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On Tuesday, Venus Remedies said that it is going to launch a new pain killer in India. The drug would be once-in-a-day dose, which will be injected inside a patient's body.

Name of the medicine is Aceclofenac OD and it is the first of its kind painkiller in the market.

The pharmaceutical company took this step after it managed to get a patent for the drug from the Indian authorities.

Venus plans to hit the market by the end of 2010 and aims at grabbing a market share of 10 per cent in the painkiller segment.

Anil Ambani's Reliance MediaWorks said on Tuesday that it is going to expand its facility in Britain.

The company is into the business of film and entertainment services and wants to expand its operations in Europe so that it can tap the growing opportunities in the continent.

Talking about the plans, Anil Arjun, Chief Executive of the company said that the being in the business of film and media, it is not possible for a company to stay away from the European sub-continent.

State Bank of India's mutual fund, SBI MF has decided to come up with an open-ended equity scheme.

The name of the fund will be SBI PSU Fund and it will be investing money in the public sector units of the country. The money will be invested through the stocks of these PSUs rather than going through any other means. But the bonds and other debt instruments that are issued by the PSUs will also considered as an investment tool.

The fund opened on Monday and will close on June 14.

India's largest gas transmission and marketing company, Gas Authority of India Limited (GAIL), on Tuesday announced a 45 per cent increase in its net profit for the quarter.

This is inline with the whole sector which saw a growth rate of 28 per cent. But what is commendable is that GAIL managed to grow more than the sector average.

While the gas trading business increased by 3 per cent, gas transmission touched the level of 106.74 mmscmd.

Former Indian captain and the ex-chief selector of BCCI, Dilip Vengsarkar has said that removing Dhoni now will put India back by five years. He has also said that it's not the proper time to go for such moves. As per Vengsarkar, if ever BCCI goes for such moves it would be nothing but a knee-jerk reaction.

Two pirate boats have been destroyed by a NATO royal warship which was on an anti-piracy mission in Somali. The helicopter of HMS Chatham spotted these two pirate boats around 150 miles in Somali Basin.

After detecting these two boats a marine team had been sent at the night. They were on a well planned operation to destroy them. The two boats were destroyed and ten Somali pirates surrendered after this attack.