INDIA BUSINESS UPDATE - PM Announces JPC Into 2G Scam; Sensex Down 142 Pts

Tuesday, Feb 22, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version FINALLY, JPC TO PROBE 2G SCAM Prime Minister announced the formation of a JPC to investigate the multi-crore 2G spectrum scam while addressing the Lok Sabha today. Bowing to sustained pressure applied by the Opposition parties led by BJP on the 2G scam issue, Manmohan Singh made the announcement for setting up the JPC so that the crucial Budget Session is not disrupted. read more LEAD STORIES SENSEX DOWN 142 PTS AS OIL PRICE RISES Sensex ended down at 18,296.16 points due to rise in oil prices on concerns in Libya. Nifty ended at 5,469.20, down 49.40 points. read more COS TO ANSWER FOR ABNORMAL STOCK MOVEMENT Listed companies will now have to answer the stock exchanges for any sudden spurt in their share prices or trading volumes. read more GOVT MULLS BANNING LAVISH WEDDINGS TO FEED POOR We can preserve foodgrains for poor by curtailing extravagant social functions says Food & Consumer Affairs Minister. read more TOP STORIES • 31 convicted, 63 acquitted in Godhra case • Rupee down 28 paise, ends at 45.29/$ • Cos Bill: Audit rotation mandatory but timeframe more • 293 delayed projs led to cost overrun of Rs 68K cr • Dutch govt asks FinMin to reassess Vodafone tax case • Parl committee slams govt on changes in SBI Act • Ranbaxy Q4 loss at Rs 98 cr; FY10 profit up five-fold • MetLife in talks with PSU banks for 5-10% equity sale • I-T arrears at Rs 248,927 cr: FinMin • Food subsidy bill to rise by 27% to Rs 74,231 cr • SIDBI to launch Rs 1,000 cr venture capital fund • Kerala brings in Bill to seek compensation from Coke • FII holdings in PSUs on the rise in Dec quarter • Govt to issue Rs 150 coin soon • BHP Billiton makes $4.75 bn push into US shale gas • Gaddafi appears on TV, calls foreign channels 'dogs' • Global stock mkts crash on Libya crisis • 65 killed in New Zealand earthquake • U.S. home prices see biggest 12-mth drop • America bill for paid maternity leave not to find votes more stories TOP VIDEOS Cairn-Vedanta Deal Different From RIL-BP: Mukesh Ambani, Chairman, Reliance Industries Oil Prices Are Playing Spoilsport For The Markets: Nischal Maheshwari, Head - Research, Edelweiss Securities When We Speak To Investors, Nobody Is Having Great Expectations Coming Out Of The Budget: Anantha Narayan, Co-Head - Equities, ICICI Securities Lingering Uncertainty In Libya A Problem For Markets: Philip Poole, Global Head Of Emerging Markets, HSBC AT A GLANCE BSE 18296.16 -142.15 NSE 5469.2 -49.4 TURNOVER Rs. 206,070 cr BSE CASH Rs. 3,089 cr NSE CASH Rs. 12,325 cr NSE F&O Rs. 190,656 cr BULLION GOLD 20796 +66 SILVER 49737 -553 CRUDE WTI 92.92 +6.72 BRENT 4845.24 +93.58 FOREX $ / Re 45.25 +0.27 £ / Re 73.097 +0.59 € / Re 61.879 +0.91 EVENTS 23 February CII Techtex India Summit 2011, The Lalit, New Delhi 23-26 February Chemtech World Expo, Bombay Exhibition Centre, Mumbai 23-26 February BuildArch 2011, Building The Future, Bangalore International Exhibition Centre, Bengaluru 24-27 February Agri Food Technology Meet 2011, Lulu International Convention Center, Thrissur, Kerala 24 February CII Seminar On Emerging Opportunities For India-Saudi Arabia Business Cooperation, Taj Palace, New Delhi 24 February SC Hearing On Govt's Complaint Against Radia 24 February SC To Hear Case Against Former Sebi Chief CB Bhave 25 February Railway Budget & Economic Survey 25 February M3, Bank Deposits & Credit As On February 11 To Be Detailed By RBI EXPERT VIEWS "I think the current situation in oil prices is not because of any gap between supply and demand. It's caused by political factors, unrest in the Middle East. I think OPEC should react to address the fears of consumers. They must raise output to moderate the rise of oil price." S Jaipal Reddy Minister Of Petroleum & Natural Gas "There are certain limitations about perishable items... The government cannot purchase and manage vegetables and fruits. Steps are being taken to enhance productivity of these items to keep their prices under check." Sharad Pawar Agriculture Minister "The winter session was lost and the country cannot afford to lose another session. Our Government is committed to root out corruption. The Government is fully cooperating with the investigations into the 2G scam. The Government also agrees to setting up of JPC." Manmohan Singh Prime Minister WATCH OUT Young Turks Dream Decade Catch IT entrepreneur Manas Fuloria, founder of Nagarro, a $22 million software development company with 1200 employees and offices across US, Europe and Asia. We put Deepak Punwani of Nuru Energy in a Tutorial with Arun Diaz of Aavishkaar India as readies his low cost muscle powered electricity generating innovation, the POWER Cycle for launch in rural India. And meet Nidhi Bhagaria who is churning out a sweet success story with her designer chocolate brand, Celeste. SHOW TIMINGS Wed 7 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO