1. Prices of flat are skyrocketing throughout the country. In Maharashtra State, the state government is going to levy 5% Value Added Tax (VAT) on the builders, which ultimately will be made to pay by the flat buyers. Thus, a 10 lakh flat will call for the payment of additional 50,000 rupees as VAT. In the recent past, builders have been minting money in real estate and they should absorb this tax without burdening the flat buyers.
2. India’s automobile industry has reported an 8.09% rise in its overall vehicle sales in May 2008.
3. As per a top aviation industry consultant, aviation sector is likely to suffer losses to the tune of more than US$2 billion in 2008-09. Jet fuel now costs Rs.71,759 (US$1,673) a kiloliter in Mumbai.
4. Due to continuing demand for dollars from oil companies, Indian rupee is fast approaching Rs.43 level against the US dollar.
5. Stock markets in Mumbai remain in the red with BSE sensex closing below 15,000 mark. The sensex closed at 14,889 – a 10 month low, losing 177 points. Pharma and FMCG scripts were in demand. In bullion market, gold moved down closing at Rs.12,320/10gm and silver at Rs.24,280/kg.
6. After announcing a tie-up for bringing iphone, Bharti Airtel and Apple extended their partnership to launch the 3G version of iphone in India.
7. Aditya Birla group flagship, Grasim Industries has hived off its sponge iron business to Welspun Power and Steel of BK Goenka group
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