Sensex up over 74 points in early trade ahead of RBI policy

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Sensex opened 74.18 points up to 19,318.60, with all sectoral indices rising up to 0.67 per cent. (Reuters) Sensex opened 74.18 points up to 19,318.60, with all sectoral indices rising up to 0.67 per cent. (Reuters)
SummarySensex opened 74.18 points up to 19,318.60, with all sectoral indices rising up to 0.67 per cent.

182-member state Assembly.

Foreign secretary Ranjan Mathai on Monday said India was spearheading an initiative to develop a currency swap agreement among Saarc countries, which would help them protect their currencies during exigencies.

The RBI has told finance ministry that it would not be able to monitor the end use of funds brought in to set up foreign-funded stores, according to a person privy to the development.

The government will soon announce incentives for exporters to provide them a cushion in the wake of declining exports and global slowdown, a senior official said on Monday.

ENERGY/COMMODITIES

The government is likely to take a decision on sugar exports in January after assessing the final cane crop and the estimated sugar output.

The government is considering schemes such as gold deposits, gold-linked accounts and pension products to curb demand for the precious metal, blaming its massive imports for the high current account deficit.

The government and regulators are discussing fresh tax benefits for investment in equities in an attempt to wean away individuals from parking funds in gold.

ConocoPhillips is in talks with Oil and Natural Gas Corporation to buy stake in more than one of its ultra-deep-water blocks.

FINANCIAL/REGULATORY

Investments into Indian shares through the participatory note (P-Note) route hit an eight-month high of 1.76 trillion rupees in October.

The government has approved the first tranche of 120 billion rupees fund infusion in state-owned banks, a moved aimed at enhancing their capital base, a senior official said.

IT

Tata Consultancy Services Ltd, India's largest information technology services provider, told analysts the company's third quarter would be a usual one, with no sudden negative surprises.

TELECOMS

The government on Monday moved the Supreme Court seeking a review of its January judgment that struck down the income tax department's demand for $2.2 billion from Vodafone over the UK company's acquisition of Hutchison's stake in Hutch-Essar in 2007.

AIRLINES

Gulf carrier Etihad Airways, seeking to widen operations in India and other Asian markets, is in the final stages of talks to buy part of either Jet Airways or grounded rival Kingfisher Airlines, an Indian government official said on Monday.

India's debt-laden and grounded Kingfisher Airlines said on Monday it will "restart in a phased manner," with own funding, and will not seek banks' support.

Kingfisher Airlines promoter Vijay Mallya will pump in 4.25 billion rupees into the grounded airline as the first step to kick-start its operations, albeit in a limited

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