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.

Hindustan Dorr Oliver Ltd., a leading total engineering solution provider, has picked an order worth Rs 24 crore from HPCL-Mittal Energy Ltd.

The scope of work includes detailed engineering, shop & site fabrication, transportations and supply of Process Pressure Vessels weighing from 50 MT to 250 MT each.

The project is schedule to complete within a period of 12-14 months.

Ahmedabad-based Sadbhav Engineering has informed that its joint venture has won an order worth Rs 1571 crore from Maharashtra State Road Development Corporation for modernization and computerization of integrated border check posts at 22 locations in Maharashtra.

The project will be build on Build Operate and Transfer Basis in the name of Joint Venture known as 'Sadbhav - SREI- SREI Sahaj Consortium' in the ratio of 51:39:10 respectively.

The project has concession period of 24 years six months inclusive of construction period of 18 months.

Luxury car maker Bayerische Motoren Werke AG (BMW) has overtaken its arch rival Mercedes Benz by selling 270 cars and sports utility vehicles (SUV) in the country. The company also launched a luxury SUV, X6 in diesel and petrol model with price tag of Rs 65.9 lakh and Rs 82.9 lakh and hoped to attain supremacy in the luxury car segment in coming times.