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Business News/ Market / Stock-market-news/  Opening Bell 11 September | ONGC, CIL in focus as disinvestment gathers pace
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Opening Bell 11 September | ONGC, CIL in focus as disinvestment gathers pace

Investors are wary about the geopolitical implications of a planned speech by Barack Obama later in the day

A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/MintPremium
A file photo of the BSE building in Mumbai. Photo: Hemant Mishra/Mint

Mumbai: Asian markets are trading mixed. According to Reuters, investors are wary about the geopolitical implications of a planned speech by US President Barack Obama later in the day in which the US president is expected to lay out a strategy for expanding US air strikes in Iraq.

US markets closed in the green. A rebound in Apple Inc shares helped the benchmark indices close with gains. S&P at 1,995 was up 0.36%.

In India, sales of medium and heavy commercial vehicles grew for the first time in 30 months in August, signalling improved economic activity, reports Mint. Sales of trucks and buses were up 9.61% to 16,955 units, compared with 15,468 units in August 2013.

The cabinet committee on economic affairs approved stake sales in Coal India Ltd (CIL), Oil and Natural Gas Corp. Ltd (ONGC) and NHPC Ltd. The government will sell a 5% stake in ONGC, 10% in CIL and 11.36% in NHPC. Read more.

CIL envisages coal production of 615 million tonnes (MT) by 2016-17 “in an optimistic scenario," reports Mint. The company produced 462.4 MT last fiscal.

Sun Pharmaceutical Industries Ltd’s manufacturing facility in Gujarat is undergoing a surprise inspection by US Food and Drug Administration, reports Business Standard. The move may have been triggered by recent recalls from the plant, the report says.

The board of directors of NTPC approved an investment of 10,000 crore for executing two plants, reports PTI. The company recently signed an agreement with the Andhra Pradesh government for setting up a mega solar power unit.

IDFC Ltd has started selling 1,000 crore worth of shares to institutional buyers, reports Mint. The firm intends to bring down foreign institutional investors’ holding to follow the rules set by the Reserve Bank of India before it establishes a bank.

India Infoline Finance Ltd, the non-banking finance company of IIFL Holdings Ltd, closed three back-to-back real estate investments in projects in Mumbai, reports Mint. The company has put in around 260 crore across these three deals primarily in the form of loans to developers.

Lastly, State Bank of India plans to roll out an employee stock option scheme for its employees, reports The Hindu Business Line. The move is aimed at motivating the employees to perform better and retain talent, the report says.

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Published: 11 Sep 2014, 07:54 AM IST
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