MARKET EYE-Indian shares fall; Tata Motors hit
* The BSE index was down 0.18 percent and the 50-share NSE index fell 0.28 percent. * Shares in Tata Motors fell 7.5 percent a day after the company said its unit Jaguar Land Rover (JLR) was likely to report lower EBITDA margin in the October-December quarter. * Reliance communication shares slid 3 percent a day after its consolidated net profit fell 44 percent, sharper-than-expected at 1.05 billion rupees for December quarter. * However, broader losses in indices were capped by gains in Oil and Natural Gas Corp Ltd that rose 3.5 percent as the oil ministry is expected to soon recommend a revision in local gas prices. Oil India gained 1.7 percent.
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India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article