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Indian shares rise to 1-1/2 week closing high as Modi steps up reforms

* BSE index gains 0.55 pct; NSE ends 0.61 pct higher * Coal-related stocks surge on reforms * Telecoms firm Bharti gains after rival Idea's profit beat * Financial Tech slumps after govt orders merger with unit By Abhishek Vishnoi MUMBAI, Oct 21 - Indian shares rose for a third straight session on Tuesday to mark their highest close in 1-1/2 weeks as coal-related stocks such as Jindal Steel and Power surged on the government's plans to auction coal blocks the top

Indian shares rise to 1-1/2 week closing high as Modi steps up reforms

MUMBAI, Oct 21 - Indian shares rose for a third straight session on Tuesday to mark their highest close in 1-1/2 weeks as coal-related stocks such as Jindal Steel and Power surged on the government's plans to auction coal blocks the top court cancelled in August.

3:36pm IST

MARKET EYE-India's Financial Tech slumps after govt orders merger with unit

* Financial Technologies (India) Ltd slumps 20 percent to its daily limit. * The government orders the company be merged with unit National Spot Exchange Ltd (NSEL). (http://bit.ly/1Dvu09R) * That means NSEL's liabilities will fall on Financial Technologies, traders say. * NSE had liabilities of nearly 55 billion rupees ($897.6 million). * The exchange has been under police investigation since August 2013 over a fraud probe. * Financial Tech has previously said it had no knowledge of wrongdoin

2:07pm IST

MARKET EYE -India's Adani Group shares gain; seen benefiting from coal measures

* Adani Enterprises gains 2 percent, while Adani Power is up 4 percent. * As part of measures on coal allocations, India allowed state- run companies to retain captive coal mines. * Adani Group has contracts to develop and operate those mines with state-run firms. (abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)

11:19am IST

MARKET EYE -Cairn India's operating profit may lag estimates-StarMine

* Cairn India Ltd's July-Sept operating profit may lag consensus - Thomson Reuters StarMine's SmartEstimates. * Oil explorer may report operating profit of 27.75 billion rupees ($452.9 million) as per SmartEstimates. * Consensus mean estimate is 28.19 billion rupees. * Cairn India reports results later in the day. * Shares down 0.4 percent as of 0533 GMT. ($1 = 61.2700 Indian rupee) (abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)

11:05am IST

MARKET EYE -India's state-run power sector lenders surge on coal reforms

* Power Finance Corp gains 5 percent, while Rural Electrification Corp is up 3.6 percent. * India said on Monday it would auction coal blocks after the Supreme Court cancelled allocations in August. * Coal block auctions will reduce uncertainty regarding power generation companies that depend on the dry fuel, traders say. (abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)

10:17am IST

MARKET EYE -India's Bharti gains after rival Idea's profit beats estimates

* Bharti Airtel gains 1.5 percent. * Rival Idea Cellular earnings beat estimates. * Bharti and Airtel both operate on GSM technology and have similar kinds of subscribers. (abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)

10:16am IST

MARKET EYE -Indian shares gain; Modi steps up reforms, FIIs snap selling streak

* BSE index is up 0.5 percent, NSE index rises 0.48 percent. * Miners surge after government to auction coal blocks. * Jindal Steel and Power Ltd up 6 percent, while Hindalco Industries Ltd is up 1.3 percent. * The government also closer to sell stake in Oil and Natural Gas Corp, days after relaxing fuel price controls. * Also, overseas investors snap five-day selling streak. * Foreign investors bought shares worth 10.40 billion rupees ($169.9 million) on Monday - NSE. * Blue-chips lead gai

10:06am IST

MARKET EYE-Indian miners surge after govt to auction coal blocks

* Jindal Steel and Power Ltd gains 7 percent, while Hindalco Industries Ltd is up 2.2 percent. * India said on Monday it would auction off coal blocks after the Supreme Court cancelled allocations in August. * India also said winners of the coal block allocations would have to pay back previous holders of the permits for their investment with a 12 percent return, according to local media. (abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)

9:50am IST

MARKET EYE-India's Tata Steel gains on China GDP, coal reforms

* Tata Steel gains 1.6 percent. * China's economy grew 7.3 percent in July-September, slightly above expectations. * India said on Monday it would auction off coal blocks after the Supreme Court cancelled allocations in August. (abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)

9:48am IST
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UNTE.NS 17.65 +0.57 50,138,660
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GMRI.NS 21.80 +3.81 25,592,672
JNSP.NS 135.50 -8.23 23,687,843
Data as of Tue Oct 21, 2014 5:18pm IST.

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ADME.NS 1.00 to 4.00 Underperform
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Govt orders Financial Tech to absorb NSEL, liabilities

MUMBAI - The government on Tuesday ordered trading software provider Financial Technologies (India) Ltd to fully absorb its defunct unit National Spot Exchange Ltd (NSEL) and assume the outstanding liabilities of the troubled commodities bourse.