Chairman K C Chakrabarty said, “To start with we are launching two varieties of credit cards Global Gold and Global Classic, which will meet the needs of its customers and will cater to the requirement of different income groups.”

Mr. Montek Singh Ahluwalia, the Deputy Chairman of the Planning Commission was also present at the occasion.

Diversified retail player, Vishal Retail has denied a newspaper report, which stated that it will close down about one third of its 172 retail outlets and downsize its staff across the country due to slowing sales.

The company official stated that it has not issued any such statement in the press, and all reports related to the matter are totally false.

It may be noted that the company has closed its two stores in last week.

The promoters of leading telecom product manufacturer, Kavveri Telecom Products Ltd have pledged 5% stake of the company, as collateral security for credit limits sanctioned to the firm, with the State Bank of India.

The company, in a filing before Bombay Stock Exchange, said, "Promoter has pledged shares with State Bank of India, Bangalore as a collateral security for the credit limits sanctioned to the company by the bank."