• India's industrial growth moderated to 2.0% in April from 3.4% in
the previous month and
a contraction of 1.3% in April last year.
• Inflation rate based on the new Consumer Price Index (Combined)
fell to a 15- month low
of 9.31% in May from 9.39% in the previous month.
• According to senior finance ministry official, India's current
account deficit in
January-March
2013 is likely to narrow to below 5% of GDP from an all-time
high of
6.7% in October-December 2012.
• Planning Commission Deputy Chairman says that the government has
no specific target for
the rupee and the markets know how to deal with volatility.
• Fitch Ratings raises India's rating outlook to stable from negative,
primarily
driven by the steps
taken by the government to contain fiscal deficit; the rating agency affirmed
India's sovereign rating at 'BBB-'.
• Government
increases the investment limit of foreign portfolio investors in
government bonds by
$5bn to $30bn.
• Government
to divest 9.33% stake in MMTC Ltd through offer-for-sale route on June 13; has set Rs.60
per share as the floor price.
• SEBI
panel recommends merging the three key routes for foreign equity
investment in India
into one named Foreign Portfolio Investor and simplifying
'know your client'
norms for overseas investors.
• The
Supreme Court refuses to stay the Competition Appellate Tribunal's order to 10 cement companies
and Cement Manufacturers' Association to deposit Rs.630cr
fine on a case of
alleged cartelisation; gives them time till June 24 to submit the amount.
• BSNL
decides to discontinue the telegraph service from July 15.
• Apollo
Tyres Ltd to acquire US-based Cooper Tire & Rubber Co in an all-cash
deal valued around
$2.5 bn.
• Sun
Pharma and Teva Pharmaceutical Industries Ltd settle their patent suit over
the generic of
heartburn drug Protonix with Pfizer Inc and Takeda Pharmaceutical Co for $2.15 bn; Sun
Pharma will pay $550 mn of the amount.
• L&T
receives a Rs.900cr contract from Wave Infratech to build residential towers in Noida.
• Indian
Bank, in collaboration with United India Insurance, launches a web portal for its co-branded
mediclaim group insurance policies.
• ICRA
says that the fall in government bond yields in April and May could support public sector banks' profitability in April-June 2013.
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