Sensex declines 33 points in early trade

Dec 17 2012, 09:50 IST
Comments 0
Stocks of consumer durables, capital goods and FMCG sectors fell due to profit-booking.  (Reuters) Stocks of consumer durables, capital goods and FMCG sectors fell due to profit-booking. (Reuters)
SummaryStocks of consumer durables, capital goods and FMCG sectors fell due to profit-booking.

dollars, according to a person who attended the meetings.

A government-appointed panel has recommended the end of the controversial system in which oil firms recover their costs from sale of oil and gas in all future contracts and suggested a transparent structure for sharing the output between the government and the contractor.

Reliance Industries and its partner BP have shut a seventh well in the D6 block off the country's east coast due to sand and water ingress, bringing down the number of producing wells to 11, a source with direct knowledge of the matter said.

Coal India's output dipped about 2 percent in November from a year ago due to cyclone Neelam and holidays on account of festivals, according to its chairman.

The government plans to ask state power utilities to sell surplus land or carbon credits to raise funds and be eligible for the 1.9 trillion rupees debt restructuring package, an unidentified power ministry official was quoted as saying by The Economic Times.

FINANCIAL/REGULATORY

Life Insurance Corp is selling shares this year, booking a 110 billion rupees profit, to bid for shares in upcoming government sales of companies, said two persons familiar with the thinking.

IT

Infosys said on Friday it settled a lawsuit filed by former employee Satya Dev Tripuraneni.

Non-traditional markets such as Japan, China and Korea will drive HCL Technologies' next wave of growth, its chairman Shiv Nadar said.

TELECOMS

The department of telecom is considering a demand by India's top three mobile phone companies -- Bharti Airtel , Vodafone and Idea Cellular -- to allow GSM operators to bid for unsold CDMA spectrum in the 800 MHz band which saw no takers in the recent auction.

Bharti Infratel's share sale to raise up to $830 million was subscribed 1.3 times, a weaker-than-hoped for response to the country's biggest initial public offering in two years.

AIRLINES

Etihad Airways will decide this week whether to invest in Jet Airways or Kingfisher Airlines, according two persons familiar with development who requested anonymity.

Renault's move into low-cost cars plans to devise a cheap vehicle programme for India that can compete with such champions of frugality as Maruti Suzuki and Hyundai.

INDUSTRIAL

French warship maker DCNS will buy close to 15 percent stake in Nikhil Gandhi-promoted shipbuilder Pipavav Defence & Offshore Engineering for about 13.5 billion rupees, according to people close to the development.

HEALTH CARE

Fortis Healthcare will sell

Single Page Format
Ads by Google

More from Business

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...