Daily News Roundup - Jan 6 2011

Reliance Industries has abandoned the second exploratory well in a Krishna-Godavari block after encountering "disappointing" results. (BS)

TCS to set up Rs15bn global learning centre in Kerala.(ET)

Two more Hero executives have been implicated in the multi-crore Citibank financial fraud case. (BS)



Tata Motors has launched a new range of high-end tippers under the brand name of Prima Construck. (BL)

American Drug maker Merck has terminated its two-year-old partnership with Ranbaxy Laboratories to develop anti-infective medicines that could have bought payments of over $100mn to the Indian pharma company over 5 years.(ET)

Dr Reddy’s Laboratories has entered into a research partnership with UK-based contract research organisation Argenta. (BS)

BHEL plans to float a NBFC to finance power projects. (BS)

Lupin is scouting up $50mn for acquisition in Latin America.(ET)

Lupin has said it has signed an agreement with Brazil to supply its four-in one combination drug to treat tuberculosis. (BL)

Indian Bank plans to venture into life insurance and restart MF business. (BS)

GlaxoSmithkline Consumer Healthcare announced its entry into the Indian oral care market through its global toothpaste brand ‘Sensodyne’. (BL)

Suzlon Chairman Tulsi Tanti has stated that there was no question of exiting the company. (BS)

Jindal Poly Films plans to go for PE investment in its subsidiary, Jindal India Thermal Power. (BS)

Gitanjali Gems is in advanced talks with two PE players to raise up to US$100mn and hopes to close a deal by February. (BS)

Edelweiss has stated that it has now started retail housing finance business through its subsidiary. (BS)

Hinduja Foundries has informed the BSE about disruption of operations of the company at its Ennore unit. (BS)

Apollo Hospitals Enterprise said that it will invest ~Rs10bn to set up 12 new hospitals in small towns across the country over the next two years. (BS)

RPG Life Sciences stated that it had commercialized its locally developed dialysis drug under ‘Alfalog’ brand. (BS)

Shares of Balaji Distilleries will stop trading on bourses from January 7 on account of the company’s distillery division’s merger with United Spirits. (BS)

Air India will charge an additional Rs200 as fuel surcharge on domestic travels.(ET)
Economy Snippets

Petroleum minister, Murli Deora, has stated that there would be no diesel price hike for now. (BL)

Government to issue guidelines for the 3G Mobile services soon.(ET)

Handicrafts Exports grew by a robust 48% y-o-y to $66mn in November 2010.(ET)

Mineral production in country dipped by 3.73% over past month mainly on lower Coal output.(ET)