Helsinki  - Finnish-based Nokia, the world's biggest mobile phone maker, said Thursday its operating profit dropped by 21 per cent in the third quarter 2008.

Operating profit for the quarter was 1.46 billion euros (1.98 billion dollars), compared to 1.86 billion euros for the corresponding business period in 2007.

Net sales dropped 5 per cent in the quarter to 12.2 billion euros.

Chief Executive Olli-Pekka Kallasvuo said in a statement he believed Nokia was "well positioned for the current times," citing the group's "scale, brand, improving product portfolio and low cost structure."

Market regulator Securities and Exchange Board of India (SEBI) has rejected to execute the stake sale of the Ranbaxy-Daiichi deal.

Earlier, the Indian company had asked both NSE, BSE for approving the deal via stock exchange. 

The NSE had sought SEBI's nod for the block deal given CCEA requirements. SEBI had already made it clear that it would not relax the norms on block deals.

With the Stock Exchange in a state of severe shock the announcement of the country's largest real estate developers to post pone their Buyback proposals makes it quite evident that there is some kind of financial crunch on the company.

However, the CFO, DLF Ramesh Sanka stated "There's no cash problem .The process has started .This is just a formality we have to fulfill. It will start on October 17 instead of October 15".

ICICI Bank, Country's third largest lender and British Airways have jointly launched a co-branded credit card called 'ICICI Bank British Airways American Express Credit Card' in the market. 

The bank claims that, the card provides one of the fastest ways to earn complimentary flights using a credit card in India. The card will give new and existing members an opportunity to accelerate their BA Miles earnings. 

Tata Motors, Country’s largest automobile company has informed that its Korean commercial vehicle subsidiary Tata Daewoo has developed the prototype of the 4.5 tonne LPG truck in association with the Korean government. 

The company quoted during a press release that the vehicle was developed by Tata Daewoo in association with the Ministries of Commerce, Industry and Energy, Korea Energy Management Corporation and a consortium of 12 organizations. 

Moser Baer, world's second largest manufacturer of Optical Storage media, has set up a modern digital video processing facility in Chennai. 

The newly opened facility provides real-time video restoration of content, apart from audio restoration, editing, graphics, content repurposing and high quality and high throughput DVD compression and authoring services.