The Cabinet Committee on Political Affairs, under the chairmanship of foreign minister Pranab Mukherjee, is meeting on Wednesday to discuss reduction in fuel prices. It may take final decision on much awaited reduction of prices of petroleum products on accounts of decline in crude rates in the international market.

Prices of petrol can be reduced by Rs 4 a litre, diesel by Rs 1 per litre and cooking gas LPG by Rs 25 a cylinder, much lower than expected by transporters and general public of the country.

Decline in input cost prices and strong performance by hair and skin care category helped Dabur India Ltd to show good results in the third quarter of current financial year. The firm posted a rise of 16.1% in net profit for Q3 ended December 31, 2008 despite low customer spending and tight financial conditions.

Sunil Duggal, Chief Executive, Dabur India said, "Even in the current economic scenario, demand for our everyday use products continue to be strong and we have not seen any significant impact on consumer spending." He hoped that the firm would continue to expand its business in next financial year despite global slowdown.

Financial Technologies, India has announced its financial results for third quarter on Sunday. The firm reported 53 per cent increase in net profit for the third quarter of current financial year. Its PAT stood at Rs 43.2 crore in the reporting quarter as compared to Rs 28.3 crore in the same period last year.

Encouraged by significant increase in net profit for Q3, the Andhra Bank is now eying of business growth of 23 per cent in the eastern region for the current financial year. The bank did total business worth Rs 95,770 crore till December 2008 and now sets a target to increase its business to Rs 100 thousand crore by the end of this financial year.

Ramakrishnan K S, Zonal manager, Andhra Bank said that bank expects business worth Rs 150000 crore by September 2010. The bank has initiated various measures to increase current account and saving accounts (CASA) deposits.

Union Bank has revealed that it aims to open 500 new branches over the coming six months. According to sources, the rapid growth of the bank has led to opportunities in career progression within the bank.

The sources further added that the lender has proposals to employ 1600 officers, of which 800 will be through campus recruitment and the bank has short listed 25 institutes, including some of the top management schools to conduct the process.

Indian telecom sector continued to register growth in third quarter as well despite unfavorable conditions of financial market following global slowdown. It emerged as one of the fastest growing field of Indian economy by posting growth rate of 2.84 per cent last month. Telecom industry added 10.66 million new subscribers in December according to an official statement by the Telecom Regulatory Authority of India (TRAI).