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car in October—its first entirely new car since the Contessa, which was launched in the early 1980s and officially withdrawn in 2003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