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Rating agencies send mixed signals on India
New
Delhi: With the advent of the UPA in power in Delhi,
Merrill Lynch Asia Pacific has downgraded India's rating
to 'market weight' category from 'over weight', citing
the uncertainty on the government's reform policies and
the pressure on disinvestments. Merrill Lynch has advised
investors to cut down on their exposure to India.
However,
ABN Amro says the worries over economic reforms are unwarranted,
and has termed the current market pricing as "pessimistic".
Morgan Stanley has pointed out that the FIIs' stake in
top 50 companies has risen to the highest-ever level of
20 per cent.
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Crude dips below $40 with Saudi assurances
London: Crude oil prices fell for the third straight
day today after Saudi Arabia, the world's largest oil
exporter, said it will pump out nine million barrels a
day next month.
The
announcement has pulled the world oil prices below the
$40 per barrel mark, to around $ $39.55 per barrel. Meanwhile,
the Saudi Oil Minister has urged OPEC to raise production
quotas by at least two million barrels a day.
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ONGC
ties up for technology outsourcing
New Delhi: Oil and Natural Gas Corporation (ONGC)
has tied up with global oil service provider Schlumberger
to source technology in an attempt to increase production
from its ageing fields.
ONGC
and Schlumberger will jointly foot the expense of studying
the possibility of increasing production, which is for
15 fields initially. ONGC
is also aiming at similar tie-ups with US major Hallibarton
and Transocean for drilling technology.
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