Sensex gains over 65 points in early trade

Feb 25 2013, 09:49 IST
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The 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89.  (Reuters) The 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89. (Reuters)
SummaryThe 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89.

The BSE benchmark Sensex gained over 65 points in early trade today on buying by funds and retailers amid a firm Asian trend.

The 30-share barometer rose by 65.88 points, or 0.34 per cent, to 19,382.89. The index had lost 325.74 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty edged up by 7 points, or 0.12 per cent, to 5,850.30.

Brokers said selective buying by funds and retailers at lover levels in IT, power, teck, realty, consumer durable and metal sectors mainly led the market in a better form.

They said a firming trend in Asian region further influenced the sentiment.

Among Asian markets, Hong Kong's Hang Seng rose by 0.14 per cent, while Japan's Nikkei higher by 1.75 per cent in early trade today.

Global markets round up

(Reuters): Nifty futures on the Singapore Exchange rose 0.15 percent. The MSCI-Asia Pacific index, excluding Japan rose 0.06 percent.

Asian shares edged higher on Monday but prices were capped by uncertainties over the global economy after a private survey showed Chinese manufacturing activity retreated from two-year highs this month.

U.S. stocks rose on Friday as Dow component Hewlett-Packard surged on strong results and comments from Fed officials allayed fears that the central bank would curtail its stimulus measures.

FINANCIAL/REGULATORY

Indian companies from any business sector will be allowed to seek entry to the country's the banking industry as the government looks to bring banking services to the large proportion of the population without bank accounts.

Starting three years ago with a business remodelling plan, India's Ratnakar Bank has ventured where few deposit-taking lenders have gone before.

The Securities and Exchange Board of India will carry out a comprehensive review of rules seeking to punish insider trading in order to align them with global practices, said two people familiar with the proposal.

The Finance Minister has restricted total plan spending in 2012-13 to 4.28 trillion rupees, down by 930 billion rupees from the budgeted expense.

India may soon have as many as 14 domestic hedge funds managing some $1 billion in funds since the capital market regulator last year allowed the setting up of such high-risk, high-returns investment vehicles.

Royal Bank of Scotland is to lay off staff in India as a part of its plan to wind down its retail and commercial operations in the country, it said in a statement, without specifying how many employees would be affected.

ENERGY/COMMODITIES

Reliance Power Ltd will fire the first unit of its giant 4,000 mw Sasan plant this week, Chief Executive JP Chalasani said.

Steel Authority of India Limited (SAIL) has lined up an investment of 102.84 billion rupees to double capacity of its captive iron ore mines to 45 million tonne, SAIL Chairman C. S. Verma said

Essar Energy Plc wants to take full control of the Mehsana block in the eastern flank of the Cambay basin of Gujarat from its partner, Oil and Natural Gas Corporation , Business Standard reported, citing an unidentified "industry source."

INFRASTRUCTURE

GMR Infrastructure Ltd has decided to exit its first independent power project (IPP) outside India by selling the entire 70 percent stake in its Singapore plant, held under unit GMR Energy (Singapore) Pte Ltd, said multiple sources aware of the development.

Shriram Group is set to decide between Citi Venture Capital International and Blackstone Group LP as financial partners to run its cement business, in a deal which could be announced within weeks.

AUTOS

The Competition Commission of India is likely to soon pass an order against 17 leading automobile manufacturers for allegedly using their dominant position to sell spare parts only through authorised dealers.

Tata Motors Ltd is working on a family of low-cost composite cars that is expected to complement the Nano, the automaker's ultra-low-cost car, said two people close to the project.

Titagarh Wagons Ltd and FreightCar America Inc on Saturday said they have agreed to wind up and dissolve their Indian joint venture company.

AIRLINES

Singapore-based Tiger Airways is in talks with domestic carriers including Spicejet Ltd and Indigo to forge alliances to help passengers in smaller cities routed through Hyderabad for their Singapore travel.

The Foreign Investment Promotion Board will take up on March 6 the investment proposal of Malaysia's AirAsia Bhd's joint venture with the Tata Group and another company.

TELECOM

Norway's Telenor ASA on Sunday said it has started the process to refund money to its Mumbai customers and help them shift to alternate mobile operators in the wake of its network shutdown.

Russian conglomerate Sistema on Friday defended its bid to recover mobile phone licences in India as a strategic move giving it a launchpad for investment in southeast Asia.

Ranbaxy Laboratories Ltd said on Friday it will resume production of its version of Pfizer's cholesterol fighter Lipitor for sale in the United States after resolving the issues that led to a November recall.

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