Stocks to watch: IL&FS, Reliance, Reliance Communications, Infosys, TCS, Wipro

MUMBAI: Crude oil prices moved higher in Asian trade. New York's main contract, light sweet crude for
October delivery was at $ 68.57 per barrel. Brent North Sea crude for October delivery advanced to $67.97.

India rupee opened lower on concerns of capital outflows from the stock market. At 9:40 am, partial convertible rupee was at 49.11, down 0.02 paise against the dollar.

Infrastructure Leasing & Financial Services (IL&FS ) has picked up a ���significant minority stake��� in the Reliance Industries-promoted special economic zone (SEZ) project in Haryana that has struggled to take off despite having started four years ago. The amount of stake that has changed hands and the value of the transaction could not be ascertained as yet.

The centre on Tuesday told the Supreme Court that NTPC and Anil Ambani���s Reliance Natural Resources were not on the same footing with regard to the supply of gas from the Krishna-Godavari basin by Reliance Industries even as Mr Ambani claimed credit for what he described as the ���substantial amendments��� in the government���s position.

Belgian Grand Prix is not the only race where Indian hopes are riding high. A worsening economic crisis is forcing companies such as AXA, Dexia Bank, Belgacom, drugmaker UCB and car insurer Allianz in Belgium explore IT offshoring and back-office projects, making it almost $6.5-billion opportunity for Indian outsourcing vendors including TCS, Infosys and Wipro apart from MNC rivals.

Reliance Infratel, a subsidiary of Reliance Communications, plans to raise Rs 5000 crore from the primary market, say media reports. The company is likely to file a draft Red Herring Prospectus in next one week.