Vijay Mallya-promoted Kingfisher Airlines has finally slashed its domestic basic fares by up to 65 per cent, indicating an average reduction of around 20 per cent in overall fares.

Last week, Kingfisher had declared a range of fare cuts without indicating the quantum of cuts across sectors.

The company's announcement follows moves by rival Jet Airways and Air India, the country's national carrier to trim their basic fares by an average of 50 per cent and 40 per cent respectively.

New-Delhi-based Surya Roshni Ltd, a major lighting solution provider, is planning to invest Rs 100 crore in setting up a lamp manufacturing plant at Malanpur, Gwalior with an aim to attain Rs 1,500-crore turnover in the next three years.

The new plant, which will manufacture mainly CFL lamps, high masts and street lights, is expected to be commissioned by the end of 2009.

The firm plans to make 3 million lamps per month. The company already has two manufacturing plants - one each at Kashipur (Nainital) and Malanpur (Gwalior).

Vodafone has made announcement about the launching of its new service, named ‘Vodafone Friends Circle’ permitting customers to make local calls to family and friends more frequent and long.

The offer is for both pre paid and post paid users.

The facility allows users to add up at least 5 numbers and enjoy extra talk time to local calls at just 20 paise per min.

This service can easily be activated by sending an SMS ‘FRIENDS’ to a toll free number 144.

Assets under management (AUMs) of Indian mutual funds have shown an increase of 4 per cent in December 2008. AUM had been declining since last three months according to the data released by the AMFI. The growth is caused following good performance of income funds. AUM of the mutual fund industry stands at Rs 4,18,336 crore as on December end as compared to Rs 4,02,029 crore in November 2008.

The Union Government has relaxed the norms for external commercial borrowing (ECB) in its recently announced second economic booster package. The move would allow the integrated townships to raise funds from the international market. Integrated townships includes housing, commercial premises, hotels, resorts and city and regional level urban infrastructures.

Interest rate cap on all new entrants has been removed besides maturity period limits, re-imposed in May 2007 by the Reserve Bank of India. All ceilings would be re-looked at in May 2009 by the government.

The stake of chairman of Satyam Computer Services Ltd, B. Ramalinga Raju and his family declined to 5.13% from 8.27% following large scale selling of shares by the institutional investors. The company is facing trouble since allegations of corruption were made on Mr. Raju while executing some important deals. The World Bank has also banned the company for eight years on the basis of bribery charges.