News 5-Jun-08

Headlines for the day

Corporate News Headline
Jindal Steel & Power signed an MoU with the Jharkhand government for setting up a power project in the state at an estimated cost of Rs. 118.8 bn. (ET)
Reliance Communications and South Africa´s MTN begun due diligence as they inch closer to creating a global top-10 telecoms firm. (ET)
NALCO is planning to invest around Rs. 400 bn in the next five years in its various expansion projects. (ET)

Economic and Political Headline
The Indian government announced the hike in fuel prices which would be Rs. 5 per litre in case of petrol, Rs. 3 per litre of diesel, and Rs. 50 on a LPG cylinder. (BS)
In addition to hike in fuel prices and duty cuts, cash-strapped oil companies have got a relief on liquidity front through RBI´s recent move to buy oil bonds. (BS)
The US vehicles sales declined 10.7% in May, due to a plunge in truck sales that is shifting the competitive landscape in the world´s largest automobile market. (WSJ)