Daily News Roundup - May 17 2012

Piramal Healthcare Ltd is set to acquire Decision Resources Group - a US-based company in the healthcare information segment, for a consideration of approximately US$635mn (BS) Reliance Industries has reported that natural gas production from its eastern offshore KG-D6 fields has dropped to about 32.66mscmpd. (BL) Infosys termed the growth target given by industry body Nasscom (11-14%) for the year as ‘ambitious’, given the uncertain domestic and global macro-economic scenario. (ET) Welspun Group has won a 125-MW solar photovoltaic project in Madhya Pradesh. (BS) JK Tyre plans to increase tyre prices by about 2% in June. This is to offset the input cost increase on the back a weak rupee. (ET) Dr Reddy’s Laboratories may soon launch a low-cost version of blood thinning drug Plavix in the US. (BS) McNally Bharat Engineering Co Ltd has received an order worth Rs1.03bn from Bharat Heavy Electricals Ltd. (BL) Bharti Airtel and Axis Bank launched an initiative to provide no-frills bank accounts for its customers on the Airtel Money platform. (BS) NTPC expects to add 4,160 MW and 4,298 MW respectively in the current year and the next. (BL) Geo-political disturbances in Syria and Sudan impacted production of ONGC Videsh Ltd (OVL), the overseas subsidiary of ONGC. OVL's output came down to 8.753mt of oil and oil equivalent gas in 2011-12 against 9.448mt in 2010-11. (BL) The Hero Group signed an agreement last week with Marriott International, the America-based global operator of a broad portfolio of hotels and lodging facilities, to manage the former’s first hotel in India. (BS) Mangalore Refinery and Petrochemicals Ltd plans to bid for acquiring West Bengal Government's stake in the ailing Haldia Petrochemicals Ltd. (BL) Glenmark Pharmaceuticals has received tentative approval from the US health regulator for generic Zolmitriptan tablets used for treating migraine. (BS) Power Finance Corporation has eased certain eligibility conditions for loan disbursals to power projects in an effort to revive the sector. (ET) Economy Snippets Commercial banks disbursed loans worth ~Rs264bn in the fortnight ended May 4. The year-on-year growth in credit was 17.27%. (BS) The Prime Ministers’ Office has asked ministries to examine a proposal to set up special agencies that would acquire all the necessary licences and approvals for a project before bids are invited from investors. (ET) The commerce ministry relaxed the conditions for sugar export, raising the individual quota from 10,000 tons to 25,000 tons. (BS) The Indian pharma secondary sales (sales made by the distributor to chemists) data for April suggests strong buoyancy in the market. The value growth for the Indian pharma market remained strong for the third consecutive month, posting a growth of 18.2% in April. (BL)