OIL FIRMS RAISE JET FUEL PRICES BY RS 158/KL : Breaking the string of reductions, public sector oil firms have raised jet fuel, or ATF, prices marginally by Rs 158 per kilolitre on an average..........More....

PRIVATE PROVIDENT FUND INVESTMENT IN EQUITIES TO BE TAX-FREE : PRIVATE provident funds and superannuation funds, which were last year allowed to channelise a larger chunk of their corpus into equity, will not attract income tax following a change in tax rules......More....

SUPREME COURT QUASHES RULE BARRING PARTNERS FROM MOVING COURTS: THE Supreme Court has quashed a rule that debarred a partner of an unregistered firm in Maharashtra from filing a suit for dissolution of such firm. The apex court also held as illegal the law prohibiting the partner to sue for accounts of the dissolved firm........More....

ETHANOL SUPPLY TO OIL MARKETING COMPANIES (OMCS) HIT BY CANE SHORTAGE : INDIA is importing large quantities of alcohol from Brazil as acute shortage of local sugarcane pushes down supply of byproduct molasses and raises the cost of making chemicals, besides disrupting ethanol supply to oil marketing companies (OMCs) for green fuel blends........More....

FOREIGN INVESTORS IN REAL ESTATE LOCKED FOR 3 YEARS, MNCs NO LONGER EXEMPT FROM BAR ON NON-RESIDENT FUND TRANSFER: FOREIGN investors in Indian real estate cannot sell their stakes to another foreign investor before three years, the Foreign Investment Promotion Board (FIPB), the body that clears such proposals, has said.......More....

GOVERNMENT CLEARS 26 FDI PROPOSALS WORTH 1, 042 CR : THE government has approved 26 foreign direct investment proposals that will bring in Rs 1,042.91 crore into the country......More....

TELGI GETS 7 YEAR IMPRISONMENT IN FAKE STAMP PAPER SCAM : A special CBI Court awarded Abdul Karim Telgi, the prime accused in the multi-crore fake stamp paper scam, seven years imprisonment and a fine of Rs 35,000 or, in default, to undergo imprisonment for another seven months......More....

JAPAN TO GIVE INDIA SOFT LOAN OF RS 7,158 CRORE : India continues to be the highest recipient of soft loan assistance from Japan, which committed an additional Rs 7,158.32 crore to the country, taking the total to Rs 11,713.32 crore for the current fiscal......More....

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NEW FDI RULE ALLOWS UNITECH TO RAISE 5K CR WITHOUT GOVERNMENT NOD : TREAL estate company Unitech can now raise a maximum of Rs 5,000 crore through global depository receipts (GDRs) without waiting for an approval from the foreign investment promotion board (FIPB), following a recent change in the foreign investment policy........More....

NATCO PHARMA OPPOSES PATENT FILED BY TEVA PHARMACEUTICALS IN INDIA :Natco Pharma has opposed a patent filed by Teva Pharmaceuticals in India. The US-based drug maker had objected to Natco manufacturing a generic version of Copaxone.........More....

NATIONAL PHARMACEUTICAL PRICING AUTHORITY (NPPA) REVISES PRICES OF 285 MEDICINES : THE drug price regulator, National Pharmaceutical Pricing Authority (NPPA), has revised prices of 285 medicines leading to reduction in prices of 263 medicines. Prices of 22 other medicines have been revised upwardly, an NPPA official said.........More....

LIFE INSURANCE CORPORATION OF INDIA (LIC) BECOMES THE BIGGEST BUYER OF INDIAN EQUITIES DURING THE CURRENT FINANCIAL YEAR : LIVING up to its image of a contrarian investor, the Life Insurance Corporation of India (LIC) has been the biggest buyer of Indian equities during the current financial year......More....

AVESTHAGEN RESTRUCTURES ITS OPERATIONS : AVESTHAGEN, Bangalore-based R&D driven biotechnology company, has restructured its operations into four independent profit and loss (P&L) entities as it wants these units to take care of their own financial requirement. Some of its subsidiaries will be brought under these P&Ls......More....

HONG KONG-BASED TELECOM FIRM PACNET UPS STAKE IN INDIAN JV TO 74% : HONG Kong-based telecom firm Pacnet has said that it has raised its shareholding in its Indian arm—Pacific Internet—to 74% for an undisclosed amount..........More....

TATAS RAISE RS 740 CR FROM TATA TELESERVICES (TTSL) STAKE SALE : TATA group company Tata Communications (TCL) has recovered over half of its initial investment in the unlisted Tata Teleservices (TTSL) by selling a minuscule portion of its stake in the firm........More....

TDS ON MNCS’ INDIA STAFF : THE Supreme Court has held that a foreign company registered and situated abroad is liable to deduct tax on salaries paid in the home country to employees working in India, in a ruling that could have serious ramifications for multinational companies and their expat employees......More....

PIRAMAL GETS NOTICE FROM DRUG REGULATOR FOR OVERCHARGING CONSUMERS : THE drug price regulator has pulled up Piramal Healthcare for overcharging consumers for its Pred Acetate eye drop. The drug controls 80% of the Rs 14-crore market for treating allergy-triggered eye infections.........More....

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NEW DEVELOPMENTS AND JOINT VENTURES

AVESTHAGEN INKS R&D AGREEMENT WITH CHILEAN CO UXMAL : Avesthagen has said that it has entered into a strategic alliance with a Chilean biotechnology company Uxmal........More....

NORWAY-BASED TELENOR GROUP MAKES THE FIRST INVESTMENT OF RS 1,250 CRORE IN UNITECH WIRELESS THAT GIVES IT A STAKE OF 33.5% IN THE TELECOM JV : Marking its formal entry into the world’s fastest growing wireless market, Norway-based Telenor Group has said that it has completed the first stage of the Unitech Wireless transaction.........More....

BIOCON ARM OPENS R&D UNIT: Biocon, India’s leading biotechnology company, has announced that its subsidiary Syngene and pharmaceutical corporation Bristol-Myers Squibb (BMS) has opened a fully dedicated research and development facility here.........More....

GOVERNMENT APPROVES MERGER OF BONGAIGAON REFINERY & PETROCHEMICALS LTD (BRPL) WITH INDIAN OIL CORP (IOC) : The government has approved merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with Indian Oil Corp (IOC), the country’s largest public sector fuel retailer in terms of turnover.......More....

JAPANESE TELECOM GIANT NTT DOCOMO CLOSES TATA TELESERVICES (TTSL) STAKE BUY BY PAYING $2.7 BILLION : JAPANESE telecom giant NTT DoCoMo has completed the purchase of 26% stake in Tata Teleservices (TTSL) by paying $2.7 billion.......More....

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