1. Global crude oil prices were ruling above US$138 a barrel on Thursday. India may go for another hike in fuel prices and cuts in subsidies.
2. In the Annual General Body meeting of Reliance Industries Limited, Mukesh Ambani declared about his ambitious plans for the future. Apart from the retail rollout, Reliance put much of its money in oil and gas exploration and production business. It made a capital expenditure of Rs.19,503 Cr in last one year.
3. Ranbaxy’s takeover by Daiichi (Japan) may be a paradigm shift in Indian pharma. Indian pharma is credited with supplying affordable drugs for millions around the world. India is the biggest supplier of cheaper versions of essential drugs to the developing world and has a share of nearly 25% in overall generic space.
4. Capital goods sector in India, which is key to the industrial growth grew at the rate of 14.2% as against 10.9% in April, 2007. Fourteen of 17 industries showed positive growth in April.
5. The Reserve Bank of India issued draft guidelines for mobile banking in Indian rupees. The proposed norms include securing customers’ personal information. Banks have been requested to give their feedback by June 30, 2008.
6. Stock markets in Mumbai moved up, with the BSE sensex closing at 15,250, 65 points higher. In bullion market, gold (99.5 purity) closed lower at Rs.12,070/10gm and silver at Rs.23,905/kg.
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