The Week That Was(24th May-30th May)

Saturday, May 30, 2009 , Posted by Silent Observer at Saturday, May 30, 2009

India's Q4 GDP at 5.8 per cent
The Indian economy logged a better-than-expected 6.7 per cent growth in 2008-09 despite the global financial meltdown adversely impacting its output in the second-half of the fiscal year under review. This growth performance is, however, the weakest in six years and lower than the growth rate of 9 per cent or above witnessed in the previous three years. It is within the 6.5-7 per cent growth range projected by the Reserve Bank of India for 2008-09.
The Central Statistical Organization (CSO) had in February this year pegged the advance GDP growth estimate for 2008-09 at 7.1 per cent.The country’s GDP grew a robust 5.8 per cent in fourth quarter of 2008-09, lower than 8.6 per cent in the same quarter in the previous year, according to the data released by CSO . The third quarter GDP growth performance has now been revised upwards to 5.8 per cent from 5.3 per cent

Oil hits 6-month high above $66 on economic hopes
Oil rose to a six-month high above $66 per barrel on Friday, on track for its largest monthly percentage gain in more than a decade, after US, Japanese and Indian data suggested the economic downturn may be easing. Oil prices have jumped around 30% this month, the largest monthly rise since March 1999, buoyed by expectations of a global economic recovery later this year which helped push stock markets higher.
US crude oil for July delivery settled up $1.23 at $66.31, its highest settlement since November 4, after earlier hitting $66.47, the highest intraday trade since November 5.

Tata Motors announce top level reshuffle
Tata Motors on Friday announced a top level reshuffle that will be implemented once current managing director Ravi Kant retires on June 1. In a statement issued to the exchanges, Tata Motors said the company board has decided to retain Mr Kant on the board as non-executive vice-chairman. The board of India’s largest commercial vehicle maker promoted Mr Prakash Telang as the managing director of the company

N. Chandrasekaran to Become Tata Consultancy CEO
Tata Consultancy Services Ltd. said on Tuesday that its current Chief Operating Officer N. Chandrasekaran will take over as the company's chief executive and managing director from Oct. 6 2009. Mr. Chandrasekaran will replace the current Chief Executive and Managing Director S. Ramadorai, whose tenure has been extended till Oct. 5, India's largest software exporter by revenue, TCS said Mr. Ramadorai's contract was earlier scheduled to end Aug. 8, the company said in a statement to the Bombay Stock Exchange.

Q4 Results

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