With news making rounds about the likely acquisition of a substantial stake by Fortis Healthcare in the Wockhardt Ltd's division Wockhardt Hospitals, the pharma company's shares leaped 10 percent on the Bombay Stock Exchange.

According to the Economic Times report, unnamed sources said that Fortis is expected to strike a broad deal for buying up to 74 percent of unlisted Wockhardt Hospital chain for nearly Rs. 7.5 billion. Sources also say that though private equity firms General Atlantic and Advent were also in pursuit, Fortis is on the brink of wrapping up the deal.

According to iSuppli, the world's largest mobile handset brand Nokia is stepping out of the third-party manufacturing arena, and will thereby spend $5 billion on the manufacturing of handsets.

Citing weak global demand for mobile devices as the reason for stopping the use of outside contract manufacturers for the assembly of its phones, Nokia said it will pull back outsourced production to Electronics Manufacturing Service (EMS) providers and Original Design Manufacturers (ODMs).

In a significant move, country’s largest private sector electricity generating company, Tata Power Company (TPC) on Monday started commercial operations of its 250 megawatt power plant at the Trombay Thermal Power Station in Mumbai.

As a result of the commissioning, the generation capacity of the Trombay plant will be increased to 1,600 MW from 1,350 MW. The plant will operate on imported Indonesian coal. The company believes that the commissioning will help bridge the gap between the ever increasing demand and supply of power.

Mylan Inc. said on Monday that its Indian arm Matrix Laboratories Limited has secured its first tentative approval from the U.S. Food and Drug Administration to market Emtricitabine and Tenofovir Disoproxil Fumarate Tablets in two potencies 200 mg and 300 mg.

It should be noted that the tablets are the generic version of Gilead Science Inc.'s HIV drug Truvada Tablets.

The company said its version was granted tentative approval under the President's Emergency Plan for AIDS Relief.

French nuclear giant Areva announced plans on March 30 to expand its India operations. The company will start operations this week at eight new factories in India.

On Monday, the company started off its four factories at Kotambi near Vadodara in Gujarat.

According to the New York Times Monday reports, for the Auburn Hills, Michigan-based Chrysler to qualify for additional loans from the US government, it must strike a deal with Italian auto biggie Fiat SpA by April 30. As per the terms of the alliance, Fiat would receive a 35 per cent stake in Chrysler, but would provide no cash infusion.

In case Chrysler, the third largest automaker, fails to materialize the projected pact with Fiat by the set deadline, it would receive no more aid from the government, because the Obama administration would not consider it a viable stand-alone company.