News 2-Jun-08

Headlines for the day
2-June-08
Corporate News Headline
Essar Oil is planning to raise fresh debt of upto USD 5 bn through ECBs and rupee loans to fund its USD 6 bn capacity expansion programme. (ET)
L&T is planning to invest Rs. 25 bn during the current financial year to augment capacities at its growth centres. (BS)
Glenmark Pharmaceuticals received the approval from the USFDA for its diabetes drug metformin hydrochloride tablets. (ET)

Economic and Political Headline
The Inflation rose to a 45-month high of 8.1% for the week ended May 17 on account of rising prices of fruits and vegetables, pulses, spices, and some industrial fuels. (BS)
Buoyancy in agriculture has pushed the economic growth to 9%, up from 8.7% estimated earlier, even as the performance of manufacturing sector deteriorated. (BS)
The US Consumer spending, which hold 70% of the country’s GDP, increased at a seasonally adjusted rate of 0.2% in April. (WSJ)