Auto makers may extend production cuts in the wake of the severity of global financial crisis and slowdown in the coming times. Both commercial and passenger vehicle segments reported decline in the month of November and auto sector growth rate may further decline as per reports.

It has been announced by the Mahindra Ugine Steel Company that it has decided to align the company's production plans with the expected demand due to the ongoing economic slow down in the steel as well as the automotive industry and taking into account the slowdown in demand for the company's products.

On Tuesday, it was announced by Morgan Stanley's private equity unit that it had invested 1.82 billion rupees ($37.5 million) in unlisted Indian castor oil maker, Biotor Industries, with the motive to mark its first private equity investment in India. Via a statement, Chin Chou, managing director and head of Morgan Stanley Private Equity Asia said, "We are pleased to be making our first investment in India." He further added, "The Company expects to deploy a significant amount of the Asia fund in India in the next two years."

South Korean major Samsung Engineering in consortium with Linde (Germany) has pocketed $1.5 billion contract from ONGC Petro addition (OPaL) for the construction of a dual feed ethylene cracker unit and associated unit plant.

Speaking on this, Samsung Engineering spokesperson Charlotte J Lee said, “The engineering, procurement, construction & commissioning contract is for a dual feed ethylene cracker unit and associated units plant of OPaL.”

Fortis Healthcare has announced that it will raise Rs 1,000 crore through rights issue for funding its debt repayment and business expansion.

The company said that the proceeds of the right issue would be used primarily for funding projects including the upcoming Medi-City project in Gurgaon, redemption of preference shares, repayment of short-term debt, upgradation of existing facilities and tapping future investment opportunities.

Country’s largest car maker company, Maruti Suzuki India Ltd, has said that it expects to commence the shipping of its A-star small car to Nissan from February-March for sale in Europe.

However, Maruti Suzuki India Managing Director, Shinzo Nakanishi said that the company was yet to agree on the exact number of cars it would supply to Nissan.

Nakanishi also indicated that if the market condition does not improve then the company may consider production cut.