Sensex dips 166 pts on profit-booking

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Stocks of realty, power, banking and IT sectors declined due to profit-booking.  (Reuters) Stocks of realty, power, banking and IT sectors declined due to profit-booking. (Reuters)
SummarySensex fell by 165.96 points, or 0.87 per cent, to 18,736.45 in the opening trade.

Motors Ltd net profit fell short of expectations as rising marketing costs hurt its margins and slowing economic growth curbed demand for its commercial vehicles.

India's state-run upstream oil companies are likely to bear a total subsidy burden of 151.08 billion rupees ($2.8 billion) for the September quarter, a government source said, to compensate state oil marketing companies for losses on fuel sales.

Kingfisher Airlines

ENERGY/COMMODITIES

India has pushed back a decision on divesting stake in state-run National Aluminium Co to the January-March quarter, federal minister of state for mines Dinshaw Patel said on Wednesday.

FINANCIAL/REGULATORY

India's Mahindra & Mahindra Financial Services launched a share sale on Wednesday to raise about $160 million, two sources with direct knowledge of the situation said.

Mahindra and Mahindra set a floor price for the qualified institutional placement at 880.70 rupees.

The Land Acquisition Bill is set to be delayed as the Cabinet is unlikely to take it up at its meeting this week even after the Group of Ministers (GoM) approved it, sources with knowledge of the development said.

TELECOMS

The Bombay High Court dismissed an Income-Tax Department's appeal on tax claims from Reliance Communication on nearly 56.35 billion rupees of revenues, saying the transactions being examined did not qualify to be taxed.

AIRLINES

Kingfisher Airlines is preparing a comprehensive plan to re-start operations, which will be shared with banks and regulators, the airline said in a statement, while also announcing its July-September net loss had widened to 7.54 billion rupees from 4.69 billion rupees a year ago.

Separately, the chairman of State Bank of India said on Wednesday Kingfisher needs to raise or commit at least $1 billion by Nov. 30, adding that lenders are not looking at liquidating the carrier's assets as of now.

AUTOS

Eicher Motors and Volvo AB will invest 18 billion rupees ($331 million) over the next two years in their Indian joint venture, Eicher's head said on Wednesday, and begin exports of engines to Volvo's European operations next year.

IT

Strong demand from the financial services industry and from companies in Europe boosted Cognizant Technology Solutions Corp's third-quarter results and prompted

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