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.

India’s major exporter of iron ore, Sesa Goa has announced its plans to pump Rs 4 billion in the coming two fiscals, for the construction of mines and infrastructure. The company is also keeping its investment plans intact.

According to the sources, the conglomerate also intends to exploit the fall in prices of mining assets and acquire iron ore mines in India and abroad.

The sources further revealed that the company is also confident about it’s 30 percent growth target for output in the current financial fiscal .year.

Ford India Pvt. Ltd announced an investment of $500 million in India and introduction of a small car by year 2010. Ford, in India sells Ikon, Fusion and Fiesta cars, and the Endeavor sports-utility vehicle.

Michael Boneham, president of Ford India Pvt. Ltd. Said, "The Credit crunch and the lack of confidence has affected in the short-term." Mr. Boneham further added that the plans for new models of Ikon are on track despite the difficulties.