The government has finally slashed the prices of petrol and diesel by Rs 5 and Rs 2 a liter, respectively. Revised prices would be effective from midnight. The step would help to control the inflation rate and increase demand in the economic system. However, the margin of oil marketing companies would decline just as it was starting to improve due to the decline in crude prices in the international market. OMC are likely to suffer a revenue loss of Rs.6,000 crore in the current fiscal due to the recent price revision.

The Calcutta High Court on Friday directed the superintendent of Presidency jail to provide a complete report on the medical condition of Todi report before Monday, when the bail appeal would be heard again.

Ashok Todi was admitted to the jail hospital since he was remanded to judicial custody by a city court on December 1 following his surrender on a Supreme Court directive.

The second largest exporter of IT services in India, Infosys Technologies has decided to stop the hiring process, following slump in demand due to the international financial crisis. It would employ more cost cutting measures to reduce expenses. Earlier, the software services giant had decided to recruit 25,000 people for its various projects.
 

India is all set to avail optimum use of the civil nuclear cooperation agreements with Russia, France and United States.  The country has already crossed the nuclear isolation era after necessary approvals from countries of nuclear supplier group. It can now import nuclear fuel and sophisticated technology from around the world for peaceful use of nuclear energy.
 

The union government is planning to define cyber crimes under the IT Act 2000 and is likely to introduce Amendment Bill in the winter session of parliament. It would cover all crimes where technology is used for terror and unsocial activities. It would cover cyber terrorism, child pornography, spam and phishing besides data security and privacy.
 

The Dabhol power plant in Maharashtra would get gas from Krishna-Godavari (K-G) basin on a priority basis. K-G basin is being developed by Reliance Industries in Andhra Pradesh. RIL is directed by the union petroleum ministry to sell gas at $4.2 per million British thermal unit (mBtu) after the judgment of the court. It also asked RIL to supply gas to some fertilizer plants.