INDIA BUSINESS UPDATE - Sensex Falls 288 Pts; Govt To Ok Cairn-Vedanta Deal On Stringent Conditions

Friday, Jan 28, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version INVESTORS LOSE RS 11 LAKH CR SINCE DIWALI Investors have lost a whopping amount of nearly Rs 11,00,000 crore in the stock market in less than 3 months since Diwali last year, with over Rs 3 lakh crore being wiped out in the past three days alone. Total investor wealth, measured in terms of cumulative market value of all listed stocks, today itself fell by over Rs 132,000 crore -- taking the loss for past three days to over Rs 300,000 crore amid macro-economic concerns emanating from inflationary and governance deficit related factors. read more LEAD STORIES SENSEX FALLS 288 PTS TO 5-MTH LOW Sensex closed at 18,395.97 points on brisk selling in heavy-weight financial companies. Nifty dipped 92.15 points to settle at 5,512.15. read more GOVT TO OK CAIRN-VEDANTA DEAL ON STRINGENT CONDITIONS Vedanta will have to surrender all its rights in past and future disputes if it wants government nod for acquiring majority stake in Cairn India. read more DAVOS DAY 3: U.S., BRITAIN SPLIT ON SPENDING CUTS Britain and US laid out starkly different recovery strategies with one calling for deep spending cuts and the other warning against drastic action. read more TOP STORIES • Munjals put stake sale plans to PEs on hold till May • Madras HC orders closure of dyeing units in Tirupur • Centre in a fix as CVC Thomas refuses to quit • ONGC Q3 net rises over two-fold to Rs 7,083 cr • RIL shares down for fourth day; sheds 3% • Gold dips below Rs 20,000 after 3 mths • Infosys cites Europe problems as top concern • Cipla denies stake sale talk • Zydus Cadila, Bayer Healthcare to form marketing JV • Suzlon in $1.28 bn deal with Caparo • Citi fraud: Puri's custody extended till Feb 11 • PF scam: HC rejects petitions of retd judge, others • I-T raids 'Pan Bahar' pan masala group • Govt may infuse $3.3 bn into SBI via rights issue • Ports cross 1 bn tonne cargo handling capacity • Sushama Nath likely to be new Fin Secy • Mindtree Executive Chairman Ashok Soota resigns • Mallika Srinivasan elected Chairperson of TAFE • Apple iPad finally hits India at Rs 27,990 • World's first hack-free software developed more stories TOP VIDEOS My Feeling Is Oil Will Remain Below $80 Over The Next Couple Of Years...I Am Not Very Bullish On Oil In The Long-Term: Adi Godrej, Chairman, Godrej Industries Indian Market Still Remains Pretty Robust, The Demand Story In India Is Still Very Strong: Prashant Ruia, CEO, Essar Group Inflation In China Has Come To The Rescue Of U.S. Markets: George Soros, Billionaire Investor 75% Of The Sales Opportunities In Tech Is Outside Of The U.S.: John Chambers, Chairman & CEO, Cisco Systems Larry Summers, Steve Schwarzman, Peter Sands And Indra Nooyi At Davos 2011 AT A GLANCE BSE 18395.97 -288.46 NSE 5512.15 -92.15 TURNOVER Rs. 143,145 cr BSE CASH Rs. 3,869 cr NSE CASH Rs. 14,993 cr NSE F&O Rs. 124,283 cr BULLION GOLD 19604 -74 SILVER 41610 -310 CRUDE WTI 86.32 +0.68 BRENT 4469.89 +8.66 FOREX $ / Re 45.76 +0.2 £ / Re 72.795 +0.23 € / Re 62.705 +0.29 EVENTS 30 January ICAI Awards 2010, For Excellence By CA's In Industry, Science City, Kolkata 31 January-2 February Smart Energy India, The Lalit, New Delhi 1-2 February 8th Annual Conference On Ports In India, Grand Hyatt, Mumbai 3 February Assocham 2nd International Coal Conference- Securing Future Needs, The Park, New Delhi 4 February Foreign Investment Promotion Board Meet 4 February MFA 2011, Taj Lands End, Mumbai 3-4 February Conference On Infrastructure: The Global Growth Driver, Taj Bengal, Kolkata 8 February 2nd Food & Agri Exporters Conclave, ASSOCHAM House, New Delhi 8-9 February 4th Annual Conference On Renewable Energy In India, The Imperial, New Delhi 11-14 February 8th International Exhibition & Conference On Minerals Metals Metallurgy & Materials, Pragati Maidan, New Delhi EXPERT VIEWS "We need a revolution. Climate change is also showing us that the old model is more than obsolete. We are running out of time. Time to tackle climate change, time to ensure sustainable ... growth." Ban Ki-moon UN Chief "This is a more volatile world. We have to get used to managing businesses and country policies taking into account the higher volatility. The world is becoming a dual-speed economy, with emerging markets growing faster than developed countries. This rebalancing is throwing up a new set of opportunities for everybody. We must understand these opportunities so that we can capitalise on them." Chanda Kochhar MD & CEO, ICICI Bank "The real problem is the way we're (U.S.) spending money not the amount we're spending. What we really need to do is actually increase our spending on investments and cut back our spending on weapons that don't work against enemies that don't exist." Joseph Stiglitz Nobel Prize Laureate WATCH OUT Budget Report Card As the countdown to Budget 2011 begins CNBC-TV18 brings to you the Budget Report Card, a show that looks at the unfinished reform agenda and the economic and political context that will set the tone for the Budget. This week meet Minister of State for Commerce & Industry, Jyotiraditya Scindia who says the govt is worried about the dip in FDI and expects the govt to allow FDI in multi brand retail in FY12. SHOW TIMINGS Saturday 9 am & 9:30 pm Sunday 9 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO