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PRESS DIGEST - Indian Business News - May 5

Mon May 5, 2008 9:10am IST
 
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MUMBAI, May 5 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

ECONOMIC TIMES (www.economictimes.com)

* Egnineering firm Larsen & Toubro Ltd (LART.BO: Quote, Profile, Research) is about to undergo a massive restructuring that will result in the creation of a dozen "operating companies" under the guidance of a separate board of directors.

* Telekom Malaysia (TLMM.KL: Quote, Profile, Research) is learnt to be looking at increasing its stake in Spice Communications (SPCM.BO: Quote, Profile, Research) to at least 51 percent from 39.2 percent, through a combination of open offer and buying some shares from the Modis.

* Reliance Communications (RLCM.BO: Quote, Profile, Research) is set to enter GSM handsets retailing market. It has signed agreement with vendors including LG Electronics (066570.KS: Quote, Profile, Research), Samsung (005930.KS: Quote, Profile, Research), Motorola (MOT.N: Quote, Profile, Research), Sony Ericsson, Spice Mobiles (SPCL.BO: Quote, Profile, Research), Fly Mobile and HTC.

* Developer DLF Ltd (DLF.BO: Quote, Profile, Research) is learnt to be setting up a joint venture with Italian leather and luggage accessory firm, Piquadro (PQ.MI: Quote, Profile, Research), to sell the latter's products in India.

* National Aviation Company of India Ltd is all set to hike fares by 10 percent on domestic sectors and may also raise fuel surcharge on international routes.

* Drug maker Cipla (CIPL.BO: Quote, Profile, Research) has made an unconditional offer to share the know-how of making all 354 essential drugs with state-run drug makers. This follows the pharma industry's offer to sell essential drugs at half its maximum retail price to the government, subject to certain conditions.

* A proposed government restriction on drug trade margins is likely to exclude products of four big players - GlaxoSmithline (GLAX.BO: Quote, Profile, Research), Ranbaxy (RANB.BO: Quote, Profile, Research), Nicholas Piramal NICH.BO, and Cadila Healthcare (CADI.BO: Quote, Profile, Research). These have given brand names to high-trade margin drugs originally sold by their chemical names, which do not fit into the definition of generic generics.  Continued...

Dubai Debt Fears

Villas are seen on the The Palm, Jumeirah, with Atlantis, The Palm, under construction on the breakwater (crescent), May 3, 2008.  REUTERS/Jumana El Heloueh

Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.  Full Article | Slideshow 

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

People stroll outside the Taj Mahal hotel ahead of the first anniversary of the militant attacks in Mumbai, November 24, 2009.  REUTERS/Punit Paranjpe
Investors worry about another attack

The risk of militants striking again worries investors who fear that a second attack similar to last year's Mumbai raids could shake the economy.  Full Article | Full Coverage 

Market Update

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