The Maersk Ronneby container ship is loaded at the Container Terminal at the Cochin Port on Willingdon Island in KeralaShares in Shipping Corporation of India, the country's largest shipping firm, leapt by as much as a fifth on Wednesday after the cabinet approved a 10 per cent stake sale in the state-run company.The government also allowed the company, which plans to spend about $4.3 billion over two years to buy 57 new ships, to issue fresh shares for another 10 per cent to part finance the expansion.Analysts said the approval was a boost in the arm for the company and large investors would be interested in adding the stock to their portfolio, but the jump in prices was a knee-jerk reaction.Shares in Shipping Corp, which the market values at $1.6 billion, were trading up 15.8 per cent at Rs 194.6 by 11:51 am on BSE. The stock had risen as high as 202.5, its highest since January 2008.The Indian government plans to raise $8.6 billion through stake sales in the current fiscal year that ends next March.(Pictures by Reuters)

October 6: News pics for the day


Bombay Stock Exchange (BSE) building is reflected on a glass window in Mumbai

Career Point Infosystems debuted at Rs 461, a 49% premium over its issue price of Rs 310 a share. The stock has hit a high of Rs 475 and a low of Rs 436, with 389,109 shares changing hands in opening trades.

The company&#39;s initial public offering (IPO) was subscribed 47.39 times. The QIB portion was subscribed 47.45 times and the Non-Institutional (HNI) section was subscribed 101.93 times and Retail by 31.74 times.

Movie distributor Eros International Media surged as much as 24 per cent on debut on the BSE as investors cheered the reasonable valuation and vibrant pipeline of projects.

Shares in the Indian unit of London listed Eros International were trading at Rs 189.80, about 8.5 per cent higher than the issue price at 11.49 am in a firm Mumbai market.

Bombay Stock Exchange (BSE) building is reflected on a glass window in Mumbai

Career Point Infosystems debuted at Rs 461, a 49% premium over its issue price of Rs 310 a share. The stock has hit a high of Rs 475 and a low of

A salesman displays gold chains at a jewellery showroom in Hyderabad

India gold buying recoiled on Wednesday afternoon as domestic prices struck a new record high, with a stronger rupee keeping a lid on gains, analysts said.

\"Demand is not much today due to a Rs 300 (per 10 grams) spike in prices from yesterday,\" said a dealer with a state-run bullion dealing bank in Mumbai.

Domestic gold extended gains for a third day in a row to hit a record high of Rs 19,615 per 10 grams, and analysts expect prices to maintain the bullish trend and witness Rs 20,000 levels by November.

Festival demand will peak with dhanteras slated in November, when jewellers register highest sales every year. Weddings also take place during the festival season.

A salesman displays gold chains at a jewellery showroom in Hyderabad

India gold buying recoiled on Wednesday afternoon as domestic prices struck a new record high, with a stronger rupee keeping a lid on gains, analysts said.

A farmer spreads fertilizers on his rice plants in Patra village in Punjab

Ample monsoon rains and higher prices of farm goods are likely to lift Indian fertiliser demand in 2010/11 by 13 per cent to a record 60 million tonnes, testing local fertiliser makers&#39; ability to raise output in sync with the demand, industry officials said.

India&#39;s June-Sept monsoon rains, a key factor in determining food grain production and fertiliser demand in the country, were 2 per cent above normal in the current year, weather office data showed.

\"Fertiliser demand will be more this year. Total demand may rise up to 60 million tonnes,\" Udai Shanker Awasthi, managing director of Indian Farmers Fertiliser Co-operative Ltd (IFFCO), the biggest fertiliser producer in the country, told Reuters.

India&#39;s summer-sown grains output is likely to rise by 10 per cent on year, oilseeds production by 17.3 per cent, cotton by over 10 per cent and cane prod

A farmer spreads fertilizers on his rice plants in Patra village in Punjab

Ample monsoon rains and higher prices of farm goods are likely to lift Indian fertiliser demand in 2010/11 by 13 per cent to a record 60 million tonnes, te

A man drinks next to the logo of the Reserve Bank of India (RBI), outside its head office in Mumbai

The Reserve Bank of India will soon release a discussion paper seeking feedback on a proposal to double the share of foreign banks in Indian banking assets to 15 per cent, a newspaper said on Wednesday.

New foreign banks will be asked to register as a subsidiary, which will then be treated on par with domestic peers in terms of expansion, the paper said.

Foreign banks currently operate in India as a branch.

The discussion paper will be posted on Reserve Bank of India&#39;s website soon, it said.

Currently there are 32 foreign banks in India and collectively they have 310 branches, which constitute 0.4 per cent of the 71,998 branch network across the nation, it added.

A man drinks next to the logo of the Reserve Bank of India (RBI), outside its head office in Mumbai

The Reserve Bank of India will soon release a discussion paper seeking feedback on a proposal to double the share of foreign banks

The phone running Google&#39;s Android software is displayed in New York September

Google has denied Oracle&#39;s complaint of copyright infringement in development of Android smartphone software and asked a US court to dismiss Oracle&#39;s lawsuit, court documents showed.

Oracle sued Google in August, alleging patent and copyright infringement in the development of the popular Android smartphone software.

In its response filed on Monday with a California federal court, Google said Oracle&#39;s complaint included vague and broad allegations of copyright infringement. \"The complaint does not specifically identify any allegedly infringing works of Google,\" the web search company said.

\"Oracle&#39;s claim of copyright infringement fails to meet the pleading standards applicable to a claim of copyright infringement,\" Google said.

The phone running Google&#39;s Android software is displayed in New York September

Google has denied Oracle&#39;s complaint of copyright infringement in development of Android smartphone software and asked a US court to dismiss Or

The Maersk Ronneby container ship is loaded at the Container Terminal at the Cochin Port on Willingdon Island in KeralaShares in Shipping Corporation of India, the country's largest shipping firm, leapt by as much as a fifth on Wednesday after the cabinet approved a 10 per cent stake sale in the state-run company.The government also allowed the company, which plans to spend about $4.3 billion over two years to buy 57 new ships, to issue fresh shares for another 10 per cent to part finance the expansion.Analysts said the approval was a boost in the arm for the company and large investors would be interested in adding the stock to their portfolio, but the jump in prices was a knee-jerk reaction.Shares in Shipping Corp, which the market values at $1.6 billion, were trading up 15.8 per cent at Rs 194.6 by 11:51 am on BSE. The stock had risen as high as 202.5, its highest since January 2008.The Indian gover