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Business Briefs

SBI rate move

Jamshedpur, March 29: The State Bank of India has hinted at further interest rate cuts in the new financial year because of several factors, including credit growth being below expectations. “There is a possibility of a downward revision in lending as well as deposit rates in the financial year ... But the (extent) of the cut and time have to be decided,” SBI chairman O.P. Bhatt said.

Satyam case

New Delhi, March 29: The CBI is likely to file a chargesheet against former Satyam chairman Ramalinga Raju and others, leading to the beginning of the trial of those involved in the financial fraud. According to sources, the CBI has nearly completed its probe and may file a chargesheet in April first week, before the mandatory 90-day period lapses since the arrest of the accused.

Airport fee

Hyderabad, March 29: Airlines have requested domestic airports to reduce landing, parking and navigation charges. Of an estimated $8.7 billion global losses, Indian airlines accounted for almost $3 billion, said Sudheer Raghavan, chief commercial officer of Jet Airways.

Sun Pharma

Mumbai, March 29: The US Food and Drug Administration has approved Sun Pharma’s abbreviated new drug application to market generic Topamax, topiramate tablets. The shipment of the product to the US has begun.

Moody’s worry

New Delhi, March 29: Financial services firm Moody’s expects the country’s industrial production to register an annual contraction in 2009, notwithstanding the stimulus packages provided by the government. This is primarily because of the slump in exports.

PSU salary

New Delhi, March 29: The government is believed to have received clearance from the Election Commission for giving a salary hike to public sector officers, improving upon the emoluments recommended by the pay revision committee last year.

Travel agents

Mumbai, March 29: Travel agents will send one lakh emails to the Prime Minister of Singapore on April 1 as part of a campaign to protest against Singapore Airlines’ failure in reinstating the agency commission.

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