Nifty crosses 6100-level after 2 years, Sensex hits 2-yr high

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Sensex rose by 26 points in early trade to touch a new two-year high of 20,128.58. (Reuters) Sensex rose by 26 points in early trade to touch a new two-year high of 20,128.58. (Reuters)
SummaryNSE Nifty breached 6,100-level for the first time since Jan 6, 2011.

WATCH

Hindustan Unilever Ltd earnings

India's Finance Minister to meet foreign investors in Hong Kong

ENERGY/COMMODITIES

India has raised the import tax on gold by 2 percentage points to 6 percent to curb purchases and rein in a ballooning fiscal deficit but industry officials expect only a moderate drop in demand.

The government wants to junk arbitration proceedings and favours direct negotiations with Reliance Industries in its dispute over the cost of developing the controversial KG-D6 block, Oil Minister Veerappa Moily said.

In 24 months, diesel for retail consumers will be sold at market prices, with fuel subsidies only on LPG and kerosene, oil minister Veerappa Moily said.

Shree Cement Ltd's October-December net profit rose more than three-fold to 2.17 billion rupees from a year ago.

The government will restore allocation of three cancelled coal blocks of NTPC Ltd on Tuesday, Power Minister Jyotiraditya Scindia told reporters after a ministerial panel's meeting.

FINANCIAL/REGULATORY

IDBI Bank Ltd plans to raise equity capital by issuing shares to institutional investors through a qualified institutional placement in the fiscal fourth quarter.

TELECOMS

Reliance Communications Ltd is negotiating a network sharing deal with Reliance Industries Ltd that is slated to launch fourth generation services or high-end data services on mobiles this year, two executives aware of the development said.

RETAIL

India's foreign investment board cleared IKEA's proposal to set up stores in the country, Trade Minister Anand Sharma said, paving the way for it to invest $1.86 billion over 15-20 years.

MEDIA

Bharat Business Channel Ltd, the satellite broadcasting arm of Videocon Group, is likely to raise 7 billion rupees through an initial share sale in mid-February at 60-70 rupees per share, said a person familiar with the development.

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