Sensex gains over 65 points in early trade


The Finance Minister has restricted total plan spending in 2012-13 to 4.28 trillion rupees, down by 930 billion rupees from the budgeted expense.

India may soon have as many as 14 domestic hedge funds managing some $1 billion in funds since the capital market regulator last year allowed the setting up of such high-risk, high-returns investment vehicles.

Royal Bank of Scotland is to lay off staff in India as a part of its plan to wind down its retail and commercial operations in the country, it said in a statement, without specifying how many employees would be affected.


Reliance Power Ltd will fire the first unit of its giant 4,000 mw Sasan plant this week, Chief Executive JP Chalasani said.

Steel Authority of India Limited (SAIL) has lined up an investment of 102.84 billion rupees to double capacity of its captive iron ore mines to 45 million tonne, SAIL Chairman C. S. Verma said

Essar Energy Plc wants to take full control of the Mehsana block in the eastern flank of the Cambay basin of Gujarat from its partner, Oil and Natural Gas Corporation , Business Standard reported, citing an unidentified "industry source."


GMR Infrastructure Ltd has decided to exit its first independent power project (IPP) outside India by selling the entire 70 percent stake in its Singapore plant, held under unit GMR Energy (Singapore) Pte Ltd, said multiple sources aware of the development.

Shriram Group is set to decide between Citi Venture Capital International and Blackstone Group LP as financial partners to run its cement business, in a deal which could be announced within weeks.


The Competition Commission of India is likely to soon pass an order against 17 leading automobile manufacturers for allegedly using their dominant position to sell spare parts only through authorised dealers.

... contd.

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