Top corporate news of the day- July 2, 2015

Based on sales data from six companies, sale of passenger vehicles (cars, utility vehicle and vans) is estimated to have grown by 2.41% in June, against an industry growth of 15.83% and 4.67% in April and May, respectively.

In what could turn out to be a major boost for fresh investments in the City Gas Distribution (CGD) sector and allow companies to fix prices, the Supreme Court held that the downstream regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has no power to fix or regulate network tariffs.

Based on sales data from six companies, sale of passenger vehicles (cars, utility vehicle and vans) is estimated to have grown by 2.41% in June, against an industry growth of 15.83% and 4.67% in April and May, respectively.

The government reduced marginally the import tariff value of gold to US$382 per 10g and of silver to US$516 per kg considering weak global price trend in the wake of Greece crisis.

Growth in the country's manufacturing activities slowed down in June as compared to May as new business orders were not as forthcoming, showed a widely tracked purchasing managers' index (PMI).  

Uttar Pradesh sugar mills have again hinted at suspending operations in the coming cane crushing season, for the same reason, the high price of the latter as compared to the return from sale of sugar. 

The central government said it's currently examining the funds requirement of public sector banks over the next 3 years and promised required capital support as part of a comprehensive package to strengthen them.

Greece made last-minute overtures to its international creditors for financial aid, but it was not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.