7-May-09 News Headlines

Corporate News Headline

•RIL has begun selling diesel from its Jamnagar refinery to local companies, with Hindustan Petroleum Corp Ltd receiving the first consignment this week. (BS)
•ONGC added a record 284 mn tonnes of oil and gas reserves in the 2008-09 fiscal, the highest addition by the company in the past 18 years. (BS)
•JSW Steel has decided to increase production from the present 7.8 mn tonnes a year to 32 mn tonnes annually by 2020. (BS)

Economic and Political Headline

•The Reserve Bank of India mopped up Rs. 1,449.13 bn from banks through reverse repo window, reflecting ample liquidity in the system. (BS)
•Treasury Secretary Timothy Geithner said that none of the 19 banks that underwent government stress tests are insolvent and the results will reassure investors and the public that the US financial system is sound. (Bloomberg)
•In a possible sign that the worst may be over for the US's labour market, a new report shows that American private companies slashed as many as 4,91,000 jobs in April, much less than expected. (BS)
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