| Monday, Jun 20, 2011 |  |
| | | SENSEX PLUNGES 363 PTS ON MAURITIUS RUMOURS
Markets fell as much as 3.1% on Monday on rumours that the government is reviewing tax treaty with Mauritius thus triggering jitters that foreign inflows could take a hit. A large proportion of foreign investment in the stock market comes through companies registered in the Indian Ocean island and are exempted from tax in India under a Double Taxation Avoidance Agreement with Mauritius. A clarification by Finance ministry sources to the effect that timeline on the talks was yet to be decided led to a smart recovery from the day's lows, but was not enough to salvage the damage completely. Equity benchmarks fell to 18-week low. Realty index was the worst performer, losing over 4%. Reliance Industries closed at its lowest level since April 2009, down 4% to Rs 833.25. Anil Ambani-controlled Reliance Communications and Reliance Infrastructure lost 8% & 6% respectively. Sensex closed at 17,5 06.63 points while Nifty dropped 108.50 points to end at 5,257.90. read more | | | | | | | | AT A GLANCE | | BSE | 17506.63 | -363.9 | | NSE | 5257.9 | -108.5 | | TURNOVER Rs. 184,558 cr | | BSE CASH Rs. 2,695 cr | | NSE CASH Rs. 11,881 cr | | NSE F&O Rs. 169,981 cr | | | | BULLION | | GOLD | 22620 | -2 | | SILVER | 53566 | -382 | | | | CRUDE | | NYMEX | 102.25 | -0.08 | | BRENT | 112.32 | -0.89 | | | | FOREX | | $ / Re | 44.995 | +0.2 | | £ / Re | 72.698 | +0.63 | | € / Re | 64.218 | +0.53 | | | | EVENTS |
| | 21 June |  | Lokpal Bill Meet | | CAG Guidelines For New Government Accouting System & Managing State Owned Assets To Be Unveiled | |
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| | 22 June | | U.S., India Business Leaders Meet, Washington | | International Conference On Organic Farming, Bihar | |
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| | 23-26 June | | Auto World Expo, Chennai Trade & Convention Centre, Chennai | |
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| | 24-25 June | | International Business Summit, Taj Coromandel, Chennai | |
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| | 24 June | | The Real Estate Conclave, Taj Mahal Palace, Mumbai | |
| | | | | | EXPERT VIEWS |
| | "The Indian government must foster the growth of domestic and foreign companies to lift the lid on privatisation in public utilities, passing the costs on to consumers. Everything has happened for free in the municipalities, this has to change, and it requires a huge mindset change."
Kamal Nath
Urban Development Minister "The octogenarian politician (Murli Manohar Joshi) is hunting for headlines. If leakage is breach of privilege of Parliament, he should give notice. The issue of pricing was cleared by the EGoM. Chidambaram took the decision as part of the EGoM, not in his personal capacity. The BJP has newfound fondness for the Home Minister but at this rate it will lose its credibility."
Jaipal Reddy
Oil Minister "How can you do that (impose capital gains tax on investment routed through Mauritius)? There has to be some agreement on that. Right now, it is not there in the agreement. You cannot impose it arbitrarily."
Sunil Mitra
Finance Secretary |
| | WATCH OUT |  Storyboard Talks To Antonio Waszyk FMCG major Nestle ended 2010 with revenues of over 6000 crore rupees, growing over 21% from 2009; The company has registered over 23% growth in 1st quarter alone. In an exclusive chat on Storyboard, Nestle Chairman & Managing Director Antonio Helio Waszyk says there's no reason why double digit growth will not continue, and charts out the road ahead for Nestle in the country. | SHOW TIMINGS Tues 7:30pm
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