IT major Infosys plans to reduce the usage of sub-contractors and perform their work in-house particularly at cheaper offshore locations, a top company official said on Friday.

Home-grown auto firm Tata Motors on Friday reported a consolidated net profit of Rs 21.78 crore for the quarter ended September 30.

A majority of big real estate developers in India on Friday said they are insulated from the financial crisis in Dubai and it will not have any impact in the country's property market.

The government of Dubai, in a blunt acknowledgment of the severity of its financial position, said that it had asked its banks for a six-month stay on its schedule of debt repayments.

Buying at low levels helped the benchmark index stage a big intraday recovery to end 222 points down. At its day's low, the Sensex was down nearly 650 points after the Dubai debt crisis cast a shadow over global equity

Oil prices slid to near $74 a barrel on Friday in Asia as investors curtailed their risky bets on commodities amid uncertainty about the global fallout from Dubai's financial troubles.

Asian stock markets tumbled on Friday, with financial stocks among the worst affected, as fears mounted over the fallout from Dubai's massive debt problems.

The finance ministry today said the financial crisis in Dubai, triggered by a slump in real estate, may not impact remittances sent by Indian expatriates in the Gulf.

Layoffs are an inevitable aspect of the corporate world, especially in recession. But a poor economy should not be an excuse to cut jobs, Infosys' Chief Mentor, NR Narayana Murthy said.

Global financial markets plunged on Friday, a day after Dubai stunned investors with the news that it was asking banks to allow its main investment vehicle, Dubai World, to suspend its debt repayments for six months.

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