The counter is buzzing due to reports that News Corp's 'Star' group is in talks with Balaji Telefilms for a Rs 1 billion joint venture to produce regional language content. Star, India's top broadcaster, is expected to hold 74% in the new company that will make Telugu content. A deal for the same is expected to be signed in the next two months. Star already holds nearly 26% in BTL.

Britannia Industries advanced 3.28% to Rs 1256. There are reports that UK retailer - Carrefour is close to announcing a joint venture with Wadia Group, one of India's leading industrial conglomerates. The Wadias own GoAir, the Indian budget airline, and Britannia Industries, the country's largest food processing company.

Reliance Petroleum (RPL) gained 2.66% to Rs 69.45, after reports that Chevron Corp, the US energy major, is likely to increase its stake in Reliance Petroleum to 29%, and explore equity partnership in Reliance Industries' Krishna-Godavari basin gas field. Chevron, which in April 2006 picked 5% stake in RPL for $300 million, has the option to raise its holding in the new 580,000 barrels per day refinery to 29%.

Gillette India rose 2.34% to Rs 896.85, on value-buying

Hindustan Petroleum Corporation (HPCL) advanced 2.13% to Rs 287.80, after the petroleum minister said the Lakshmi Mittal group had picked up 49% stake in a refinery being built by the company. The investment comes a year after Bharat Petroleum (BP) pulled out saying the project was not attractive. BP, in March 2006, quit plans to help build the new refinery -- then valued at $3 billion -- as it did not find India's refining and retailing sector attractive enough.

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