Corporate News Headline
•Tata Steel is learnt to have submitted a Rs. 1 bn revival plan for cable manufacturer Incab, awaiting clearance from the Board for Industrial and Financial Reconstruction. (BS)
•BHEL has secured an order worth Rs. 1.05 bn from Indian Oil Corporation for setting up a captive power plant at its Barauni Refinery Complex. (BS)
•ABB India has won orders worth Rs. 2.2 bn from Tata Projects to provide power products and solutions for a super-critical coal-fired power plant under construction in the southern Indian state of Andhra Pradesh. (BS)
Economic and Political Headline
•Excise collections for April have been badly hit, resulting the fiscal deficit touching 16% of target in the very first month itself, which could douse expectations of interest rate cuts. (BS)
•Orders for the US durable goods unexpectedly jumped 1.8% in May, a sign companies are gaining confidence the recession is easing. (Bloomberg)
•Japan's export slump deepened 40.9% from a year earlier in May, casting doubt on the nation's growth prospects as the economy struggles to emerge from its worst postwar recession. (Bloomberg)
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