Payroll services firm ADP said employers in the private sector cut 84,000 jobs

Domestic News:

Payroll services firm ADP said employers in the private sector cut 84,000 jobs from their payrolls last month, the smallest monthly decline since March 2008. However, economists surveyed by Briefing.com were expecting 75,000 cuts, on average. Employers cut 145,000 jobs in November. The Institute for Supply Management's services sector index rose to 50.1 from 48.7 in the previous month. Economists thought it would rise to 50.5, on average. A reading over 50 indicates expansion in the sector. When the Senate returns on Jan. 19, jolting the economy will be high on the to-do list. The Senate plans to take a crack at a $154 billion jobs creation package that eked out of the House in December by a vote of 217-212. The rupee hit a 15-month high against the dollar to breach Rs.46 levels. The rupee closed at Rs.45.85. The Government is planning to introduce a package of incentives for select export sectors, including engineering, handicrafts, textiles, pharmaceuticals and leather. Japanese companies, JFE Steel and Sumitomo Metal Industries are in talks with JSW Group & Bhushan Steel for acquiring stakes in new projects. GST roll out by April 2010 will not be possible as per Bhartiya Janata Party.

Corporate news:

RIL is looking to generate more funds by selling its treasury stock to institutional investors. L&T has bagged orders worth Rs.2325 crore from four states, Gujarat, Maharashtra, West Bengal and Chandigarh. ABG Shipyard has picked up 15% stake in Great Offshore forRs.280 crore. ICICI Bank has slashed home loan rates by 1% to 10.5%. Ranbaxy has started discussions to acquire a privately held Bangalore-based company. The deal is valued at Rs.50 crore. Ruchi Soya Industries has acquired over 50% stake inAndhra Pradesh-based Gemini Edible and Fat for Rs.50 crore. Lafarge is set to begin its next phase of organic as well as inorganic growth here. Mahindra & Mahindra group is committed to set up car plant in Tamil Nadu.