13th June: News Update for the Day


Corporate News

• Adani Power has accepted the resignation of its executive director and CEO Ravi Sharma with effect from June 30, 2012 & has appointed Vineet Jain as executive director.

• DLF has sold its entire stake in its subsidiary Adone Hotels and Hospitality to Avani Projects and Square Four Housing & Infrastructure for Rs5.67 bn.

• SAIL-RINL joint venture is in discussions for acquiring 10% stake in Oman-based limestone miner Majan Mining Company for around Rs20 bn.

• MCX said SBI has withdrawn the nomination of its director on the MCX board.

• Ashok Leyland will raise Rs7.5 bn through issue of securities on private placement basis to finance the firm’s capital expenditure requirements.

• BEML has given Director P. Dwarakanath the additional charge as its Chairman and Managing Director after suspension of V R S Natarajan.

• Maruti Suzuki’s parent Suzuki Motor Corporation’s stake in the company will go up to 56.2 % following merger of Suzuki Powertrain with itself.

• KG-D6 output hitting an all- time low, Reliance Industries has warned that production will continue to decline as government is not approving investments needed to increase the output.

Economy News

• Index of Industrial Production in April 2012 came in at a near zero level of 0.1% against 5.3% in the April 2011. For March 2012, it contracted by 3.5%.

• Finance Ministry made a case for lowering of Cash Reserve Ratio saying it would improve credit flow and spur the economic growth.

Global News

• Japan core machine orders jump 5.7% in May 2012 after a decline
of 4.0% in April 2012.

• Unemployment rate in South Korea eased to 3.2% in May 2012 from 3.5% in April 2012.

• Overall price index for US imports fell by 1% in May 2012, markingthe largest monthly drop since June 2010.

• Germany’s net borrowing for 2012 will be euro 32.1 bn, down from the prior estimate of euro 34.8 bn.

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