Top corporate news of the day

Ranbaxy Laboratories Canadian subsidiary Ranbaxy Pharmaceuticals Canada Inc has received approval to manufacture and sell Donepezil Hydrochloride 5 mg and 10 mg. (BL)

L&T Electrical and Automation (E&A) expects to grow 4-5 % and cross Rs50bn in revenue this fiscal, even as the industry is witnessing a contraction of 2-3 %. (BL)

The decks have been cleared for selling the Governments remaining stake in Balco with the Law Ministry giving its nod to the proposal. (BL)

Even though South Korean major LG Chemicals backed out of Bharat Petroleum Corporation Limiteds (BPCL) Rs50bn petrochemicals project in Kochi, the oil marketing company has found another partner in Chennai-based Manali Petrochemicals Limited (MPL) for another project in Kerala. (BS)

With the Karnataka High Court ordering a probe into the diversion of Rs40bn from United Spirits Ltd (USL) to entities based in the tax haven of British Virgin Islands, the ball is now in the court of the Reserve Bank of India (RBI) and Enforcement Directorate (ED), say corporate lawyers. (BS)

Torrent Pharmaceuticals has indicated it is open to more acquisitions in the future, both in domestic and overseas market, according to sources. (BS)

Riding on improved market conditions, NMDC Limited showed a 37 % jump in iron ire production at 7.3 mt during the third quarter (Q3) of the current financial year, as against a production of 5.3 mt for the corresponding period last year.(BS)

Even as the supply of iron ore is yet to be streamlined in Karnataka, JSW Steel is trying hard to achieve its production goals for 2013-14 . The company is increasing its raw material sourcing from outside Karnataka to achieve the target of 12 mt of crude steel this financial year. (BS)

The Piramals-backed private equity fund said it has finished raising a Rs10bn fund and has already committed Rs2.5bn from the corpus in three projects. (ET)

Solar power plants of Reliance Power, Lanco and others, are seeking higher tariffs saying that the data on solar radiation provided by the government was faulty which has led to lower generation. (ET)

Go here to read the rest:
Top corporate news of the day