Bharti Sells Financial Services JV To Reliance; April IIP Figures Disturbing Says FM; Sensex Down 116 Pts

Friday, Jun 10, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version APRIL IIP FIGURES DISTURBING: PRANAB Under the new series of IIP launched today by the Central Statistical Organisation, industrial production registered a growth of 6.3% in April versus 4.4% as per the old series. This 4.4% in April is lower than the upwardly revised 7.8% in March and 16.6% in April last year. This poor performance is attributed to slowdown in manufacturing and mining sectors. The new series has 45% more items with 2004-05 as its base year, while the old series had 1993-94 as the base year. read more LEAD STORIES BHARTI SELLS FINANCIAL SERVICES JV TO RELIANCE Bharti will sell its entire interest in its two joint ventures with AXA, both Life and General Insurance, to Reliance Industries. read more EXPORTS JUMP 57% IN MAY, IMPORTS HIGHEST IN 4 YRS Exports grew to $25.9 billion but imports were up 54% at $40.9 billion, its highest in four years, leaving a trade deficit of $15 billion. read more MKTS DOWN FOR THIRD DAY; SENSEX DECLINES 116 PTS Sensex closed at 18,268.54 as poor IIP data for April sparked selling in heavyweights. Nifty closed at 5,485.80 down 35.25 points. read more TOP STORIES • NAC's seven-point test for land acquisition bill • Infosys tries to settle H1-B visa case out of court • Env Min asks govt to take action against Lavasa • Govt likely to extend DEPB scheme for 3 mths • Ramdev hospitalised, forced to end 7-day fast • Posco: Orissa govt sends forces to acquire land • SBI breaches RBI norms on RIL exposure for 3rd yr • ICAI to question SBI on high FY11 provisioning norms • Haryana bans strike at Maruti's Manesar plant • Govt breather for I-banker appointments in PSU IPOs • Collection of Statistics Act 2008 gets penal power • Temasek, Tata, Swiss Re vie for stake in First Leasing • Infy to nominate BG Srinivas, V Balakrishnan to board • Airtel, RComm revenues dip; Idea, Vodafone gain • India, Lanka passenger ferry service from Jun 13 • US court finds Rana 'not guilty' for Mumbai attacks • Lagarde leads Carstens in IMF race • Hillary Clinton in talks to move to World Bank • Google buys advertising tech co AdMeld for $400 mn • Microsoft loses $290 mn Word patent case more stories TOP VIDEOS We Need To Increase Emerging Market Representation In IMF To 60%: Agustin Carstens, Mexican Central Bank Governor Industrial Growth Is Slowing But It's Not Collapsing: Samiran Chakrabarty, Head Of Research, Standard Chartered Bank Enquires Are There, Demand Is There But Project Execution Is Slower Than A Year Back: MS Unnikrishnan, MD, Thermax Don't Think The Worst Is Over, Most U.S. Investors Are Underweight And Cautious On India: Punita Kumar Sinha, Senior MD, The Blackstone Group New Urea Policy Should Be In Place By Mid Of July: Satish Chander, Director General, Fertiliser Association Of India AT A GLANCE BSE 18268.54 -116.36 NSE 5485.8 -35.25 TURNOVER Rs. 101,073 cr BSE CASH Rs. 2,452 cr NSE CASH Rs. 8,926 cr NSE F&O Rs. 89,695 cr BULLION GOLD 22530 -59 SILVER 54900 -947 CRUDE NYMEX 102.25 -0.08 BRENT 118.16 -1.41 FOREX $ / Re 44.72 -0.01 £ / Re 72.521 -0.68 € / Re 64.283 -0.7 EVENTS 9-11 June Concurrent Seminar On Asian Metallurgy Summit, Bombay Exhibition Centre, Mumbai 11 June Narayana Murthy's Last AGM As Infosys Chairman 15 June Global Summit On Green Revolution-II, Growth Engine For Transformation, Hyderabad 15-16 June Conference On Roads And Highways: Paving The Way Towards Development, The Imperial, New Delhi 16 June National Conclave On Microfinance- Strangulate Or Regulate, Bangalore RBI Credit Policy Meet 17 June National Banking Conclave: Challenges & Opportunities In a Trillion Dollar Economy, Shangrila, New Delhi EXPERT VIEWS "I should be ready for the eventuality that this (increasing trade gap) may turn out to be a feature for the next couple of months. If it is a recurrent feature, then I have to be concerned". Rahul Khullar Commerce Secretary "RBI will have to balance its monetary policy tightening in view of growing concerns particularly in consumer goods, where higher interest rates are impacting demand...We are committed to our fiscal consolidation target. We don't want to divert from it. We will very soon have to take stock of diesel prices." Kaushik Basu Chief Economic Advisor "Ramdev, who has raised certain questions against the central government, should take the initiative to declare the names of those who donated money to his trusts. The trusts run by the yoga guru are involved in money-laundering by helping those making donations save income tax." Digvijay Singh Congress General Secretary 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 8am