MARKET NEWS

• Suzlon's largest client in the US, Edison Mission Energy, has cancelled an order for 150 turbines. After this cancellation, Suzlon's order backlog has been reduced by 315 MW capacity of wind turbines.Suzlon shares today ended 6.5% lower at Rs 261.80 per share.
• Mahindra & Mahindra (M&M's) deal with Kinetic Motors could be sealed in the next eight weeks. M&M may pick up 76% and then may offload 25% later to a technology partner, quoting sources.
• Financial services major Credit Suisse on Monday said the government is likely to support rupee as the rapidly falling local unit is causing visible pressure on the country's oil and fertilisers deficit bill.
• THE Securities and Exchange Board of India(Sebi) has proposed shortening the period for disclosure of information relating to any large purchase or sale of shares by a shareholder or company official from the existing nine days to two days by amending certain provisions of the insider trading rules.
• India's May gold imports slump over 59 percent as high prices .
• surprise increase in pending home sales data to 6.3% fromthe expected levels of -1.0% for the month of April helped the U.S dollar to gain against the majors.
• BSNL reduced rates for all STD calls from landlines to Rs 1.20 per minute from Rs 2.40 per minute. For rural customers, the company has slashed the STD rates to 0.80 paise per minute.
• The mines ministry today awarded the world’s largest steel maker, ArcelorMittal, a mining lease for an iron-ore bearing land spread over 500 hectares at Meghataburu in Jharkhand.