SBI Q4 Net Plunges 99% To Rs 21 Cr; Sensex Down 207 Pts

Tuesday, May 17, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version IMD STRUGGLES TO PERFECT MONSOON FORECASTING According to a Deutsche report, since 1994, India's weather office has managed to forecast the June-September monsoon outcome correctly only 5 times, discounting an error band of +/-5 percent, while on seven occasions the extent of error touched double digit. read more LEAD STORIES SENSEX SKIDS 207 PTS ON OIL SUBSIDY WOES, SBI NUMBERS Sensex closed at 18,137.35 as SBI posted its lowest quarterly earnings in a decade. Nifty ended at 5,438.95 down 60.05 points. read more SBI Q4 NET PLUNGES 99% TO RS 21 CR SBI profit plunged 99% on account of a 77% increase in provisioning for bad debs and pension which amounted to Rs 4,157 cr vs Rs 2,349 cr YoY. read more TOP STORIES • Govt increases subsidy share of oil mktg cos to 38.5% • Oil falls to near $97, extending 2-week sell-off • Posco's land acquisition move hits hurdles • Fear factor enters 'financial community': JP Morgan • Hero Honda may now be called Hero Moto • CIL beats ONGC to become most valuable PSU • Rangarajan favours separate debt management office • Rupee could depreciate by 20% in two years • Rs 5.30 lk cr tax collection target for 2011-12: CBDT • SBI chairman refutes reports, says rights issue soon • DGH orders RIL to drill 2 wells in KG-D6 by June • AI mgmt buckles again, cabin crew demands met • Karnataka CM meets President, parades MLAs • Evict recalcitrant tenants by using police force: SC • India must reform or risks slowdown: U.S. Ambassador • Deutsche Bank CEO Josef Ackermann may head IMF • Soros knew of gold crash, sold $800 mn in Q1 • IMF chief sent to notorious jail in sex assault case • End India's domination to set ICC right: Greig • Now, access Facebook on mobile without internet more stories TOP VIDEOS Stepping Down For Personal Reasons: Pramod Bhasin, Outgoing CEO, Genpact Subsidy Burden May Impact FPO: AK Hazarika, Chairman & MD, ONGC Tears Came To My Eyes When I Saw What A Mess This State (West Bengal) Was In: Amit Mitra, Former Secretary General, FICCI India Should See A Slow Moving Economy For The Rest Of FY12: Jim Walker, MD, Asianomics AT A GLANCE BSE 18137.35 -207.68 NSE 5438.95 -60.05 TURNOVER Rs. 145,644 cr BSE CASH Rs. 2,722 cr NSE CASH Rs. 10,541 cr NSE F&O Rs. 132,381 cr BULLION GOLD 21825 -146 SILVER 51572 -1017 CRUDE NYMEX 102.25 -0.08 BRENT 109.85 -0.99 FOREX $ / Re 45.15 0 £ / Re 73.114 +0.31 € / Re 63.934 +0.32 EVENTS 18 May CII's 3rd International IFRS Summit 2011, Taj Mahal Palace, Mumbai Tarun Gogoi To Be Sworn In As Assam Chief Minister Ommen Chandy To Be Sworn In As Kerala Chief Minister 18-19 May Power Sector Conference On Issues & Opportunities, The Imperial, New Delhi 19 May Cairn Energy Annual General Meeting 20 May Mamata Banerjee To Be Sworn In As West Bengal Chief Minister The Hindu Board Meet To decide The Succession Plan EXPERT VIEWS "There are many countries in the world where the public debt office is managed only by the government. Therefore, even here, the Reserve Bank can continue to play its role as a monetary authority, without having the DMO under it." C Rangarajan PMEAC Chairman "Only central banks have the requisite market pulse and instruments to aid in making contextual judgements which an independent debt agency, driven by narrow objectives, will not be able to do." D Subbarao RBI Governor "India needs to be asking itself: Is it delivering on the global partnership? The intl business community that was pouring money & investment potential into India is now pausing and saying: Where is India heading in terms of investment opportunities, the corruption challenge & inflation?" Timothy Roemer India-U.S. Ambassador WATCH OUT Young Turks Dream Decade Special With Deep Kalra This week we kick start our Dream Decade celebrations with a very special Young Turks episode. Find out everything you need to know about building an e-commerce enterprise with Deep Kalra, the founder of Nasdaq listed Makemytrip.com. Catch Deep in conversation with Sandeep Maheshwari of Imagesbazaar.com, Kunal Bahl of Snapdeal.com, Neetu Bhatia of Kyazoonga.com and Hitesh Dhingra of Letsbuy.com. SHOW TIMINGS Wed 7:30 pm