India’s Housing Development Finance Corp (HDFC) has notified that it has slashed its retail lending rates by 50 basis points, effective Dec. 22.

According to sources, rates on fresh home loans of up to Rs 2 million ($42,370) will plunge to 10.25 percent, while those on bigger loans will attract a rate of 11.25%.

US headquartered Caterpillar India disclosed that it has clinched a Memorandum of Understanding with Tamil Nadu Government to commence a heavy engineering equipment manufacturing plant near the city with an investment of Rs 800 crore.

Under the pact, the conglomerate would make heavy engineering equipment used in construction and mining industry.

Astra Microwave Products has received an order for Rs 138 million from Antrix Corporation for supply, installation and commissioning of remote unmanned automatic weather stations in 500 locations across India.

The weather stations will telecast live data via satellite to the Indian Space Research Organization's central servers on a 24X7 basis.

Gujarat emerged as entrepreneur’s most favorite destination accordion to a survey conducted by the global consultancy firm KPMG. The survey titled "Entrepreneurial India" is based on response of 1000 businessmen across 15 states of the country.

IDBI Bank has announced that it has linked up with mobile commerce company, PayMate to introduce mobile payments facility for the bank's customers.

According to sources, the facility will allow clientele to make utility bill payments from their mobile phones.

Not all this, the customers can also use the facility to book movie and flight tickets, restaurant bills, mobile recharge, online purchases and retail shopping at over 13,000 merchant outlets.

UTV Motion Pictures and Moser Baer Entertainment have clinched an exclusive home video licensing pact formalizing a strategic association into the home video distribution business.

According to the officials, the alliance was an attempt to build on each other's strengths.

The sources close to the company revealed that the agreement gives Moser Baer video rights to 25 UTV flicks.

State-run Indian Oil Corporation (IOC) has revealed its plans to acquire a sugar mill, and construct a refinery in Brazil to produce ethanol.

According to sources, India’s ethanol production was likely at 2,730 million litres in the year to September 2008, down from 2,900 litres a previous year.

According to reports, India imports 70% of the oil it consumes and heavily discounts fuel sales.

National Aluminium Company (NALCO), Asia`s largest integrated aluminium producer has announced it has clinched a strategic alliance agreement with a Canadian company Rio Tinto Alcan for enhancing its footprints in India and abroad.  
 
According to sources, the strategic alliance would help both the companies to share information to identify potential to create value for both the organizations.  
 

Spanish banking giant Santander, has announced that it plans to cut down 1,900 jobs in its three British arms in the coming year.

Earlier this year, Europe's second-biggest bank, Santander has acquired two banks .

According to reports, the company’s third quarter net profit rose 4.3 per cent to 2.2 billion euros.

Marg, a Chennai-based company engaged in infrastructure development, is searching the options to invest Rs 1.08 billion in the Bijapur airport project, and is looking for a strategic partner for the same.

According to the sources, the company recently secured the contract for building and operating the airport.

Of the Rs 1.08 billion, equity portion will be Rs 320 million and the rest will come through debt.