Tuesday, December 2, 2008

Gloomy in Indian Firms

Indian Business is in gloomy stage. In India Several Business are affected due to economic weaken in the world. It not only affected the IT but also affects all sectors like Real estate,Automobile,Textiles,Banking etc.

Real estate:

DLF Ltd,India's top real estate business affected due to slump in demand. K.P. Singh Group chairman of DLF said the projects affected due to higher interest rate and the company also fired some employees. But he didn't mentioned the number of employees. K.P. Singh asked the government to brought down the current interest rate by 3%


Due to the economic weaken in the world vehicle sales slumping across the world. Tata motors shares fall 80% in this year. Tata motors shut down their plants in Lucknow, Pune. The workers are forced to take six day leave. Three day leave and three day half pay leave. Further the company informed the passenger car plant working in normal manner.


In India Banking sector also affected due to the world economic weaken. SBI(state bank of India) and karnataka bank have lost about 19% and 11% each of their market value. ICICI Bank, Punjab National Bank, Bank of Baroda, Canara Bank have lost around 30% of their market value.HDFC Bank, Axis Bank and Bank of India have losses below 30% of their market value. In this year nearly 75% of ICICI shares felled in this year. ICICI higher official said that this company was well-capitalised and their deposits were safe.

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