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Reliance Industries is displaced rom its perch as India's largest private sector company, by Tata Steel.

Displaced: Reliance Industries, from its perch as India's largest private sector company, by Tata Steel, which clocked a turnover of Rs 31,155 crore during Q1, 2007, compared to Reliance's turnover of Rs 29,493 crore during the same quarter. The Tata Steel figures include those of Corus, which it took over earlier this year.

Ranked: By Media, an advertising and marketing publication, together with brand consultant Asian Integrated Media and market research company Synovate, dairy major Amul, Life Insurance Corporation and Nokia, as India's top three brands. Nokia, the Finnish mobile handset maker, has also been judged as the leading brand across Asia.

Appointed: Deven Sharma, 51, a graduate of BITS, Pilani, as President of financial research firm Standard & Poor's, by its parent company McGraw-Hill. Sharma replaces Kathleen Corbet, who leaves amid widespread criticism of S&P's role in the unfolding subprime mortgage crisis in the US.

Clocked: By the Indian economy, a GDP growth rate of 9.3 per cent during the first quarter of the current financial year. The most heartening aspect was the higher 3.8 per cent growth recorded by the farm sector, up from 2.8 per cent in the previous corresponding quarter.

Approved: By the Centre, an IPO and a sale of government equity in public sector Oil India Ltd (OIL). The Cabinet Committee on Economic Affairs cleared the issue of 10 per cent fresh equity as well as the sale of 10 per cent of the government's existing shares, Finance Minister P. Chidambaram told reporters.

Ranked: By Forbes, Indra Nooyi, the Indian American Chairman and CEO of PepsiCo, as the world's fifth most powerful woman. Congress President Sonia Gandhi has been placed sixth. Angela Merkel, Chancellor of Germany, has been ranked #1 for the second year in a row. Chinese Vice Premier Wu Yi at #2; Ho Ching, CEO of Temasek, at #3; and US Secretary of State Condoleezza Rice at #4, are the other big hitters.