INDIA BUSINESS UPDATE - RIL Net Up 28% At Rs 5,136 Cr; Wipro IT Chiefs Quit, Q3 Growth Lags Rivals; Sensex Slips 39 Pts

Friday, Jan 21, 2011 Click here for India Business Update Mobile Version LEAD STORIES RIL Q3 NET UP 28%; IN LINE WITH ESTIMATES Reliance Industries Q3 net was up at Rs 5,136 cr vs Rs 4,008 cr YoY due to robust demand. Net sales were up 5.15% at Rs 59,789 cr vs Rs 56,856 cr. read more WIPRO IT CHIEFS QUIT; Q3 GROWTH LAGS RIVALS Wipro Q3 net was marginally up 9.6% at Rs 1,318.8 cr. Joint CEOs Girish Paranjpe and Suresh Vaswani resign, making way for TK Kurien. read more NOW, TATA HOUSING PROJECT FACES BAN The Punjab and Haryana High Court stayed the construction and sale of flats by Tata Camelot Housing Project, coming up on ecologically fragile zone. read more WIPRO, ONGC DRAG SENSEX DOWN 39 PTS Sensex ended 39.01 points down to close at 19,007.53 on lower than expected Q3 results by Wipro. Nifty lost 15.10 points to settle at 5,696.50. read more TOP STORIES • Sibal under SC fire for comments on CAG • Vodafone wants 100% control at low value: Essar • RBI releases paper on foreign banks in India • FIIs pull out $1 bn in last 12 trading sessions • I-T raids pan-masala, gutkha makers across 14 states • Price Waterhouse seeks SAT relief in Satyam case • ONGC forces Cairn to cap prodn from Rajasthan fields • Posco India steel mill likely to win approval • FDI in multi-brand retail may open with 51% cap • GoM on corruption convenes first meeting • Tata Steel FPO subscribed 6 times • ONGC FPO will come on schedule in March: Oil Secy • Binani to buy Binani Cement's 30.1% stake at Rs 82/sh • TDSAT asks Videocon to pay 60% penalty • Maruti, Hyundai, GM hike prices across models • RBI wants banks to use chip-based ATMs to tap fraud • Apex court refuses ban on use of asbestos • ONGC detects oil leak off Mumbai coast • French court convicts Warner head, ex-Vivendi boss • Google profit beats expectations; Larry Page new CEO more stories TOP VIDEOS Wipro Has Underperformed In Q3: Azim Premji, Chairman, Wipro The Focus As Far As I Am Concerned Is Growth, Once You Have Growth Everything Else Follows: TK Kurien, CEO, IT Wipro May See Direct Policy Soon To Tame Inflation: Bimal Jalan, Former RBI Governor I Think Inflation Has Ratcheted Up, Has Been Steadily Coming Down, It's Getting Under Control: Montek Singh Ahluwalia, Deputy Chairman, Planning Commission Demand For Corporate Tax Of 25% Fair: Hari Bhartia, President, CII AT A GLANCE BSE 19007.53 -39.01 NSE 5696.5 -15.1 TURNOVER Rs. 131,478 cr BSE CASH Rs. 3,029 cr NSE CASH Rs. 11,614 cr NSE F&O Rs. 116,835 cr BULLION GOLD 20025 -151 SILVER 42469 -420 CRUDE WTI 89.5 -0.09 BRENT 4431.18 +40.13 FOREX $ / Re 45.61 +0.16 £ / Re 72.926 +0.11 € / Re 61.751 +1.27 EVENTS 20-22 January Future Of Financial Markets 2011, Leadership Summit, Renaissance, Mumbai 20-24 January 8th Plastivision India 2011, Bombay Exhibition Centre, Mumbai 20-26 January Tooltech 2011, Bangalore International Exhibition Centre, Bengaluru 20-26 January IMTEX 2011, Bangalore International Exhibition Centre, Bengaluru 21 January 2nd National Power Conference, Sheraton, New Delhi 21-22 January 6th North East Business Summit, Intercontinental The Lalit, Mumbai 21-23 January Manfest 2011, Annual International Business Conclave, Lucknow 21-25 January Fabtec India 2011, Codissia Trade Fair Complex, Coimbatore 22-23 January 5th Indian Marketing Summit 2011, Bimtech Campus, Greater Noida 23-26 January Auto Show, Pragati Maidan, Surat EXPERT VIEWS "We had last year received a proposal from Cairn India saying they can raise output from existing 125,000 barrels per day to 150,000 bpd with existing facilities... Legally speaking, we can approve the plan only after ONGC, which holds 30% interest (in the Thar dessert fields), also endorses the move. I believe ONGC has so far not agreed to raising output and so Cairn continues to produce oil at old levels." Directorate General Of Hydrocarbons Official "I dont think we should try making excuses about our performance. We have under performed in Q3 relative to our competitors and as relative to our potential as a company." Azim Premji Chairman, Wipro "(On comments about CAG's 2G report) I mean no disrespect to any institution... I have neither directly or indirectly tried to interfere with any process going on. I am fully aware of my responsibilities, my obligations, my duties not only as a Minister but also as a citizen of this country. I wish that Supreme Court had made these observations earlier as that could have prevented an unnecessary controversy." Kapil Sibal Telecom Minister WATCH OUT RD360: Money Making Maxims In the second episode of RD360: Money Making Maxims, Madhav Bhatkuly, Director, New Horizon Investments and Raamdeo Agrawal, Director and Co-founder Motilal Oswal Financial Services discuss the maxims of Warren Buffett and how these maxims have influenced their investing careers. SHOW TIMINGS Saturday 9:30 am & 8 pm Sunday 10:30 am CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO