Sensex rebounds,up 116 pts

The 30-share barometer,which lost 79.49 points yesterday,rose by 116.67 points.

Written by Agencies | Mumbai | Published: September 25, 2012 9:58 am

The BSE benchmark Sensex recovered by over 116 points in early trade today as power sector stocks surged on fresh buying by funds and retailers after the government cleared proposal to restructure debt worth nearly Rs 2 lakh crore for state electricity boards.

The 30-share barometer,which lost 79.49 points yesterday,rose by 116.67 points,or 0.62 per cent,to 18,790.01.

Similarly,the wide-based National Stock Exchange index Nifty moved up by 33.10 points,or 0.58 per cent,to 5,702.70.

Brokers said sentiment buoyed after the government approved restructuring of Rs 1.9 lakh crore debt of State Electricity Boards in a move to turnaround the near-bankrupt power distribution companies.

In the power sector,stocks of Tata Power rose by 2.03 per cent,Reliance Power added 2.55 per cent,NTPC gained 1.44 per cent and Adani Power rose by 5.14 per cent.

Meanwhile,in Asian region,Japan’s Nikkei was up by 0.21 per cent,while Hong Kong’s Hang Seng index shed 0.20 per cent.

The US Dow Jones Industrial Average ended 0.15 per cent lower in yesterday’s trade.


Nifty futures on Singapore Exchange rose 0.02 percent,while the MSCI-Asia Pacific index excluding Japan fell 0.03 percent.

U.S. stocks edged lower on Monday as a disappointing forecast from Caterpillar and weak German data increased concerns that global growth may remain sluggish.

Asian shares eased on Tuesday after sentiment was weakened by data showing Germany’s business confidence dropped in September,and a weak earnings forecast from Caterpillar Inc .


India’s ruling Congress Party will meet to decide on changes in the Cabinet.



India approved a plan on Monday to bail out cash-strapped power distributors saddled with more than $35 billion in debt,but which analysts said offered little to reform a sector whose dysfunction has exacerbated a growth-sapping energy crisis.

The Prime Minister’s Office has drawn up a list of reforms that can be implemented by the executive and will have the effect of unlocking investments and removing hurdles for expansion of projects. These include setting up a railway tariff authority,nudging RBI to issue new bank licences,putting in place a new policy for pricing of natural gas,and ensuring faster clearances for private sector oil and gas producers


A consortium of ONGC,Oil India and Indian Oil Corp on Monday said they had bid $5 billion for stakes in Canadian oil sands assets owned by ConocoPhillips .

Oil India is in talks with Carrizo Oil & Gas to acquire stake in Niobrara Shale in North Eastern Colorado,the Business Standard newspaper reported.

We are in advanced stage of discussions and will be announcing the deal soon,” said a senior Oil India executive,declining to divulge the details of the deal.

Cairn Energy is selling an 8 percent stake in Cairn India for up to $940 million,a source with direct knowledge of the matter said,in a second such deal in three months.

The Central Bureau of Investigation has decided to expand its probe all coal block allocations made since 1993.

A delay in India’s monsoon rains is likely to reduce summer-sown rice,corn and other grain crops by 10 percent from a year ago,the farm minister said on Monday,a drop traders said was too slight to trigger a government ban on exports.

Oil and Natural Gas Corp plans to invest about 11 trillion rupees to double its production over the next 18 years,company Chairman and Managing Director Sudhir Vasudeva said.

ONGC Videsh Ltd,the overseas arm of state-owned Oil and Natural Gas Corp,is likely to see drop in production this fiscal due to problems in Sudan and Syria,its Managing Director D K Sarraf said.

The Coal Ministry is likely to begin next week issuing deallocation letters to private firms whose mines were cancelled and those where bank guarantees were deducted for sitting idle on mines given to them for captive use,Coal Minister Sriprakash Jaiswal said.

Tata Steel ruled out any immediate plans to exit from Dhamra port in Odisha,even as its joint venture partner Larsen and Toubro (L&T) is looking for buyers to offload its 50 percent stake.


Mobile phone users will not have to pay roaming charges when traveling within India from next year,telecom minister Kapil Sibal said Monday,but wireless providers say abolishing these charges could lead to higher call rates.

Idea Cellular ruled out any immediate hike in tariffs,saying it keeps revising its tariffs on a circle to circle basis.


Maruti Suzuki said it will hike prices of its vehicles by within a week in order to offset impact of adverse foreign exchange fluctuation and rising input costs.

Separately,Maruti Suzuki India said it is targeting to reduce its forex exposure by nearly 65 percent to $600 million by March 2015 for which it is working with its vendors to reduce imports.

Mutual Funds Check for top funds

Stocks More on Maruti Suzuki

Company INFO More on Maruti Suzuki

Honda Motor Co will raise the price of its three most popular cars in India by as much as 2.6 percent from Oct. 1 due to rising input costs,high inflation and the impact of a recent hike in diesel prices,the Japanese carmaker’s Indian unit said.


India’s Group of Ministers (GoM) will meet on Sept. 27 to examine options under the market price- based mechanism to cap prices of drugs,which may lead to a reduction ranging from 25 percent to even 90 percent in some cases,sources said.


The government is likely to allow foreign retailers to sell imported food items such as bread,cookies,poultry and meat in their single-brand stores,A senior official in the department of industrial policy and promotion said.


National Housing Bank on Monday reduced its prime lending rate from 10.5 percent to 10 percent,said NHB chairman and managing director R V Verma.


Indian debt/FX factors to watch

Euro steadies after dropping on German data,Spain

Oil falls as weak German data weighs on outlook

Foreign institutional investor flows

For closing rates of Indian ADRs

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