BSE Sensex up over 106 pts, NSE Nifty rises too, Future Group's Kishore Biyani eyed over Spykar

Feb 20 2013, 10:06 IST
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Foreign investors sold Rs 1.82 bn of stocks, while domestic institutions bought shares worth Rs 246.7 mn. (Reuters) Foreign investors sold Rs 1.82 bn of stocks, while domestic institutions bought shares worth Rs 246.7 mn. (Reuters)
SummarySensex continued its rising streak for the third straight session.

Data analytics company Mu Sigma has raised money from a unit of MasterCard Inc, The Economic Times reported citing founder Dhiraj Rajaram, in a deal that values it at more than $1 billion (54 billion rupees).

ENERGY/COMMODITIES

* The government is considering capping its subsidy on diesel at 6 rupees per litre in 2013-14 to insulate itself from volatility in global crude oil prices, said a government official privy to the development.

* Reliance Industries Ltd and BP plan joint investment of more than $5 billion over the next three to five years to boost declining output at a key natural gas field off India's east coast.

* The Children's Investment Fund said Coal India Ltd directors are in breach of fiduciary duties by hoarding an "absurd" amount of cash. INFRASTRUCTURE

* Binani Industries Ltd is in talks with potential financial investors and state-owned funds in the Middle East to sell up to 40 percent stake in its subsidiary Binani Cement as it seeks to raise capital to cut debt and expand cement capacities, said two persons familiar with the transaction.

* Lanco Infratech Ltd has reached out to its Malaysian partner, Genting, to sell stakes in three of the Indian power generator's power plants.

AUTOS

* Tata Motors Ltd has halved production at its Jamshedpur plant and is reviewing its expansion plans as slowing economic growth has crimped demand for its medium and heavy commercial vehicles, said Ravi Pisharody, executive director of the commercial vehicles business unit.

RETAIL

* Budget fashion chain Hennes & Mauritz is applying to open stores in India, joining a rush of international retailers looking to expand in Asia's third-biggest economy on the back of government liberalisation measures.

* Chennai-based consumer goods firm CavinKare is in talks with private equity firms Everstone Capital and ChrysCapital to raise up to 3.5 billion rupees by selling a minority stake in the company,

* Future Group founder Kishore Biyani has emerged as the surprise front runner to snap up homegrown denim brand Spykar, after Avigo Capital, which has majority stake, put it on the block last year, said people familiar with the matter.

* Proxy voting advisory firm InGovern has recommended the shareholders of Pantaloon Retail India Ltd to vote against the resolution to split Future Ventures India Ltd and its subsidiaries into Future Lifestyle Fashion.

PROPERTY

* Property fund IL&FS Milestone Realty Advisors is in talks with global

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