India's second largest software exporter Infosys reported 33 per cent rise in profit in the third quarter of 2008-09, which currently stands at Rs 1,641 crore.

Drop in billing rates, adverse conditions of financial market and currency fluctuations failed to stop company's revenue growth in the third quarter. Infosys, CEO, S. Gopalakrishnan said, "This is a very good performance, considering the difficult times we are in."

Government is likely to announce a special bailout package for beleaguered IT giant, Satyam Computers Services in few days.

The new Board of the company has reported that the IT major is not having enough of funds for salary pay outs and future of its 53,000 employees is hanging in dark.

Government has already appointed a board of experts who are working on many ideas to restore the image of Satyam Computer Services.

Kolkata-based Braj Binani Group cement manufacturer, Binani Cement Ltd. has entered into a Memorandum of Understanding (MOU) with the Gujarat Government to set up a Greenfield cement plant of 2.5 MTPA capacity in the state.

The plant will manufacture Ordinary Portland Cement (OPC), Pozzolona Portland Cement (PPC) in various grades. It may be noted that the production of OPC to PPC will be ordinarily 50:50.

Hindustan Construction Company (HCC), one of the leading construction and civil engineering firm, has signed two MoUs with Gujarat Government for a total investment of Rs 41,500 cr.

The company stated in an official release that it has signed the first MoU with the Gujarat Government Infrastructure Board, to develop a water front city with a total investment of Rs 40,000 crore.

Sources revealed that the proposed new city will be on the lines of Lavasa, India's first hill city being built by the company near Pune, Maharastra.

Jubilant Organosys, an integrated pharmaceutical industry player, has notified that its Bangalore-based subsidiary Jubilant Biosys Ltd, has entered into a drug discovery partnership with BioLeap, LLC, USA.

Under the relationship, BioLeap and Jubilant will integrate BioLeap's leading edge computational fragment based drug design platform with Jubilant's expertise in chemistry, biology and crystallography to offer a highly competitive preclinical drug development platform.

Cambridge Solutions Limited has informed that its wholly owned subsidiary, Cambridge Integrated Services Group has entered into a significant new contract with Compagnie Pour Assistance Technique et Investissements S. A. (CATISA), to provide consulting services, business development and procurement services over the next two years.

The contract has a value of up to US$15 million over this period.