INDIA BUSINESS UPDATE - LN Mittal, Mukesh Ambani Among World`s Top 10 Billionaires; Sensex Falls 141 Pts; Oil Hits $116 As Gaddafi Bombs Oil Facilities

Thursday, Mar 10, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version LN MITTAL, MUKESH AMBANI TOP 10 BILLIONAIRES Forbes Magazine has revealed its precious list of top billionaires for 2011. This year's list broke records in size (1,210 billionaires) and total net worth ($4.5 trillion). Four Indians figure in the top 50 list. Interestingly, Asia has more billionaires than Europe. The top 10 are: Carlos Slim $74 bn, Bill Gates $56 bn, Warren Buffett $50 bn,Bernard Arnault $41 bn, Larry Ellison $39.5 bn, Lakshmi Mittal $31.1 bn, Amancio Ortega $31 bn, Eike Batista $30 bn, Mukesh Ambani $27 bn and Christy Walton $26.5 bn. read more SONIA WORLD'S 9TH MOST POWERFUL PERSON Chinese President Hu Jintao, who rules over one-fifth of world's population, has topped the list of world's most powerful person while UPA Chairperson and Congress President Sonia Gandhi has been ranked ninth by the US Forbes magazine. read more LEAD STORIES SENSEX FALLS 141 PTS; METALS, BANKS WORST HIT Sensex fell to 18,327.98 points as investors booked profit. Rising crude prices added to the slump. Nifty fell by 36.60 points to end at 5,494.40. read more BRENT TOPS $116 AS GADDAFI BOMBS LIBYAN OIL FACILITIES Brent crude surpassed $116 after forces loyal bombed oil infrastructure, inflicting long-term damage on the country's exports. read more TOP STORIES • DoT begins process of cancelling 2G licenses • ED seeks 14-day remand of Hasan Ali • Essar bought PeopleSupport, Rajaratnam made a pile • Single digit food inflation after 3 mths at 9.52% • Feb exports rise fastest in 11 mths, up 50% to $23.6 bn • Rupee drops 18 paise to end at 1-wk low of Rs 45.18/$ • SAT gives SEBI earful over PW probe • ICICI, Anil Ambani interested in Cheuvreux, CLSA • M&M's bike 'Stallio' production drops 81% in 3 mths • ONGC FPO deferred till second half of 2011 • Muthoot Finance to raise Rs 1,400 cr via IPO • Essar to buy Zimbabwe steel firm; invest $750 mn • Kotak Mahindra to launch $300 mn infra funds • Tata Steel's input costs to rise by $1 bn in FY11 • JPC on 2G to have its first meeting on March 24 • Telangana million march: TDP, TRS leaders held • Dalai Lama plans to quit as Tibet political leader • China trade swings to largest deficit in 7 yrs • Moody's cuts Spain rating, cites higher bank costs • Ferrari to drive into India starting at Rs 2.2 cr more stories TOP VIDEOS Inflation Environment May Become Worse In India: Ian Scott, Global Head-Equity Strategy, Nomura India And Emerging Markets Important In Overall Investment Strategy: Charles R Kaye, Warburg Pincus Negative Driver For Growth Over The Coming Year Is The Lagged Effects Of All These Interest Rate Rises: Robert Prior-Wandesforde, Head Of India & South East Asia, Credit Suisse More Than Crude, The Interest Rates Strengthening Will Impact The Bottomline: Devina Mehra, Director & Chief Global Strategist, First Global AT A GLANCE BSE 18327.98 -141.97 NSE 5494.4 -36.6 TURNOVER Rs. 98,160 cr BSE CASH Rs. 2,904 cr NSE CASH Rs. 9,476 cr NSE F&O Rs. 85,780 cr BULLION GOLD 20983 -64 SILVER 53390 -573 CRUDE WTI 103.17 -1.21 BRENT 5194.34 +5.89 FOREX $ / Re 45.17 +0.17 £ / Re 72.674 -0.02 € / Re 62.411 0 EVENTS 11 March SIM'ergence 2011, India- New Decade, New Horizon, New Challenges, BSE Hall, Mumbai Information Technology Conference 2011 "Fostering Inclusive Growth Through IT", Indian Merchants Chamber, Mumbai 16 March Consumer Investment Summit 2011, Taj President, Mumbai 15-16 March 6th Annual Conference On City Gas Distribution In India, The Imperial, New Delhi 16-18 March Water Expo, Chennai Trade & Convention Centre, Chennai EXPERT VIEWS "Growth-inflation dynamics, we are struggling with that. We recovered from the crisis sooner than other countries. Inflation also caught up with us sooner than other countries." D Subbarao RBI Governor "Inflation has come down substantially and I expect it to fall quickly in another two months. It is not unexpected. What we had anticipated is happening." Kaushik Basu Chief Economic Advisor "The rules of game are changed mid-stream. I don't rule out the possibility that somebody will drag us to court (on the issue of imposition of MAT on SEZs). No body is going to sit back and just watch somebody taking tax away." Rahul Khullar Commerce Secretary WATCH OUT Investothon 2011 15th March 2011 is World Investor Day. To support investor Education and Empowerment on the India Chapter of this Global event, NSE & CNBC-TV18 Present Investothon 2011 to be held on 27 March 2011 in Mumbai. To participate in this historic run, SMS INVC space name and company to 51818. You can also win two tickets to Goa. SHOW TIMINGS 27 March, 7 am onwards