Country's largest oil marketing company, Indian Oil Corporation (IOC) announced financial results for the third quarter ended December 31, 2008. The firm managed to register 42 per cent increase in net profit at Rs 2,958.59 crore, on accounts of support through government bonds.
Sarthak Behuria, Chairman of IOC said, "In spite of inventory losses and lower refining margins, the profit could be achieved due to support from the government by way of additional bonds."
Mukesh Ambani, Chairman of Reliance Industries (RIL) secured third slot in the list of 10 wealthiest CEOs compiled by Forbes magazine. Mr. Ambani, whose stake in the petrochemical firm is valued at $16.8 billion, managed to get place in the list despite 62% drop in RIL share prices since January 2008. The list is prepared on the basis of the value of the CEOs' financial stake in the companies they control.
Tata Capital, the financial services arm of Tata Group, on Tuesday announced that it is planning to launch its private equity business by the end of first quarter of the next financial year (2009-10).
Global slowdown, spreading fast in India, has adversely hit country's export sector in January with reported decline of 22% in merchandise exports. The data provided for January gives indication of grimmer situation ahead with a large number of job losses and stagnation in economy.
The government, after ordering probe into IPOs of all listed companies, has ordered to scrutinize accounts of the education software and services firm, Educomp Solutions and Six public sector companies. 
In a bid to discourage 'fraudulent siphoning' or diversion of funds in corporate sector, the government and capital market regulator has decided to scrutinize money raised through initial public offers (IPOs) during the period between 2004 and 2007.
