14th June:News Update for the day

Corporate News

• ONGC will invest Rs4.4 bn in drilling of 40 oil and gas wells in the Krishna-Godavari basin next financial year.

• RCOM gets approvals from the Singapore Exchange Securities to list its under sea cable network as a trust.

• Colgate begins construction work at its Sanand plant and expects to commission the manufacturing plant by late 2014.

• CCCL Ltd. has bagged an order of Rs1.24 bn from IL&FS Urban Infrastructure for construction of stadium at Karyavattom in Kerala.

• Nelco has appointed P J Nath as its Executive Director and ChiefExecutive Office from June 13, 2012.

• NTPC can meet the thermal power generation target of 25,000 MW by 2017 if it gets the fuel supply assurance from Coal India in the next six months.

• Welspun Energy Ltd will invest Rs56.75 bn in developing two wind power projects in Karnataka over the next five years.

• Indian Oil Corporation likely to borrow sum of Rs205 bn this fiscal year from banks.

• Coal India’s off-take during April and May 2012 has increased 6.2% to 76.53 mn tonnes as compared to the same month last year.

 Economy News

• Gross direct tax collection grew by 3.62% to Rs5.22 tn in the first two months of FY13.

• STT collections fell 14% to Rs9.43 bn in April-May 2012 as against Rs11.03 bn in the corresponding period last year.

• India’s oil import bill increased by 40% to $140 bn in FY12.

• World Bank expects Indian economy to grow by 6.9% in FY13.

Global News

• US business inventories increased 0.4% in April 2012 at $1.575 tn from March levels, more than the forecasted 0.3%.

• US producer price index for finished goods fell a full 1% in May2012, marking the largest drop since July 2009.

• Germany’s borrowing cost rises marginally as average yield rose to 1.52% from 1.47%; country sold euro 4.04 bn from 10 year bond auction.

• Euro-zone industrial production declined for the second consecutive month in April 2012. The index fell 0.8% in April 2012 after easing 0.1% in March 2012.



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