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: Tata Steel cuts prices of steel products

Tata Steel on Wednesday said it has cut prices of some of its steel products mainly on account of weakening global trend. “We have cut prices of our flat steel products. It is in the same range as other steel makers have done,” Tata Steel MD H M Nerurkar said.

Kingfisher layoff buzz

Kingfisher Airlines is understood to have put close to 100 pilots, mostly trainees, on the chopping block on grounds of huge losses and capacity reduction. These pilots have completed their probation and all endorsements, but the company has decided not to renew their service contracts in view of the huge losses and capacity reduction, sources said on Wednesday.

Tarun Das lauded

Reacting to stepping down of Tarun Das from his position as the chief mentor of the CII, Ratan N Tata, chairman of Tata Sons, said, “Tarun Das is one of those rare people of considerable ability who has dedicated his life to public good. The Indian industry owes him a debt of gratitude, for his leadership has been instrumental in driving its development and global emergence.

I consider Tarun as one of my closest friends.” RIL chairman Mukesh Ambani said, “His perseverance and achievements prove that backed by confidence, courage and conviction, anything is achievable.”

PowerGrid fund-raising

PowerGrid on Wednesday said it would raise Rs 3,000 crore through bonds by January next year. “We would raise Rs 3,000 crore via bond sale by January, 2010,” PowerGrid director (finance) J Sridharan told reporters. The company is also seeking loans of Rs 8,750 crore from the World Bank and the Asian Development Bank to fund upcoming transmission projects in the country.

Astec Life IPO

The initial public offer of agro chemical and pharma company Astec LifeSciences got fully subscribed on Wednesday, the final day of issue. The issue received total bids for over 87.61 lakh shares from investors, about 1.17 times more than 75 lakh equities on offer, as per the latest data with NSE.

Godrej plan

FMCG firm Godrej Consumer Products Ltd is looking at several acquisition opportunities globally and has earmarked a budget of Rs 1,000 crore for the purpose.

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