Sensex snaps 6-day winning streak; L&T falls

MUMBAI - The Sensex and the Nifty fell on Thursday, retreating from near 4-1/2 week highs, as recent out-performers such as Larsen & Toubro were hit by profit-taking on worries about budget negotiations in the United States and about Europe's economic troubles.

However Tata Motors rose a provisional 5.4 percent a day after the auto maker reported that July-Sep

Cipla trims anti-cancer drugs’ prices: Media Reports

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Drug giant Cipla Ltd has announced price reduction on 3 major anti-cancer drugs including Erlotinib (ERLOCIP), Docetaxel (DOCETAX) and Capecitabine (CAPEGARD), said the media reports. Erlotinib (ERLOCIP)is indicated for the treatment of lung cancer (metastatic non-small cell cancer); Docetaxel (DOCETAX) is indicated for breast cancer, lung cancer (non

Colgate-Palmolive appoints Godfrey Nthunzi as Whole-Time Finance Director

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FMCG major Colgate-palmolive (India) Ltd today said that its board of directors has appointed Godfrey Nthunzi as the new whole-time of the company for 5-year period effective from January 01, 2013. In his new role, Nthunzi would be designated as Chief Financial Officer of the company, said Colgate-Palmolive (India) in its filing to the Bombay Stock Ex

Ranbaxy Q3 net beats estimates on higher sales, forex gain

MUMBAI - Ranbaxy Laboratories Ltd , India's top drugmaker by sales, beat estimates with a 7.5 billion rupee quarterly net profit as demand for its generic drugs stoked a sales surge in its key U.S. market while foreign exchange gains boosted profitability.

Ranbaxy, controlled by Japan's Daiichi Sankyo Co, said on Thursday sales grew to 26.5 billion rupees in t

Sun Pharma Q2 net falls 46.5 pct on Protonix provision

MUMBAI - Sun Pharmaceutical Industries reported a 46.5 percent drop in quarterly net profit after it set aside 5.84 billion rupees towards a possible compensation in a patent dispute case related to drug Protonix.

The Mumbai-based drugmaker said consolidated net profit fell to 3.2 billion rupees during fiscal second quarter ended September from 5.98 billion rupees a y

GVK Power and Infrastructure signs Operations & Management contract with Indonesian airport

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India's leading conglomerate and infrastructure developer, GVK Power and Infrastructure said it has signed an Operations and Management contract with the Airports Authority of Indonesia, the Indonesian Government Airport operator to manage the non-aeronautical commercial operations at the Indonesia’s second biggest Bali International Airport

Tata Power’s project to get hit by delay in gas pipelines

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Tata Power is likely to face a tough time ahead as the delay in commissioning of gas pipelines passing through Odisha is expected to cause hindrance to set up a gas-based power plant by the company in the state. "The gas pipelines are not likely to be commissioned before 2017. Against this backdrop, Tata Power may not be keen on gas-based plant.

United Spirits jumps on media report over Diageo talks

Market Eye - Shares in Spirits rose as much as 3.3 percent to its highest since January 2011, after CNBC TV 18, a local news channel, reported top officials at the Indian liquor maker were expected to meet Diageo on Thursday to continue discussing a potential stake sale, citing unidentified sources.

United Spirits has been in talks to sell a stake to the world's b

Cipla cuts prices of 3 cancer drugs by up to 64 pct

Drugmaker Cipla cut prices of three cancer drugs between 50 percent and 64 percent with immediate effect, after it announced similar price cuts for three drugs early this year.

Lung cancer drug Erlocip would cost 9,900 rupees for 30 tablets instead of 27,000 rupees earlier, while breast cancer treatment Docetax would be priced 1,650 rupees instead of 3,300 rupees, Cipla said

Thomas Cook introduces youth centric travel product range

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Country’s travel related financial services company Thomas Cook (India) Ltd today announced introduction of a new youth-centric travel product range viz. ‘Rock-On Holidays’. The newly introduced travel product offers exhilarating and engaging activities such as I-fly, fissure snorkeling ice-climbing, kayaking, zip-trekking, glacier h

HDFC MF launches “HDFC Fixed Maturity Plans - Series 23”; NFO closes on Nov 20

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HDFC Mutual Fund filed a new close ended income scheme named “HDFC Fixed Maturity Plans - Series 23”, with maturity of 371 days. The New Fund Offer (NFO) price for the scheme was Rs 10 per unit. The NFO subscribes today and will close on November 20, 2012. According to the offer document filed with SEBI, the entry load is nil while exit lo

India tweaks some debt limit rules for foreign investors

MUMBAI - India will allow foreign investors to re-invest up to 50 percent of their debt holdings from the previous calendar year starting in January 2014, market regulator Securities and Exchange Board of India (SEBI) said in a statement.

SEBI has also cut the period to use up corporate debt limits to 60 days from the current 90 days, and government debt limits to 30

Magma Fincorp says acquires GE India home loans

MUMBAI - Magma Fincorp, said on Thursday it has acquired home loan portfolios from GE Capital India, a unit of General Electric Co.

The non-banking finance company signed definitive agreements to acquire GE Money Housing Finance and the entire home equity loan portfolios of GE Money Financial Services, Magma said in a filing to the Bombay Stock Exchange.

Birla Sun Life MF files “Birla Sun Life Infrastructure Debt Fund - Series A & Series B” with SEBI

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Birla Sun Life Mutual Fund filed a new close infrastructure debt fund scheme named “Birla Sun Life Infrastructure Debt Fund - Series A & Series B.” The New Fund Offer (NFO) price for the scheme was Rs 10 per unit. According to the offer document filed with SEBI, the entry load is nil while exit load is not applicable implying that the

Amara Raja Batteries extends gains post Q2; scrip jumps over 3%

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Continuing its gaining momentum for the third consecutive day post second quarter numbers, shares of Amara Raja Batteries, one of India's leading conglomerates, gained another 3 per cent on the Bombay Stock Exchange. Shares of the company jumped over 13 per cent in the last three trading session following Q2 numbers. The company has reported 35 pe

Cabinet approves $5.7 bln mobile airwave surcharge

By Devidutta Tripathy and Nigam Prusty

NEW DELHI - The cabinet approved a plan to levy a $5.7 billion surcharge on airwaves held by long-established telecommunications operators that will hit market leaders Bharti Airtel and Vodafone's local unit and two state-run carriers the most.

A ministerial panel had proposed to the cabinet that GSM-based ca

OnMobile Global plunges 6% on disappointing Q2 numbers

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Weighed down by the second quarter numbers, shares of world's largest value-added service (VAS) company, OnMobile Global plunged 6 per cent on the Bombay Stock Exchange. The company has reported a decline of 87 per cent in its net profit on year-on-year (yoy) basis at 6.22 crore for the three months period ended September 2012. Reacting to the nu

Mangalore Chemicals & Fertilizers soars over 6% on better-than-expected Q2 numbers

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Buoyed by the better-than-expected second quarter numbers, shares of Mangalore Chemicals & Fertilizers, the only manufacturer of chemical fertilizers in the state of Karnataka, soared over 6 per cent on the Bombay Stock Exchange. The company has reported a growth of 82 per cent in its net profit on year-on-year (yoy) basis at 56.4 crore in the thr

Tata Motors shares gain as margins at JLR improve

MUMBAI - Shares in Tata Motors gained the most in two months after the auto maker reported that July-September margins at its key Jaguar Land Rover (JLR) subsidiary improved.

Shares in Tata Motors, which depends on JLR for 90 percent of the group's profit, rose 5.1 percent as of 11:37 a.m., and were headed for their biggest gain since September 12. The broader NSE

Kingfisher posts loss, no details on fund raising

By Anurag Kotoky

NEW DELHI - Concerns over the future of India's debt-ridden Kingfisher Airlines intensified on Thursday after the grounded carrier provided no concrete recovery plan even as a deadline to raise cash loomed large.

Kingfisher, grounded for more than a month after a violent staff protest and concerns about safety, widened its quarter

M&M Financial Service selling shares to raise about $160 mln - sources

MUMBAI - Mahindra & Mahindra Financial Services, which provides financial services in the rural and semi-urban areas, launched a share sale on Wednesday to raise about $160 million, two sources with direct knowledge of the situation said.

The company is selling shares to institutional investors in the price band of 881-889 rupees a share, said the sources, declini

Investors give thumbs-up to Emami on robust Q2 earnings; scrip hits 52-week high

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Riding high on the robust second quarter numbers, shares of Emami Ltd, an Indian producer of fast moving consumer goods (FMCG), soared over 5 per cent, hitting 52-week high, on the Bombay Stock Exchange. The company has reported a growth of 17 per cent in its year-on-year (yoy) consolidated net profit at Rs 59 crore for the quarter ended September 201

Kingfisher Airlines plunges nearly 5% post Q2

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Shares of Vijay Mallya led troublesome carrier Kingfisher Airlines plunges nearly 5 per cent on Bombay Stock Exchange after its net loss widened for the quarter ended September 30, 2012. The company in its second quarter numbers has widened its net loss to Rs 753.55 crore, as against the net loss of Rs 468.66 crore in the year-ago period. Reacting to

Tata Motors jumps over 3% on strong Q2 numbers

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Buoyed by the strong second quarter numbers, shares of country’s leading automotive manufacturing company Tata Motors jumped over 3 per cent on the Bombay Stock Exchange. The company has reported 11 per cent year-on-year growth in its Q2 earnings result with net profit rising to Rs 2,075 crore, despite the domestic market remained under pressure

Magma Fincorp to acquire GE Capital India’s affiliates

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Country’s leading non-banking financial company Magma Fincorp Ltd today said that it has signed definitive agreements to acquire 100 per cent equity share capital of GE Money Housing Finance, an affiliate of GE Capital India engaged in housing finance with Rs 660 crore loan assets and around Rs 193 crore net worth as on March 31, 2012. Additiona