Bajaj brothers, owners of the Bajaj group of companies, reportedly withdrew their respective petitions from the Company Law Board ending the five-year legal battle over division of family properties.

ICICI Bank has cut its main lending rates by 50 basis points from Wednesday (31 December 2008), joining other lenders that have lowered rates to revive growth. It also cut rates for home loans by 50 basis points. The rates on term deposits have been slashed between 50 to 75 basis points, it added.

The government is reportedly considering a proposal to allow foreign airlines such as Singapore Airlines, British Airways and Lufthansa to pick up 20%-25% equity stake in domestic carriers, but board and management roles may be limited.

PTC India is reportedly diversifying into coal and looking for coal mines to buy abroad. It will set up a joint venture with Singapore-based Asian Infratech for identifying and acquiring companies overseas, the reports added.

Tata Consultancy Services is reportedly in talks to win two large business process outsourcing contracts as a consequence of its acquisition of Citigroup's BPO arm.

At least five companies from Tata Group -- Tata Motors, Tata Steel, Indian Hotels, Tata Tea and Tata Chemicals -- are reportedly planning to raise funds from additional share sale to expand their respective businesses instead of depending on the holding company to finance the growth.

Hindustan Petroleum Corporation (HPCL) has reportedly deferred plans to buy four sugar mills in Andhra Pradesh due to lower liquidity with the company as a result of high oil prices in the first half of the FY09.

Elecon Engineering Company bagged orders worth Rs 22 crore from Adani Power of Adani Group. The said order is for design, engineering, supply, erection, testing and commissioning of material handling system at Mundra.

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