The promoters of leading telecom product manufacturer, Kavveri Telecom Products Ltd have pledged 5% stake of the company, as collateral security for credit limits sanctioned to the firm, with the State Bank of India.
The company, in a filing before Bombay Stock Exchange, said, "Promoter has pledged shares with State Bank of India, Bangalore as a collateral security for the credit limits sanctioned to the company by the bank."
A sample survey, conducted by the labour ministry, has found that about five lakh workers lost their jobs in the period from October to December 2008 under the impact of global slowdown. However, the figures by the Federation of Indian Export Organizations (FIEO) present even gloomier picture of slowdown hit export sector due to slump in demand and tight financial conditions. The worst hit sectors include textiles, metals, gems and jewellery, automobile, transport and IT/BPO which contributes more than 65% of the country's GDP.
Hinduja Group owned automobile company, Ashok Leyland reported decline in sales in January due to slump in demand and high auto interest rates. The company sold 2,444 units of commercial vehicles in January 2009, registering decline of 73.17% as compared to sales figures of last year.
Mukesh Ambani, Chairman of Reliance Industries (RIL) secured third slot in the list of 10 wealthiest CEOs compiled by Forbes magazine. Mr. Ambani, whose stake in the petrochemical firm is valued at $16.8 billion, managed to get place in the list despite 62% drop in RIL share prices since January 2008. The list is prepared on the basis of the value of the CEOs' financial stake in the companies they control.
Ecallantide, also known as DX-88 got narrow approval from Food and Drug Administration advisory panel. In the panel, six persons voted in favor of approval while 5 voted against approval. This new drug by Dyax Corp is meant for patients with hereditary angioedema (HAE), an inherited protein deficiency that causes episodes of painful swelling of the skin, intestine, mouth and sometimes the throat. The new drug is designed to suppress an enzyme called kallikrein that plays a role in the swelling.
The Federal Emergency Management Agency has issued warning for the people who received food kits as part of a disaster relief effort in Kentucky and Arkansas. Authorities asked them to inspect the kits in their possession and immediately dispose of packets of peanut butter contaminated with salmonella linked to a nationwide outbreak. Officials believe that 6,000 to 7,000 people remained in shelters, primarily in western Kentucky.
