Kesoram Industries has announced that the company will close production of tyres at its Balasore, Orissa facility to reduce expenditure and cut costs amid tight financial conditions.

B K Birla flagship Kesoram Industries is a leading manufacturer of yarn, tyres and cement and facing low demand from domestic and international market. The ongoing slowdown and liquidity problem are the major reasons cited by the company to halt production at its Orissa facility.

Housing finance giant, HDFC announced financial results for the third quarter of the current financial year. It reported 15 per cent rise in net profit which stands at Rs 542 crore as compared to Rs 471.9 crore in the same quarter last year.

It should be recalled that gain made through the sale of shares in HDFC Standard Life in Q3 of the previous fiscal has not been included while calculating net profit.

Rate two-way despite sharp fall in GBP; likely cross spreaders supporting on the dip as active sellers attempt to push the rate lower into major support around the 1.2780 area; stops baked on the dip under 1.2850 today but bids were hefty resulting in a rally.

Bottom may be forming around the 1.2850 area as it has bounced twice from there. 50 bar MA failed now likely to offer resistance and a close above suggests the bottom will be in. Sell signal from the toolbox validated by the drop but be cautious as trend line support is holding.

Rate falls hard as stops and aggressive selling drive the rate to a new 7.5 year low; cross-spreaders continue to sell GBP across the board but a short-squeeze is in progress. Overnight economic news seen as neutral to bearish; rate trading on technical's now.

Sell-signal from toolbox likely over after three-figure bounce from lows. Signs of the bottom may be showing up as "smart" buyers reported in GBP overnight and after the London fix.

After undergoing a coronary angiography, Prime Minister Dr. Manmohan Singh was discharged from the All India Institute of Medical Sciences (AIIMS) today morning.

Dr. Singh was taken to India’s premier state-run medical facility on Wednesday after he complained of chest pain.

Following this, doctors took decision to carry out heart-related examinations.

Deepak Sandhu, principal information officer, “Yes, the prime minister is back.”

But, she refused to give any further details.