Sensex up 45 points in early trade

Inter-ministerial panel meets on coal block allocations to state-run firms.

INDIAN STOCKS

TOP NEWS

The Indian government will ask Wal-Mart Stores Inc to turn over some documents as part of a probe into whether the U.S. retailer violated foreign ownership rules.

Separately, Wal-Mart also said it has opened internal inquiries or investigations into bribery allegations in Brazil, China and India - additions to its original probe in Mexico.

India is open to further reforms to lure overseas investors into its airlines, a government source said, after a dearth of interest following changes to investment rules left Kingfisher and others still short of much-needed funds.

FINANCIAL/REGULATORY

Westpac Banking Corp, Australia's third-largest lender by assets, said on Thursday it has opened its first branch in India that will offer wholesale and retail banking services including trade finance, deposits and remittances.

Brokerage Emkay Global said it has tied up with the UK's investment bank Icon Capital for offering various advisory services.

ENERGY/COMMODITIES

Upstream oil regulator Directorate General of Hydrocarbons has given the nod to Reliance Industries to drill a well as part of the $1.529 billion plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block.

Vedanta Resources Plc may cut output at its four-year-old aluminium smelter in India as it grapples with a shortage of raw material, two people familiar with the matter said.

TELECOMS

India's mobile phone market is bound to consolidate after an expensive licensing process, helping Norway's Telenor turn a profit in the country

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