According to RBI Governor D. Subbarao, domestic factors could have accounted for the economic slowdown in India. The varying severity of the global crisis meant that the central bank had limited options at its disposal to respond. Declining investments in the nation were also a worrying situation for the nation. (Economic Times)

Sun Pharmaceuticals – Co. has agreed to buy the remaining stake in Taro Pharma, a U.S based firm for USD 580 m. Sun Pharma already owns a 66 percent stake in the co. (Financial Times)

According to data by the National Housing Bank (NHB), home prices rose by an average of 10.5 percent in 16 cities in India for the 2Q12 period out of 20 countries covered. Pune saw the maximum price rise followed by Bangalore, Mumbai saw its prices rise by 3.7 percent as compared to others. (Economic Times)

Reliance Communications – Anil Ambani led RCom plans on investing a total of INR 1500 cr to expand its network and data services. (Economic Times)

Go Air – Budget airline firm has entered into a 10 year parts supply and maintenance programme with Lufthansa Technik. (Economic Times)

ONGC Ltd – Oil exploration firm would set up a urea manufacturing plant in Tripura, India in a joint-venture operation which is expected to have an outlay of INR 5000 cr.


Tata Steel – Co. saw its 1Q12 profit decline almost 89 percent to INR 597.88 cr on a y/y basis vs estimates of INR 670 cr.  Sales rose 1.89 percent y/y to INR 33547 cr. The co. was affected by weak demand for steel and lower commodity prices in Europe. (Business Standard)

Coal India – Coal mining firm saw its 1Q12 profit rise 8 percent y/y to INR 4469 cr vs expectations of INR 4440 cr.  Sales rose 15.5 percent to INR 18572 cr on a y/y basis vs exp. of INR 16650 cr. The co. plans to hit a target of 470 m tonnes of coal supply in FY2012-13. The co. is also under pressure from the government of India to supply coal compulsorily to state-owned power generating firms. (Business Standard)


British Petroleum plc – Co. is to sell its stake completely in its oil refinery in California for USD 2.5 b. The co. acquiring the refinery is Tesoro Corp. BP is in the process of selling many of its oil refineries incl. the Carson and Texas city refinery. It plans to cut its downstream operations and focus on the more profitable segments. The co. is also under pressure to divest assets to raise cash to fund expenses from its Deepwater Horizon oil spill. (Financial Times)

Greece reported its 2Q12 GDP data which contracted 6.2 percent vs a fall of 6.5 percent in the prv quarter. The minor improvement still did not convince the markets that Greece would turnaround the corner. (Financial Times)


Google Inc – Co. plans to cut around 4000 jobs at its Motorola Mobility unit to focus more on production of high-end smartphones. The loss making division was acquired in 2011 for USD 12.5 b. (Financial Times)

Julius Baer – Co. is to purchase wealth management operations of Merrill Lynch outside the U.S for USD 840 m. (Financial Times)

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