Re-instatement of 5% custom duty on crude imports will help.
Cairn joins a slew of multinational firms including Vodafone Group Plc and Royal Dutch Shell Plc that have been slapped with retrospective tax demands by Indian authorities.
Mayank Ashar, managing director and chief executive officer, Cair India, says the reform momentum should continue and the industry should do its part too.
The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure.
After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
Movement of rupee and crude oil prices will also dictate the trend
The sharp fall in oil price is positive for oil marketers as subsidy concerns reduce further.
'It is my duty to give the govt the right price of crude oil.'
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
Delhi and neighbouring Noida in Uttar Pradesh, too, are studying Gurgaon's no-car Tuesday model.
Sebi to fix promoters' side deals with PE investors
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
Sensex in green in afternoon trade.
Sensex lost 184 points to trade at 23,878 and the Nifty has dropped 55 points to quote at 7,254.
The S&P BSE Sensex has gained 149 points to open at 25,802.
Inputs by the Petroleum Ministry were found among stolen documents.
Prayas Jain has been arrested for allegedly buying secret documents.
The decline was led by index heavyweight Reliance Industries along with ITC and HDFC.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
Interest rate sensitive stocks gain ground post decision
Mixed global cues and decline in crude oil prices further dent the sentiments.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
The broader markets are, however, outperforming the larger peer.
The Delhi Police on February 20 arrested five corporate executives.
Biggest contribution came from Bharti group-led Satya Electoral Trust.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Markets ended in red, index heavyweights drag.
A charge-sheet against Chandra and 12 others was filed.
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RIL had objected to the state government's decision to receive bids in sealed envelopes instead of an open auction.
A plea of the UK-based Vedanta group company to export its share of crude oil from Barmer oil field in Rajasthan was on Tuesday rejected by the Delhi high court on the ground that domestic crude cannot be exported till India attained "self sufficiency".
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
Though the developments are positive, analysts say the benefits will accrue only in the long run
Rate sensitive sectors were among the top gainers with Tata Motors and ICICI Bank leading the gains on the Sensex.
Delhi Police Crime Branch raided the office of a petrochemical co.
While markets are upbeat over the government decision to nearly double the price of domestically produced natural gas, industry wants it to clearly lay the roadmap for free market pricing regime.
As the government began consultations with stakeholders on raising gas prices, gas producers and consumers met a committee of secretaries separately with their pleas on the issue.
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
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