India News

Markets remain choppy; Nifty hovers around 7,750

After a gap up opening, markets have erased their early gains on account of profit booking. The selling pressure on the index heavyweights such as Tata Motors, Axis Bank, ITC has dragged the markets lower.

At 11:30 am, the S&P BSE Sensex was down by 5 points at 25,488 and the Nifty50 gained 4 points at 7,754.

Reliance Industries: Is the tide turning in its favour?

Reliance Industries (RIL) is drawing the attention of the street with the impending launch of its much awaited 4G service. With RIL having invested heavily in its telecom venture Reliance Jio, its success and return on investments will be crucial. The venture has drawn investor concern and analysts criticism of Reliance’s investments in the sector, based on long break-even and lower returns on heavy investments. Thus, while the launch and success will be watched for keenly, investor expectations are low, and success of the venture can boost Street sentiment.

Vodafone, RCom likely to sign 2G roaming deal

Vodafone and Reliance Communications (RCom) are likely to sign 2G intra-circle roaming agreements across five circles. The deal will enable RCom to continue its 2G service by using Vodafone's spectrum in Bihar, West Bengal and Assam. The two companies are also in advanced talks to share 3G spectrum in Delhi and Mumbai to reduce their operational expenses as well as improve the quality of service, according to an agency report. The agreement will be signed in line with 3G intra-circle roaming norms, which allow an operator in a circle to use a partner's 3G network to sell and operate the services.

RIL-ONGC gas row: Govt sets up A P Shah Judicial commission to probe dispute

The government has set up a judicial commission headed by former Chief Justice of Delhi High Court Ajit Prakash Shah to look into the findings of the international consultant DeGolyer & MacNaughton in the gas dispute between Reliance Industries (RIL) and state-owned Oil and Natural Gas Corporation (ONGC).

The consultant had said 11 billion cubic meter (bcm) of gas may have flown from ONGC’s Godavari PML and KG-D5 blocks to RIL’s KG-D6 block in the Krishna Godavari basin off the Andhra coast.

Sensex jumps 123 points in early trade ahead of Fed decision

MUMBAI: Extending gains for the third straight session, the benchmark BSE Sensex surged over 123 points at 25,443.48 in early trade on Wednesday amid a firming trend at other Asian markets ahead of the outcome of the Federal Reserve meeting.

The 30-share index, which had gained 276.09 points in the previous two sessions, gathered another 123.04 points, or 0.48 per cent, at 25,443.48 with all the sectoral indices, led by oil & gas, IT, healthcare and power trading in positive zone.

Rupee trades higher at 66.86 against US dollar

Mumbai: The Indian rupee on Wednesday was trading higher against the US dollar following local equity markets, ahead of the two-day policy meeting which ends later in the day.

At 2.09pm, the home currency was trading at 66.86, up 0.11% from its previous close of 66.93. The local unit opened at 66.91 per US dollar. Since the beginning of this year, the rupee has lost 5.71%.

Maruti Suzuki shareholders’ vote on Gujarat plant ends

The month-long voting on Maruti Suzuki’s proposal regarding its new plant in Gujarat, the ownership of which would vest with parent Suzuki Motor Corp, came to an end on Tuesday. The result will be announced on Thursday. In order to go ahead with its plan, the company needs at least 50% of the minority shareholders to approve the resolution.