1. Sun Pharmaceuticals plans a hostile takeover bid for Israeli drug maker Taro Pharma as its merger agreement has fallen through. The Indian major alleges fraud, takes the Israeli drug maker to New York Supreme Court.
2. OPEC President, Algerian Energy Minister Chakib Khelil, forecast that oil prices could rise to US$150-170 a barrel during the northern hemisphere summer.
3. Despite apprehension of a slowdown in the Indian economy, foreign investors are bullish on India. FDI inflow is up by 127% in April, 2008 to US$4 billion.
4. Indian Finance Minister says the 2-digit inflation a 13-week high of 11.05% in early June will stay for some more weeks.
5. Stock markets gain on continuing demand for blue chips. The BSE’s sensex closed at 14,421 showing a rise of 202 points. Crude oil price was at US$133 per barrel. In bullion market, gold closed at Rs.12,340/10gm and silver at Rs.24,090/kg.
6. India has emerged as the world’s fourth most attractive emerging market for FDI in manufacturing businesses.
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