Indian banks can now avail forex swap facility until the end of the financial year 2009/10 as the reserve Bank of India has approved its extension and increased the interest rate ceiling on foreign currency export credit with immediate effect. The move would help to mitigate the credit problem in the midst of tight liquidity conditions.
Tata Motor's payments to some vendors are getting delayed, showing the tough situations being faced by India's top bus and truck maker, under the impact of global slowdown.
Ravi Kant, the managing director of company, said, "Yes, there is a delay... there would be a delay. I'm telling you we are in a difficult situation... the whole industry are."
However, he declined to disclose the quantum of outstanding dues that may be more than 12 billion rupees ($245 million), according to reports published in media.
The United States Food and Drug Administration (U.S. FDA) has approved commercial marketing and distribution of cheap version of Lithium Carbonate capsules, manufactured by Glenmark Generics Inc (GGI), the US subsidiary of Glenmark Generics, in the US market. The company said, in a media release, that it would soon start marketing of capsules in 150 mg, 300 mg and 600 mg range.
The association of IT-BPO industry, NASSCOM has revised the growth projections of software and service exports to 16-17% for the financial year 2008-09 at $47 billion as compared to its earlier estimates of $50 billion. The body said that demand in the segment declined under the impact of global slowdown that led it to revise its revenue growth targets.
A sample survey, conducted by the labour ministry, has found that about five lakh workers lost their jobs in the period from October to December 2008 under the impact of global slowdown. However, the figures by the Federation of Indian Export Organizations (FIEO) present even gloomier picture of slowdown hit export sector due to slump in demand and tight financial conditions. The worst hit sectors include textiles, metals, gems and jewellery, automobile, transport and IT/BPO which contributes more than 65% of the country's GDP.
The promoters of leading telecom product manufacturer, Kavveri Telecom Products Ltd have pledged 5% stake of the company, as collateral security for credit limits sanctioned to the firm, with the State Bank of India.
The company, in a filing before Bombay Stock Exchange, said, "Promoter has pledged shares with State Bank of India, Bangalore as a collateral security for the credit limits sanctioned to the company by the bank."
Indian banks can now avail forex swap facility until the end of the financial year 2009/10 as the reserve Bank of India has approved its extension and increased the interest rate ceiling on foreign currency export credit with immediate effect. The move would help to mitigate the credit problem in the midst of tight liquidity conditions.
Tata Motor's payments to some vendors are getting delayed, showing the tough situations being faced by India's top bus and truck maker, under the impact of global slowdown. 
The United States Food and Drug Administration (U.S. FDA) has approved commercial marketing and distribution of cheap version of Lithium Carbonate capsules, manufactured by Glenmark Generics Inc (GGI), the US subsidiary of Glenmark Generics, in the US market. The company said, in a media release, that it would soon start marketing of capsules in 150 mg, 300 mg and 600 mg range.
The association of IT-BPO industry, NASSCOM has revised the growth projections of software and service exports to 16-17% for the financial year 2008-09 at $47 billion as compared to its earlier estimates of $50 billion. The body said that demand in the segment declined under the impact of global slowdown that led it to revise its revenue growth targets.
A sample survey, conducted by the labour ministry, has found that about five lakh workers lost their jobs in the period from October to December 2008 under the impact of global slowdown. However, the figures by the Federation of Indian Export Organizations (FIEO) present even gloomier picture of slowdown hit export sector due to slump in demand and tight financial conditions. The worst hit sectors include textiles, metals, gems and jewellery, automobile, transport and IT/BPO which contributes more than 65% of the country's GDP.
The promoters of leading telecom product manufacturer, Kavveri Telecom Products Ltd have pledged 5% stake of the company, as collateral security for credit limits sanctioned to the firm, with the State Bank of India.
