MUMBAI: Stocks are likely to remain in a range on Friday amid weak global cues. The market will look forward to Index of Industrial Production data scheduled to be announced later today. Industrial output probably is forecast to have grown a weak 2.2 per cent in October from a year ago, sharply down from September, and analysts said slowing demand and deepening recessions in major economies threaten further slumps. US crude prices fell on Friday after US Senate negotiators failed to reach a compromise deal to bail out US auto industry. US crude for January delivery was down $1.87 a barrel at $46.11, having hit a session low of $46.05. The rupee was lower at 48.60/48.64 per dollar, from Thursday's close of 48.33/34, following a decline in Asian stocks markets. In an unusual development, the government has withdrawn the affidavit, it had filed in the Bombay High Court, arguing that Reliance Industries cannot sell Krishna-Godavari basin gas at a price less than $4.20 per million metric British thermal units. The withdrawal followed a demand by the counsel of Reliance Natural Resources Ram Jethmalani to cross-examine the government official, who had signed the affidavit on behalf of the government. Ranbaxy Laboratories is set to witness a major board restructuring next week following its takeover by Japan’s Daiichi Sankyo. A majority of its current directors are expected to be replaced and the size of the board is likely to be reduced from 14 members to 10. Ranbaxy CEO and MD Malvinder Singh will take over as executive chairman of the company. The pharma major’s sales have fallen drastically by 45 per cent in past two months after the United States Food and Drug Administration’s ban on 30 of its drugs and currency fluctuations, say reports. GVK Power has entered into a long term agreement with the Indian Railways for the transportation of coal for its upcoming 540 Mw thermal power plant in Punjab. Ushering in a new era in the Indian telecom sector, state-run Mahanagar Telephone Nigam Ltd on Thursday launched the third generation (3G) mobile service 'Jaadu'. MRPL, subsidiary Oil and Natural Gas Corporation, is expanding its 1,94,000 barrels per day plant to 3,00,000 bpd by October 2011, 15 months behind schedule and at 50 percent higher cost than originally planned. The project will now cost Rs 12,412 crore. To read business stories in हिंदी click here.

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