15-April-09 News Headlines

Corporate News Headline
•The Satyam board approved Tech Mahindra's offer of Rs. 58 a share, trumping Rs. 45.90 a share offered by Larsen & Toubro. (BS)
•Pantaloon Retail to be renamed Future Markets and Consumer Group will become the holding company for two of its biggest divisions, which will be spun off and made fully-owned subsidiaries. (BS)
•Pfizer Inc has offered about Rs. 680 crore to raise its stake in its Indian subsidiary to 75% from 41%. (BS)

Economic and Political Headline
•Recession in developed economies crippled demand for Indian goods and export growth slowed to 7.3% in April-February to USD 156.6 bn from a year earlier, sharply lower from close to 20% seen in 2007-08, commerce secretary G K Pillai said. (ET)
•Prices paid to US producers unexpectedly fell in March after two months of gains, indicating the recession is keeping inflation under control. The 1.2% decrease followed a 0.1% gain in February, figures from the Labor Department showed. (Bloomberg)
•Retail sales in the US unexpectedly dropped in March for the first time in three months, raising concern the biggest part of the economy may falter once again heading into the second quarter. Purchases fell 1.1%, with declines from car dealers to electronics stores and restaurants, the Commerce Department said. (Bloomberg)
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