BSE Sensex gains 33 points in early trade

Feb 18 2013, 09:43 IST
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The 30-share barometer rose by 32.80 points, or 0.16 per cent, to 19,500.95. (Reuters) The 30-share barometer rose by 32.80 points, or 0.16 per cent, to 19,500.95. (Reuters)
SummaryThe 30-share barometer rose by 32.80 points, or 0.16 per cent, to 19,500.95.

surged 23 percent from a year ago to their highest in 18 months as traders snapped up supplies ahead of a hike in duty, undermining the government's efforts to control a ballooning current account deficit.

Faced with stiff opposition from power utilities over the Centre's move to introduce coal price pooling, the coal ministry may restrict the mechanism only to power projects getting commissioned after March 2009, The Financial Express reported citing unidentified sources.

Indian customs authorities have started denying coal importers a duty concession they were granted in last year's budget and have issued notices to them, said several people aware of the development, raising the possibility of worsening electricity supply in the country.

INFRASTRUCTURE

Equipment manufacturers and contractors will count on state firms for large orders next fiscal year as NTPC Ltd and Power Grid Corp of India plan to invest 400 billion rupees in various projects and the government will pump in additional 100 billion rupees, according to government sources.

National Highway Authority of India is seeking to push for a "relief package" for road developers as several of them are "under stress" and are finding it tough to raise debt and equity to finance projects they had bagged by offering to pay a premium, sources close to the matter said.

TELECOMS

Telenor's India unit said on Saturday it would close down its mobile phone services in Mumbai zone immediately after a court ordered that carriers whose permits were revoked and did not win fresh rights to airwaves must stop services.

Operators offering 4G services with 2,300-MHz spectrum are likely to get the option of switching to the more efficient 700- MHz band, with the Department of Telecommunications working considering offering the latter in the next round of auction, DoT officials close to the development said.

AIRLINES

Etihad Airways needs to revise its deal to buy a stake in India's Jet Airways India Ltd and it is too soon to say when a final agreement will be struck, the Abu Dhabi airline's chairman said.

PHARMA

Unichem Laboratories Ltd said on Friday it plans to sell a drug manufacturing plant located in central India to a unit of U.S.-based Mylan for 1.6 billion rupees ($29.7 million).

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