INDIA BUSINESS UPDATE - Sensex Crashes 261 Pts; Centre Likely To Agree To JPC On 2G Scam

Tuesday, Feb 08, 2011 Click here for India Business Update Mobile Version LEAD STORIES SENSEX HITS 7-MTH LOW, DOWN 261 PTS Sensex closed 17,775.70 points as investors sold heavily on concerns over inflation and interest rates. Nifty fell 83.45 points to end at 5,312.55. read more CENTRE LIKELY TO AGREE TO JPC ON 2G SCAM After the hour-long all-party meeting convened by Pranab Mukherjee, opposition leaders claimed that there was "consensus" on the JPC issue. read more TARGET INDIA, CHINA: OBAMA TO AMERICA INC US President Barack Obama asked American business leaders to aggressively pursue the huge middle class in India and China to increase their exports. read more TOP STORIES • PriceWaterhouse guilty in Satyam scam: ICAI • Govt announces 24 hrs customs clearance at 8 ports • Reports on loss in S-band spectrum baseless: PMO • Rupee ends at over 3-wk high of 45.30/$ • Nasscom Day 1: IT to witness flat growth at 18% in 2011 • CBI has no proof against Niira Radia in 2G scam • A Raja's remand extended till Feb 10 • Sibal acts like Raja's advocate: Arun Shourie • Stop looking for sops, FM tells exporters • Bombay HC defers Vodafone tax case hearing • Delhi HC stays proceedings against Subrato Roy • BSE escalates price war with rival NSE • Shareholders to decide CEO salary in unlisted cos • Tata Steel may raise $500 mn for through bonds • Cairn nod only if ONGC's demands are met: Reddy • Bharti plans tower cos in 16 African countries • Power Grid Q3 net up 21% at Rs 591 cr • Sun TV hikes advertisement rates by 8-32% • Banks may face stern action for service lapses • China raises interest rates for second time in 6 weeks more stories TOP VIDEOS U.S. Visa Fee Hike Temporary; Not Aimed At Indian Companies: Gary Locke, US Commerce Secretary Going Forward, Domestic Inflation, As Well As Global Commodity Prices And Crude Prices Will Come Down: Sanjeev Prasad, Executive Director, Co-Head - Institutional Equities, Kotak Securities People Still Very Much Like The Long-Term Story In India...The Demographics Are Good, Growth Is Accelerating Which Is Not The Case In China Or Russia: Gary Evans, Global Head Of Strategy, HSBC AT A GLANCE BSE 17775.7 -261.49 NSE 5312.55 -83.45 TURNOVER Rs. 126,383 cr BSE CASH Rs. 2,722 cr NSE CASH Rs. 11,904 cr NSE F&O Rs. 111,757 cr BULLION GOLD 20279 +117 SILVER 44851 +254 CRUDE WTI 86.4 -1.08 BRENT 4456.61 -38.52 FOREX $ / Re 45.27 -0.21 £ / Re 72.704 -0.19 € / Re 61.712 +0.21 EVENTS 9 February Cluster Development Summit Report Study Release, ASSOCHAM 9-13 February Aero India 2011, Bengaluru 10 February Launch Of Swabhiman Financial Inclusion Campaign By Indian Banks Association & Ministry Of Finance, Vigyan Bhavan, New Delhi 10 February Role Of Independent Directors For Corporate Compliance, New Delhi 10 February India Leadership Forum 2011, Grand Hyatt, Mumbai 10 February National Conference On Corporate Compliance, ASSOCHAM House, 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 17-19 February Electronics Expo 2011, Pragati Maidan, New Delhi EXPERT VIEWS "Government only can play its part. Ultimately, exporters will have to compete and fight their own battle in the overseas markets. They have to stop looking towards the government for sops." Pranab Mukherjee Finance Minister "Sibal is lying. A handpicked judge gives the report to the government which is so convenient that they can derail the issue. It is a perversity. How can documents be suppressed. Sibal gives half truths. He is not the advocate of the government. He is advocate of Raja and with every press conference he holds to protect Raja and implicates PM." Arun Shourie Former Telecom Minister "The truth is, as countries like China and India grow and develop larger middle classes, it's profitable for global companies to aggressively pursue these markets and, at times, to set up facilities in these countries." Barack Obama U.S. President WATCH OUT Young Turks This week on Young Turks Dream Decade we go On The Road to meet Prabind Singh, whose elearning tool the EBerry-EdBook is all set to give classrooms a 21st century makeover. Catch Sulabh Mehra of Radio Tuk Tuk, an on-call radio auto service, in a master class with Alok Mittal of Canaan Partners on the Young Turks Tutorial. And on YT Buzz catch iWEBLEAF, a student start-up that is giving India a broadband boost with its low cost 3G data cards. SHOW TIMINGS Wednesday 7 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO