Hurt by the recession fears, Parsvnath Developers, one of the leading real estate company has revealed that it would sack under-performing employees as part of its cost cutting measures that would begin in the next 15-20 days. 

The company however, did not specify the number of people who will be retrenched. The company currently employs 1,400 people and about 30,000 people are indirectly employed.

Tracking weak global cues, Stock markets around the globe took severe beating on 
Friday and oil prices plunged to $ 62.85 per barrel, their lowest in more than a year. 

Even gold, the traditional safe haven in times of panic, fell sharply below Rs 12,000-mark, as a rising dollar and stock-market losses forced investors to sell the metal to raise cash.

Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per ten gram respectively. 

According to market analysts, people are liquidating gold and other commodities as their losses in stock markets deepen. They said the credit crisis and rising concerns of global inflation keep mounting pressure on the stock markets everywhere.

Keeping the festive season in mind, Dish TV, a unit of Essel group has finally launched a much awaited religious channel facility christened ‘Bhakti Active’ on its network. 

With the latest introduced service, subscribers would now be able to see live Gurbani from Bangla Sahib and Nanded Sahib, Aarti of Sai Baba from Shirdi, Ganesh Aarti from Siddhi Vinayak, Aarti from Tirupati Balaji, Live Ganga Aarti from Haridwar and Bhasm Aarti of Mahakaal from Ujjain. 

Reliance Mutual Fund, Country's No 1 fund house, has launched 'Reliance Fixed Horizon Fund- X-Series 8', a close-ended income scheme in the market. The face value of new issue is Rs 10 per unit. 

The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. 

Tata Indicom, the fastest growing telecom service provider, has announced the launch of the first ever CDMA AM/FM enabled mobile phone in the market.
 
The newly launched handset comes with a unique radio-inspired design with volume boosters for clarity of sound even in noisy environments. Other than FM frequency channels, the handset comes equipped with AM too, a first amongst CDMA phones. 

Country's leading credit rating agency ICRA Limited (ICRA) has signed a Memorandum of Understanding (MoU) with Andhra Bank.

Under the arrangement, ICRA will assign Bank Loan ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II. 

ICRA's ratings for the standardized approach would be carried out under its "Line of Credit" rating service and would enable Andhra Bank to assign the new risk weights applicable to its borrowers under Basel-II.