Indian stock markets closed with huge loss on Tuesday due to poor IIP numbers. Traders booked profits in select counters. Banking, Technology and Pharmaceutical counters were trading weak.

Today’s revenue of $1.4 billion would sharply increase the software product development business by approximately ten folds, if the Indian players not only look at the global opportunities, but also keep an eye for the domestic market.  

The market researchers Zinnov, carried out a study for the National Association of Software and Services Companies (Nasscom), and this is the core message of that study only. By 2015, the industry should aim to achieve product software business of $9.5 billion to $12 billion by 2015 according to the report.

After almost three continuous years of positive growth, the Motown car industry fell into negative terrain as sales dipped 1.71% to 87,724 cars this July. During the same month of last year, the industry had a sale of 89,250 cars.

The RBI restrained money supply to stem retail growth and this had an adverse effect on the automobile industry, as it had to face two big problems of high inflation and credit squeeze.

The Society of Indian Automobile Manufacturers (SIAM), expressed its concern and said that the rise in the fuel prices and high interest rates has limited the demand of the cars so badly that it may adversely effect the industry’s target of tripling annual sales to 3-million vehicles by 2016.

Cairn India has roped in Manu Kapoor as its new Director Corporate Affairs and CSR, effective 11th August 2008.

Prior to this appointment, Manu was with Reliance Retail Ltd as Head – Corporate Communications & Affairs responsible for communications, stakeholder management and setting up a Pan India communications network for the organisation.

The second biggest air carrier of India, SpiceJet has signed an agreement with Ross and Goldman Sachs of America.

Wilbur Ross and Goldman Sachs will invest around $100 million in Spice Jet as per new agreement. Earlier, it has decided to invest Rs 336 crore.

The American equity firm will invest the amount in two phases. The process is going on to get the fresh warrant approval from the Securities and Exchange Board of India (Sebi).

Godawari Power and Ispat Ltd has signed a memorandum of understanding (MoU) with the government of Chattisgarh to set up manufacturing facilities in the state with a total investment of Rs 15.70 billion (1,570 crore).

The project will be implemented through a special purpose vehicle (SPV) called “Krishna Global Minerals Ltd”, which will be a subsidiary of Godawari Power and Ispat Ltd.

Under the project, the company will set up facilities to manufacture sponge and pig iron plants, steel billets, ferroy alloys and calcination plant etc.