IT & BPO services and consulting firm Hexaware Technologies has decided to put 350 of its employees on 'virtual bench' in a bid to control costs and to mitigate the impact of global slowdown on its business. Recently, Mumbai-based IT firm Mastek had taken such step on similar grounds.

The fraud hit Indian IT firm, Satyam Computer Services is looking for a strategic partner in a bid to achieve adequate growth rate in the aftermath of disclosure of largest ever corporate fraud committed by its founder chief, B. Ramalinga Raju and other executives of firm. The company is currently under the control of Government-administered board, which is struggling to wash its bad image and retain the clients.

Zaragoza, Spain  - General Motors Europe will file for bankruptcy protection unless it urgently obtains 955 million euros (1.2 billion dollars) to cover immediate payment needs, employees' representatives at a Spanish GM factory said in a statement Wednesday.

The works committee referred to information given after GM European management and employees' representatives met Tuesday in Ruesselsheim, Germany.

State run Bharat Earth Movers Limited (BEML) said that it has signed up a strategic deal with Indonesia based Sumber Mitra Jaya.

The top mining and construction equipment manufacturing company signed the deal to bid for forthcoming contract mining business.

The consortium approach consists of agreement for investments in contract mining in which BEML will make 30% investment, while the remaining 70% will be made by the Indonesian company.

The big news doing the rounds is that cement companies has decided to hike the cement prices by Rs 2-4 per bag.

While confirming the development, H.M.Bangur (MD, Shree Cements) said, “There is no price rise due to shortage but it is done as an effort to cover up cost.”

Bangur added that the company has passed on the benefit of excise duty cut on bulk cement to its customers, however prices of cement bags have risen as there was no relief for those products.

At present, the industry capacity utilisation stands at 85% versus 95%.