Country will explore alternative sources of funding, says Sinha
A worried government on Friday sprung into action to assess the impact of the economic sanctions announced by the US government and prepare a contingency plan to overcome the crisis. A series of meetings were held at senior levels in the government to take stock of the situation and find ways to minimise the economic fallout and tackle the problem at the diplomatic level. Union finance minister Yashwant Sinha said that India would explore alternative sources of funding and expressed confidence that the nation would overcome the impact of sanctions detailed by the US that could hit flows of over $2.5 billion.

Sensex slumps 149 points as foreign institutional players contiune to sell
The Sebi dose has once again failed to check out the virus from the trading system, if the index is any barometer of the market conditions. The BSE-30 share Sensitive index continued its free fall for the second consecutive day to close at 3,143.10 points registering a net loss of 149.23%. The Nifty index also nosedived by 42.90 points to close at 913.25 points.

ICI Plc holds on to remaining Asian Paints stake
ICI Plc has decided not to sell the remaining 4.5% stake in Asian Paints -- that it is left with -- to the promoters of the Indian paints market leader. ICI sources said that the reduced risk and exposure will allow the company to bear the cost of holding the smaller stake for a while.

CORPORATE
Vikram Ispat hikes sponge iron capacity to 9 lakh tonnes a year
RBI set to reopen ECD at Srinagar

ECONOMY
CBEC mulls new rule to recover service tax
Government should set up `shadow' IBRD cell

EXPRESSIONS
Why Digvijay Cement, Pentafour Software are making waves in a bear market
Mobility through learning and growth

MARKETS
DSE shares crash on US sanctions, political uncertainty
RBI mops up Rs 5,031 crore through `on-tap' bonds sale

LEISURE
Ambani bags yet another accolade
Spic keen on out-of-court settlement with Madras Refineries -- Muthaih