Markets greet SEBI panel with rally

The major stock exchanges in the country today reacted cheerfully to the setting up of a committee by the Securities and Exchange Board of India (SEBI) to review the carry forward system. The downslide of the past few days gave way to a dramatic turnaround. Reflecting this, the BSE Sensex shot up by 138 points from 3233.23 to 3371.23. The BSE National index had a rise of 46 points from 1571.59 to 1618.44. Volumes also improved considerably in most scrips. However, not many brokers are convinced that the bull run will last long. While the SEBI has indicated that the committee will submit its report in ten days, a month or more may pass before the suggestions are put before the stock exchanges for their reactions.

ONGC to study all options: Manglik

The Oil and Natural Gas Corporation hag called experts from Red Adair, a US firefighting company, for assessment of the situation at Pasarlapudi-19 and to seek a second opinion on the options open for capping/killing the well, according to Mr. S. K. Manglik, its Chairman. He said three experts who had already arrived would soon offer their suggestions based on which the future course of action could be formulated.

Breakthrough in titanium sponge technology

In a significant breakthrough, defence scientists have successfully demonstrated the technology to produce titanium sponge in batches of 4 tonnes — a commercially popular size in Japan and the CIS. The development catapults India into a select club of nations; it also means a major step towards the setting up of the much delayed 1,000 tonnes per year commercial plant to meet the growing demands of industry.

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