A net loss of Rs 156 crore in the third quarter ended December 31 was recently reported by Aditya Birla Nuvo, which has interest in telecom, BPO, garments and insurance, against a net profit of Rs 30 crore in the same period last year. There was 17% growth in the net sales to Rs 3,429 crore.

A lower net profit of Rs 219 crore was reported by telecom business, due to a hit by the start up costs in Mumbai and Bihar.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Foreign minister Pranab Mukherjee gave nod to various infrastructure projects worth Rs 34,000 crore on Wednesday. It includes the Chennai Metro project, Krishnapatnam port project in Andhra Pradesh and many more projects to push demand in infrastructure sector in the midst of recessionary waves across the globe.

CCEA approved foreign direct investment (FDI) worth Rs 957 crore in Krishnapatnam Port Company Ltd and 45 km long Phase I of the Chennai Metro project with estimated cost of Rs 14,600 crore.

It would be quite good to know that India might continue to maintain growth rate of 7-7.5 per cent next fiscal, the same level it is expected to register in the current fiscal. The news comes when lower growth projection of 8 per cent in 2009 by our neighbor China was termed as a tall order.

Commerce and Industry Minister Kamal Nath confirmed at the World Economic Forum, "We hope to continue at the same level of 7-7.5 next fiscal."

Foreign minister Pranab Mukherjee, on his first day in the finance ministry, expressed satisfaction over credit policy adopted by RBI and said economic booster released by government is working well and yield more results very soon. He also reviewed the preparation of the vote-on-account, to be present in the forthcoming session of Parliament, with top officials of finance ministry, all the secretaries in the ministry, chairman and members of the Central Board of Direct Taxes and the Central Board of Excise and Customs.

The Union Government has finally announced hike in minimum support price of Wheat to Rs 1080 per quintal, ahead of harvesting season of rabi crops. The decision, to revise MSP, was taken in the recent meeting of the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, chaired by Finance Minister Pranab Mukherjee, in the absence of Prime Minister Manmohan Singh. The hike of 8 per cent in wheat prices, despite reservation by Planning Commission and Finance Ministry, would effective on crop marketed from April onward.

After trading flat during the previous trading hour, the Sensex bounced back into the positive zone on the back of buying action witnessed across frontliners.

The market was trading sluggishly due to lack of cues. Oil & gas, metal and FMCG stocks went up, while select power and IT stocks declined.

BSE Midcap and Smallcap index gained 0.52% and 0.46%, respectively.

The 30-share index, BSE Sensex, today (Jan 30) belled the day at 9,111.12 after losing 125.16 points.