1. The Bombay Stock Exchange (BSE) sensex rose by 91 points to close at 16,244. The trading sentiments remained buoyant on Wednesday, with the technology index rising by almost 4%. The IT sector was the top gainer. The reliance shares did well in the trading. In the bullion market, gold closed at Rs.12,115/10gm and silver closed at Rs.23,935/kg.
2. Ranbaxy plans open offer for Orchid. One of the group companies, Solrex now has a stake of 14.7% in Orchid.
3. Indian Oil Corporation (IOC) is to tap Venezuela for cheaper crude oil that will yield higher margins. The oil price rose to US$114.46 a barrel in New York.
4. Dow Chemicals is planning to set up a manufacturing unit in India by forging a JV with Gujarat Alkalies (GACL).
5. Government of India to import one million tones of edible oil and 15 lakh tones of pulses to deal with the demand-supply gap.
6. The market regulator, SEBI took a major step to widen debt market by deciding to allow mutual funds to sell government securities subject to certain conditions.
7. Government may restore 7-year income tax holiday on oil and gas production. This may provide major relief to companies like RIL.
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