Country's largest automobile company Tata Motors on Tuesday informed that it has entered into a tie-up with the Union Bank of India (UBI) for financing its range of passenger vehicles.

Under the arrangement, the lender will offer car loans up to 85 per cent of invoice, for tenure ranging up to five years, at a rate of 11-11.25 per cent.

The loan facility will be available at all branches of Union Bank of India and 329 sales touch-points of Tata Motors, company stated in a release.

Rate follows GBP in two-way action, holding support now at 1.2550 area once again. Aggressive traders can add to open longs on this dip. Cross-spreaders supporting rate as GBP drops. Stops building on both sides as the rate tests for stops on the downside first.

Upside stops likely building in the 1.2630/50 area again, overhead resistance at 1.2720 area now with stops likely the other side. Key 1.3030 area likely next; failure to hold 1.2900 likely going to be the test for the bulls this week. Close above key 1.3030 area needed for further upside until then rallies likely to be sold so expect more two-way action.

The USD is holding gains into the end of New York trading today after solid two-way action overnight put the Greenback on the offensive into this morning. Rising to new weekly highs against GBP and yearly highs against CAD; other major pairs remain range-bound and inside-range. Traders note that cross-spreaders for GBP pairs kept Sterling on the defense all day putting in a low print at 1.3741 before stabilizing back on the 1.3800 handle for most of the day.

With the IBM - International Business Machines Corp. - stock having done better than the company's large-capital technology contemporaries,

Chairman and CEO Samuel J. Palmisano, in a letter to the stockholders, expressed optimism that IBM is "positioned to lead in the era that lies on the other side of the present crisis."

Saying that IBM is confident of thriving despite the economic downturn, as the company plans to develop money-saving computer services, and spread out further, by the way of the so-called 'cloud computing' concept of delivering software, data and computing power over the Internet.

Sodexho, multinational food service major, has bought a majority stake in Radhakrishna Hospitality Services for Rs 4 billion.

The company is likely to make an official declaration about the contract later in the day.

Radhakrishna Hospitality is the only organized player in Indian food service space.

In 2008, the company bought the equity stake possessed by Compass, a US-based food service firm, in a joint venture and is involved in launching its international catering services.

The company had earlier tried to incorporate financial investors but couldn't do so because of problems with prospective investors over pricing.