CCEA Clears Cairn-Vedanta Deal With Riders; Sensex Up 152 Pts; Corporate Donations Rise 5-Fold Since 2006

Thursday, Jun 30, 2011 BREAKING NEWS Click here for India Business Update Mobile Version CAIRN-VEDANTA DEAL CLEARED WITH RIDERS The Cabinet Committee on Economic Affairs (CCEA) has given a conditional approval to the $9-billion Cairn-Vedanta deal. The government's approval has come with stringent pre-conditions that include royalty being cost recoverable for the Barmer field in Rajasthan. That means Cairn India will have to pay 20% royalty on Rajasthan crude. Cairn India will also have to withdraw the arbitration suit it had filed against cess payment. That means the company will have to pay Rs 2,500 per tonne cess on its 70% share in Rajasthan. read more LEAD STORIES SENSEX UP 152 PTS ON EASING INFLATION Sensex closed at 18,845.87 amid sharp dip in food inflation. Nifty advanced 46.95 points to end at 5,647.40. read more CORPORATE DONATIONS AT $1.5 BN, UP 5-FOLD SINCE 2006 A Bain & Company study estimates corporate giving in India at $1.5 billion, a five-fold increase since 2006. read more TOP STORIES • Lokpal Bill: Sonia to meet Anna on July 2 • Maran meets PM, may be dropped from Cabinet • Food inflation at 6-wk low of 7.78% • Rupee closes near 4-wk high of 44.69/$ • Core sectors growth slows to 5.3% in May vs 7.4% YoY • Current account deficit narrows to $5.4 bn in Jan-Mar • Slowing rains reflect weakness in monsoons • Maoists call for 24-hr Orissa shutdown against Posco • Ashok Soota offloads 5.5% stake in MindTree • Jyothy Lab buys 3.29% more stake in Henkel • Wipro eligible to apply for vendor status: World Bank • Bank unions defer July 7 strike to Aug 5 • Training, skills devpt spend to be considered as CSR • RBI allows issue of shares under FDI scheme • Singur: HC asks West Bengal govt to file affidavit • Purulia arms case: Kim Davy not to be extradited • Greek Parliament approves second austerity package • News Corp sells Myspace for a mere $35 mn • TMX, LSE terminate C$3.6 bn merger deal • Zuckerberg richer than Google founders more stories TOP VIDEOS I Expect RBI To Further Hike Rates By 50 Bps Before Taking A Pause, Repo Rate Could Peak At 8%: Uday Kotak, Vice Chairman & MD, Kotak Mahindra Bank Bad Macro-Economic Condition In The Developed World Is Good For Indian IT Industry: Vineet Nayar, Vice Chairman & CEO, HCL Technologies The Whole Issue With Greece Is Its Sharpening The Focus On Levels Of Indebtedness And The Capacity To Service That Indebtedness: Richard Gibbs, Global Head, Macquarie Securities AT A GLANCE BSE 18845.87 +152.01 NSE 5647.4 +46.95 TURNOVER Rs. 200,116 cr BSE CASH Rs. 2,639 cr NSE CASH Rs. 15,418 cr NSE F&O Rs. 182,059 cr BULLION GOLD 21960 -177 SILVER 51262 -659 CRUDE NYMEX 102.25 -0.08 BRENT 112.06 -0.34 FOREX $ / Re 44.68 -0.17 £ / Re 71.667 -0.25 € / Re 64.75 +0.03 EVENTS 30 June Deadline For Drafting Lokpal Bill 1 July ICAI Foundation Day, Vigyan Bhavan, New Delhi India-Malaysia Free Trade Agreement To Be Effective NSE Board To Discuss CCI Penalty Issue 2 July Sonia Gandhi To Meet Anna Hazare 3 July All-Party Meet On Drafts Of Lokpal Bill 4 July Supreme Court To Hear Vedanta Case 5 July 2G Scam: Karim Morani's Bail Plea Hearing EXPERT VIEWS "Having come from the White House and Washington DC recently, I would like to say the White House and Obama administration strongly and vehemently support the clean waiver for India." Timothy J Roemer Outgoing U.S. Ambassador "(On Lokpal Bill) Let the government tell us what is its view. Why two drafts are being sent to states for views. First, the government should make its stand clear on what it wants. Then only we can comment on it." Nitish Kumar Chief Minister, Bihar "We are looking at a structured regime where India Inc may execute certain measures and be considered compliant with CSR activities. The information they need to provide include money spent on CSR, details on vocational training provided, institutions and NGOs engaged for extending training, number of people trained and/ or absorbed, or self employed." Official Government WATCH OUT Storyboard Talks To Unilever's Keith Weed & P&G's Marc Pritchard The world's biggest marketers had different stories to tell at the Cannes Lions festival this year. Anuradha SenGupta caught up with Unilever CMO Keith Weed and Procter & Gamble's Global Marketing & Brand Building Officer Marc Pritchard and got them talking on the importance of the corporate brand, changing consumer habits, and their views on traditional media in a digital world. SHOW TIMINGS Sat 9 am Sun 6:30 pm