Sensex declines 33 points in early trade




India will speed up the sale of stakes in state companies to revive the stock market and will push ahead with reforms aimed at spurring an investment recovery in the flagging economy, Prime Minister Manmohan Singh said on Saturday.


The oil ministry may raise prices of diesel by 1 rupee a litre or that of cooking gas by 100 rupees to neutralise the impact of its plan to increase the supply of subsidised cylinders to households, said government officials who requested anonymity.

Oil companies have been told by the finance ministry to coordinate with the Reserve Bank of India before stepping out to buy dollars, according to a person who attended the meetings.

A government-appointed panel has recommended the end of the controversial system in which oil firms recover their costs from sale of oil and gas in all future contracts and suggested a transparent structure for sharing the output between the government and the contractor.

Reliance Industries and its partner BP have shut a seventh well in the D6 block off the country's east coast due to sand and water ingress, bringing down the number of producing wells to 11, a source with direct knowledge of the matter said.

Coal India's output dipped about 2 percent in November from a year ago due to cyclone Neelam and holidays on account of festivals, according to its chairman.

The government plans to ask state power utilities to sell surplus land or carbon credits to raise funds and be eligible for the 1.9 trillion rupees debt restructuring package, an unidentified power ministry official was quoted as saying by The Economic Times.


Life Insurance Corp is selling shares this year, booking a 110 billion rupees profit, to bid for shares in upcoming government sales of companies, said two persons familiar with the thinking.

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