The Chhattisgarh government has reported in the contract award to China National equipment and tools Import and Export corporation (CMEC) to create 600MW thermal power place in Korba region. Bharat Heavy Electricals Ltd (BHEL) lost the bid to the Chinese corporation, which won the agreement by quoting the lowly rate of Rs 3.61 crore.

The choice to cancel the Letter of Intent (LoI) given to the CMEC was in use after a far above the ground level meeting, Chairman of Chhattisgarh State Electricity Board (CSEB) Rajib Ranjan said. CMEC could be blacklisted for the holdup and negation to take up the development. CSEB denied to consider CMEC’’s suggestion and invoke the bank promise of Rs 35 crore deposit as bid money. Instead of calling a clean tender, the direction decisive to award the following lowly bidder of the mission, BHEL. BHEL has earlier bag the procurement and creation (EPC) indenture for establish two units of 250MW every at Korba (East) thermal power project (TPP).
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Satyam Computer Services Ltd on Jan 21reported an augment of 28.58 per cent in its net income at Rs 433.63 crore for third quarter ended December 31, 2007, next to Rs 337.23 in the matching quarter of 2006.Total earnings of the collection rose 35.58 per cent at Rs 2266.05 crore for the quarter under appraisal, compare to Rs 1671.29 crore in the same period last year, Satyam said in a filing to the Bombay Stock Exchange.

The company has report 35.81 per cent rise in profits at Rs 2,179.27 crore from Rs 1,604.60 during the last third quarter ended, 2006.Shares of the company were trade at Rs 361, down 3.11 per cent on the BSE in daybreak trade.
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The life insurance sector is hoped in the direction of grow by approximately 30 per cent in this economic year. It had seen a enlargement of 95 per cent in the previous fiscal. The sum existence best profits determination cross the Rs 2 lakh crore smudge by the end of this economic as compare with in Rs 1.5 lakh crore in the last quarter ended. The non-life section is future to grow by 15 per cent to Rs 29,000 crore in the same period compared with Rs 25,600 crore a year ago. Insurance Regulatory Development Authority (Irda) said that last year’’s exceptional growth was due to broadening of the base following de-tariffing.

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The Canadian Imperial Bank of Commerce said on Monday that it would issue 2.75 billion Canadian dollars in stock at substantially discounted prices as part of an effort to ease investor anxiety about its subprime mortgage exposure.

The bank, based in Toronto, has by far the biggest exposure of any Canadian bank to troubled American mortgage debt, about $9.8 billion. It also confirmed that it would take a $462 million write-down on the unhedged part of that debt as well as a $2 billion write-off for subprime exposure insured by the troubled underwriter ACA Financial Guaranty Corporation.

The write-downs, which are deductible, will have an after-tax drag of $1.6 billion, the bank said, adding that further write-downs may be needed.