Headlines 3-Jun-08

Headlines for the day

Corporate News Headline
Axis Bank and Yes Bank securitised loans worth Rs. 10 bn that were extended to Hindustan Petroleum Corporation and Bharat Petroleum Corporation. (BS)
Jindal Steel and Power is planning to build a Rs. 50 bn thermal power plant in Orissa. (BS)
Emami made an open offer to buy up to 20% equity in Zandu Pharmaceutical Works Ltd at Rs. 7,315 per share. (ET)

Economic and Political Headline
The merchandise exports in India recorded an annual growth of 31.5% at USD 14.4 bn in the first month of this fiscal, compared with USD 10.95 bn in the same month last year, due to depreciation in the rupee and an increased demand for Indian goods in the Gulf Cooperation Countries. (BS)
India´s central bank released draft guidelines on prudential supervision of non-deposit taking, systemically important non-bank financial companies, including an increase in capital adequacy levels. (ET)
The US manufacturing activity rose to 49.6 in May from 48.6 in April as the exports continued to keep the sector afloat. (WSJ)