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Business Briefs

IOC ups petrol price

New Delhi, Nov. 8: State-run oil retailer Indian Oil Corporation (IOC) has raised petrol prices by 32 paise a litre with effect from midnight tonight. The move follows a significant rise in global prices of crude and a similar increase announced by Hindustan Petroleum, which raised prices by 31 paise. Bharat Petroleum Corp Ltd will also increase petrol price by the same amount tonight. Petrol in Calcutta will become costlier by 34 paise to Rs 56.81 a litre.

Glenmark drug

Mumbai, Nov. 8: Glenmark Pharmaceuticals’ anti-diarrhoeal drug — Crofelemer — has successfully completed Phase-III trials for HIV-related diarrhoea. The company will now seek approvals from the US FDA before launching the drug in the US. Industry sources said Crofelemer could be launched in the US and India in 2012.

MCX petition

Mumbai, Nov. 8: MCX-SX has filed a writ petition in Bombay High Court challenging market regulator Sebi’s order rejecting the bourse’s plea to be allowed to function as a full-fledged stock exchange. The petition was filed on October 29 in relation to the Sebi order of September 23.

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