The government has announced to ban toys made in Chine with immediate effect. The move is aimed to save the interest of local manufactures, who are facing stiff completion from these toys.

Indian markets are flooded with Chinese toys which at available at very cheap prices across the country. Domestic manufacturers had been demanding import ban on these products to save local toy industry and a large number of jobs.

India's largest CDMA operator, Reliance Communications (RCOM) announced financial results for the third quarter ended December 31, 2008. The company reported marginal increase of 2.7 per cent in net profit during the period.

The Anil Ambani-promoted company reported significant decline in revenue from the wireless and broadband business segments.

Leading software exporter of country, HCL Technologies announced its quarterly results for the period ending December 3, 2008. It posted 12.1 per cent increase in net profit for the third quart of current financial year.

The company signed many deals in technology, manufacturing and life science sector during the period which helped to increase its business and revenue. The company added new clients including Deutsche Bank, Microsoft, Xerox, Cisco and Viacom during the period.

The largest engineering company of country, Larsen & Toubro (L&T) bought 7.56 per cent more stake in beleaguered Satyam Computer Services and increased its stake to 12 per cent on Friday. It bought 1.18 crore shares at a price of Rs 35.07 per share through open market.

Leading telecom giant, Vodafone got no respite from the Supreme Court for the petition, it filed in SC, challenging show-cause notice issued by the income-tax department. The Supreme Court dismissed the special leave petition and directed it to reply show cause notice given by income tax department.

The Economic Advisory Council to the Prime Minister (EAC) again revised Gross Domestic Product (GDP) projections for the current financial year. The EAC said that ongoing financial crisis would impact Indian economy in a long run. However, it ruled out possibility of any financial recession in country due to its strong economic fundamentals.