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Rel Life Insurance launches two new products
Anil Dhirubhai Ambani Group firm Reliance Life Insurance today launched two new products -- Jan Samriddhi Plan and Super InvestAssure Plan here and aims to garner Rs 600 crore premium from them within this fiscal.

Sun Pharma settles patent dispute with Astra Zeneca
Sun Pharmaceutical Industries has settled a patent dispute with MedImmune, a unit of drug major Astra Zeneca, to dismiss an ongoing litigation in a US District Court. This was on patent rights of Ethyol (amifostine), a drug used to reduce toxicities associated with chemotherapy and radiation in head and neck cancers.

News of the day

Foreign investors see a fresh bull run
The Nifty closed above the resistance level of 4,350 on the first day of the new F&O series on short covering by foreign investors and long build-up in key stocks futures. If the Nifty could maintain support around this level, then we may see the index crossing the 4,500 levels during the coming week. Trading in the Nifty options suggests that the index can move above 4,400 with strong support at 4,300.
Small Business

CP-CD: issues fall as MFs stay away

Issuances of short-term money market instruments fell today because mutual funds — the major investors for such papers —were not keen on investing due to low rates, dealers said. - Sebi mulling action on MFs for compliance on NOC withdrawal - Mutual fund transactions just a click away - MF minnows outpace bigger players with robust growth in assets - Tech rescues advisers after entry load ban - Start young, start well - MF industry assets hit record high of Rs 7.62 lakh cr “The rates have fallen significantly and so there is not much incentive for us to invest at such rates,” said a fund manager at a mutual fund. Banks too are not keen on issuing CDs as the liquidity in the banking system is still abundant. Banks have been placing over Rs 1 lakh crore in Reserve Bank of India’s daily reverse repo window since April. The three-month certificates of deposit were today quoted at 3.15-3.45 per cent today, unchanged from Wednesday. Three-month commercial papers were quoted at 3.50-3.70 per cent today, unchanged from Wednesday. Today, UCO Bank placed Rs 400 crore of one-year CDs at 5.50 per cent.


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