Business Briefs 16-07-2014

Sensex bounces back ONGC stake Bharti move SEZ tax Air India

By The Telegraph Online
  • Published 16.07.14

Sensex bounces back

Mumbai, July 15: Snapping the five-day losing streak, the BSE Sensex today surged 221 points on fresh buying in rate-sensitive banking, realty and capital goods stocks after retail inflation eased to a 30-month low of 7.31 per cent. The 30-share BSE barometer closed at 25228.65 points, up 221.67 points, or 0.89 per cent, over the last close. In the previous five sessions, the index lost nearly 1100 points.

ONGC stake

New Delhi, July 15: State-owned ONGC will sell its 46 per cent stake in a $1-billion petrochem project in Karnataka to its subsidiary Mangalore Refinery and Petrochemicals, a top source said.

Bharti move

New Delhi, July 15: Bharti Enterprises today sold a majority stake in its telecom manufacturing and distribution arm Beetel Teletech to US-based global distribution firm Brightstar for an undisclosed sum.

SEZ tax

New Delhi, July 15: The commerce ministry today indicated that a “package”, including the rollback of minimum alternate tax, could be announced to revive special economic zones (SEZs).

Air India

New Delhi, July 15: The government today ruled out the privatisation of Air India for now and said its financial parameters had been improving since 2012 when its turnaround plan was approved.