Inflation today shot up to a 13-year high of 11.05%

Inflation today shot up to a 13-year high of 11.05 per cent fuelled by rise in prices of petrol, diesel and cooking gas. The rise in petrol, diesel and cooking gas prices announced by the government on June 4 put the pressure on price line pushing the inflation by week ending June 7, up from 8.75 per cent in the preceding week.On a week-to-week basis, petrol prices were up by 11 per cent, while aviation fuel were up 14 per cent. The cooking gas prices were up by 20% and high speed diesel by 10 per cent.Markets TankWithin minutes of the release of the government data, sensitive BSE index of stock markets tanked about 350 points, reflecting the nervousness of the investors about the efficacy of the measures being taken by the Finance Ministry and the Reserve Bank of India.The bankers are now expecting a tightening of monetary policies in the wake of higher inflation numbers. Axis Bank expects further monetary tightening, while UCO Bank sees RBI taking stern measures to cool prices. Some bankers also expect the RBI to act before its before its scheduled July meet on monetary policy. BNP Paribas expects a CRR hike even before the central bank’s July meet. Industry players in the interest-sensitive sectors are also alarmed at the sharp spike in inflation numbers, as the RBI may hike interest rates to cool prices. Leading automaker Maruti described the current situation as “out of control”. Real estate player Omaxe sees growth hit due to higher lending rates.Besides fuel prices, rise in prices of food products particularly edible oil and manufactured goods added to the pressure on price line and woes of the government.But analysts say that the inflation could moderate on a fall in food prices, led by a good monsoon. The inflation could cool to 6-6.5% by year end, Kotak Securities told NDTV. However, it warned that the government may raise fuel prices if global crude remains high.The inflation numbers in our country come in with a lag of around two weeks. The June 5 hike in fuel prices majorly accounted for the sharp rise in inflation numbers as the fuel prices were reflected in the figures for the first time since they were raised.

ARCELOR - MITTAL

Aditya Mittal, CFO and Member of the Group’s management board, ArcelorMittal said the company is looking for acquisitions in steel and mining. Mittal added that the India plant is on track and will begin operations in 2012. Mittal added that ArcelorMittal is not looking for acquisitions in North Asia.
He is disappointed with the progress on the ONGC JV. According to him, “Steel prices have stabilized and the upmove will depend on demand. Industrial demand has not slowed down and growth continues to be strong. The focus is on organic growth.”

RCOM - MTN DEAL

MTN officials some of them are coming to India, to solve the issue of Reliance.
They want to confirm before the acquistion of RCOM,

They are coming here to rectify it & also the process of their acqusition with RCOM.

LAKSHMI NIWAS MITTAL

Born: June 15, 1950

Achievement: World's largest steel maker and the third richest man in the world.

Lakshmi Mittal has become something of a cult figure in the global steel industry. His company Mittal Steel is the largest steel maker in the world. After the recent merger between Mittal Steel and Arcelor which raged a big debate throughout the Europe, Laxmi Mittal current controls 10% of the total steel production and the combined entity that has come into force post-merger is three times the size of its nearest competitors.
Lakshmi Niwas Mittal was born on June 15, 1950 at Sadulpur, in Churu district of Rajasthan, in a poor family. The extended family of 20 lived on bare concrete floors, slept on rope beds and cooked on an open fire in the brickyard in a house built by his grandfather. Laxmi Mittal belongs to Marwari Aggarwal caste and his grandfather worked for the Tarachand Ghanshyam Das firm, one of the leading Marwari industrial firms of pre-independence India.
The family later on moved to Kolkata where his father Mohan Mittal became a partner in a steel company. Lakshmi Mittal graduated from St. Xaviers in Kolkata with a commerce degree in 1969. He began his career working in the family's steelmaking business in India and in 1976, Lakshmi Mittal founded Mittal Steel Company. He split from his father and two younger brothers in 1994 and took the international arm, with interests in Indonesia and Trinidad and Tobago, while the rest of the family kept the domestic Indian business. In the last few years Mittal Steel has made a number of acquisitions, buying up a network of steel producers in former communist countries including Kazakhstan, Romania and Ukraine, and pushing into the U.S. in 2004 with the $4.5 billion purchase of International Steel Group. Today, Mittal Steel is the only truly global steel producer in the world with operations on 14 countries, spanning 4 continents.
Lakshmi Mittal is also known for his opulence. In 2003, he acquired the Kensington mansion, said to be the world's most expensive home, from Formula One racing's Bernie Ecclestone for £70 million ($128 million). His daughter Vanisha's $50 million wedding bash is touted as the most expensive wedding of the 20th century.
In March 2006, Lakshmi Mittal was listed as the third wealthiest person in the world after Bill Gates and Warren Buffet by Forbes Magazine.