Engineering and construction major, Larsen & Toubro (L&T) has received three orders worth Rs 1,372 crore from three different steel companies for engineering related works.

The company has received an order worth Rs 516 crore from Vedanta Aluminium for setting up of an alumina refinery at its three-million-tonne-per-annum (MTPA) Lanjigarh plant in Orissa.

The scope of the order, which would be completed in 20 months, involves civil, structure, tanks, equipment erection, piping and commissioning assistance for the alumina refinery.

SRF Ltd, the domestic market leader in technical

The corporate credit rating of automaker Tata Motors has been lowered by Standard & Poor’s (S&P’s), from ‘BB’ to ‘BB-’. S&P’s credit analyst Mehul Sukkawala said, “We've downgraded Tata Motors and placed the rating on credit watch due to the faster-than-expected deterioration in the automobile market conditions.”  

Tata's sales in India decreased 30 percent last month from November 2007, a much higher decline than expected. The decline followed a 20 percent October decrease from 2007. Also, Jaguar and Land Rover, the marquee British brands that Tata Motors bought out early this year, have seen shrinking demand in the key markets of the US and Europe. This is likely to have an adverse impact on Tata Motors’ financial profile.

Global search engine and web services provider Yahoo! has started the retrenchment drive by terminating the services of 45 people in India. Company spokesperson said that the global financial crisis and slowdown impacted the growth of the company, forcing it to take extreme steps like retrenchment. It would also employ other cost cutting measures to mitigate the losses. It had already hinted in October about the job cuts.