Wall Street rises as tech, discretionary stocks gain
Wall Street rose for the first time in three days on Tuesday, helped by technology and discretionary stocks.
MUMBAI Nomura said the rally in India's state-run oil companies on Friday, spurred by the government's announcement to allow higher diesel prices, was excessive and the action would not lead to any improvement in the bottom line of these companies.
"We reiterate that yesterday's actions are not a big reform, and there may not be much reduction in oil marketing companies' overall under-recoveries," Nomura wrote in a note on Friday.
"Also, even as under-recoveries reduce, these may not result in any improvements in the bottom line of companies, in our view," the analysts added.
Nomura maintained its 'reduce' rating on Oil and Natural Gas Corp (ONGC.NS) and Oil India Ltd (OILI.NS).
Shares of state-run companies surged for a second session on Friday after the government's diesel announcement.
(Reporting by Rafael Nam and Abhishek Vishnoi; Editing by Anand Basu)
MONTREAL Fast-growing aviation powerhouse India is not ready to join the world's first climate deal to curb pollution from commercial flights because it fears that talks beginning on Tuesday may not lead to a fair agreement, its civil aviation minister said.
MUMBAI Economic Affairs Secretary Shaktikanta Das said the new six-member Monetary Policy Committee, which will set interest rates, will meet before the Reserve Bank of India's (RBI) policy review on Oct. 4 and give their recommendations.