National Thermal Power Corporation has announced that the company has signed a loan agreement of Rs 100 billion with Power Finance Corporation on June 30, 2008.

Mahindra World City (MWC), Jaipur signs memorandum of understanding (MoU) with Vamani Overseas to set up 4 acre camps in MWC, Jaipur handicraft zone.


Usha Martin and BHP Billiton have inked a definitive pact to set up a joint venture company Bharat Minex to jointly explore for minerals in the state of Jharkhand in India.


GMR Ferro Alloys and Industries, hived-off ferro alloys division of GMR Industries, after re-listing at Rs 139.65, settled at a discount of 33.76% at the National Stock Exchange (NSE) on Monday.

reddy labs annual report for Fiscal 2007-08

http://www.drreddys.com/investors/pdf/annualreport2008.pdf

Goldman Sachs

Lakshmi Mittal joins Goldman Sachs board

Mittal also serves as a director of Airbus maker European Aeronautic Defence & Space NV and ICICI Bank Ltd. of India.

I-Flex bags contract from a leading French Bank

U.K. May mortgage approvals fall to 42,000 from 58,000 April


Birla Cotsyn. The company taps capital market with an IPO of Rs 1,441.8 million to fund its project. The company has fixed a price band of Rs 15 to Rs 18 a share of face value of Rs 10 each. The 100% book build issue, which opened on today, will close on Jul. 4, 2008.

McNally Bharat Engineering Company has bagged an order from Mundra Port and Special Economic Zone (SEZ), worth 473mn

L&T receives Rs 15.57 bn order from APPDCL

dea Cellular made an open offer to acquire 20% in Spice Communications at Rs 77.30 a share. to acquire over 137,985,050 fully paid-up equity shares of face value Rs 10 each forming 20% of the emerging voting capital of Spice Communications.


Pratibha Industries bagged contract worth Rs 1.79 billion from Lanco Hills Technology Park

GMR Ferro Alloys lists at Rs 139.65 on BSE

Railways to focus on electrification of more lines

National Thermal Power Corporation (NTPC) has signed a power purchase agreement with GRIDCO for supply of power from its 1320 mw Barh Project Stage-II in New Delhi.

MICROSOFT

Ballmer Pnders new ceo of Microsoft

Ballmer

Marathon Group launches IT SEZ worth Rs 18 bn

Sejal Architectural Glass to list on July 1

Parsvnath Developers bags Rs 1.25 bn contract

Parsvnath Developers received a contract worth Rs 1.25 billion from Buddha Smriti Udhyaan Development Company to develop Buddha Smriti Udhyaan at Patna.


Sourav Ganguly is Castrol Asian Cricketer of the Year 2007

U.S. May real disposable incomes flat excluding rebates

U.S. May incomes, spending get boost from rebates

U.S. May incomes rise 1.9% vs. 1.5% expected

U.S. May core inflation up 0.1%, vs. 0.2% expected

General Motors Corporation

General Motors Shares end 33year low at $11.43

ABG shipyard

ABG shipyard gets order from Sealion shipping worht 585cr

Religare Enterprises (REL)

Religare Enterprises (REL) is planning to raise Rs 10.75 billion by allotting shares or bonds to the promoters or promoter-entities, Further the company also received its board`s approval for entering into non-life insurance sector and the company has started looking for partners.

BHEL bags Rs 5.06 bn order from ONGC

RFCL, an ICICI Venture-owned company is set to acquire Italian company Carlo Erba SPA, Carlo Erba is a major player in laboratory chemicals.

Star India, one of India`s leading broadcasters is having 25.99% stake in Balaji Telefilms and is looking to sell its stake.

ABG Shipyard has bagged USD 137 million order from UK-based Toisa, marking its entry into the construction of sub-sea vessels,

Essar Power has planned an investment of Rs 48 billion for setting up a 1,200 mw co-generation power plant in Gujarat

Axis Bank acquires stake in HCC arm for Rs 2.5 bn

Birla Cotsyn IPO opens on June 30

Birla Cotsyn plans to enter the capital market with an IPO of Rs 1,441.8 million to fund its project. The company has fixed a price band of Rs 15 to Rs 18 a share of face value of Rs 10 each. The company is of the Yash Birla Group, engaged in textile manufacturing

crude oil

Crude oil up $1.23 at $140.87, peaked at $141.71

Crude oil hits record high in electronic trading

india inflation

India's inflation surged to a 13-year of 11.42% in the week ended June 14 from the same period a year earlier, official data reportedly showed on Friday, raising chances of further monetary and fiscal steps to cool soaring prices. The latest data compares with inflation of 11.05% in the previous week, and the Reserve Bank of India's stated comfort level of 5.5%

US home sales

U.S. May existing-home sales rise 2% to 4.99 million pace

U.S. May existing-home inventory falls to 10.8 month supply

U.S. May existing-home median price down 6.3% in past year

U.S. existing-home sales down 15.9% in past year

U.S. May existing-home sales rise as expected

U.S. May existing-home sales rise 2% as expected

Satyam Computers announced it formed an alliance with Sciformix, Westborough, MA, based in US, a life science knowledge process outsourcing firm to deliver end-to-end and data management services in `Pharmacovigilance`.

Hindustan Aeronautics bags contract from Ecuadorian air force

USA data

U.S. Q1 GDP up 1.0% vs 0.9% prev est.

U.S. Q1 GDP just below 1.1% forecast

U.S. Q1 core PCE up 2.3% vs 2.1% prev est.

U.S. Q1 corporate profits down rev 0.3% vs up 0.3% prev est

U.S. weekly initial jobless claims unchanged at 384,000

U.S. 4-wk. avg. initial jobless claims up 2,250 to 378,250

U.S. continuing jobless claims rise 82,000 to 3.14 mln

U.S 4-wk. avg. continuing jobless claims rise to 3.10 mln

U.S. Q1 core PCE up 2.3% vs 2.1% prev est.

U.S. Q1 corporate profits down rev 0.3% vs up 0.3% prev est

Caterpillar

Caterpillar Inc said Thursday that it will invest $200 million over four years to increase its manufacturing capacity in India. The company said the move is part of its strategic plan to increase its manufacturing footprint in the Asia-Pacific region

US banks

expects write-downs of $9 billion for Citi in the second quarter and $4.2 billion in the second quarter for Merrill Lynch

Goldman Sachs cut its rating on U.S. brokers to neutral from attractive,

FED

Federal Reserve signals aggressive rate cuts are over; unclear about when rate hikes will come

Tech Mahindra inks pact with Telecom Fiji

UK-based Renold has acquired a 75% stake in the industrial chain business of LG Balakrishnan & Bros (LGB).

Rayban Sun Optics India announced on Wednesday the promoters of the company, Ray Ban Indian Holdings proposed for a voluntary delisting of the shares of the company from the Bombay Stock Exchange.


Apollo Hospitals contemplates Rs 14 bn expansion plan

KSK Energy IPO subscribed 1.5 times

Essar withdraws bid to buyout Esmark

Coromandel Fertilisers sets up new subsidiary in Mauritius

Pantaloon Retail raises Rs 2.25 bn from promoter group co.

Solitaire Machine Tools tied up with O.ERRE.PI an Italian machine tool manufacturer to rebuild high value grinding machine for SKF India

LG Balakrishnan & Bros rallied further on Thursday as the company agreed to sale 75% stake in its industrial chain business to UK-based Renold.


Aban Offshore has received a contract to drill 3 wells in Malaysia. The estimated revenue from the contract is USD 17 million for 90 revenue days.

Diamond Cables bags Rs 900 mn order from Rajiv Gandhi Gramin Vidyutikaran Yojna (RGGY) for Mehsana and Patan districts of Gujarat.


Sun Pharmaceutical Industries announced that a subsidiary of the company has exercised the option under its option agreement to acquire all the shares held by the controlling shareholders of Taro Pharmaceuticals Industries.

ITC Infotech is set to end its BPO equal joint venture with US-based Sitel Corporation, ITC has showed unwillingness to renew the joint venture agreement that ended in May this year.

Tata Teleservices Maharashtra (TTML) announced the launch of `Let`s Rock`, a student-friendly plan. The plan worth Rs 299 has three years validity and has attractive day and night call tariffs.

The Maharashtra state government has decided to construct the Rs 60 billion Nhava-Sewri sea link project on its own, rejecting the bids placed by Mukesh Ambani-led RIL

Electrosteel Casting to commence work in Jharkhand mine next year

ONGC expects gas production from KG basin in 2013

USA economy

MBA's purchase index dropped 7.4 percent in the June 20 week

Crude oil stocks rose 0.8 million barrels in the June 20 week to 301.8 million but are still down a steep 14.4 percent year-on-year

FOMC announcement kept the fed funds target rate at 2.00 percent as expected

US economic calender

U.S. May durable-goods orders flat vs. -1.0% expected

U.S. May durable-goods orders ex-transportation fall 0.9%

U.S. May core capital equipment orders fall 0.8%

U.S. May durable-goods shipments fall 1.1%

U.S. May durable-goods inventories rise 0.4%

U.S. April durable-goods orders revised lower to -1.0%

May Durable Goods ex-trans -0.9% vs -1.0% consensus, prior revised to +1.9% from +2.5%


May Durable Goods Orders 0.0% vs 0.0% consensus, prior revised to -1.0% from -0.5%

Tata Comm all set to acquire Neotel

Nagarjuna Construction bags orders worth Rs 3.33 bn from Pimpri Chinchwad Corporation. The project is to be completed over a period of 24 months.

HDIL group is acquiring 51% stake in Broadcast Initiative a Hindi news channel, a 51% shareholding in Sri Adhikari Brothers Media

Idea to acquire 40.8% stake in Spice

Cairn India to infuse USD 2 bn over 18 months

Emco bags contract from Maharashtra State Electricity Transmission


GMR Infrastructure has acquired 50% shareholding in one of the world`s leading independent power producers named InterGen of U.S.

Reliance Infra bags EPC contract worth Rs 120 bn

Bafna Spinning board approves stock split from Rs 10 to Rs 5 a share.

NMDC has formed a new joint venture (JV) company with Chhattisgarh Mineral Development Corporation (CMDC) for the development of Bailadila Iron Ore,


Spice Group announced on Wednesday its investment vehicle, MCorpglobal Communications (MCPL) holding 40.8% in Spice Communications will divest its entire holding to Idea Cellular at a price of Rs 77.30 a share,

Amtek Transportation Systems, a subsidiary of the group flagship company Amtek Auto, signed a strategically important JV agreement with the leading American Railcar manufacturer


Birla Cotsyn (India), a company of the Yash Birla Group, engaged in textile manufacturing is now setting up an integrated textile unit estimated at a cost of Rs 3,200 million at its facilities in Khamgaon, Ghatanji & Malkapur


HTMT Global Solutions, outsourcing solutions provider inaugurated its second delivery centre at Nandambakkam in Chennai today (June 25).

Jindal Steel & Power is planning to invest Rs 32 billion in coal-to-liquid plan for extracting 80,000 bpd of oil by synthesizing coal

Temptation Foods acquires stake in Kohinoor Foods

DLF will get around 5,000 acres of land near Greater Noida

India will sign an agreement shortly with Iran and Pakistan in connection with the transnational pipeline project involving the three countries

DLF to get around 5,000 acres of land near Greater Noida,Jaypee group has also qualified for allotment of 2,500 acres, while Unitech and Punj Lloyd are in race for 2,500 acres each.

Warburg Pincus buys stake(15%) in Laqshya Media for Rs 2.76 bn

Eastern Silk Industries has fixed Jul. 07, 2008 as the record date for the purpose of stock split. Rs 10 each into five equity shares of the face value of Rs 2 each

Reliance Infrastructure is looking to acquire companies in India and abroad, including coal mines in Indonesia .the company has planned an investment of Rs 280 billion in the next three years.

Amtek Auto forms JV with US co Missouri-based American Railcar Industries (ARI)

Essar Shipping to infuse Rs 100 bn in next 3 years

GMR group is likely to buy stake in the Rs 310-billion refinery and petrochemical plant being planned by Oil and Natural Gas Corporation (ONGC) in Kakinada in Andhra Pradesh

Mei Ta Group, a Taiwan-based company, will set up an auto component manufacturing base in Andhra Pradesh (AP) at a cost of Rs 6 billion

Sterlite Tech wins contracts from BSNL worth Rs 1.07 billion

Maharashtra Seamless bagged export orders worth USD 45 million from USA. The company has also received domestic order worth Rs 860 million from Indian Oil Corporation (IOC).

ABL Bio approves allotment of GDRs

HDFC AMC invests in Ansal Properties` arm

Spanco Telesystems forms JV with MRS, USA

First Winner Industries fixes IPO issue price at Rs 125

NTPC forms JV co with Bharat Forge

NIIT strengthens its presence in China

BHEL bags order worth Rs 18.4 bn by DVC

india inflation

Fuel, power, lubricants propel inflation to 13-yr peak of 11.05%

China said it was cutting subsidies on gasoline, diesel and jet fuel prices effective this coming Friday.

China raises prices for fuel, electricity

China raised prices for fuel by as much as 18 percent on Friday in a move intended to cool the nation's surging energy consumption.

2 former Bear Stearns hedge fund managers charged

Two former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market, perhaps signaling the start of a wave of prosecutions arising from the housing meltdown.

For ORKUT.COM

123Greetings Launches Free Ecard Application for Orkut Users
http://www.123greetings.com.

Hindustan Petroleum Corporation (HPCL) is planning to buy four sugar mills in Andhra Pradesh (AP) to source ethanol and blend it with petrol

IVRCL Infrastructure and Projects is close to buying a Swedish construction equipment manufacturer

Ashok Leyland has formed a new company Albonair GmbH in Dortmund, Germany

Airlines declare hike in base fares of up to Rs 3,000

Advanta India, through its subsidiary, has acquired the sunflower seed business of Limagrain in the USA

NTPC starts operation at Sipat

L&T crosses Rs 10 bn order book for hi-tech equipment

Hyderabad-based Cambridge Technology Enterprises announced the completion of all formalities related to the acquisition of CellExchange, a Cambridge-based system integrator company

HP power plant restarts production

Rain Commodities` second unit situated in Kurnool has started commercial production of its expanded capacity of 1.5 million metric tons of cement per annum

NALCO likely to cut output due to coal shortage

Hindustan Organic Chemicals will be re-starting its caustic soda plant at Rasayani in Raigad district after a gap of over eight years

PFC sanctions Rs 100 bn loan to NTPC

Hindalco Industries board approves right issue in the ratio of 1:3

Maytas Infra to invest Rs 1.10 bn to setup new airport at Shimoga Karnataka

Deccan Chronicle Holdings launched its Mumbai Edition of `Financial Chronicle` on June 20, 2008 in association with the `International Herald Tribune"

Glenmark Pharma receives USFDA approval for Trandolapril tablets

BSE in pact with BoB for clearing and settlement

Inflation rockets to 11.05%

US leading indicators

U.S. May leading indicators up 0.1%, 2nd straight gain

US jobs data

weekly initial jobless claims fall 5,000 to 381,000

4-wk. avg. initial jobless claims rise 3,250 to 375,250

continuing jobless claims fall 76,000 to 3.06 million

Blue Star implements IT platform for Nimbus Communications

Ranbaxy settles patent litigation with Pfizer

Gujarat Foils to pump in Rs 1.2 bn for expansion

MRPL to launch branded petrol and diesel shortly

IVR Prime to invest Rs 7.5 bn in 10-15 resorts

Hotel Leela partners with Preferred Hotel Group

ADAG to form JV with Steven Spielberg

Cyber Tech Systems & Software signed MoU with Gold Coastway to form a joint venture company in the Kingdom of Bahrain

Mahanagar Telephone Nigam (MTNL) received International Long Distance (ILD) licence from the department of telecom (DOT) for providing international long distance services

MindTree opens new development Center in Chennai

Govt. cuts prices of complex fertilizers

Banking, Realty, drag Sensex down 322.73 pts

Roman Tarmat bags 2 orders worth Rs 1064.8 mn

Power Grid Corporation board recommends 7% final dividend

Time Technoplast board to consider share-spilt

Japanese automaker Honda has launched its first hybrid car in India for Rs 2.15 million, christened the `Civic Hybrid

Ranbaxy Laboratories entered into an agreement with Pfizer to settle most of the patent litigation worldwide involving Atorvastatin (Liptor),

KSK Energy Ventures IPO opens on June 23 (BSE & NSE)

Moschip Semiconductor Technology acquired the Audio Video division of Intellasys, a TPL group company

Exide Ind. acquires 51% stake in Leadage alloys

Tata Comm inks equity JV with China Enterprise Communications (CEC) for the acquisition of 50% equity

US data

Morgan Stanley profit falls 60%

Morgan Stanley beat by 3 cents

Wire & Wireless to launch (headends-in-the-sky) HITS technology .HITS is a satellite multiplex service that provides cable channels to cable television operators

Aksh Optifibres and state-run MTNL have launched Internet Protocol Television (IPTV), which could be viewed without any broadband connection

FutureBazaar.com partners Dubai-based logistics service provider Aramex

Vijaya Bank hikes deposit rates 8.80 from 8.50

Ashok Leyland to sell part stake in Nissan JV to shareholders

L&T may acquire Crompton`s project biz

Religare plans to enter banking sector

Ipca Labs eyes overseas acquisition

JSW Steel to pump in Rs 5.5 bn in Chilean mines

Bartronics India`s arm bags a pilot project from Comic-Con International, a company based at San Diego, California.

Suven Life Sciences commenced phase I clinical trials in Europe of SUVN-502 for Alzheimer`s disease

Sujana Towers acquired 51% shareholding in Telesuprecon, a Mauritius based company

Markets have slipped further as banks, IT and realty stocks are witnessing heavy selling pressure

Market wide put-call ratio declines 22.71%

Indo Asian Fusegear plans entry into power space

Voltas buys remaining 50% stake in UCPL( Universal Comfort Products)

Tech Mahindra enters into strategic alliance with Microsoft Corp.

Allied Digital Services bagged the contract worth Rs 200 million from GMR Projects.

KEC Int. bags order worth Rs 1.6 bn from NESCL


Goldman acquires stake in Sterling & Wilson for USD 50 mn

USA economic data

GS beats by $1.16


U.S. PPI up 7.2% in past year


U.S. May crude energy PPI up 13.1%

U.S. May housing starts fall 3.3% to 975,000 annual rate

U.S. May building permits fall 1.3% to 969,000 annual rate

U.S. May housing starts lowest in 17 years

Housing starts fall to 17-year low in May

Volkswagen all set to foray into Indian shores

ArcelorMittal inks pact to acquire Bayou Steel, US

JSW Steel to pump in Rs 140 bn by 2010

Maytas Infra bags contract for Gulbarga airport project

Asian Development Bank (ADB) is understood to have agreed to provide USD 500 million in long-term debt for Reliance Power`s (RPower) 4,000 mw Krishnapatnam ultra-mega power project

Radha Madhav to start production at Rudrapur unit

Tilaknagar Industries has acquired Surya Organic Chemicals and Prag Distillery by way of purchase of 100% shareholding

Open offer for Ranbaxy opens on August 8

S Kumars Nationwide is eyeing potential acquisition opportunities in Europe and North America.

Ashok Leyland has made a strategic investment in Germany-based Albonair, for development of vehicle emission treatment, control systems and products.

South Indian Bank board to consider bonus issue meeting will be held on Jun. 28

Dr Reddy`s receives USFDA approval for Venlafaxine hydrochloride tablets

Balmer Lawrie earmarks Rs 1 bn for expansion

Transport Corporation of India (TCI) is all set to dilute promoter holding by about 10% 680 mn to raise capital for its expansion plan

US economic calander

Consumer Price Index (MoM) (May) 0.6% vs 0.5%

States Consumer Price Index (YoY) (May) 4.2% vs 3.9%

Consumer Price Index Ex Food & Energy (MoM) (May) 0.2% vs 0.2%

Consumer Price Index Ex Food & Energy (YoY) (May) 2.3% vs 2.3%

Consumer Sentiment Index (Jun) 56.7 vs 59.5

Saraswat Bank to acquire three cooperative banks in FY 2008-09

HEG board recommends 30% final dividend .This is in addition to 70% interim dividend already paid in January, 2008.

Speciality Papers bags USD 1.5 mn order

3i Infotech has completed the acquisition process with Regulus Group LLC to acquire 100% shares of Regulus

Hind Rectifiers board to consider dividend, bonus issue

Inflation accelerates fastest in 7-yrs.; leaps to 8.75% vs 8.24%

New York Times to acquire 5% stake in Deccan Chronicle arm

IPO

EdServ Softsystems files IPO papers with SEBI The company has fixed the price band at Rs 55 to Rs 60 a share. BSE & NSE

Bafna

Bafna Spinning board to consider stock split .face value of Rs 10 each to Rs 5 a share

Pfizer bid

Pfizer may bid for the about 65% of Ranbaxy held by institutions and public shareholders

US eco data

U.S. weekly initial jobless claims rise 25,000 to 384,000

Initial Jobless Claims 384K vs 370K consensus; prior revised to 359K from 357K

May Retail Sales +1.0% vs +0.5% consensus, prior revised to +0.4% from -0.2%

May Retail Sales ex-auto +1.2% vs +0.7% consensus, prior revised to +1.0% from +0.5%

May Import Prices m/m +2.3% vs +2.5% consensus, prior +2.4%

news

Essar Steel Holdings has raised its all-cash offer to buy Esmark by 10% to USD 19 a share ahead of the US-based steel firm

Sejal Architectural Glass IPO subscribed 1.47 times

First Winner IPO subscribed 38% till penultimate day

Arvind Mills cancels JV with Diesel BV

news

manufacturing was just 7.5%, as opposed to 12.4% in April 2007

CCCL inks pact with Innotech Construction, Dubai

Goldman Sachs expects another 25 bps hike in repo rate

IFGL Refractories acquires (96.16%) in Germany-based co Hofmann Ceramic

Moser Baer to set up Rs 20-bn unit in Tamil Nadu

OPEC heads to discuss crude prices on June 22

Sanghvi Movers is planning to invest Rs 5 billion over the next two years to acquire high-capacity cranes

Sayaji Hotels on expansion drive

Pantaloon to set up 80 Axiom stores

SpiceJet estimates Rs 1 billion losses

ONGC seeks Rs 30 bn tax exemption

news

JSW Steel inaugrates branded showroom in Ahmedabad

SBI may hike short-term lending rates

Reserve Bank India hiking its short term repo rate by 0.25% to 8%.

Thomas Cook India inks pact with Bajaj Allianz for its distribution network of over 160 retail branches across the country.

PS Group formed a joint-venture (JV) with Sri Lanka Institute of Information Technology (SLIIT) and Infinity Park to develop an IT park in Sri Lanka.

DFID to invest Rs 8,393.75 mn on urban services, healthcare in Bihar

TATA Agrico ties up with TATA BP Solar

news

Govt. slashes complex fertilizer prices The prices of complex fertilizers will come down by Rs 1,416 a ton or Rs 70 per bag,``

IIP advances 7% during Apr`08

SAIL to develop 2 processing units in Madhya Pradesh

Karnataka Bank board approves 1:5 rights basis at a price of Rs 100 a share, which includes premium of Rs 90.

Lotus Eye Care IPO subscribed 25% within 4 hrs

Political unrest in the Darjeeling hills likely to affect the tea industry

HDFC may hike home loan rates by June-end

ABG Shipyard bags order worth Rs 1.27 bn

UK

Home Retail down 9.5%

InBev's $46 billion offer for Anheuser-Busch

The stock market cheered InBev's $46 billion offer for Anheuser-Busch, sending shares of both brewers higher in early action on Thursday

world eco

Australian dollar slumps on surprise job loss in May .A survey found companies cut 19,700 workers from payrolls in May

Shanghai index drops below 3,000

Chinese shares in Shanghai suffered big losses Thursday to pull the benchmark stock index down to less than half its value at the past year's record high. The drop came in spite of economic data, which showed that inflation eased in May, as investors worried the relief was only temporary.

US crude

Crude supplies dropped by 4.6 million barrels to 302.2 million for the week ended June 6

USA news

MBA applications rose by 10%

OIL news

Oil prices gained ground on data that showed a 12% increase in China's imports of crude oil in the January through May, according to figures released by the General Administration of Customs Wednesday. Crude prices rose $2.71 a barrel to $134.02

UK ECONOMIC CALENDER

Average Earnings excluding Bonus (3Mo/Yr) (Apr) 3.9% vs 3.8%

Average Earnings including Bonus (3Mo/Yr) (Apr) 3.8% vs 4.1%

Claimant Count Rate (May) 2.5% vs 2.5%

Goods Trade Balance (Apr) -£7.6B vs -£7.3B

ILO Unemployment Rate (Apr) 5.3% vs 5.2%

Jobless Claims Change (May) 9.0K vs 8.0K

Total Trade Balance (Apr) -4.3 vs -4.0B

AUSTRALIA ECONOMIC CALENDER

Australia Westpac Consumer Confidence (May) -5.6% VS 2.7%

news

First Winner Industries IPO subscribed 26% on day two

Inflation not likely to go below 7% in next 2 years

Sejal Architectural`s IPO gets full subscription

Grasim hives off sponge iron business for Rs 10.30 bn

Gujarat NRE to expand wind power generating capacity

Gitanjali Gems buys Eureka Finstock

Gitanjali Gems hikes stake in Fantasy Diamond Cuts

Tata Motors to raise USD 1 bn from overseas market

Bodal Chemicals expands manufacturing capacity at Padra unit

Moser Baer launches 600VA UPS

news

IDFC PE-II, a venture fund of Infrastructure Development Finance Corporation, has picked up 22% stake in the Seaways Shipping, for Rs 1.20 billion

HDFC fund buys 50% stake in ACME`s housing project

Omaxe to set up Rs 28.50 bn project in Dubai

Royal Orchid Hotels on expansion spree

Natco Pharma partners with Pittsburgh-based Mylan

Fertilizers and Chemicals Travancore will shut down its four production plants shortly, which includes ammonia, caprolactam, ammonium sulphate and phosphoric acid plants

Tata Comm. expands connectivity to Africa

news

Bhutan likely to join WTO by 2009

World oil consumption to grow by 1 mn bbl/d in 2008

Hindustan Motors and Mitsubishi Motors Corp.`s vehicles in India, is likely to launch a new passenger car in October—its first entirely new car since the Contessa, which was launched in the early 1980s and officially withdrawn in 2003

Promoters may exit Ranbaxy

Himachal kicks off Rs.13.65 bn road project

Sanghi Ind confirms restructuring of business ownership

Bharat Petroleum (BPCL) may buy crude oil from Iran under a one-year contract

Scooters India (SIL) is mulling foray into the electric two-wheeler segment

Punjab National Bank (PNB) may bid for a stake in IFCI through a consortium

Vijaya Bank may soon hike its short-term deposit rates

RANBXY DEAL

Ranbaxy promoters hand over baton to Japan`s Daiichi

Japan's Daiichi Sankyo buying controlling stake 50.1% in India's Ranbaxy Laboratories for $4.6B .Sankyo said Ranbaxy will become the Japanese company's subsidiary when the deal is completed March 2009 .

news

Idea to invest in Spice for its network upgradation

SRF has successfully commissioned all the nine units of a 14 MW wind power project in Tamil Nadu at a total investment of about Rs 900 million.Located in Tirunelveli district of Tamil Nadu

Unichem Lab gets US FDA nod for Zaleplon capsules

Gammon India acquires stake in 2 Italian cos .50% shares of Sadelmi(power), Italy and 75.1% shares of Franco Tosi Meccanica(offshore), Milan, Italy

Vedanta Resources, the UK-listed mining group, has plans to pump in USD 20 billion in India in the next four years to expand its metals, mining and electricity generation operations

UTI Mutual Fund has entered into an agreement with Geojit Financial Services for providing its employees a retirement planning opportunity through UTI Retirement Benefit Pension Fund.

3i Infotech buys 51% stake in FinEng is a Mumbai based company engaged in the business of creating and selling software products and developing software solutions

PSL bagged contract worth Rs 19.28 billion from Gail India for manufacturing and supplying of carbon steel pipes

Lupin launches Ramipril capsules in US

india news

Omaxe, a real estate development company, had incorporated a wholly owned subsidiary with the name Rohtas Holdings (Gulf) at Dubai

Bharti Airtel will be launching the newly-unveiled iPhone 3G in India later this year.

NHPC likely to ink MoU with JKPDC for Chenab basin power project estimated cost of Rs 150 billion.

Indian railways revenue up 19.85% during Apr-May 2008 Rs 133.34 billion compared with Rs 111.25 billion during the same period, last year.

Oscar Investments acquires ANR Securities for Rs 3.8 mn

Tata Steel opens retail outlet at Mozambique

Romanian central bank

The Romanian central bank (NBR) this morning announced that it has hiked its key policy rate by 25bp to 9.75%

Hungary

Hungary: Central bank hiked the base rate by 25bp to 8.25%

Russian central bank (CBR)

Russian central bank (CBR) has announced today that from July 1 it will raise its compulsory reserve requirements for commercial banks to 5.0% from 4.5% for retail deposits in roubles, to 7.0% from 5.5% for banks' liabilities to non-resident banks and to 5.5% from 5.0% for other bank liabilities

Japan int rate

Bank of Japan (BoJ) left its leading interest O/N target rate unchanged at 0.5%

AUSTRALIA Economic calender

Home loans (APR) slashed by -3.0%

National Australia Bank's Business Conditions (MAY) -4

UK economic calender

Industrial production up 0.2%(MoM)may

Industrial production up 0.2%(YoY)apr

Manufacturing production up 0.1% (MoM)apr

RPL bonus

The Reliance Power Ltd (RPL) board had fixed June 3 to June 5 as the book closure date for the bonus issue.

This means that those shareholders who had bought the shares before the markets closed on or before June 2, 2008 would be eligible to receive the bonus shares. The bonus was issued in ratio 3:5

Suzlon order deffered

Suzlon's largest client in the US, Edison Mission Energy, has cancelled an order for 150 turbines. After this cancellation, Suzlon's order backlog has been reduced by 315 MW capacity of wind turbines.

india news

Rane Engine wins Volkswagen Group Award for 2008

Aurobindo Pharma gets USFDA nod for Zaleplon Capsules

JSW Steel posts 19% rise in steel production in May `08

RPG Life Sciences got re-listed at Rs 49 today at the Bombay Stock Exchange

Kirloskar Oil Engines announced that the members of the company approved the sale of the valves division of the company situated at MIDC, Nashik, and MIDC, Ahmednagar (the export oriented unit) to Eaton industrial Systems.

Vijaya Bank to waive Rs 3.13 bn farm loans

REC to launch PE fund

Aditya Birla Group to acquire Apollo Sindhoori

Reliance MF increases stake in Piramal Life 5%

Rashtriya Chemicals & Fertilizers (RCF) is planning to enter into logistics related businesses

Indian Bank to open 100 more branches

Renold Plc is in talks with LG Balakrishnan & Bros (LGB) for acquiring 75% stake in its industrial chain business

Idea Cellular will acquire BK Modi`s 40.8% stake in Spice Communications for around Rs 22 billion

Indiabulls Power signs MoU with Jharkhand govt.

Sejal Architectural Glass IPO subscribes 32.84% on day one

First Winner Industries IPO subscribe 2% on day one

Lotus Eye Care IPO opens on June 12

Harrisons Malayalam cancels the proposed sale of Kallyar estate

world ecnomy

UK retail sales post surprise rise in May as weather

Japan Apr Core Machinery Orders Up 5.5% On Month

Australia Total Job Ads Fell 1.7% In May Vs Apr

Australian Apr Housing Finance Falls 3.0% Vs Mar

Australia's April housing finance down 3.0 pct vs 1.9 pct consensus fall

Australia's May NAB (National Australia Bank Ltd )business confidence index up 4 points from April

USA jobs

Employers in the U.S. plan to hire fewer workers in the third quarter as confidence in the economic outlook weakened

U.S. slowdown to be long, but no recession

Economists have trimmed forecasts for U.S. growth in the second half of this year and in 2009, but more have come to the view that the United States will dodge a recession, a survey released

world economy

French April industrial output up 1.4 pct from March

Czech Final 1Q GDP +5.3%YY

Asia oil experts tip $150 crude in short-term

German May WPI up 1.4 pct from April, up 8.1 pct year-on-year

India May Local Car Sales 110,743 Units Vs 96,923 Yr Earlier

Monster Index Shows Europe Labor Demand Edged Higher In May the index was up 16%

Australian May job advertisements post biggest decline in 8 years

home sales

Pending home sales index up 6.3% in April: NAR

FED

U.S. dollar gains as Fed seen more likely to raise rates

UK news

British wholesale inflation at record pace

Bank of England will find itself unable to further cut interest rates in coming months despite fears of a major economic slowdown.

USA

Financials slip on Lehman news in early action

NEWS

Emami forces Zandu to drop preferential issue

EMCO plans to cross border to have its first international manufacturing base of transformer; mulls expansion into switchgear space.

Great Offshore to bid for buying rig overseas

United Bank of India has launched its agriculture debt waiver and debt relief scheme in the north eastern states.

Spencer`s Retail to tie up with international brands with Woolworths Plc UK for Chad Valley Toys


Adani Logistics plans to develop 14 inland container depots (ICDs) across the country by 2010 with an investment of over Rs 10 billion


RCom, MTN to finalize share swap ratio (It is learnt that the ADAG chief wants the ratio to be 0.66:1 that is 66 MTN shares for 100 RCOM shares while the MTN management is asking for 0.51:1.)


Reliance Petroleum (RPL) chairman Mukesh Ambani said his team is set to create a world record by constructing the new refinery at Jamnagar in less than 36 months


Delhi-based Phoenix Lamps will soon be manufacturing high-end luminaire lines and has tied-up two Italian companies for the foray


Bharat Heavy Electricals (BHEL) bagged boiler-turbine-generator (BTG) contracts worth Rs 35 billion from NTPC and its JV subsidiary


Indian Overseas Bank is looking at mobilizing Rs 23 billion nationally during June-July this year,


Maruti Suzuki has emerged as the fourth most reputed auto companies in the world, even ahead of its parent Suzuki Motor of Japan. the list of which is headed by Toyota.

NEWS INDIA

Indian Bank to start 100 new branches

BSNL cuts STD rates up to 50%

SBI, BoB to act as lead arrangers for USD 1 bn loan facility of Vedanta

Chinese firms eye Indian aviation market

Rohit Ferro`s arm acquires stake in Singapore-based SKP Overseas Pte

Ankit Metal starts production from captive power plant

Sadbhav Engineering, through its wholly-owned subsidiary has acquired 74% stake in Hong Kong-based Ocean Bright Corp

Cadila Healthcare has acquired 70% in South Africa`s Simayla Pharmaceuticals


German sportswear and apparel major Adidas is going for major expansion across India in 2008, which will involve setting up of around 160 new stores and setting footprints in 140 cities.

LEHMAN BROTHERS

Reports Q2 (May) loss of $5.14 per share, $4.92 below the First Call consensus of ($0.22) 2.8b LOSS


Co also announced that it intends to raise $6.0 billion through offerings of common stock

US market

DOW -394.64 (12209.81)

NASDAQ -75.38 (2474.56)

S&P 500 -43.37 (1360.68)

US data

Stocks fall as oil prices, U.S. jobless rate soar

U.S. lost jobs for a fifth month and the unemployment rate rose by the most in more than two decades, as an influx of students into the workforce drove the biggest jump in teenage joblessness since at least 1948

U.S. stocks face renewed economic uncertainties
Surge in joblessness, oil near $140 fuel recession fears

Fed's Bullard says too soon to say markets have recovered

Crude touches $139 mark just ahead of pit close; now up $10.63 to $138.40

Fed's Bullard says Fed must tackle inflation this year

ECB's Weber says Euro-area economic fundamentals remain sound

May Nonfarm Payrolls -49K vs -60K consensus, prior revised to -28K from -20K

May Unemployment Rate 5.5% vs 5.1% consensus; prior 5.0%

news

Punj Lloyd bags Rs 6.49 bn contract from IOC

GMR Infra arm approves relocation of power plant

news

SBI inks MoU with Self Employed Women`s Association (SEWA) for its Gram Mahila Haat (GMH) project,

Transgene Biotek inks pact with Mentor Pharma

Motilal Oswal to raise Rs 8 bn in six months

Petron Engg. bags Rs 36.85 mn order from India Cements

The Multi Commodity Exchange of India (MCX) is reintroducing futures trading in crude palm oil (CPO) on Friday

KPIT Cummins Intosystems, a specialist solutions partner to global manufacturing corporations, announced a joint go-to-market partnership with SAP India

stock news

Reliance Industries reported a fire which broke out on Friday in Nagothane petrochemical manufacturing facility.

Petrol price likely to cut by Re 1

GAIL inks gas co-operation pact with Tamil Nadu Industrial Development Corporation (TIDCO)

Maruti Suzuki launches Maruti 800 Duo that runs on petrol as well as liquefied petroleum gas. (LPG)

Aditya Birla Nuvo shuts down fertilizer plant at Jagdishpur, UP

Patel Engineering bagged the USD 280 million Taum Sauck upper reservoir dam reconstruction project, the largest RCC dam in Missouri, USA

Nitin Fire secures Rs 40 mn order for IP Based Digital Video Management system along with intelligent building management system for Vodafone

Bank of England

Bank of England kept the benchmark interest rate unchanged after it predicted that inflation will breach the government's upper limit 5%

Germany

German manufacturing orders unexpectedly declined for a fifth month in April

verizon

Verizon to acquire Alltel acquisition

Europe central bank

ECB staff see 2008 inflation of 3.2% to 3.6%

ECB staff see 2009 inflation of 1.8% to 3%

USA job claims

First-time claims for unemployment benefits fell by 18,000 to 357,000 in the latest week,

U.S. 4-wk. avg. continuing claims rise 15,250 to 3.08 mln

U.S. continuing unemployment claims fall 16,000 to 3.09 mln

U.S. 4-wk. avg. initial jobless claims fall 2,750 to 368,500

news

Microsoft will invest USD 20 million over the next five years in its educational initiatives in India

India`s expansion will fall to 7.8% in 2008

Nuway Organic Natural India is planning to set up a potato and grain based potable alcohol unit near Rajpura in Punjab

Raymond eyes JV in overseas mkt

Kotak Mahindra plans USD 1 bn infrastructure fund

Pantaloon Retail has signed a 50-50 joint venture (JV) agreement with French apparel firm Celio to add to its garment retailing in India

Nalco plans Rs 400 bn expansion

Eaton Corporation is looking at acquiring a power distribution company besides manufacturing power equipment in India,

news

Tata plans water brand to take on Coke, Pepsi

`Deepak Fertilisers to enter contract mining`

Punj Lloyd inks pact with ST Kinetics for the manufacture of defence equipment

Tanla Solutions board approves acquisition Finland co. Openbit Oy, Finland by its subsidiary Tanla Mobile Asia Pacific Pte for USD 18.60 million

Jaihind Projects bags Rs 76.2 mn order from Karnataka Urban Water Supply & Drainage board for construction of manholes,

Mahindra and Mahindra has signed an agreement with Engines Engineering S.p.A for acquiring 100% stake in Engines Engineering

Tokyo-based Yokohama Rubber is estimated to invest Rs 10 billion in Haryana over the next two years to set up a manufacturing facility in Bahadurgarh

Government approved 23 more proposals for setting up Special Economic Zones, including an airport-based one by Bangalore International Airport (BIAL) and an IT zone by Larsen and Toubro

India-based Tex Zippers entered into a deal to set up zipper manufacturing plant at the newly set up Export Processing Zone on outskirts of Dhaka

news

Indusind Bank opens new branch in Bidadi, Karnataka

RBI bans Sahara India from accepting public deposit

NIIT has received the mandate for providing computer education to 1.9 million students in 900 state government schools in Maharashtra and Bihar.

Nettlinx eyeing Australian co for the purpose of considering the acquisition of 100% capital of Anchor Systems, Sydney, Australia

Govt. sets up panel for examining oil firms` condition

india stock news

The National Highways Authority of India (NHAI) signed a concession agreement with IJM Corporation Berhad-IDFC for the 6-laning of the Chilkaluripet-Vijayawada section of NH-5 in Andhra Pradesh under NHDP Phase-V, worth Rs. 6.75 billion

The finance ministry restricted tax holidays to new public sector refineries or companies with a 49% stake holding by state-run firms

Indiabulls Properties Investment Trust, a unit of Indiabulls Real Estate, declared that it extended the retail portion of its USD 84 million initial public offer of shares in Singapore

HEG board approves Rs 1.9 bn capacity expansion plan

Cabinet sanctions Rs 46.76 bn Kolkata east-west metro corridor project

Tech Mahindra (TechM), one of the largest solution providers in the telecom space and India`s sixth largest software exporter, announced a multi-million dollar deal with Botswana Tele-Communications (BTC), a state owned telecommunication company of Botswana

The Union Cabinet has accorded approval to the formation of the joint venture (JV) company by EIL with Tecnimont SPA, Italy.

BGR Energy has been awarded a contract worth USD 9.29 million by State Company for Oil Projects(SCOP), Baghdad

Hanung Toys & Textiles is negotiating with two U.S. companies for acquisition

Malaysia hikes petrol prices by 40%

UK

U.K. house prices fell 2.4% in May

world economy

Hot Topic same-store sales dip 0.2% from a year ago (HOTT)

United Airlines said Wednesday that it's cutting up to 1,100 more jobs

Service sector growth moderates in May

Xilinx to cut 7% of work force

USA economy

U.S. May ISM services index stays above key 50% level

U.S. May ISM services index 51.7% vs 52.0 April

Energy sector down ahead of inventories data (tomorrow)

U.S. stocks attempt to recover from three days of losses

Financial stocks slide in early action

Companies in the U.S. private sector added 40,000 jobs in May, according to the ADP employment report

U.S. Q1 productivity revised up to 2.6% vs. 2.3% prev

news

SRF announced an open offer to buy back about 4.38 million shares worth Rs 700 million

Larsen & Toubro (L&T) bags order from BHEL for supply of main power equipment for a proposed 1,600 mw power project in Andhra Pradesh

stock

Shri Dinesh Mills board to consider stock split, dividend .

Jindal Steel arm bags 2,640 MW power project

AIA Engg. board approves 1:5 stock split

Fuel price hike: Petrol up Rs 5 a litre; Diesel up Rs 3 a litre ,LPG have been hiked by Rs 50 per cylinder

National Aluminium Company (Nalco) reduced prices of its rolled products by Rs 3,500 per ton

General Motors to shut down 4 North American plants

Deep Industries bags Rs 143 mn order from RIL

Aksh Optifibre inked an agreement with BSNL, world`s seventh largest telecom company in the world, to provide Interactive Personalized Television (IPTV) services


NMDC has entered into an MoU with Spice Minerals and Metals to form 50:50 joint venture (JV) company namely `NMDC Spice International`,

Spice Communications, may consider acquiring the stake of Telekom Malaysia

Deepak Fertilisers to foray into contract mining

Mudra to build Rs 3-bn spandex yarn unit at Silvassa

GMR Industries is investing about Rs 8 billion to set up sugar mills in Karnataka

Hanung Toys and Textiles is planning to acquire three overseas companies through deals worth USD 30 million

Suzlon Energy is among six others who have signed an agreement with the US government to help the world`s biggest economy generate 20% of its electricty using wind power by 2030

Ispat Industries will buy a 40% stake each in three overseas mines of Global Steel Holdings,Global Steel owns 70% stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique

india stock news

First Winner Industries` Rs 715 mn IPO on June 9 ,Mumbai based company engaged in the business of trading of textile fabric and manufacturing of grey fabric

India`s natural rubber production up 27% in May`08

Fitch places Reliance Infrastructure on Negative Watch

Infosys Technologies to set up Research Center at USC in US

Govt. withdraws custom duty on crude to curb the rising prices

Essar eyes Pakistani energy, steel, shipping sectors

Ipca Lab receive US FDA approval for Propranolol Hydrochloride tablets

Compucom Software bags Rs 1.42 bn worth project from Rajasthan govt

USA economy

MBA's purchase index fell 5.4 percent in the May 30 week to a very low 333.6 though the four-week average isn't quite as low at 354.3.

Challenger's job cut count totals 103,522 in May, up from April's 90,015

Global Economy

U.K. consumer confidence falls to four-year low in May

India raises fuel prices, cuts tax on crude oil imports

Homebuilders fell in London on Wednesday after UBS analysts said that they believe house prices in the U.K. could decline by between 15% to 20%,

U.K. May services PMI falls more than expected

USA economy

Bernanke signals more rate cuts unlikely

Factory orders up 1.1% on higher gasoline prices

Core capital equipment orders jump 4% in April

Luxury builder Toll Brothers Inc. reported Tuesday a second-quarter loss

stock news

Larsen & Toubro has sought shareholders approval to transfer its medical equipment and systems business to a subsidiary or to sell it

Cabinet to decide on fuel hike on June 4

National Stock Exchange (NSE) has announced that it would introduce a 3-day Mumbai Inter Bank Offer Rate (MIBOR) on all Fridays starting June 6 in addition to the existing overnight rate.

Spanco BPO eyeing KPO firm

Liberty Mutual Group and Dabur Group announced to form a non-life insurance joint venture (JV) company in India

Bangalore-based Sobha Developers is foraying into Mysore realty market with three projects this financial year.

Jindal Steel to set up Rs 50-bn thermal power plant in Orissa

Bafna Pharmaceuticals IPO subscribe 4.96 times The IPO closed for subscription on May 30, 2008.

Sun TV launches FM stations at Gulbarga & Asansol .under the brand `S FM` from Jun. 3, 2008

AVT Natural inks pact with Finlay Tea Solutions UK


Anu`s Laboratories to list on June 4

india stock news

Punj Lloyd Group, a specialist in engineering, procurement and construction acquired a strategic 74% stake in Technodyne International , Eastleigh, UK

Spice Communications open to 74% holding by Telekom Malaysia

Infosys gets two patents by the US Patent & Trademark Office These patents are in the area of holography and mobile communications.

US urges OPEC to allow FDI in energy sectors

ABB bags Rs 2.95 bn orders to provide power solution for JSW Energy

Telecom giant Vodafone has made a proposal for acquiring a stake of Telkom SA in South African firm Vodacom

Satyam receives SAP Pinnacle Award

Allcargo plans logistic foray in Gulf

USA economy

Stocks down after housing data, bank shakeups

Construction spending falls in April as home building continues more than two-year slide

manufacturing activity rose slightly in May, but remained below the benchmark needed to show growth in the sector.

stock news

Ram Informatics has received an order from commercial tax department

PSL and PSL North America, a subsidiary of the company bagged an order

Triveni Engineering & Industries has signed an agreement of understanding with TGM Turbinas,Sertaozinho, Sao Paulo, Brazil.

SAAG RR Infra bags order worth Rs 75 mn from Cairn Energy India

Sterlite Industries to acquire Asarco for USD 2.6 bn

Alstom Power, Bharat Forge may form USD 500 mn JV

Yes Bank likely to be worth USD 2.5 bn by 2010

HDFC Bank tied up with Qatar National Bank (QNB) to offer a range of products and services to expatriate Indians in Qatar

Steel Authority of India (SAIL) will set up two steel processing units in Sitapur and Amethi in Uttar Pradesh (UP)

india stock news

Western India`s largest bio-tech park to be established at Savli town, is expected to attract an investment of Rs 40 billion within the next five yea

MMTC to import 42 k tons of RBD palmolein

Indian exports up 31.5% in Apr. 2008

Mcleod Russel Q4 loss widens to Rs 973 mn

IVRCL Infra bags Rs 8.37 bn order from ONGC arm

Shyam Star Gems board decided to acquire up to 50% stake in Thamina Diamonds International, Dubai

Larsen and Toubro led consortium has commissioned the country`s largest blast furnace at Tata Steel, Jamshedpur to produce 2.5 million tons per annum of hot metal.

Flawless Diamond India will open its 20th retail outlet at 5-9-43/1 Opp Old Gandhi Medical College, Bashir Bagh Hyderabad.

Nagarjun Construction bags Rs 2.5 bn orders

Air India announced a hike of Rs 300 to Rs 550 in fares with effect from Tuesday (June 3) following an increase in the price of Aviation Turbine Fuel (ATF).

Govt. to impose 15% export duty on iron ore

Bank of Rajasthan board recommends dividend, bonus issue .one equity shares for every five equity shares

Crompton Greaves has concluded an arrangement for the acquisition of Societe Nouvelle de Maintenance Transformateurs