INDIA BUSINESS UPDATE - 5-Day Remand For Raja; Sensex Zooms 358 Pts; M&M Promoters Holding Slips Below 26%

Thursday, Feb 03, 2011
LEAD STORIES
MARKETS STAGE A SMART PULLBACK, SENSEX GAINS 358 PTS
Sensex ended up at 18,449.31 points, its biggest gain this year led by realty, capital goods, metal, banking. Nifty was at 5,526.75, up 94.75 points. read more
CBI GETS 5-DAY REMAND OF A RAJA, OTHERS
The Patiala House Court granted CBI 5-day remand of Raja, Chandolia and Behura. Swan, Unitech were given preferential treatment in awarding licences. read more
M&M PROMOTER STAKE FALLS BELOW CRUCIAL 26% MARK
Mahindra & Mahindra promoters' shareholding fell to 22.76% in the December quarter, well below the crucial 26% 'safe level' that is preferred by most. read more

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AT A GLANCE
BSE 18449.31 +358.69
NSE 5526.75 +94.75
TURNOVER
Rs. 121,172 cr
BSE CASH
Rs. 3,535 cr
NSE CASH
Rs. 11,788 cr
NSE F&O
Rs. 105,848 cr
BULLION
GOLD 19880 +126
SILVER 43561 +150
CRUDE
WTI 91.28 +0.42
BRENT 4693.61 +54.59
FOREX
$ / Re 45.62 0
£ / Re 73.854 +0.28
€ / Re 62.394 -0.34
EVENTS
4 February
Foreign Investment Promotion Board Meet
4-5 February
"AIMA World Marketing Congress 2011", Lalit, New Delhi
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 February
Tackling India's Highways Challenge Connect, Invest & Build, Westin Mumbai Garden City
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
14-15 February
2nd Annual International Summit Coal Gas: 2011, Vigyan Bhawan, New Delhi
14-15 February
2nd Annual Conference On Coal Based Power Generation, Trends & Developments, Issues & Challenges, The Imperial, New Delhi
EXPERT VIEWS

"We are going to be facing a broader trend of increasing commodity prices, including food commodity prices. This can put pressure but also create opportunities."

Robert Zoellick
President, World Bank
"The central principle that must be enshrined in any sustainable development strategy is that incentives facing all economic decision makers must encourage them to act in a manner that is environmentally benign. We must put in place a structure of regulatory policies which will prevent potentially damaging behaviour. This is what we do by setting regulatory standards and enforcing them."

Manmohan Singh
Prime Minister
"So who is Raja's Godfather and who all were involved should be revealed to the nation which is the right of the people. Others cannot get away with a clean image by sacrificing Kalmadi and Raja - though the two may be guilty. The government cannot make them scapegoats and get away."

Nitin Gadkari
President, BJP

WATCH OUT
RD360: Money Making Maxims
In the third episode of RD360: Money Making Maxims, Rakesh Jhunjhunwala, Partner, Rare Enterprises discusses his own unique style of investment.
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