INDIA BUSINESS UPDATE - Sensex Sheds 285 Pts; SC Asks Govt To Ascertain Source Of Black Money; Davos Day 2: Azim Premji Slams U.S. Restrictive Policies

Thursday, Jan 27, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version SC ASKS GOVT TO ASCERTAIN BLACK MONEY SOURCE Expressing concern that the black money stashed in banks abroad might have originated from arms deals, drug trafficking and smuggling, the Supreme Court asked the Government as to what action it had taken against individuals and firms having foreign accounts. The court also sought replies from the Government, the RBI and the Central Vigilance Commissioner on a petition seeking direction to the Government to ratify the UN convention on corruption which would facilitate in bringing back black money from foreign banks. read more LEAD STORIES SENSEX FALLS 285 PTS ON RISING INFLATION, RATE HIKE Equities were slaughtered on Thursday and broke the important technical levels, led by sell-off across sectors. Nifty dipped 83.10 pts to 5,604.30. read more DAVOS DAY 2: AZIM PREMJI SLAMS U.S. RESTRICTIVE POLICIES Azim Premji told global CEOs at Davos that emerging economies are 'more than fed up' of being lectured by the West to open up their economies. read more TOP STORIES • Davos: Blast at hotel, no injuries: Swiss police • Davos: Mittal says we are negative about our country • Davos: Soros warns euro crisis could divide Europe • Plan panel against telcos doing phone banking • Bombay HC grants 6 weeks time to Lavasa • Oil mafia: Maha police arrest 180 people • Reintroduction of chemical marker in kerosene • Food inflation rises marginally to 15.57% • HDFC Bank Q3 net up 33% to Rs 1,088 cr • HDFC Bank to raise interest rates • Global mobile app download to cross $15 bn in 2011 • Access to BlackBerry Enterprise Mail not possible: RIM • I&B plans Rs 1,200 cr spend on Prasar Bharati in FY'12 • Cairn to close Vedanta deal by April 15 • Power Finance Corp FPO likely in April-May • Midvalley fails to sizzle on debut; tanks 17% • Atlas Copco delisting price fixed at Rs 2,250 • ISB's management prog with Rs 7 lakh stipend • S&P cuts Japan sovereign debt rating • Visa fraud: US & Indian students quizzed more stories TOP VIDEOS The Businesses That We Go After Are Essentially About Brands, About Being Close To The Consumer: Anand Mahindra, VC & MD, M&M High Inflation May Hurt Corporate Earnings A Tad But Not Their Growth: Azim Premji, Chairman, Wipro The Rest Of The World Would Die For India's Growth Even If It Meant Inflation Coming In: Uday Kotak, VC & MD, Kotak Mahindra Bank We Are Not Declaring Victory Yet But Europe Is Recovering: Jean-Claude Trichet, European Central Bank President Only The UK And US Say There Is No Inflation And They Lie About It: Jim Rogers, Chairman, Roger Holdings AT A GLANCE BSE 18684.43 -285.02 NSE 5604.3 -83.1 TURNOVER Rs. 230,115 cr BSE CASH Rs. 3,208 cr NSE CASH Rs. 16,261 cr NSE F&O Rs. 210,645 cr BULLION GOLD 19862 -37 SILVER 42518 +771 CRUDE WTI 87.21 -0.12 BRENT 4511.28 +149.9 FOREX $ / Re 45.59 +0.03 £ / Re 72.562 -0.26 € / Re 62.416 +0.28 EVENTS 26-30 January World Economic Forum Annual Meeting, Davos, Switzerland 27-29 January 2nd Global Economic Summit & Expo 2011 On Indian Small & Medium Enterprises, World Trade Centre, Mumbai 27-29 January Internet Retail Expo, The Grand, New Delhi 28-29 January 2nd International Conference On Material Handling Systems & Equipments, Mundra Port, Gujarat 28 January ASSOCHAM & Venture Capital Association Of India Summit On Private Equity, Shangrila, New Delhi 28-30 January India International Coatings Show 2011 Exhibition & Conference, Raj Hans, New Delhi 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 EXPERT VIEWS "I am worried that we are becoming too negative about our own country. We need to celebrate some of the big successes that are coming out, be it in the corporate world and the small successes that we are seeing in the hinterland." Sunil Mittal Chairman, Bharti Group "We (SC) want to know what steps you have taken against the people who have accumulated so much money in foreign banks...What are the sources of the money? Where has the money come from? It might be because of arms deals, smuggling, narcotics, drug trafficking or something else. These are more serious issues, when you know the name, what action you have taken?" Supreme Court Statement "We actually have a different view... We are not in favour of (telecom companies becoming financial companies). We are very much in favour of transactions being done by banks at the end of the day... Banks take account of what is happening... We do not want financial crisis". Montek Singh Ahluwalia Deputy Chairman, Planning Commission 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 Friday 7 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO