If you missed our coverage today, here is a quick summary.
MARKETS: Sensex snaps 3-day rally, Coal India sinks 6%
The three day rally in Indian markets came to an end Thursday but the benchmark indices closed off the day's low indicating inherent strength in the rally. The Sensex declined 48.42 points to end at 18,153.99 while the broader Nifty index closed 10 points lower at 5,521.95. (Read More)
Shares of Coal India Limited slumped 6 per cent on the National Stock Exchange Thursday. It was the top loser on the 50-stock Nifty index. The shares reacted to news Wednesday that the company will sign a fuel supply agreement (FSA) with power producers. The move is positive for power producers but negative for Coal India, analysts said. (Read Why)
Meanwhile, Marico shares rose while Sun Pharma shares fell on company news related.
ECONOMY: Government to make 30% sourcing from MSEs mandatory for multi-brand retailers
The central government is planning to make it mandatory for multi-brand retailers to procure 30 per cent of their annual purchases from micro and small enterprises (MSEs), Union Micro, Small and Medium Enterprises Minister Virbhadra Singh said on Thursday. (Read More)
Hike in excise duty will impact industry, says CII
Amid moderation in industrial output, CII said any hike in excise duty from the current 10 per cent would further impact growth and also put burden on consumers. In its pre-Budget memorandum to the Finance Ministry, the industry chamber has recommended continuation of 10 per cent standard rate of excise duty in the next financial year. (Read More)
Also, China to overtake India as top gold maker, says World Gold Council
China is poised to overtake India to become the world's biggest gold market this year as rising incomes fuel demand for the precious metal, an industry group said Thursday. The amount of gold bought in China rose 20 per cent in 2011 over the year before to 770 metric tons, the World Gold Council said in its annual report. That put China behind only second to India, where 933 metric tons were bought. (Read More)
AVIATION: Kingfisher Airlines Q3 losses widens to Rs 444 cr; auditors say it needs more funds to stay afloat
Debt-laden Kingfisher Airlines on Thursday posted a net loss of Rs 444 crore ($88 million) in the three months to December, compared with Rs 254 crore in the same period a year earlier. The doubled loss will plunge it further into a financial crisis that threatens its survival. (Read More)
Auditors of Kingfisher Airlines have once again raised concern over its ability to stay afloat and said it would need to inject more money to remain a "going concern". (Read More)
Kingfisher shares rose 2 per cent despite the company reporting widening of the net loss for the quarter ended December 2011. Read here ten things you need to know about the present financial situation at the company.
Air India lenders to meet on Friday to discuss the carrier’s financial restructuring
Here is what you should know about how Air India plans to turn itself around.
TELECOM: Unitech-Telenor public row continues; 2G auction issue drags
A day after its Norwegian partner Telenor sought indemnities for cancellation of telecom licence, real estate firm Unitech on Thursday said there was no breach of warranties on its part and it will contest any demand for compensation. (Read More)
Meanwhile, incumbent and new telcos differ on 2G auction participation as differences have come out in the open with old players wanting to participate in the auction and new ones resisting that move. (Read More)
POWER: Coal India should only promise what it can deliver, says GVK Power
A Issac George, Director and CFO of GVK Power & Infrastructure spoke about the PMO announcement on Coal India FSA. “Coal India should bear the loss/subsidy if it imports coal,” he said adding that CIL could take the hit on its balance sheet. (Read More)
The Prime Minister’s office had announced on Wednesday that Coal India will sign a FSA with power suppliers by March. (Read Coal India CMD Zohra Chatterji's comments here)
OIL & GAS: Failing Def Min clearance, ONGC may invoke 'force majeure' for two KG Basin blocks
Oil and gas major Oil and Natural Gas Corporation (ONGC) said on Thursday that three of its KG Basin NELP blocks have run into a roadblock following restrictions from the Ministry of Defence, and it may invoke force majeure clause for two of those. (Read More)
IT: Zen Tech shares soar on new PS3 game launch
Shares of Zen Technologies skyrocketed in a down market Thursday At 13:53 hours, Zen Tech stocks were up 16.3% at Rs 181 on the Bombay Stock Exchange. The Sensex was down 128 points at 18,074. (Read More)
BANKING: LIC to pick up 5% in Punjab & Sind Bank
State-owned Punjab & Sind Bank (PSB) on Thursday said it will issue shares up to 5 per cent of the paid-up capital on preferential basis to Life Insurance Corporation (LIC). (Read More)
REAL ESTATE: Housing prices in Mumbai, Kolkata down; Delhi rates up in Q3
Prices of residential properties in Mumbai and Kolkata witnessed a downward movement with a 0.5 per cent decline while Delhi prices firmed up 8.4 per cent during the third quarter of the current fiscal, as per the latest Residex released by the National Housing Bank (NHB). (Read More)