- India's Gross domestic product grew 6.1 percent year-on-year after 7 percent expansion in the previous three months, preliminary data from the Central Statistics Office. Economists had expected an improvement in the growth rate to 7.1 percent.
- The Nikkei manufacturing Purchasing Managers' Index fell to a three-month low of 51.6 in May from 52.5 in April.
- Larsen & Toubro has bagged orders worth `5,146 crore from different business segments, led by power transmission and distribution sector.
- L&T Technology Services (LTTS) has completed the acquisition of US-based design services firm Esencia. With this, Esencia Technologies will become a subsidiary of L&T Technology. This acquisition is expected to enhance the company's global offerings in areas such as perceptual computing, advanced silicon and wireless networking technologies and should enable the company to offer very large scale integration (VLSI) and application specific integrated circuit (ASIC) services to its global customers across hi-tech and semiconductor industries.
- Strides Shasun got USFDA approval for Ibuprofen Tablets. The approval further strengthens company's fast growing global OTC franchise. The product will be marketed by Strides Shasun in the US Markets under its OTC brand Nuprin.
- Strides Shasun has said the US health regulator has issued three observations after inspecting its formulations facility in Bengaluru. None of these observations relate to data integrity and quality control. As per the USFDA, observations are made in Form 483 when investigators feel that conditions or practices in the facility are such that products may become adulterated or render injuries to health.
- Aurobindo Pharma has received final approval from the US Food and Drug Administration (USFDA) to manufacture Atomoxetine capsules that are used for the treatment of attention-deficit hyperactivity disorder (ADHD). The product is AB rated that meets necessary bioequivalence standards, the generic equivalent of Eli Lilly and its Strattera capsules.ADHD is a neurobiological disorder that affects normal behaviour and impairs the ability to concentrate.
- Aditya Birla Fashion & Retail (ABFRL) will downsize and right size the Indian franchisee outlets of US brand Forever 21, in changes aimed at turning the label profitable by the end of this fiscal.
- Fitch Ratings downgraded Reliance Communications (RCom) further into junk territory to cast doubt on the Indian mobile phone operator's ability to meet its heavy debts. Fitch cut Reliance's long-term foreign- and localcurrency ratings to "CCC" from "B-plus", and its $300 million 6.5 per cent senior secured notes due 2020 to "CCC/RR4" from "B+/RR4.
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- HDFC Ltd has acquired a 15% stake in Tanzania's First Housing Finance for $1.5 million. First Housing Finance (Tanzania) is the first housing finance company in the country that still has to commence operations. HDFC said the acquisition has been done “to promote a greenfield housing finance company in Tanzania.