News 6-Jun

Headlines for the day
6-Jun-08
Corporate News Headline
M&M signed an agreement to acquire Italy´s Engines Engineering SpA for an undisclosed sum. (ET)
Sun Pharma purchase of dosage form manufacturing operations of the US-based Able Labs for USD 23.15 mn. (BS)
ONGC would supply 0.5 MT standard cubic meters per day of gas to North Eastern Electric Power Corp´s gas-based power plant at Monarchak in Tripura. (BS)

Economic and Political Headline
India´s central bank governor, Yaga Venugopal Reddy, expressed that the prospects of higher farm output and curbs on food exports would help to contain inflation, playing down chances of an interest rate increase. (BS)
In order to contain non-plan expenditure, the Finance Ministry issued the guidelines on austerity measures to be absorbed by the central govt departments by asking them to effect a mandatory cut in non-plan expenditure. (BS)
The European Central Bank and Bank of England left their key interest rates unchanged at 4% and 5%, respectively, though the concerns over inflation continue to preoccupy bank officials. (WSJ)