INDIA BUSINESS UPDATE - CBI Arrests Raja In 2G Scam; Sensex Snaps 5-Day Losing Streak, Up 68 Pts

Wednesday, Feb 02, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version CBI ARRESTS RAJA, 2 AIDES IN 2G SCAM A Raja has been arrested by the CBI in the 2G spectrum scam case along with his personal secretary RK Chandolia and former telecom secretary Siddharth Behura. Raja has been arrested under sections 120B, 13(2), 13(1D) of Prevention of Corruption Act on the charges of criminal misconduct, violation of policies and favouring some specific companies during the grant of 2G spectrum licences. The arrest of Raja, who has been questioned four times, comes over two months after he was forced to resign in the wake of the spectrum controversy. read more LEAD STORIES SENSEX SNAPS 5-DAY FALLING STREAK; UP 68 PTS Sensex closed at 18,090.62 on value buying in fundamentally strong stocks, led by Reliance Industries. Nifty rose by 14.80 points to end at 5,432. read more BHARTI Q3 NET DIPS 21.5% ON REBRANDING COST, FOREX LOSS Higher financing costs, forex losses and Rs 340 crore one-time rebranding expense brought net profit down to Rs 1,303.3 crore vs Rs 1,661 crore QoQ. read more TOP STORIES • Google marketing head goes missing in Egypt • Mubarak won't quit now; army appeals to protesters • Exports to Egypt to be impacted: Maruti Suzuki • Asian Paints temporarily shuts two Egypt plants • Ban on iron ore exports irks Industry Minister • SC seeks AG's reply to make Radia tape public • RIL offers to buy majority stake in Atlas Energy • Cairn-ONGC face-off on royalty issue; talks fail • Local telco vendors upset as foreign cos preferred • Hero Honda Q3 net down 20% at Rs 429 cr • Jet Airways Q3 net up 11% to Rs 118 cr • MF industry can achieve $1 tn AUM in 5 years: Sebi • Equity funds in Jan record worst monthly fall in 2 yrs • Govt to notify law on tobacco packaging in 2 days • S African bank FirstRand plans entry into India • Maruti launches luxury sedan Kizashi at Rs 16.5 lakh • Unhappy ex-employee hits back at company • Pfizer to shut down its largest R&D centre in Europe • US factory output surges in Jan, inflation signs rise • Thailand's Pattaya beach in danger of vanishing more stories TOP VIDEOS With The Depth Of Our Network, Innovation Capabilities And Brand, We Will Be Winners In MNP: Sanjay Kapoor, CEO - India & South Asia, Bharti Airtel It Is About How Do We Not Only Grow But How Do We Grow Responsibly And Inclusively: Harish Manwani, President - Asia & Africa, HUL Monetary Tightening By RBI Would Be Pretty Harmful For The Economy And The Stock Market: Jim Walker, MD, Asianomics See Sensex EPS Growth At 18% As Against The Earlier Estimate Of 20%: Prabhat Awasthi, Head - Equity Research & MD India, Nomura Financial Advisories AT A GLANCE BSE 18090.62 +68.4 NSE 5432 +14.8 TURNOVER Rs. 122,827 cr BSE CASH Rs. 3,404 cr NSE CASH Rs. 13,382 cr NSE F&O Rs. 106,041 cr BULLION GOLD 19830 +45 SILVER 43503 -278 CRUDE WTI 90.94 +0.17 BRENT 4643.34 +12.33 FOREX $ / Re 45.57 +0.16 £ / Re 73.719 +0.5 € / Re 62.809 +0.04 EVENTS 3 February Assocham 2nd International Coal Conference- Securing Future Needs, The Park, New Delhi 3 February Conference On Excellence In Diagonostic Care "Creating A Value Chain To Deliver An Excellent Customer Experience", India Habitat Centre, New Delhi 3 February 2nd Coal Conference, The Park, New Delhi 3 February Renewable Energy 2011, Taj Deccan, Hyderabad 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 EXPERT VIEWS "Unfortunately, because of developments in the Middle East and its impact on the Arab world... (it) is causing uncertainty about production, about availability of oil. We are watching the situation...At the time when crude touched $147 a barrel in July 2008 also, we had to manage the situation. Government will take care of it now as well." Pranab Mukherjee Finance Minister "The government has contradicted itself. CAG says the allocation has led to enormous loss to the tune of Rs. 1.76 lakh crore. But, Telecom Minister Kapil Sibal, whom I presume spoke on behalf of the government, claims that Raja did not cause any loss to the exchequer and even came up with an argument of zero loss. But then why did CBI, another arm of the government, arrest him. If Raja had done nothing wrong, why has he been arrested?" J Jayalalitha AIADMK Chief "The protests have been manipulated by political forces. I have initiated a new government which will respond to the needs of the younger people of the country. I never wanted power or prestige. My first responsibility now is to restore security and stability of the homeland. I was not intending to stand for the upcoming elections... I want to conclude my work for Egypt by presenting Egypt to the next govt." Hosni Mubarak Egyptian President WATCH OUT India Business Hour A dynamic news show that gives you the best of the days events - be it business, politics, sports or even entertainment. This flagship CNBC-TV18 show is fast-paced and offers editorial insight. SHOW TIMINGS Weekdays 9 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO