Despite holding significant stake directly and an indirect interest through infrastructure major Larsen and Toubro in Satyam Computer Services, the Life insurance Corporation (LIC) seems to be wary of handing out projects to the fraud-hit IT company.

Indeed, the insurance behemoth has dropped Satyam from the list of vendors for a key project, sources familiar with the development told DNA Money. Going by them, Satyam's name was among the shortlisted companies for LIC's front office modernisation plan, but was dropped subsequently.

New merged entity can take on larger projects, says CFO

It was Chevron that did it, said Reliance Industries (RIL) officials about India's largest company's merger with its 70% subsidiary Reliance Petroleum (RPL). Speaking to the media, company officials said RIL had bought out the 5% stake that Chevron had in RPL and there was no longer any reason to keep it separate from the main company.

McNally Bharat Engineering bagged an order worth Rs 116 crore from state-run Steel Authority of India for a water supply system project at its Burnpur plant.

The company stated in a release that, Steel Authority of India (SAIL), IISCO Steel Plant, Burnpur, West Bengal has accepted the company`s offer for water supply system for CCP and BOF for a total price of up to Rs 115.92 crore inclusive of tax and duties.

The project is scheduled to be completed in 18 months.

Pittsburgh-based PNC Financial Services Group Inc. today announced that its Board of Directors will slash the company's quarterly common stock dividend from $.66 to $.10 per share in aim to save $1 billion a year and boost liquidity.

The dividend cut comes as executives at many banks are feeling pressure to reconsider their companies' dividends as their stock prices fall and the market puts a greater premium on capital preservation.

The next dividend is expected to be declared in early April.

Diversified business conglomerate Sahara, in a bid to become a national player in the domestic healthcare sector, has revealed its investment plan worth Rs 4,000 crore over the next 10 years for setting up a chain of 217 secondary hospitals across the country.

Through Sahara Hospital Chain, the company intends to set up a benchmark of excellence in advanced, hi-tech and multi-disciplinary medical services in Asia.

State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) has revealed that the company is presently setting up a manufacturing unit at Tirumayam in Tamil Nadu at an investment of Rs 250 crore.

The project, to be funded through internal accruals, is part of the company’s manufacturing capacity expansion programme, a company official said.

The new plant would initially produce about 25,000 metric tonne of boiler components.