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SmithKline, Glaxo in merger talks
The British drug giants, SmithKline Beecham PLC and Glaxo Wellcome PLC are discussing a combination that would be the largest corporate merger in history and would create the world's biggest pharmaceutical company. The financial terms of a merger are not disclosed as yet. SmithKline has a market value of about $70 billion and Glaxo Wellcome $96 billion.
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ICICI Bank profit rises by 53%
ICICI Banking Corporation has recorded a 53% growth in net profit for the nine-month period ended December 31, 1997. It has also hiked its prime lending rate by 200 basis points from the existing 13.5% to 15.5% with effect from February 1, 1998.
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GDRs hit 52-week low on overseas bourses
As many as 31 global depository receipts (GDRs) - out of 65 GDRs listed on overseas stock exchanges - including Reliance Industries Limited, Bajaj Auto, Hindalco and EI Hotels touched their 52-week low during the week ended January 29. Reflecting the downtrend, the Skindia GDR index declined by 1.87 per cent to 780.66 against previous week's close of 795.54.
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FIEO opposes MDF under Govt
Federation of Indian Export Organisations (FIEO) has opposed the setting up of a market development fund (MDF) wholly controlled by the Union ministry of commerce. FIEO president Ramu Deora said exporters did not trust government agencies to reimburse claims in time.
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