Sensex down 89 pts on profit-booking

Similarly,the wide-based National Stock Exchange index Nifty declined by 34.45 points,or 0.63 per cent,to 5,380.90.

Marketmen said profit-booking by speculators,tracking overnight losses on Wall Street and European markets on dim growth outlook,mainly influenced the trading sentiment here.

In Asian region,Hong Kong8217;s Hang Seng index was down by 1.17 per cent,while Japan8217;s Nikkei Index shed 1.24 per cent in the morning trade today.

The US Dow Jones Industrial Average had ended 0.88 per cent lower in yesterday8217;s trade.

Indian stocks to watch-Aug 24

GLOBAL MARKETS

The Nifty futures in Singapore Exchange fell 0.5 percent,while the MSCI-Asia Pacific index excluding Japan fell 1 percent.

U.S. stocks fell on Thursday as expectations for quick stimulus action from the Federal Reserve faded and Chinese and euro zone data pointed to a stalling global economy.

Asian shares retreated on Friday from a two-week high on scaled back expectations of more Fed stimulus from the U.S. Federal Reserve and global growth concerns.

FACTORS TO WATCH

India8217;s Foreign Investment Promotion Board FIPB is meeting on Friday to reconsider 10 foreign direct investment proposals from pharmaceutical companies.

India8217;s Supreme Court is scheduled to hear an application filed by the government seeking until Nov. 12 to start a mobile airwaves auction.

RBI to release forex reserves,bank loan data.

FINANCIAL/REGULATORY

The Indian government faced an angry backlash from Twitter users on Thursday after ordering Internet service providers to block about 20 accounts that officials said had spread scare-mongering material that threatened national security.

Religare Health Trust is set to launch an up to 400 million initial public offering in Singapore,a source said,in a move that will allow the backer of the trust,Indian hospitals group Fortis Healthcare,to cut its substantial debt level.

The government approved the conversion of 9.23 billion rupees of debentures it holds in IFCI into equity,raising its stake in the financial institution to 55.57 per cent. State Bank of India wants the Reserve Bank of India to phase out the system of banks having to park a portion of their deposits with it in the form of cash reserve ratio,the lender8217;s Chairman Pratip Chaudhuri said.

ENERGY/COMMODITIES

Coal India is looking to buy back shares so the government,the company8217;s majority shareholder,can meet its disinvestment target and will seek approval at its annual general meeting on Sept. 18.

India8217;s monsoon rains were 2 percent below average in the week to Aug. 22,the weather office said on Thursday,while rainfall revived in rice,cane and oil seeds growing areas of one of the world8217;s leading food consumers and producers.

Energy firms that have invested more than 12 billion have been hit by delays on required approvals for 52 exploration blocks,some awarded as far back as 1999,Oil Minister S. Jaipal Reddy said in a written response to parliament. Reuters

Tata Steel has began talks to raise up to 5 billion from a consortium of lenders to help fund its domestic business expansion plans,an investment banker involved in the talks said.

Rural Development Minister Jairam Ramesh has proposed a 10-year moratorium on new mining projects in the worst Naxal-affected regions and particularly in areas recently recaptured from insurgents.

Malaysia8217;s Bumi Armada Bhd and M3Nergy Bhd,have been short-listed by Oil and Natural Gas Corp of India to develop several offshore marginal fields on the west coast,sources said.

The finance ministry is likely to come out with a package on fast-tracking infrastructure projects. Finance Minister P Chidambaram will shortly hold consultations with infrastructure ministries to address the issues confronting the sector.

Reliance Power has entered into a partnership with China Datang Corp for operation and maintenance services to power plants in India and overseas,people close to the development said.

The cabinet on Thursday approved giving 26 percent equity stake in Delhi Mumbai Industrial Corridor Development Corp. Ltd DMICDC to Japan Bank for International Cooperation,in an attempt to ensure the commitment of that country8217;s government to the mammoth infrastructure project.

Reliance Power is planning to increase the capacity of its 4,000-MW Sasan Ultra Mega Power Project UMPP by 50 to almost 6,000 MW,making it one of the largest power projects in the country,sources said.

RETAIL

India has approved Walt Disney8217;s plans to invest 10 billion rupees 180.3 million in the country including in the broadcasting companies,a government statement said on Thursday.

SAB Miller has filed a writ petition at the Bombay High Court,challenging the government8217;s claim for unpaid capital gains tax over the purchase of Foster8217;s Indian assets as part of a global takeover in 2006.

AUTOS

Volkswagen is planning to increase price of its flagship hatchback Polo and mid-size sedan Vento by up to 3 percent,sources said.

About 16 per cent of subsidised diesel sold in India is consumed by cars and SUVs,prompting Oil Ministry to propose levy of additional excise duty on diesel cars,the Lok Sabha was informed on Thursday.

PROPERTY

DLF is in advance stage of discussion to sell luxury hospitality business Amanresorts for around 350 million and the deal may be finalised next month,according to sources.

Separately,DLF is set to build India8217;s largest mega mall,a 4-million square feet promenade in Gurgaon and will invest 20 billion rupees in the project,a senior official at the company who did not wish to be named said.

PHARMA

International Centre for Dispute Resolution has ruled in favour of Glenmark Pharmaceuticals,the company said,in its dispute with Napo Pharmaceuticals regarding the commercialisation of anti-diarrheal compound Crofelemer.