INDIA BUSINESS UPDATE - Sensex Sheds 322 Pts; Anil Ambani Firms Cannot Invest In Publicly Traded Cos Says Sebi

Friday, Jan 14, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version GOVT SHOULD DISCLOSE BLACK MONEY INFO SAYS SC Talking tough, the Supreme Court questioned the Government as to why it was reluctant in disclosing the names of Indian nationals who have allegedly stashed black money in foreign banks. "What is the difficulty in disclosing the information," a Bench comprising B Sudershan Reddy and SS Nijjar asked when Solicitor General Gopal Subramanium informed the bench that Government has got the details but did not want to reveal it. The court's remarks came after the Government contended that it has got the information from the German government pertaining to the bank accounts of Indian citizens in Liechtenstein Bank there. "What is the privilege you are claiming for not disclosing the information (about those who have money deposited in foreign banks)," the Bench asked Subramanium. read more LEAD STORIES SENSEX SHEDS 322 PTS ON INTEREST RATE CONCERNS Sensex ended at 18,860.44 points, below 19K level for first time in 4 months on concerns of RBI rate hike. Nifty ended at 5,654.55, down 97.35 points. read more SEBI BARS ANIL AMBANI FIRMS FROM STOCK MARKET R-Infra, RNRL settled Sebi probe into possible violation of securities market norms. But they can't invest in listed shares in the secondary market. read more EXPECTED DUE DILIGENCE NOT FOLLOWED BY BANKS: RBI RBI said that a review of some banks revealed that in certain cases the lenders failed to monitor the use of funds by borrowers effectively. read more TOP STORIES • Inflation jumps to 8.43% in Dec; rate hike likely • FM, states meet on Jan 19 to discuss inflation • HDFC Q3 net up 33% at Rs 891 cr • LIC sells 2% in HUL for Rs 1,254 cr; cuts stake to 6.95% • PNB buys out insurance JV, sells MF biz • Intelenet to delist Sparsh BPO • Balaji Telefilms plans to sell 3 divisions • Telemarketer registration starts from Jan 15 • More sops for labour-intensive export sectors • US notification to lift ban on ISRO, DRDO soon • Tata Motors Dec global sales up 21% to 90,294 units • WB extends $1.5 bn loan for building 24,000 km roads • Maruti's luxury sedan Kizashi to rollout on Feb 2 • Tata-led Neotel faces opposition from S African unions • Financial literacy: India is world's No. 2 • Wages rising, efficiency declining: Govt survey • IBM in world's most inventive company list for 18th yr • Citi still too big after 'ad hoc' bailout: audit • Morgan Stanley CEO overhauls management • Fiat nears threshold to take 30% of Chrysler more stories TOP VIDEOS Jan Inflation Likely To Be Closer To 7%: Kaushik Basu, Chief Economic Adviser I Like Warren Buffet's Maxim 'In The Short Run, The Market Is A Popularity Machine And In The Long Run, It Is A Voting Machine': Ramesh Damani, Member, BSE Two Factors That Will Put Downward Pressure On The Industry Growth Are Interest Rates And Commodity Prices: Pawan Goenka, President, Automotive, M&M AT A GLANCE BSE 18860.44 -322.38 NSE 5654.55 -97.35 TURNOVER Rs. 225,614 cr BSE CASH Rs. 3,078 cr NSE CASH Rs. 12,574 cr NSE F&O Rs. 209,962 cr BULLION GOLD 20317 -121 SILVER 43918 -724 CRUDE WTI 90.69 -0.71 BRENT 4477.73 +50.67 FOREX $ / Re 45.36 +0.12 £ / Re 72.064 +0.73 € / Re 60.596 +0.5 EVENTS 19-20 January 5th Annual Conference On Airport Development & Modernisation, The Imperial, New Delhi 19-22 January Symposium On International Automotive Technology Expo 2011, ARAI Campus, Pune 19 January Pranab Mukerjee, State Finance Ministers Meet To Discuss Inflation 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 21 January 2nd National Power Conference, Sheraton, New Delhi 21 January Power Vision Conclave 2011, The Oberoi, New Delhi EXPERT VIEWS "The inflation rate for December has turned out to be much higher than what was originally expected... Given the present situation, perhaps some tightening on the part of the Reserve Bank may be required. Unless there is some substantial decline in food prices in the next two weeks, in my view, perhaps some tightening may be required." C Rangarajan Chairman, PMEAC "Sectoral reviews have been completed... I propose to have a final meeting (with the ministry officials) and announce more incentives to sectors which are struggling." Anand Sharma Commerce & Industry Minister "The review (of some banks) revealed that the expected level of due diligence had not been exercised in some cases facilitating diversion of funds by the borrowers. The shortcomings, amongst others, included, crediting of term loan disbursements to the current/cash credit accounts of borrowers and utilisation thereof for day-to-day operations." RBI Statement WATCH OUT RD360: Money Making Maxims In the first episode of the new series, Sanjoy Bhattacharya, Partner, Fortuna Capital and Chetan Parikh, Director, Jeetay Investments discuss the maxims of Benjamin Graham 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