State Bank of India (SBI) said on Tuesday it had suspended giving loans to buy tractors and farm equipment because of rising defaults in the past year. "We have pockets in the country where there are large overdues in tractor loans," Chairman O.P. Bhatt said in a statement. Bhatt said SBI had set a 33% growth target for farm loans to Rs 13400 crore for the year ending in March 2009.
The board of GMR Infrastructure has approved the proposal of amalgamation of GMR Aviation with the company.
Sterlite Industries India said on Tuesday its copper smelter at Tuticorin, will remain under planned maintenance shutdown for 22 days from 22 May 2008
The Reserve Bank of India has approved the Scheme of Amalgamation of Centurion Bank of Punjab with HDFC Bank. The Scheme of Amalgamation will come into effect from 23 May 2008.
Sun TV Network has announced the launching of its FM radio station at Kochi under the brand 'S FM' from 21 May 2008 through its subsidiary Kal Radio. This station will cater to the audience of all age groups, Sun TV said in a statement.
Companies announcing March 2008 quarter results today include Bajaj Auto Finance, Gabriel India, Gammon Infrastructure, Housing Development & Infrastructure (HDIL), JK Sugar, Maharashtra Scooters, Majestic Auto, Sharp India, Sirpur Paper, Thermax and Tudor India.