The net profit of Cairn India increased 12 fold for the third quarter. Its net stands at 293.32 crore as per the reports released by the company. Cairn India has done a remarkable work in the field of oil reserves exploration in India.

Company’s turnover increased to 21 per cent and stands at Rs 321 crore. It suffered a loss of Rs 106.4 crore in the same period of previous year. The company made income of Rs 118.20 crore in third quarter form investments and Rs 172.37 crore in the nine months ended September 30, 2008 including foreign exchange fluctuation of Rs 87.34 crore and Rs 110. 83 crore.

The NTPC would form a joint venture with Nuclear Power Corporation of India (NPCIL) for diversifying its efforts to generate nuclear energy. NTPC is the largest power generator of India and its board has approved the JV proposal with India’s only nuclear power producer. The joint venture is expected to come

Initially, the JV would set up a 2,000-MW nuclear power plant. The JV would boost the nuclear power generation capacity of India following the Nuclear Suppliers' Group waiver and Indo-US nuclear deal. India has set a target to produce about 20,000 MWe of nuclear power by 2020 and 36,000 MW by 2030.

Indian IT hub, Bangalore is also facing the heat of global recession. The IT industry of state of Karnataka has suffered 5 per cent decline in manpower utilization. Employment opportunities are also decreased by 3 to 5 per cent during the April-September 2008 period. It is established in a report based on the survey conducted by the Confederation of Indian Industry (CII) for the Southern Region.

IT sector witnessed low demand following global financial crisis. A decline of 2-3 per cent in pricing (billing) during the first half of the current financial is also noticed. Overall decrease in the demand from European countries is also a cause of concern for Indian IT industry.

Norway-based telecom company, Telenor has brought a majority of 60% stake in Unitech Wireless. Telenor is the largest telecom company of Norway having existence in 12 nations with subscriber strength of over 150 million. The Norway government holds 54 per cent stakes in Telenor. Unitech wireless is a subsidiary of major reality giant, Unitech.

Union Finance Minister, P. Chidambaram chaired a meeting of key regulators, policymakers and economic experts to discuss financial situation and India’s stand in crucial G-20 Summit. The finance minister reviewed the economic situation of country, in the meeting. Other issues related to financial sector reforms, liquidity position and regulations were also discussed with leading economists.

Mahindra & Mahindra Limited (M&M) reported a decline of 35 per cent in its net profit for the quarter ended September 30, 2008. Its net profit was Rs 285.9 crore in the same period last year. Now, it stands at Rs 185.7 crore registering 35 per cent decline.

M&M reported an exchange loss of Rs 117.8 crore including a notional loss of Rs 96.7 crore. These losses were suffered following revaluation of the company’s net foreign currency borrowings. Its gross revenue for the quarter ended September 30, 2008 registered a growth of 14.1% and stands at Rs 3,695.2 crore. It was Rs 3,239.5 crore during the corresponding period last year.