Sensex Dips Below 18K, Falls 332 Pts; RBI Suggests Holding Co Model For Financial Sector

Monday, May 23, 2011 Click here for India Business Update Mobile Version LEAD STORIES SENSEX TUMBLES 332 PTS ON EARNING WOES, DOLLAR RALLY Earning woes, weak global cues and rally in dollar dragged Sensex below 18K to close at 17,993.33 points. Nifty ended at 5,386.55 down 99.8 points. read more RBI SUGGESTS HOLDING CO MODEL FOR FINANCIAL SECTOR A RBI panel suggested a new Financial Holding Company structure to allow business conglomerates to operate banks, insurance cos and NBFCs. read more SHOULD INVESTORS HANG ON TO MNC SHARES? MNCs see India as a growth engine for revenue and profitability. But, what does this mean for Indian shareholders? read more TOP STORIES • 2G scam: HC rejects bail of 5 corporate executives • Karunanidhi meets daughter Kanimozhi in Tihar Jail • Rs 70,000 cr spinning industry observes 1-day strike • IIT, IIM faculty not world class: Jairam Ramesh • Sesa Goa says yet to get SFIO investigation report • EGoM may decide on diesel, LPG rates this week • Rupee slips by 21 paise to hit 2-mth low of 45.23/$ • Silver falls to Rs 53,200, gold down by Rs 90 • FDI dips 32% to $3.4 bn in Jan-March • ONGC FPO in July 1st wk; SAIL FPO likely on June 14 • Govt to offload 5% equity in BHEL to raise Rs 4,500 cr • $125 mn legal settlement pushes Satyam Q4 in red • BHEL Q4 net jumps 46% to Rs 2,798 cr • Yash Birla Grp acquires Aircon, enters infra space • Hinduja Group to enter aerospace biz • Rajiv Kumar replaces Amit Mitra as FICCI chief • Renault launches Fluence sedan for Rs 13 lakh • Tax charge takes Sony into $3 bn loss • Labelux buys shoe brand Jimmy Choo for $811 mn • Malaysia world's 10th largest consumer of alcohol more stories TOP VIDEOS Inflation Leading To Greater Growth In Rural Income: Vindi Banga, Former CEO, HUL India To Outperform In The Current Environment: Adrian Mowat, MD & Chief Emerging Market Strategist, JP Morgan AT A GLANCE BSE 17993.33 -332.76 NSE 5386.55 -99.8 TURNOVER Rs. 151,214 cr BSE CASH Rs. 2,372 cr NSE CASH Rs. 9,206 cr NSE F&O Rs. 139,635 cr BULLION GOLD 22285 +118 SILVER 53429 +151 CRUDE NYMEX 102.25 -0.08 BRENT 109.48 -2.91 FOREX $ / Re 45.225 +0.29 £ / Re 72.943 +0.2 € / Re 63.46 +0.23 EVENTS 24 May 2G Scam: Court To Decide On Shahid Balwa's Bail Application 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 EXPERT VIEWS "There is hardly any worthwhile research from our IITs. The faculty in the IIT is not world class. It is the students in IITs who are world class. So the IITs and IIMs are excellent because of the quality of students not because of quality of research or faculty." Jairam Ramesh Environment Minister "I am one who is not subscribing to this view that our exports have reached a stage where we can do away with some of the incentives...I am going to discuss DEPB and interest rates with the Finance Minister." Anand Sharma Commerce Minister "Unless this core issue of Kashmir is resolved, the dream of peace and harmony in the region cannot come true. No significant development can take place in South Asia unless this core issue is resolved." Yousuf Raza Gilani Pakistan Prime Minister WATCH OUT Storyboard Turns 10 On its 10th anniversary, Storyboard chronicles the last decade, one which will be remembered as a seminal period in the way brands were built and consumers were served in India. This week, we focus on the changing Indian consumer, and tell the story of the digital decade. SHOW TIMINGS Tue 7:30pm