Fitch Ratings on Monday revised upwards its outlook on Reliance Industries' (RIL) long-term local currency rating at 'BBB stable' from 'positive', citing a better than expected show by its US shale gas business, which offset the dip in the domestic exploration business. The agency said the rating revision reflects continuing strong financial and operating performance. The report noted RIL continues to consistently out-perform the regional refining margin benchmarks. Fitch expects its profitability from refining and mid-stream operations to improve further, once the on-going investments for capacity addition and to improve efficiencies are completed over the next two to three years. "The change of outlook on the local currency issuer default ratings, which is not constrained by the BBB-sovereign- to stable reflects our revised expectations on RIL's medium-term credit metrics and the revenue contribution of the upstream oil and gas business," it added.

Hyundai Motor India Ltd (HMIL) today reported an increase of 8.7% in total sales at 54,011 units in November 2014.

The company had sold 49,681 units in the same month last year, it said in a statement.

In the domestic market, Hyundai sold 35,511 units last month as compared to 33,501 units in November 2013, up 6%.

India’s second largest petrochemical firm Indian Oil Corp (IOCL) is planning to add capacity across some of its refineries, besides expanding beyond its core business of pipeline, transportation and marketing, to gas, petrochemical and upstream.

“Our expansion bodes well for our future and will improve our bottomlines. It will also give us some amount of cushion in terms of volatility in one segment of the business," said Ashok Balasubramanian, chairman and managing director, IOCL.

Maruti Suzuki India has moved higher by 2.2% to Rs 3,410 on BSE after reporting 19.5% year on year increase in its total sales to 110,147 units in the month of November 2014. The car maker had sold 92,140 units during the same month last year.

Domestic sales during the month stood at 100,024 units, up 17% from 85,510 units in November previous year, Maruti Suzuki India said in a statement.

Benchmark share indices which had pared early gains rebounded after the first hour of trade, amid encouraging manufacturing growth, led by FMCG majors and select private banks.

At 10:40AM, the 30-share Sensex was up 64 points at 28,758 and the 50-share Nifty was up 20 points at 8,609.

Markets have opened marginally higher with IT and select bank shares leading the gains in early trades. Some volatility is expected later in the session ahead of the RBI policy meet tomorrow.

At 9:35AM, the 30-share Sensex was up 64 points at 28,758 and the 50-share Nifty was up 20 points at 8,609.

Asserting that countdown has begun for the end of the "corrupt" TMC regime in West Bengal, BJP president Amit Shah today accused Chief Minister Mamata Banerjee of creating hurdles for a proper NIA probe into the Burdwan blast to shield her party leaders allegedly involved in the incident.

Shah also alleged that Saradha chit fund money was used in the October 2 Burdwan blast.

Adopting a key non-legislative recommendation of the Financial Sector Legislative Reforms Commission (FSLRC) panel for overhaul of financial sector regulatory framework, the Securities and Exchange Board of India (Sebi) is launching a public consultation for framing rules to allow reclassification of promoters at listed firms looking to become public shareholders.

The new norms can have a significant impact on the way some merger and acquisition deals are structured, as also in cases involving corporate restructuring that take place due to disputes among members of business families or after settlements between rival corporates.

At least seven persons were injured in a grenade explosion triggered by suspected militants at the busy Lal Chowk in the heart of the city this afternoon, police said.

Unidentified militants hurled a grenade towards security personnel outside the defunct Palladium Cinema but the device fell short of the target and exploded on the roadside, they said.

Almost 120 people were killed and 270 were injured when two suicide bombers blew themselves up and gunmen opened fire on a Muslim gathering during Friday prayers in the central mosque in northern Nigeria's largest city of Kano, a rescue official said.

The official also said that the death toll could rise as several people have been critically injured, reported the CNN.

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