INDIA BUSINESS UPDATE - RBI Hikes Repo, Reverse Repo By 25 Bps; Sensex Falls 208 Pts; Parliament Adjourned Over Cash-For-Vote Scam

Thursday, Mar 17, 2011 Click here for India Business Update Mobile Version LEAD STORIES RBI HIKES KEY RATES BY 25 BPS; LOANS TO COST MORE Home, auto loans may cost more as RBI hiked rates for the eighth time since March 2010. Repo rate has been hiked to 6.75% and reverse repo to 5.75%. read more SENSEX FALLS 208 PTS AS RBI HIKES KEY RATES Sensex ended at 18,149.87 points after RBI raised key rates and revised upwards its inflation forecast. Nifty fell 64.50 points to end at 5,446.65. read more PARLIAMENT ADJOURNED OVER CASH-FOR-VOTE SCAM Parliament was adjourned as Opposition demanded PM's resignation on reports that government paid MPs to vote in favour of the Indo-U.S. nuclear deal. read more TOP STORIES • SC revokes Hasan Ali's bail; orders custody • Raja, Balwa custody extended till Mar 31 • RBI's monetary tightening to affect growth: India Inc • Food inflation eases marginally to 9.42% • FM approves 9.5% interest on PF deposits • Cabinet approves PFRDA, SBI Amendment Bill • Siemens seeks RBI nod to start NBFC • Bharti to buy Qualcomm's BWA business for $1.2 bn • GSM operators add 14.69 mn new users in Feb • NPPA makes 62 drugs like TB, diabetes costlier • Natco sued by U.S. firm over Tamiflu patent • Pawan Goenka is SsangYong Motor's new Chairman • Fortis promoters pledge stake for Rs 47 cr • Transfered $6.5 bn via India Post: Western Union • Target India: 700 militants waiting at Pak launchpads • SRK, Akshay pay Rs 10 cr each as advance tax • Tokyo bourse rejects calls to halt trading • Yen powers to all-time high of 76.25/$, Nikkei falls • Gaddafi bombs Benghazi, son says no 'no-fly zone' • Apple clobbered by rare Wall Street downgrade more stories TOP VIDEOS The Recovery In The U.S. Is Not As Strong As It Appeared Before The Japan Crisis Hit, The Fed Will Have To Bet On A Round Of Liquidity Injections: Stephen Roach, Chairman, Morgan Stanley Asia Rebuilding Costs In Japan Could Mount To Approximately 16 Trillion Yen: Michael Buchanan, MD & Chief Asia-Ex-Japan Economist, Goldman Sachs A Mixture Of Technical Levels And Algorithmic Trading Rocketed The Yen To An All-Time High: Thanos Papasavvas, Head, Currency Management, Investec Asset Management AT A GLANCE BSE 18149.87 -208.82 NSE 5446.65 -64.5 TURNOVER Rs. 131,709 cr BSE CASH Rs. 2,934 cr NSE CASH Rs. 11,001 cr NSE F&O Rs. 117,774 cr BULLION GOLD 20669 +17 SILVER 52257 +54 CRUDE WTI 100.25 +2.27 BRENT 5124.74 +124.85 FOREX $ / Re 45.1 -0.01 £ / Re 72.679 +0.61 € / Re 63.09 +0.43 EVENTS 18-19 March Rudicon 2011,"Rural Energy Security Through Distributed Clean Power Generation" Indian Merchants Chamber, Mumbai 21-22 March 2nd Annual Conference On Promise Of A Smart Grid, Hyatt Regency, New Delhi 24-26 March 19th Convergence India 2011, Pragati Maidan, New Delhi 25 March 25th Skoch Summit: Reinventing India -- Shifting To Demand Side Governance, Shangrila, New Delhi Warren Buffett To Visit India To Launch Insurance Portal EXPERT VIEWS "RBI's intent is that we should pass on the policy rate to the markets. Passing on interest rate hike to deposit may not happen. Credit growth is higher (at 23%) than the bank's projection. EMIs will rise by about 25 bps, as and when it happens." MV Nair CMD, Union Bank "Outside the House an offence of bribery is not accepted. If what has appeared is correct, it is a commission of an offence in India. Diplomatic immunity may be available to U.S. diplomats but the same immunity can't be used by Indians in India. Where is the question of Finance Minister claiming that immunity." Arun Jaitley Leader Of Opposition In Rajya Sabha "I cannot either confirm this or deny this (WikiLeaks revelation) as the missions and sovereign government enjoy immunity. The Government elected is accountable to the 15th Lok Sabha and not the 14th Lok Sabha." Pranab Mukherjee Finance Minister WATCH OUT Investothon 2011 At the start of a new decade, CNBC-TV18 in partnership with NSE is initiating a unique and unprecedented show of support for the cause of the Indian Investor. It will bring together various stakeholders from nation's financial industry for a symbolic run to represent India's growth story. Tune into INVESTOTHON, Live from Bandra-Worli Sealink on CNBC-TV18. SHOW TIMINGS March 27th 2011 7 am onwards