1. Inflation rose to 11.63% in India for the week ending June 21, 2008. The worry for the government continues to be the rise in the prices of food items.
2. Anil Dhirubhai Ambani Group is asking the stock market regulator, SEBI to probe into the continued falling share prices of group company Reliance Communications. The share price came down from Rs.601 to Rs.389 in one and half months. The group suspects foul play by RIL in view of its on-going talks with MTN.
3. Indian aviation is set to witness the next round of consolidation as Kingfisher Airlines is moving to acquire over 26% stake in SpiceJet.
4. Cadila Healthcare to hive off consumer business arm to its subsidiary, Carnation Nutra Analogue Foods.
5. The BSE’s 30-shares index, sensex beats inflation blues and record oil prices to gain 360 points to close at 13,454. In bullion market, gold tumbles on fresh selling by stockists. Pure gold closed at Rs.13,035/10gm and silver closed at Rs.25,080/kg.
6. An unpublished world bank report says that biofuels have caused world food prices to increase by 75% .
7. Indian government cleared 28 foreign direct investment proposals totaling Rs.1,328 Cr, including those of Marks & Spencer and a joint venture involving EID Parry (India).
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