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Market Update

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

Author: Sarla Buch
Last Update: 7:26 AM ET November 17 2015

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.

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.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc