India’s major steel manufacturer company JSW Steel is all set to become Country's largest private sector steel producer by end of the calendar year. 

Presently, Steel Authority of India (SAIL) is India's largest steel producer in the public sector with annual production close to 15 million tonnes, while in private sector Tata Steel tops the list with installed production capacity of 6.8 million tonnes. 

Engineering goods manufacturer Siemens Ltd has established a new, wholly-owned subsidiary company ‘Siemens Rolling Stock Pvt Ltd (SRSPL)’ to tap the potential in the Indian rail transportation sector. 

The recently formed firm is a 100 per cent subsidiary of Siemens Ltd, which would handle the Rolling Stock business in India. 

The latest moves comes in the wake of company’s buying land at Aurangabad to set up a facility to manufacture rolling stock, comprising coaches for trains and metros. 

According to the company, the rail transportation sector in India presents a huge business potential with many project plans being announced by the government.

Budapest - MOL plc, Hungary's expansion-minded oil and gas group, nearly doubled its stake in Croatian energy company INA to more than 47 per cent in a deal worth 1.2 billion dollars, MOL said Friday.

MOL said it expects anti-trust regulators to approve the purchase, which would give the Hungarian company a larger share of INA than the Croatian government's near-45-per-cent stake.

Washington - US conglomerate General Electric (GE) experienced a massive fall in third-quarter earnings as a result of the ongoing financial crisis.

With the weak financial sector, which normally contributes to a large portion of consolidated earnings, GE's net income fell by 22 per cent to 4.31 billion dollars.

Earnings per share fell by 10 per cent to 0.45 dollars, GE said in Fairfield, Connecticut, on Friday.

World’s second major drug maker, GlaxoSmithKline (GSK) has made announcement that the company is proposing to build a new manufacturing production line in Nashik, Maharashtra with the aim to produce 300 million tablets of albendazole per year for curing Lymphatic Filariasis (LF).

Lymphatic Filariasis (Philariasis) is a parasitic and infectious tropical disease that is caused by thread-like parasitic worms, of the type filarial nematode.