Indian shares&nbsp;inched&nbsp;lower&nbsp;on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while&nbsp;Zee&nbsp;Entertainment Enterprises surged on the promoter group's plan to pare holdings.

The government agreed to sell stakes in five state-run companies, including oil refiner <a href="https://www.wionews.com/business-economy/india-to-offload-bharat-petroleum-in-state-stake-sell-off-263518">Bharat Petroleum Corp</a> (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap.

"A lot of good news is already factored into prices. It's actually bought on the rumour and sell on the news," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"Markets are basically fighting to reach new highs. What we actually need to see now is a little bit of improvement in economic news."

The <a href="https://www.wionews.com/business-economy/nifty-sensex-edge-higher-bank-telecom-stocks-gain-263079">NSE&nbsp;Nifty&nbsp;50&nbsp;</a>index fell 0.2 per cent&nbsp;to 11,978, while the S&amp;P BSE&nbsp;Sensex&nbsp;was down 0.1 per cent&nbsp;at 40,630.16.

On Wednesday, the government also allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite after a court ruled they must pay overdue levies and interest of nearly $13 billion.

Bharti Airtel and Vodafone Idea have warned that their operations may be under threat unless the government stops hitting operators with higher taxes and charges.

Meanwhile, the central bank said on Wednesday it would begin bankruptcy proceedings against Dewan Housing Finance Corp (DHFL).

DHFL owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors.

Zee&nbsp;Entertainment Enterprises surged 7.50 per cent&nbsp;and was the&nbsp;top&nbsp;gainer&nbsp;in the&nbsp;Nifty&nbsp;50 after promoter <a href="https://www.wionews.com/india-news/prime-minister-narendra-modi-to-address-conclave-of-accountants-in-delhi-today-263523">Essel Group</a> said on Wednesday it was planning to sell about 16.5 per cent&nbsp;stake in the company.

Indian shares inched lower on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while Zee Entertainment Enterprises surged on the promoter group's plan to pare holdings.

Indian shares inched lower on Thursday as investors booked profits after the government said it had approved stake sales in some state-run companies, while Zee Entertainment Enterprises surged on the promoter group's plan to pare holdings. The government agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap. "A lot of good news is already factored into prices. It's actually bought on the rumour and sell on the news," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai. "Markets are basically fighting to reach new highs. What we actually need to see now is a little bit of improvement in economic news." The NSE Nifty 50 index fell 0.2 per cent to 11,978, while the S&P BSE Sensex was down 0.1 per cent at 40,630.16. On Wednesday, the government also allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite after a court ruled they must pay overdue levies and interest of nearly $13 billion. Bharti Airtel and Vodafone Idea have warned that their operations may be under threat unless the government stops hitting operators with higher taxes and charges. Meanwhile, the central bank said on Wednesday it would begin bankruptcy proceedings against Dewan Housing Finance Corp (DHFL). DHFL owes its lenders nearly 1 trillion rupees ($14 billion), including several mutual funds, banks, pension funds, insurance firms and retail investors. Zee Entertainment Enterprises surged 7.50 per cent and was the top gainer in the Nifty 50 after promoter Essel Group said on Wednesday it was planning to sell about 16.5 per cent stake in the company.

Nifty, Sensex inch lower; Zee top gainer in Nifty 50

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

The Bina plant in central India, capable of processing 156,000 barrels per day (BPD) of crude oil, is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL).

"There are a new set of companies who have approached BPCL for a stake in its Bina refinery," said the source, who asked not to be named as the discussions are private.

BPCL plans to double the capacity of the refinery in the next five years and build a petrochemical complex that would require an investment of about 500 billion rupees ($7.24 billion), the source said.

Bharat Petroleum did not respond to a request for comment. Petronas and JXTG were not immediately reachable for comment.

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery, a source close to the matter said. The Bina plant in central India, capable of processing 156,000 barrels per day (BPD) of crude oil, is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL). "There are a new set of companies who have approached BPCL for a stake in its Bina refinery," said the source, who asked not to be named as the discussions are private. BPCL plans to double the capacity of the refinery in the next five years and build a petrochemical complex that would require an investment of about 500 billion rupees ($7.24 billion), the source said. Bharat Petroleum did not respond to a request for comment. Petronas and JXTG were not immediately reachable for comment.

Malaysia and Japan likely to buy stakes in India's Bina oil refinery

Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened.

The benchmark BSE index ended flat at 33,812.26, while the broader NSE index closed 0.06 per cent higher at 10,442.20.

BPCL closed 2.5 per cent lower.

Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened

Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened. The benchmark BSE index ended flat at 33,812.26, while the broader NSE index closed 0.06 per cent higher at 10,442.20. BPCL closed 2.5 per cent lower.

Sensex, Nifty close little changed ahead of corporate results

India&#39;s state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said.

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.

State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.

State refiners - Indian Oil Corp,&nbsp;Bharat Petroleum Corp&nbsp;and Hindustan Petroleum Corp&nbsp;- operate 90 per cent of the retail outlets in the country.

The three have upto 200 fuel stations in the five cities, the sources said.

The roll out of &quot;daily dynamic pricing&quot; in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said.

No immediate comment was available from the state refiners.

Indian private fuel retailers - Reliance Industries&nbsp;and Essar Oil - are expected to follow their state peers, the sources added.

(Reuters)

State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets

India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said. To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said. State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets. State refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - operate 90 per cent of the retail outlets in the country. The three have upto 200 fuel stations in the five cities, the sources said. The roll out of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said. No immediate comment was available from the state refiners. Indian private fuel retailers - Reliance Industries and Essar Oil - are expected to follow their state peers, the sources added. (Reuters)

Indian state refiners to revise fuel price in 5 cities daily from May 1, sources say