TopNews

Mumbai, Aug 27 : The debt of Reliance Capital Ltd would drastically go down to Rs. 5,000 crore from the current around Rs. 20,000 crore when it gets a banking licence and the company's fund's position is healthy and has no plans to make a capital call on the shareholders, said a top company official.

US financial giant, JP Morgan has been ordered to pay a total of $50 million in damages to Russian billionaire Leonard Blavatnik after losing a claim for damages.

Mr Blavatnik filed the claim against the financial company after suffering losses resulting from the US subprime mortgage market. New York judge Melvin Schweitzer has ruled that JP Morgan has breached he terms of the contract with Mr Blavatnik's investment fund.

Andy Haste, who stepped down as the boss of RSA Insurance in 2011, is heading a bid offer to acquire the general insurance arm of the struggling Co-operative Group.

The private equity backed acquisition bid is being headed by Haste and the talks are in initial stages and may not result in a deal, according to the people closer to the matter. The bid is being assembled by Advent International, which has been investing is a host of firms in the financial services sector.

AstraZeneca, a UK based drugs giant, has said that it is planning to acquire US biotech company Amplimmune in a deal valued at $500 million.

Amplimmune focuses on developing treatments developed for helping the immune system fight cancer. The acquisition will allow AstraZeneca to access a number of compounds in pre-clinical development. The acquisition is not expected to yield commercially viable new medicines for several years to come, but it is in-line with the company's strategy to build up its capability in oncology.

Mumbai, Aug 27 - The Indian rupee

Mumbai, Aug 27 - A benchmark index of Indian equities markets tanked 493.78 points or 2.66 percent during pre-noon trade Tuesday.

Almost all the sectors were trading in the red. It was led by banking index (bankex), capital goods, fast moving consumer goods (FMCG), public sector undertakings (PSU), metal, auto, consumer durables, healthcare and oil and gas. Some positive movement was only seen in the IT sector.