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 TOP STORIES • Egypt: Govts, rights groups decry attacks on journalists • Egypt: PM apologises for attack, Army moves in • Crude tops $103 as Egypt unrest intensifies • NSE, BSE caution against trade in over 1900 securities • SAIL resolves issue; retains merchant banker for FPO • Ashok Soota may liquidate his MindTree stake • IDBI Bank, Vedanta to hire inmates from Tihar jail • Food inflation jumps to 17.05% from 15.57% • Govt allows Iran crude payment through German bank • UK Sinha appointed 8th chairman of Sebi • Noida SEZ fuels tax evaders' crime spree • Nalco may invest Rs 700 cr in Hindustan Copper mines • Jindal Poly eyes $200 mn IPO for thermal unit • CNI to launch biz newspaper; scrip soars • Raw sugar surges to 30-yr high on Australia cyclone • Trai releases consultation paper on 'green' telecom • Ayurvedic drugs face EU ban from May 1 • NHAI makes Facebook debut • Nippon, Sumitomo merging to create No.2 steelmaker • News Corp launches iPad newspaper at 14 cents/day more stories TOP VIDEOS The Market Is Not Going Down Because Foreigners Are Selling; I Think Foreigners Are Selling Because The Market Is Going Down: Samir Arora, Fund Manager, Helios Capital Because Of The Inflationary Impact On Cost, Some Of The Projects Are Becoming Unviable: Partha S Bhattacharyya, Chairman, Coal India Priority Sector Status To MFI NBFCs Is Recognizing Our Legitimate Role In Contributions To Financial Inclusion: Vikram Akula, Chairman, SKS Microfinance Emerging Markets To Recover In 3 Months, See 30% Returns In 2011: Geoffrey Dennis, Global Emerging Markets Equity Strategist, Citigroup 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. SHOW TIMINGS Friday 7 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO