India Energy Exploration Policy May Shift, Sensex Up in Asian Rally

Sarla Buch
17 Nov, 2015
New York City

ICICI Bank plans to sell its 6% stake in ICICI Prudential Life Insurance. HCL Tech secured a contract from Deutsche Bank. Central government committee is likely to recommend oil exploration policy that may lead to revenue sharing arrangement with the exploration companies.

[R]6:00 PM Mumbai, India – ICICI Bank plans to sell its 6% stake in ICICI Prudential Life Insurance. HCL Tech secured a contract from Deutsche Bank. Central government committee is likely to recommend oil exploration policy that may lead to revenue sharing arrangement with the exploration companies.[/R]

Stocks on Mumbai trading gained following a rally in Asia after the U.S. indexes traded higher in New York close.

The central government is looking to shift its oil and natural gas exploration policy and a committee is likely to shift its next auction of 67 oil exploration blocks.

The committee is expected to recommend a shift to revenue share model with the explorer and bring more transparency in the capital expenditure and lift total output.

Rupee weakened 3 paisa to 66.02 against one U.S. dollar.

The Sensex Index increased 104.37 or 0.4% to close at 25,864.47. The CNX Nifty gained 30.95 or 0.4% to 7,837.55.

Gainers & Losers

HCL Technologies Limited increased 1.4% to ₹850.30 after the software services provider secured a contract from Deutsche Bank.

ICICI Bank Limited edged up 0.1% to ₹267.35 after the private lender received approval from the board to sell its 6% stake in ICICI Prudential Life Insurance Company.

MEP Infrastructure Developers Ltd rose 0.7% to ₹51.60 after the infrastructure developer won orders for toll collection from the National Highways Authority of India for West Bengal highway.

Niraj Cement Structurals Limited soared 6.4% to ₹23.15 after the real estate developer secured a contract worth ₹20.36 crore.

Reliance Infrastructure Limited edged down 0.4% to ₹415.45 after the infrastructure developer plans to acquire additional 26% stake for ₹1,265 crore in Pipavav Defence and Offshore Engineering Company on December 2.

Urja Global Limited slid 0.3% to ₹3.55 after the renewable energy developer received an approval to invest ₹110 crore in electronics manufacturing cluster scheme at Naya Raipur, Chhattisgarh.