Telecom majors take DoT to court
In a defiant move, five telecom companies including the four basic service operators moved the high courts seeking to stay the DoT from encashing bank guarantee's as a result of non-compliance with the February 28 licence fee deadline.

State Bank, Bank of Baroda, BOI cut PLR to 12%
The State Bank of India and Bank of India slashed their prime lending rates to 12% within hours of the Reserve Bank of India's decision to cut bank rate, repo rate and cash reserve ratio.

Timken to hike stake in Tata Timken
The Timken Company has decided to increase its stake in Tata Timken to 80% by acquiring the 40% stake currently held by Tisco. The completion of the the transaction is subject to final approval of the Government.