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India's growing economy to fuel oil demand: Opec
The Organisation of Petroleum Exporting Countries (Opec) has projected that a rise in India’s gross domestic product (GDP) would lead to increased oil consumption next year. India oil demand was not affected by the economic crisis in 2009, and next year’s oil usage is forecast to grow further. All sectors are seeking more energy and new vehicle registrations are expected to continue the fast growth of 2009. These factors would push up oil demand by 15 per cent, making it the fastest growing product in terms percentage rise, Opec said.

JSW Energy scouting for partners, acquisitions
JSW Energy is planning to become an integrated power company by bringing in a partner for its transmission business and in its proposed distribution business. The company has shortlisted three companies for the proposed partnership in transmission.

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Markets extend losses
The markets have extended losses in the last few minutes. The Sensex is now down 54 points at 17,561. The Nifty is down 15 points at 5,248.
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Dubai crisis may impact marginally farm items export, say traders

Exporters of major farm items today said India is not completely immune to the financial concerns in Dubai and there could be marginal impact on trade. - BoB 7th largest foreign lender in UAE; HSBC on top - Emaar MGF says no impact of Dubai crisis - Indian firms" exposure in Dubai over Rs 7,000 cr - Dubai concerns not to impact India: Sharma India is a major exporter of basmati rice, onion, spices like chilli, cardamom, cumin and ginger, and wheat flour to Dubai. Exporters said that since a large number of Indians are living there and other West Asian countries, any economic crisis there could have some impact, if not much. The crisis has been triggered by fears that Dubai"s conglomerate, Dubai World, may default on its about $59 billion debt because of a slump in real estate. "The crisis may affect volume of basmati rice export to Dubai a bit but the impact won"t be much. We are adopting a wait-and-watch policy now and will see how things unfold," All India Rice Exporters" Association Executive Director Jai Oberoi said. The country exported 1.56 million tonnes of basmati to Dubai in the 2008-09 fiscal, compared with 1.18 million tonnes a year earlier. "The crisis won"t affect onion exports much, as Dubai has reduced its dependence on Indian onion and has been importing from Pakistan significantly for the last 3-4 months," a senior official with Nafed, which oversees onion export, said. As much as 1.35 lakh tonnes of onions were exported to Dubai in the last fiscal, he added.


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