5-June-09 News Headlines

Corporate News Headline

•Parsvanath Developers has bagged a Rs. 200 mn contract from Delhi Metro Rail Corporation for construction of a residential project at Mundka Depot for phase II of Delhi MRTS project. (BS)
•RIL has won a contract to supply up to 50,000 barrels of petrol per day to Iran until the end of this year but may have temporarily halted exports to the Persian Gulf nation. (BS)
•Kingfisher Airlines has got crucial funding of Rs. 20 bn from SBI and a consortium of other banks to meet working capital requirements. (BS)


Economic and Political Headline

•Inflation declined to 0.48% for the week ended May 23, giving head room to the government to initiate expansionary measures and prompt banks to cut rates. (BS)
•President Pratibha Devisingh Patil said that India may allow greater overseas investment, sell stakes in state-run companies, and inject more capital into lenders to stoke economic growth. (Bloomberg)
•The Bank of England left the benchmark interest rate at a record low to 0.5% and kept up its plan to buy bonds with newly created money to pull the economy out of the worst recession in a generation. (Bloomberg)
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