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

Friday, Jan 14, 2011






SPECIAL LEAD
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

TOP VIDEOS

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

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