Q4 GDP Growth Slowest In 5 Quarters At 7.8%; Sensex Up 271 Pts; UK`s Serco To Buy Intelenet For Rs 2,772 Cr

Tuesday, May 31, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version LOKPAL PANEL SPLIT BUT WILL DELIVER BILL: GOVT The government on Tuesday admitted there is no unanimity among members of the panel that is drafting the Lokpal Bill and more consultations were needed. P Chidambaram and Kapil Sibal said that as part of efforts to build a consensus, Pranab Mukherjee has written to all state governments and political parties, seeking their views on the bill. They insisted that the panel's work was on track and it will be able to deliver a draft Lokpal Bill by June 30. read more LEAD STORIES AT 7.8%, Q4 GDP GROWTH SLOWEST IN 5 QUARTERS The economy's growth in Q4 slowed down to 7.8% vs 9.4% YoY and 8.3% in Q3. This has been due to declining manufacturing growth at 5.5% vs 15.2% YoY. read more SENSEX SHRUGS OFF POOR GDP, UP 271 PTS ON GLOBAL CUES Sensex closed at 18,503.28 points despite low GDP, tracking smart rally across the globe. Nifty ended at 5,560.15 up 87.05 points. read more UK's SERCO TO BUY INTELENET FOR RS 2,772 CR Britain's Serco will buy Indian outsourcing company Intelenet as a part of their drive into higher-growth overseas markets. read more TOP STORIES • Schneider buys 74% in Luminous Power for Rs 1,400 cr • Maran sues Tehelka; magazine stands its ground • Oil companies cut jet fuel prices by about 4% • Agri sector growth at 6.6% in FY11; up from 0.4% last yr • FY11 fiscal deficit at 4.7% of GDP • Per capita income up 18% in FY11 at Rs 54,835 • Silver bounces back on global cues, up at Rs 58,535 • Centre asks Bihar Dy CM SK Modi to head GST panel • Prakash Chandra new chairman of direct taxes board • FICCI against NAC on land acquisition • Provide complete order to NSE by June 3: HC to CCI • GMR Infra swings to Rs 1,007 cr loss in Q4 • Coromandel Intl to buy 73% in Sabero Organics • Ratan Tata gets UK managers to work, on holiday • Essar Ports lists on BSE, surges 33% to Rs 126 • Coal Min rejects proposal to stop coal e-auction • RComm gets offers for buying Reliance Infratel stake • Software piracy caused tax loss of $866 mn in FY09 • Greenpeace targets Airtel on diesel use • Merkel lands in India after Iran blocks plane more stories TOP VIDEOS Govt Can Still Meet Its Fiscal Deficit Goal: Montek Singh Ahluwalia, Deputy Chairman, Planning Commission See FY12 GDP Growth At 7.7%: Chetan Ahya, MD, Morgan Stanley AT A GLANCE BSE 18503.28 +271.22 NSE 5560.15 +87.05 TURNOVER Rs. 115,436 cr BSE CASH Rs. 3,000 cr NSE CASH Rs. 15,354 cr NSE F&O Rs. 97,082 cr BULLION GOLD 22453 -38 SILVER 58070 +363 CRUDE NYMEX 102.25 -0.08 BRENT 116.43 +1.75 FOREX $ / Re 45.04 -0.03 £ / Re 74.257 -0.05 € / Re 64.853 +0.24 EVENTS 2 June Prime Minister To Take Final Call On Manufacturing Policy 2-3 June 26th Skoch Summit, Hyatt Regency, Mumbai 6 June Government To Meet To Review Coal Allocation Policy Second Meeting Of The Lokpal Bill 9 June EGoM To Meet On Allocation Of Natural Gas To Power Plants EXPERT VIEWS "The (Lokpal) Bill will be ready by June 30. Writing letters to the chief ministers and political parties doesn't mean that the Government is delaying the process. It's up to the civil society members what they want to do. We will present a strong Lokpal Bill in Parliament." Kapil Sibal Union Telecom Minister "The real concern is that quarter-on-quarter growth rate for last quarter (of 2010-11) has come down a little bit... We have lowered the growth forecast for 2011-12. The RBI has said something. Finance Ministry has said that it should be 8.5%. I think somewhere between 8 to 8.5%." Montek Singh Ahluwalia Deputy Chairman, Planning Commission "The disaggregated (GDP) figures reveal that the growth of industrial sector has slowed down across the board. The persistent tightening of monetary policy is surely leaving an imprint on the performance of industry." Rajiv Kumar FICCI, Secretary General WATCH OUT Young Turks Dream Decade This week on Young Turks Dream Decade we go On The Road to meet Manish Mandhana of the Mandhana Group who is taking his Rs 800 Cr plus textile business retail with Salman Khan's Being Human. On Young Turks Tutorial, catch Annu Grover of Nurturing Green, a green gifting venture, in a master class with Shailesh Vikram Singh of Seed Fund. And on YT Buzz we celebrate 10 years of Young Turks. SHOW TIMINGS Wed 7:30pm