INDIA BUSINESS UPDATE-- SC Quashes CVC Thomas Appointment; Lok Sabha Adjourned On Telangana Issue; Sensex Gains 43 Pts

Thursday, Mar 03, 2011 Click here for India Business Update Mobile Version LEAD STORIES SC STRIKES DOWN CVC APPOINTMENT, CALLS IT ILLEGAL Supreme Court quashed the appointment of the CVC PJ Thomas for involvement in palmolein import case, in another rebuke for the government. read more SENSEX UP 43 PTS ON EASING OIL PRICES Sensex ended at 18,489.76 on buying in capital goods and auto amid easing oil prices and food inflation. Nifty ended at 5,536.20, up 13.90 points. read more TELENGANA BURNS, LOK SABHA ADJOURNED Their political divisions notwithstanding, some ruling Congress MPs joined BJP and TRS to disrupt parliament demanding a separate Telangana. read more TOP STORIES • Orissa's steel plant official burnt alive in his car • Cabinet okays bill to amend banking rules • Hike deposit rates, axe loan rates: RBI • Dump Direct Tax Code, says tax expert • Raja's judicial custody extended to Mar 17 • 2G scam; PAC may call Radia, prominent scribes • OilMin cuts pre-conditions for Cairn-Vedanta deal • Food inflation near 3-mth low at 10.39% • Gadhafi, Arab League chief agree to peace plan • Silver climbs another milestone, ends at Rs 52,060 • ONGC FPO deferred to next fiscal, issue opens Apr 5 • Cadbury enters Indian biscuit market with Oreo • Amrutanjan to acquire Siva's Soft Drink for Rs 26 cr • Godrej, Emami eye Henkel's hair care business • Services PMI at 7-mth high, outlook robust: survey • Govt pays $2 bn to clear Iran oil import dues • PEs ink deal with Hero, lock-in period of 8 yrs • Muhammad Yunus begins legal fight over removal • Nippon, Posco in $1.8 bn rare-metal deal • Twitter's co-founder says no IPO or funding talks more stories TOP VIDEOS The Government Should Do Away With The Railway Budget And Have An Oil Budget For The Next Five Or Seven Years: Haseeb Drabu, Economist You Have The Option Of Doing Things Even After The Budget Is Over...Especially, A Foreign Item Like Oil Where A Lot Depends On The Global Situation: Kaushik Basu, Chief Economic Advisor Need More Balanced Approach To Tame Inflation: Bimal Jalan, Former Governor, RBI India Needs Strong Mid-Term Fiscal Strategy: Richard Gibbs, Global Head, Macquarie Securities AT A GLANCE BSE 18489.76 +43.26 NSE 5536.2 +13.9 TURNOVER Rs. 169,340 cr BSE CASH Rs. 3,714 cr NSE CASH Rs. 14,988 cr NSE F&O Rs. 150,637 cr BULLION GOLD 20987 -165 SILVER 50708 -318 CRUDE WTI 101.24 -0.99 BRENT 5162.93 -58.15 FOREX $ / Re 45.035 +0.08 £ / Re 73.403 +0.28 € / Re 62.747 +0.67 EVENTS 4 March The Game Changer, Conference On Leveraging Technology In MBA Education, IHC, New Delhi 4-5 March Enterprising India, Changing The Nation, Leading The World, NCPA, Mumbai 4-7 March Light India International, Chennai Trade & Convention Centre, Chennai 7 March Exhibitors Knowledge Forum, Novotel, Mumbai 9-10 March Conference On Waste Management In India, The Imperial, New Delhi 15-16 March 6th Annual Conference On City Gas Distribution In India, The Imperial, New Delhi EXPERT VIEWS "For double-digit growth that we aspire, we need to save so that we can invest more. For that to happen, we need to encourage savings, which means that banks will have to raise interest that they offer to depositors and they have to reduce interest they charge from borrowers. In technical terms, what you understand is that the net interest margin has to come down." D Subbarao RBI Governor "Today the appointment of the CVC has been struck down on the grounds that the criteria of corruption in his own case was not applied by the Government. It is a very important issue. In one sense, it vindicates a great national aspiration, its a serious fixture against the government. And therefore, is the government going to fix accountability for how and why it happened. We would like the government to come out with a statement on this issue." Arun Jaitley Leader Of Opposition In Rajya Sabha "The GST legislation cannot be voted upon until the ratification is completed. There may be problem on the time factor (April 1, 2012). Even if the constitutional amendment goes in now, practically it would be referred to Standing Committee for examination...Once it is voted in Parliament, it has to go for ratification of 50% states, that will take some time." Sunil Mitra Revenue Secretary WATCH OUT Overdrive This week, the iconic Mercedes G Wagen is put to the Overdrive test. Also on the show, how Budget 2011 affects the auto industry, Rolls Royce Global CEO Torsten Muller-Otvos on the company's electric plans & we go dune bashing at the Mahindra Great Escape SHOW TIMINGS Sat 1 pm & 10:30 pm Sun 12:30 pm & 7:30 pm