Corporate News Headline
Jaiprakash Associates signed four MOUs with Madhya Pradesh Government to invest Rs. 130 bn for setting up two cement manufacturing units. (ET)
Tata Steel, Vietnam Steel Corporation, and Vietnam Cement Industries Corporation signed a joint venture agreement for the proposed USD 5 bn steel project in Vietnam. (BS)
Reliance Industries entered into a 50-50 partnership with US-based real estate investment trust Vornado to collectively invest USD 500 mn in a shopping mall joint venture. (BS)
Economic and Political Headline
The Finance Minister said that the economy would grow close to 8% this fiscal, although the Prime Minister´s Economic Advisory Council saw GDP expansion slowing to 7.7%. (BS)
Mirroring a slowdown in the global markets the merger and acquisition spree of corporate India has been dampened registering a decline of as much as USD 27 bn so far this year. (BS)
The US retail sales declined 0.1% in July for the first time in five months, but the dip was smaller than expected and was driven by sagging demand for motor vehicles. (WSJ)
