NAC Says 75% Farmers` Consent Needed For Land Acquisition; NSE Guilty Of Abusing Dominant Position Says CCI; Sensex Down 164 Pts

Wednesday, May 25, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version NEED 75% FARMERS' CONSENT FOR LAND ACQUISITION The National Advisory Council (NAC), headed by Sonia Gandhi, suggested that 75% of the farmers and gram sabhas should give their consent in writing for acquiring their land for development projects. It implies that the rest 25% will have to follow suit. NAC said that land owners may get six times the registered value of their land as compensation if it is acquired for development projects like dams and highways. read more LEAD STORIES SENSEX PLUNGES TO 9-WK LOW, DOWN 164 PTS Sensex fell to a 9-week low on heavy selling, mainly in realty, IT stocks. It closed at 17,847.24 points. Nifty ended at 5,348.95 down 45.90 points. read more NSE GUILTY OF ABUSING DOMINANT POSITION: CCI CCI has held NSE guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading. read more TRAI, DoT DIFFERENCES DEEPEN OVER LICENCE CANCELLATION Differences deepen as TRAI asks DoT to give licence-wise reasons for considering only 15 cases out of 69 new licences liable to be cancelled. read more TOP STORIES • BSE gets in-principle nod from SEBI for SME exchange • New investor category to allow foreign funds into MFs • Banks can't provide loans against IDRs: RBI • Govt shortlists three for post of CCI chairman • Rupee down 11 paise, ends at 3-mth low of 45.32/$ • DLF gets income tax notices for Rs 1,703 cr • Citi fraud: RBI to conduct special audit • L&T revives talks to sell medical equipment arm • Foreign cos won't pay withholding tax for fin services • Tata Steel back in black with Rs 8,983 cr FY11 profit • Coal India FY11 cons net up 13% to Rs 10,867 cr • Cairn India net jumps 10-fold on higher oil prices • DLF Q4 net falls 19% to Rs 345 cr; to raise Rs 7,000 cr • Vikram Oberoi revokes all pledged shares in EIH • Bharti's Rajan Mittal joins Brookings Institution board • High Court stays release of book on Radia tapes • PE players offload $85 bn globally in Q2 • BRICS nations oppose IMF MD from Europe • Diageo in talks to buy Jose Cuervo tequila for $2 bn • German airports reopen as ash cloud dissipates more stories TOP VIDEOS In The Absence Of Earnings Which Is The Key Driver, Market Is Looking For Events Like Reforms Or Any Other Macro Policy Which Can Provide It Strength: Nilesh Shah, MD & CEO, Envision Capital The Longstanding Deal That Has Allowed Only Europeans To Lead The IMF "Undermines The Legitimacy Of The Fund": Rajiv Biswas, Sr Director & Asia Chief Economist, IHS Global Insight Open Your Wallet India, Spend On Infrastructure: Gerard Lyons, Chief Economist & Group Head Of Global Research, Standard Chartered Bank AT A GLANCE BSE 17847.24 -164.73 NSE 5348.95 -45.9 TURNOVER Rs. 170,680 cr BSE CASH Rs. 2,841 cr NSE CASH Rs. 10,459 cr NSE F&O Rs. 157,379 cr BULLION GOLD 22502 +120 SILVER 56853 +1802 CRUDE NYMEX 102.25 -0.08 BRENT 113.59 +1.06 FOREX $ / Re 45.32 +0.11 £ / Re 73.772 +0.88 € / Re 63.783 +0.43 EVENTS 26 May 6th Annual Summit On Capital Markets, Le Meridien, New Delhi 26-27 May 2nd Annual Conference On Gas-Based Power Generation, The Imperial, New Delhi 26-29 May India Machine Tools Show 2011, Pragati Maidan, New Delhi 31 May 46th Meeting Of Board Of Approval For Setting Up New Special Economic Zones 1 June Conference On Biosimilars: Drugs For Life, Chandigarh EXPERT VIEWS "States are important stakeholders in inflation management. They could for instance, help better management of Public Distribution System and improve productivity in agriculture and allied activities. There is also need for reform in the Agriculture Produce Marketing Committee Acts among other measures." D Subbarao RBI Governor "Being a European should not be a plus and it shouldn't be a minus (for leading IMF). I am not arguing for my candidacy because I am an European...I want to get the biggest possible consensus for my candidacy." Christine Lagarde French Finance Minister "The convention that the selection of the Managing Director is made, in practice, on the basis of nationality undermines the legitimacy of the fund. The next Managing Director of the fund should not only be a strongly qualified person, with solid technical background and political acumen, but also a person who is committed to continuing the process of change and reform of the institution so as to adapt it to the new realities of the world economy." Joint Statement Executive Directors, BRICS WATCH OUT Bazaar Morning Call Hosted by Udayan Mukherjee and Mitali Mukherjee, Bazaar is the benchmark market opening show in the country. Widely acclaimed and winner of leading industry awards, Bazaar sets the tone for the trading day for millions of Indian investors. SHOW TIMINGS Weekdays 8 am