Sensex in India Rallies 1%

Chandrasekhar Atreya
13 Dec, 2010
New York City

Stocks in Mumbai closed higher tracking the increase in Asia and Europe. Russia and India are expected to sign pacts for defense, trade and energy next week. China

[R]5:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai closed higher tracking the increase in Asia and Europe. Russia and India are expected to sign pacts for defense, trade and energy next week. China’s premier is expected to push for free trade with India this week during his visit.[/R]

The key stock market index surged in the morning and closed higher after European markets opened higher. The rupee closed unchanged.

The BSE Sensex gained 0.92% or 179.17 to close at 19,688.06. The CNX Nifty on the National Stock Exchange added 50.30 to 5,907.65.

The rupee stayed little changed at Rs 46.24 to a dollar in Mumbai today.

The Indian unit of Nissan Motor Co said it aims to partner Ashok Leyland Ltd to introduce two multipurpose vehicles in India in 2011, the Business Standard Newspaper said Friday quoting Managing Director.

“We will market the product under the Nissan brand in the same segment as Ashok Leyland but will target the mid-premium segment, while the other under the Ashok Leyland brand will be marketed targeting the mass segment,” said Kiminobu Tokuyama, Managing Director of Nissan Motor India.

India, Turkmenistan, Afghanistan and Pakistan signed two pacts Saturday on a gas pipeline project linking the four countries.

The four nations signed an inter-government agreement on the Turkmenistan-Afghanistan-Pakistan–India Natural Gas Pipeline Framework, as well as a deal on measures to implement the project in Ashgabat, the capital of Turkmenistan.

ZTE Corp said Saturday it won a contract from Indian telecom operator Aircel to build and deploy a 3G network and upgrade the existing 2G network in India.

India and Oman have entered into an agreement under which the two sides will prepare reports of new areas of cooperation for direct investment and technology transfer between the two nations.

The agreement was signed at the office of Omani ruler Sultan Qaboss’ Advisor for Economic Planning Affairs Mohammed Bin Al Zubair with Deputy Chairman of Planning Commission Montek Singh Ahluwalia representing India.

China hopes to have free trade discussions with India during the visit of Chinese Premier to India this week, a signal of how the two Asian powerhouses may try to smooth tensions over their economic and border rivalries.

“The free trade agreement is the next stage and it is our hope that we can start the process,” Chinese envoy to India, Zhang Yen, told reporters in New Delhi today.

Punjab & Sind Bank is likely to raise Rs 480 crore through its IPO which opens on December 13 and closes on December 16.

Through the issue, priced at Rs 113 to Rs 120 a share, the banker will issue fresh equity worth 17.93% or 4 crore equity shares.

Reliance Infrastructure is in the process of consolidating its road project assets, which involve an investment of Rs 12,000 crore, into a holding company and then pave the way for a potential IPO or private equity investment in the future.

“If required and if there is a need to raise equity, we might think of listing it or we may get private equity in it,” Chief Executive Officer Lalit Jalan told Economic Times today.