Aditya Birla Nuvo, a diversified conglomerate, has registered fall of 62.55 % in its net profit to Rs 26.39 crore for the quarter ended March 31.

The company had a net profit of Rs 70.48 crore in the same quarter ended March 2008.

However, company’s total Income has increased by 3.17% to Rs 1193.74 crore, from Rs 1156.95 crore for the quarter ended March 31, 2008.

According to Reuters’ report, the world’s mobile phone bigwig Nokia intends slashing another 450 jobs in its services business, IT support and industry collaboration. The move depicts Nokia’s attempt to reduce costs in the face of the weak demand.

Around 360 workers will be laid off in Nokia’s Internet Services division, as the company folds operations into Ovi Store, which is its content storefront for its May-scheduled mobile devices.

India's first home-grown wind technology company Suzlon Energy, has posted a net loss of Rs 52.3 crore for the nine-month period ending December 31, 2008, against a net profit of Rs 565.28 crore in the year-ago period.

However, the company's total income nearly doubled to Rs 17,499.2 crore from Rs 8,924.3 crore during the same period.

The energy major's profit before tax declined to Rs 272.54 crore in the nine-month period ended December 31, 2008, from Rs 689.63 crore in the year-ago period.

Close on the heels of Nokia reporting its first ever quarterly loss, Sony Ericsson Mobile Communications Ltd has also posted its third straight quarterly loss for the first quarter of 2009.

While pretax loss figures of the company stood at 370 million euros, as against the analysts' estimates of 371 million; the first-quarter net loss was 293 million euros, in comparison to the year-before profit of 133 million euros.

A 'cost-reduction, efficiency-enhancement' aimed restructuring program appears to in the offing for Naresh Goyal's private carrier Jet Airways! The company, which has recently slashed 30 percent of its flights and leased out several of its planes, is now planning to layoff nearly 400 employees.

Some other steps to be taken by the company include the closing down of some of its offices in metros that basically handle ticketing; as well as working out a centralized operation control centre in Mumbai. At present, flight despatch job for the airline is handled at its hubs at Delhi, Kolkata, Chennai, and Bangalore.

The LN Mittal-controlled company, ArcelorMittal, is reportedly holding up its $20-25 billion proposed steel projects in Orissa and Jharkhand, largely because of the global economic crisis that has weakened demand for steel. As such, the world's biggest steelmaker's pending payment to the state government, for a 1,500-acre land earmarked for the proposed facility, will also be delayed.