AAAAAAAAAAAAAAAAAAAAAAAAAAA

Hyundai Motor slashes prices

        Hyundai Motor India Ltd announced that it would pass on the benefit of tariff cuts to its customers. This comes following the announcement from Tamilnadu government that VAT is applicable to automobile sales. As a sequel to this, the company has slashed prices on all its models sold in Chennai—Santro XL will now cost Rs 1816 less at Rs 3,45,790, the Getz GLS will cost Rs 2828 less at Rs 4,61,544, Accent GLE will cost Rs 4040 less at Rs 5,29,530, Verna CRDi Rs 8068 less at Rs 9,80,719 and Sonata MT Rs 9233 less at Rs 12,79,947. All prices are ex-showroom in Chennai city, prices can vary according to different regions within Tamilnadu.

        Dena Bank jointly with Life Insurance Corporation of India launched the 'Dena Grihaswami Suraksha Yojana', a group mortgage redemption assurance scheme for its housing loan borrowers.

        All housing loan borrowers including staff housing loan borrowers of Dena Bank in the age group of 18-60 would be eligible to join the Dena Grihaswami Suraksha Yojana. Speaking on the occasion, T S Vijayan, chairman, LIC said, 'the tie-up with Dena Bank was in line with LIC's continued focus on Bancassurance. LIC in addition to many other leading banks, has opened a vista of this product for the housing loan borrowers of Dena Bank, thereby giving an opportunity to cover the outstanding housing loan at a very low premium. LIC is always taking all steps to reach out to people not only through individual insurance but also through group products like this scheme.'

        Chennai-based Sundaram Infotech Solutions has announced that it has launched 'SmartLend Lite', a customised IT solutions offering targeted specifically at the small and mid-sized NBFCs and banks in India and the Middle East for their retail lending activities. The company is kicking off this initiative with the implementation of SmartLend Lite for a leading NBFC in Punjab and expects to add few more customers this year. Developed in Navision 4.0, SmatLend Lite helps in automating application processing and credit appraisal, lease creation and initiation, disbursements, debts collections, collections management, among other processes. The new scheme lends itself credibly with banks for their retail lending portfolio in addition to automation of fixed deposits processes. Commenting on the launch, Srinivas Acharya, CEO, Sundaram Infotech Solutions said, 'SmartLend Lite imbibes industry best practices derived out of five decades of domain expertise from the parent company, Sundaram Finance.'

        Tata Steel completed the first nine month of fiscal 2007 on a buoyant note with increase in its production and sales volumes of both hot metal 4.1 million tonnes and crude steel production 3.7 million tonnes was higher by compared to the figures of corresponding period last year.

        The saleable steel production at 3.66 million tonnes registered a significant increase of 11 per cent. The total sales recorded 3,532 million tonnes, an increase of 11.70 per cent. The domestic sale of long products has increased by 30 per cent. The sale of Tata Iscon has increased by 50 per cent. The company's greenfield projects in Orissa and Chattisgarh are progressing on scheduled with placement of equipment order for Kalinganagar project in Orissa and commencement of the land acquisition process. Jharkand project is awaiting announcement of R&R policy of the State government, to be announced by the end of January 2007. The construction work of Ferrochrome project in South Africa is in full swing.