Indian market extends gains on Wednesday
Mumbai, Apr 11 (IBNS): The Indian market closed higher on Wednesday with BSE Sensex up 60.19 points at 33,940.44 and NSE Nifty up 14.90 points at 10,417.20.
Top gainers on Wednesday included Vedanta, TCS, Sun Pharma, HUL, Reliance, M&M, Eicher Motors and HCL Tech while HPCL, BPCL, Adani Ports, SBI, ICICI Bank, Axis Bank and Yes Bank were some of the key stocks that declined.
Separately, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on Wednesday, gave its approval for exploration and exploitation of Coal Bed Methane (CBM) from areas under coal mining lease allotted to Coal India Limited (CIL) and its subsidiaries, according to a government release.
The CCEA approved the issuing of a notification amending clause 3(xiii) of the notification November 3, 2015, issued by the Ministry of Petroleum & Natural gas under Section 12 of the Oil Fields (Regulation and Development) Act, 1948 (ORD Act, 1948).
Due to this amendment, relaxation is granted under the Petroleum & Natural Gas Rules 1959 (PNG Rules, 1959), to Coal India Limited (CIL) and its subsidiaries for not applying for grant of license/lease under the PNG Rules,1959, for extraction of Coal Bed Methane (CBM) under their Coal Bearing Areas.
The Union Cabinet chaired by Prime Minister Narendra Modi has also given its approval for delegating the powers to Minister of Petroleum and Natural Gas and Finance Minister to award the Blocks/Contract Areas to successful bidders under Hydrocarbon Exploration and Licensing Policy (HELP) after International Competitive Bidding (ICB) based on the recommendations of Empowered Committee of Secretaries (ECS).
This delegation of powers will expedite the decision making process on awarding blocks and give a boost to the initiative of ease of doing business, the ministry said.
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