Business & Economy

Sensex shoots up, closes
at nine-month high

What is India News Service, Wednesday, 17 November 2004, 2200 hrs IST

Shares rose for a third straight day on Wednesday to close above the psychologically important 6,000-point level for the first time since February, buoyed by strong foreign fund investment. 

The Bombay Stock Exchange's top-30 share index gained 0.33 per cent to 6,016.58 points, its highest close since 6,027.02 on Feb 18. The broader National Stock Exchange's index rose 0.58 per cent to 1,889.85 points. 

"From here on, the big gains will be in mid-cap stocks as the front-line stocks appear to be full valued," said Sindhu Sameer, director of equity sales at Batliwala and Karani Securities.

Cooperatives to be empowered: Prime Minister Manmohan Singh announced the setting up of a task force that would recommend an action plan for reviving rural cooperative banking institutions. 

ICICI Bank raises deposit, lending rates: ICICI Bank has increased the deposit (across select tenors) and lending rates by 0.25 to 0.75 percentage points with effect from November 17.

Andhra rivers catch WB eye: The World Bank has shown interest in funding projects pertaining to the interlinking of rivers in the State during its preliminary round of talks with irrigation officials. One of the projects that caught the attention of the team from the World Bank is Polavaram.

Desi Walt Disney films coming soon: The Walt Disney Company wants to make original desi animation films and TV shows in India for the world market, as against the outsourcing model prevalent in the industry.

Windows in 14 Indian languages: Microsoft announced its decision to localise Windows and Office software in 14 Indian languages over the next 12 months and said India must take steps to increase computer penetration in the country. 

i-flex to acquire Equinox: The board of i-flex solutions has approved the acquisition of Equinox Corporation. It has also cleared a proposal to acquire a 33 per cent stake in France-based treasury software specialist firm Login SA.

Reliance strikes more gas: Reliance Industries Ltd has made two more gas discoveries at its prodigious D6 and NEC-25 blocks off the east coast, the company\92s junior partner Niko Resources of Canada announced. 

India to host oil meet in Jan: India will host a conference of seven oil exporting and four Asian importing countries on January 6 to focus on issues of price stability, energy security and sustainability, Petroleum Minister Mani Shankar Aiyar said here today.  

Efforts on to avert strike in jute industry: A tripartite meeting has been called on November 18 to avert the indefinite strike called from November 29 by 14 Central trade unions in the jute industry which have submitted a long charter of demands.

Gold at all-time high: Gold broke all previous records on the bullion market here today as standard and pure gold closed at all-time high of Rs. 6,505 and Rs. 6,540 per 10 grams respectively.

Mulberry drink launched: A new mulberry drink with medicinal properties was launched by the Central Sericultural Research and Training Institute in Mysore.

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