News Capsules

• Exports fell more than 33 per cent for the second consecutive month in April 2009, with economic recession in advanced economies adversely impacting foreign demand for Indian manufacturers. Imports fell even more sharply, by 37 per cent, mainly because of a fall in oil prices. With imports declining at a faster rate than exports, the trade deficit — the difference between the two — narrowed 50 per cent to $5 billion in April 2009. This is also the second consecutive month the contraction in imports has exceeded the fall in exports.
• General Motors Corp, the world’s largest carmaker until its 77-year reign ended last year, filed for bankruptcy protection in the US with a plan to create a 21st-century company that can compete in world markets. GM reported $82.3 billion in assets and $172.8 billion in debt. The US government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The US plans to convert much of its $50 billion of loans to a 60 per cent stake in the new entity. In New York coincided with a deadline for GM to convince a government auto task force that it could reorganise out of court through debt and cost-cutting.
• Tata Advanced System Limited (TAS), a unit of the Tata group, will set up a helicopter manufacturing unit at the Aerospace Special Economic Zone (SEZ) in Adhibatla village near the Hyderabad international airport.
• Pantaloon Retail, the country’s largest retailer, is close to sealing an equity partnership deal between one of its subsidiaries and French retail giant Carrefour. Under the deal, being given finishing touches, Carrefour is expected to take an equity stake in Future Fashion Merchandise, a company created recently after restructuring the group’s retail business.
• Pharma firm Pfizer India said the open offer by its parent firm for acquiring an additional 34 per cent stake in it has been rescheduled and will now begin on June 15. The open offer by its Netherlands-based parent for a 33.77 per cent stake in it would open on June 15 and close on July 4.
• Kalpataru Power Transmission reported a fall of 54 per cent in its net profit for the fourth quarter ended March 31 to Rs 23.17 crore. The company had a net profit of Rs 50.37 crore during the January-March quarter a year earlier.