Daily News Roundup - Dec 12 2008

- Reliance Industries plans to enter the pharma business suffers a setback. (FE)

- HPCL’s plans to enter city gas distribution in Kolkata hits hurdle. (BL)

- Ranbaxy’s US sales drop 45% in 60 days. (DNA)

- TCS, Satyam, Wipro and HCL Tech are in the race for Rs3bn LIC contract. (BS)

- Union Bank of India declines merger with Bank of India. (FE)

- SBI to review interest rates following monetary measures taken by RBI. (BS)

- SBI plans to merge its wholly owned subsidiary, SBI Commercial and International Bank, with itself. (BS)

- ITC plans to buy EIH. (DNA)

- Taj Mahal Palace and Towers owned by Indian Hotels gets its first payment of Rs250mn from Tata AIG General Insurance. (DNA)

- Emirates Airlines and Jet Airways announced their partnership plans. (BL)

- GTL Infrastructure plans to utilize its Rs22bn cash reserves to buy back FCCBs and has deferred its acquisition plans. (BS)

- Orion Corporation files a lawsuit in US against Wockhardt for challenging the patents on its brand Stalevo. (BS)