Unitech, the country's second largest realtor by market capitalisation, has finally sold its 200-key Gurgaon Marriott Courtyard hotel property to Roop Madan, a high net worth individual (HNI) based in Delhi.

Roop Madan is the managing director of Sanya Motors, the official dealer of Tata Motors in New Delhi with three car showrooms. Sources said that Madan also owns a small realty venture, Sanya Hospitality, and is one of the investors in the Logix group.

New York - Telephone equipment giant Nortel Networks Corp on Wednesday announced plans to cut 3,200 jobs worldwide as it struggles to emerge from bankruptcy protection.

The 114-year-old Canadian company filed for bankruptcy protection in January, and received an extension of that until May 1.

Nortel said the job cuts would take place over several months and are in addition to 1,800 workforce reductions already announced. The company also won't pay any bonuses under its incentive plan for last year.

Stockholm  - Troubled Swedish car maker Saab was hit by another blow Wednesday as the Swedish Customs agency halted the flow of imported parts for its assembly over unpaid customs duties, Swedish radio news reported.

Last week Saab filed for bankruptcy protection and launched a reorganization process after its US owner General Motors said it planned to shed the loss-making brand.

Saab cannot import parts for its cars or export assembled cars from Sweden until it can show it can pay the customs duties, the report said.

Tokyo- Toshiba Corp has signed a contract to engineer and build two nuclear plants in the southern US state of Texas, the Japanese company said Wednesday.

Toshiba would deliver the two reactors and other equipment while offering engineering work for the project managed by the South Texas Project Nuclear Operating Co, it said.

The reactors would be the first 1,400-megawatt advanced boiling-water reactors in the United States.

One was expected to start operating in 2016, and the other in 2017.

The stock of Dr Reddy's (DRL) has fallen 8% in the past month to Rs 397.90 per share compared with a 1.7% increase in the BSE Sensex. 

Lack of clarity on execution of the 33 contracts (across eight products) on the Allgemeine Ortskrankenkassen (AOK) tender due to legal challenges has weighed heavy on the stock in recent past. The eight products are likely to enjoy relatively lesser margins, but volumes are expected to increase. Supplies begin in March 2009 and are valid for two years, but completion of the tender may be delayed. 

Some European players could pose legal hurdles, questioning the terms used to award contracts by AOK. DRL has not bagged contracts for any of its top 10 products under the AOK tender.

Parsvnath Developers Ltd, the New Delhi-based developer, has postponed its luxury mall-cum-office complex in Connaught Place, the commercial hub of Delhi.