The ongoing global financial crisis is badly impacting steel companies across the country. They are taking various cost cutting measures to cover their losses. Major steel companies such as JSW, Essar and Ispat Industries have already cut down their production due to steep decline in demand across various sectors.

CFO of JSW Steel, Sheshagiri Rao said that steel industry is dealing with low demand by announcing production cuts. He however said that that the situation would soon become normal.

German luxury car manufacturer, Audi launched a super sports model 'Audi R8' in India. The mid-engine sports car is available at Rs 1.17 crore including central sales tax, transportation and other charges.

The sports car is equipped with an engine displacement of 4,163 cc and a power output of 420 hp. It can attain a maximum speed of 301 km. R8 comes with six-speed R-tronic gearbox and an all-aluminium space frame body. It's highly sophisticated interior and exterior design offers luxurious feel to driver with a number of interior options. The company is committed to make it as the most successful premium brand by 2015.

National Thermal Power Corporation (NTPC) has announced that it is planning to diversify into cement manufacturing and considering a joint venture associate to build four units in different parts of the country.

NTPC produces around 95 million tons of fly ash from its various units annually.

Fly ash is an important raw material for cement business.

According to the sources, NTPC intends to become a 50,000 megawatt capacity conglomerate by fiscal 2012, with an investment of US$ 36 billion.

The profit of Vedanta Resources declined by 24.7 percent for the first half of this fiscal. Rising input cost and lower metal prices hit its margin. Its profit stood at $465 million before a year while now it stands at $350 million. It earning stands at $1.272 billion, registering a decline of 6.8 percent.
 
City analysts were shocked at the poor result. Morgan Stanley analysts, however, said that results are in line with earlier forecast following global financial crisis.

Shares of Vedanta fell as much as 12.4 per cent after posting profit decline of 24.7 percent.

Bharat Sanchar Nigam Ltd (BSNL), a leading state run telecom operator, has announced that it is considering acquiring companies in Africa and Middle East.

While commenting on the proposals, Mr. Kuldeep Goyal, BSNL chairman and managing director stated, “We are looking at developing economies such as Africa and Middle East countries.”

The company is proposing expansion in mobile and broadband sectors in the countries where telecom density is low.

Tata-owned steel giant Corus has decided to axe 400 jobs at its distribution unit due to global economic downturn.

The proposed job cuts will be spread across United Kingdom, comprising 100 in the West Midlands, around 100 in North Wales, 50 in South Wales and 50 in Leeds.

The company stated that its distribution business had been operating in an unstable and irregular market since the start of the year.