·         Oil prices clawed back deep early losses to stand about 50 cents lower on Wednesday after OPEC formally agreed to return to its 2007 production target of 28.8 million barrels per day (bpd). (ET)

·         In order to make the prices of jet fuel and bunker fuel competitive for international airlines and shipping lines at the Indian airports and seaports, the government is considering fixation of all-industry rate of duty drawback on the supplies of petroleum products. (FE)

·         Government may impose a 25 per cent cess on big diesel cars and charge bulk users other than railways and state transport corporations Rs 22 a litre more for diesel as part of a dual fuel pricing policy. (FE)

·         With the Nuclear Suppliers Group (NSG) granting waiver to India, the 123 agreement is expected to be presented before the American Congress in the next few days for its approval, required as the final step to conclude the Indo-US nuclear deal. (BS)

·         Mr. Subbarao, governor of Reserve Bank of India (RBI), sounded positive on growth and a little less hawkish than his predecessor on inflation and said that the central bank was sticking to its earlier estimate of 8% growth. (ET)

·         The government has decided to put its plan to amend export duty structure of steel products on hold. Changes would now be considered only after evaluating the current market conditions and resolving the tussle between miners and steel makers over iron ore prices. (ET)

·         Union steel minister Ram Vilas Paswan is rooting for a five-percentage point hike in export duty on iron ore from the present 15% to 20%. The move is aimed at arresting domestic steel prices and ensuring that ore is used to feed local demand first and only the surplus is exported. (ET)

·         An unknown Mauritius based entity has picked up a 17% stake in BPL Mobile, a cellular services player with operations in Mumbai. (ET)

·         The Tata group is close to diluting its stake in Tata Teleservices for around Rs 5000 cr. The interested parties are France Telecom and NTT DOCOMO. (ET).

·         Norway;s Telecom firm Telenor is within striking distance of picking a 26% stake in Unitech’s telecom arm for a consideration of around USD 500 mn. (ET)

·         3i infotech bags government deal for setting up 12000 IT kiosks across the country. (ET)

·         Rico Auto expects to double exports of engine components to Rs 300 cr. in this fiscal. (BL)

·         Vedanta Resources plans to invest USD 9.8 bn to increase its aluminium production capacity to 2.6 mn ton and emerge as the world’s fifth largest produced of metal by 2012. (BL)

·         GVL Power and Infrastructure and Nuclear Power Corp of India plan to buy reactors and equipment from GE Co and Westinghouse Electric Co. (BS)