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Govt mulling extension of safety zone near offshore oil units
In view of the security threat to offshore oil and gas installations, the government is mulling on extending the safety zone around these facilities beyond 500 meters.

VRL looking to exit its wind power business
Logistics and transport major VRL Logistics Ltd (VRL) is looking at exiting its 42.5 Mw wind power venture at Mundargi in Gadag district of Karnataka, because of delayed receivables from the sale of power as well as its high operational costs. The Hubli-based company had forayed into the wind energy business in 2007 by setting up the venture for Rs 250 crore.

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FIPB to reconsider ByCell proposal on mobile services
Swiss telecom firm ByCell has approached the Foreign Investment Promotion Board (FIPB) to reconsider its proposal to start telecom services in India and the matter will be taken up later this week.
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US markets end flat; Indian ADRs surge

US markets ended flat on Tuesday. - JSW Steel zooms on robust growth in steel prod - Novartis gains on plans of Alcon buy - Markets gain for the third straight day - Sensex ends up 114pts - Sensex off day"s high; metal index up 3% - Sensex firm; Hindalco up 5% The Dow Jones slipped 12 points to 10,572. The Nasdaq ended unchanged at 2,309. Indian ADRs were in the green. MTNL soared 11% to $3.65. Tata Communications rallied 6% to $15.8. Satyam shares surged 5% to $5.03. Wipro gained 3% to $23.28. Sterlite was up 2.2% to $19.77. Dr Reddy"s, ICICI Bank, Genpact and Patni Computers added around 1% each.


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