Sensex, Rupee in India Decline; BHEL Net Surges 31%

Chandrasekhar Atreya
21 Jan, 2011
New York City

Stocks in Mumbai moved in a narrow range to close lower for the day and gained 0.8% in the week. Jindal Steel & Power plans to export a million tons of iron ore concentrate from its Bolivian mine. BHEL net surges 31% in the third quarter.

[R]5:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai moved in a narrow range to close lower for the day and gained 0.8% in the week. Jindal Steel & Power plans to export a million tons of iron ore concentrate from its Bolivian mine. BHEL net surges 31% in the third quarter.[/R]

Mumbai stocks moved in a very narrow range and closed lower as metals and energy prices head lower in international markets.

Sensex Index in India fell 0.21% or 39.50 to close at 19,007.04 but closed 0.78% higher in the week. The CNX Nifty on the National Stock Exchange fell 15.10 to close at 5,696.50.

The rupee closed at Rs 46.19 per dollar in Mumbai today.

Jindal Steel & Power plans to export 1 million tons of iron ore concentrate in 2011 from Bolivia’s El Mutun mine, the company said.

“Exports will begin in March and they’ll be the first iron ore exports from Bolivia. One million tons will be exported during the year, Jindal Bolivia’s Communications Manager Eduardo Prudencio said in La Paz.

The Reserve Bank of India said on Thursday that cooperative banks in India cannot give housing loans beyond 5% of their total assets.

Till now, the State cooperative banks and central cooperative banks were allowed to extend housing loans up to 10% of their total loans and advances. The banks which have exposure in excess of 5% have been asked to initiate steps to bring it down to the revised limits within six months.

The government is unlikely to make changes in the mandate of the recently set up Financial Stability and Development Council, despite lingering concerns among regulators that the inter-regulatory mechanism will hamper their autonomy.

The FDSC will meet for the second time today to take stock of the economy.

Bharat Heavy Electricals Ltd third quarter net profit surged 31% to Rs 1,403 crore beating market forecast.

Punjab National Bank today reported 7.8% growth in net profit to Rs 1,090 crore for the third quarter ended December, compared to net profit of Rs 1,011 crore in the year ago period.

The bank’s total income rose by 27.9% from year ago period to Rs 7,976 crore during the quarter ended December, 2010 from Rs 6,236 crore in the comparable period of last year, the bank said in its filing to the Bombay Stock Exchange.

Politically sensitive multi-brand retail sector is likely to be opened for foreign investors with an FDI cap of 51% according to the industry ministry sources.

The government is likely to permit a maximum of 51% foreign direct investment in multi-brand retail as permitted to single-brand retailer.

The government said today that the scheduled secondary public offering of ONGC is expected to be priced in March.

“There is absolutely no reason to believe that FPO is not taking place this fiscal. It is proceeding according to the plan which is to take place before the end of March,” Oil Secretary S. Sundareshan told reporters in New Delhi.