1. Indian government is moving towards a moderate hike in fuel prices along with duty cuts to bail out cash strapped oil firms. Petrol could cost Rs.3-5 more per liter and diesel up to Rs.2 per liter. Mumbai city petrol pumps running low on fuel stocks.
2. Government liberalizes External Commercial Borrowing (ECB) norms to overcome tightening of liquidity condition in the domestic market. It has also increased FIIs investment limit in government securities and corporate bonds.
3. The BSE ‘s 30-share sensex ended at 16,316, a fall of 209 points. Even though the trading was slump, IT sector rallied on the back of rupee’s depreciation. In bullion market, gold closed at Rs.12,385/10gm and silver at Rs.24,140/kg.
4. Jubilant Organosys, an integrated pharmaceutical industry player has acquired Canada-based Draxis Speciality Pharmaceuticals for US$253 million. Draxis offers products in three categories: sterile products, non-sterile products and radio-pharmaceuticals.
5. Manufacturing and retail sectors have emerged as the largest employers in the country. Rural India records higher employment growth than urban areas.
6. The Reliance Industries chief Mukesh Ambani is the richest man in India. His personal worth is about 40 to 45 billion dollars. He is building himself the world’s most expensive home, worth Rs.2000 Cr. It will have approximately 40 floors and a total elevation of 550 feet.
It is said jokingly that in India, from the salary one pays 30% to the government as income tax and the rest 70% goes to Ambanis. It is likely to become true soon.
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