Corporate News Headline
•Tech Mahindra has received approval from the US anti-trust authority regarding its Rs. 11.54 bn open offer for the purchase of an additional 20% stake in Satyam Computer. (BS)
•Shree Renuka Sugars said that it will expand its sugar refining capacity at its Athani unit in Karnataka to 2,000 tonne per day from 1,000 tonne per day. (BS)
•ONGC is resuming operations in insurgency-hit Nagaland after a gap of 15 years and has opened a liaison office at Dimapur. (BS)
Economic and Political Headline
•Inflation turned negative 1.61% for the first time in thirty years but the prices of food items like fruit and vegetables, cereals and oil were still higher than last year. (BS)
•The index of the US leading economic indicators rose 1.2% in May for a second consecutive month and a regional factory gauge climbed more than forecast in June, showing the worst recession in five decades may soon end. (Bloomberg)
•The UK retail sales unexpectedly dropped 0.6% in May for the first time in three months and Bank of England Governor Mervyn King said the economic recovery may be sluggish as banks ration credit. (Bloomberg)
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