GM deal with union

Detroit, May 21: General Motors and the United Auto Workers have reached an agreement on contract changes and restructuring $20 billion in debt owed to a trust fund for retiree healthcare. The deal was one of the key obstacles for the auto maker to clear before a June 1 deadline to restructure its debt as part of a process widely expected to include a bankruptcy filing.

Sensex dips

Mumbai, May 21: Weak global cues and profit-booking brought the sensex down by 324.12 points or 2.31 per cent to below 14000 at 13736.54. The NSE’s 50-share Nifty dropped by 59.40 points, or 1.39 per cent, to close at 4210.90. The rupee gained 10 paise against the dollar at 47.38, stretching its gains for the fifth day in a row.

Dumping duty

New Delhi, May 21: The government has slapped an anti-dumping duty of up to $97 per piece on cathode ray colour television picture tubes, imported from China and Korea, to protect domestic players. The finance ministry imposed the duty on the recommendation of the directorate general of anti-dumping and allied duties.

Inflation rises

New Delhi, May 21: Inflation moved up to 0.61 per cent for the week ended May 9, driven by the rising prices of food items such as cereals, tea, spices and fruits and vegetables. During the week, inflation rose 0.13 per cent from 0.48 per cent in the previous week.

DRL unit

New Delhi, May 21: Dr Reddy’s Lab (DRL) will hive off its drug discovery business to a wholly owned subsidiary, Aurigene, and will close the Atlanta Research facility in the US.

HDFC shares

Mumbai, May 21: HDFC chairman Deepak Parekh and joint managing director Renu Sud Karnad have sold shares worth Rs 10.7 crore in the company through open market transactions.

Health city

Mumbai, May 21: Faith Healthcare, a human development consulting company, has launched a Rs 1,000-crore health city project in Bardhaman.