The board of UltraTech Cement has given in principle approval to a proposal to absorb group firm Samruddhi Cement. Last week, group flagship Grasim Industries decided to hive off its cement business into unit Samruddhi Cement in a cashless transaction, and said it would merge this with UltraTech over the next eight to ten months.
Larsen and Toubro may reportedly exit Mahindra-Satyam by starting the process of selling its 6.9% stake soon after a lock in period expires early next week, aiming to book profit of over Rs 250 crore.
JSW Steel's crude steel output jumped 54% to 1.54 million tonnes while flat products rose 28% to 923,000 tonnes. Crude steel output for the half-year ended September 2009 was 2.92 million tonnes, up 48% from last year, it added.
Dr Reddy's Laboratories had launched two skin-care products, Strea C10 and Strea A15, in India. The products have been licenced from Vermont Italia and are used in the treatment of wrinkles, age spots, hyperpigmentation.
Gitanjali Gems has bought Alliance Jewellers, which makes gold and diamond studded jewellery.
French vehicles maker Renault had reportedly approached Bajaj Auto to replace Mahindra & Mahindra in its joint venture Mahindra-Renault that sells Logan car in India, but Bajaj is likely to spurn the offer.
National Thermal Power Corp (NTPC) is reportedly looking at expanding hydro-power capacity by commissioning small projects that require minimum displacement of local inhabitants and can be completed in 5-8 years.
Delhi Based Vavasi Group, which has an agreement with the Kharafi family of Kuwait to pick up its 46% stake in Kuwait's Zain Telecom, is reportedly willing to give a majority stake to state-run Bharat Sanchar Nigam or Mahanagar Telephone Nigam (MTNL).
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