2G Scam: Dayanidhi Maran Resigns; Montek May Join Cabinet As Commerce Minister; Sensex Zooms 351 Pts

Thursday, Jul 07, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version 2G SCAM: TEXTILE MINISTER DAYANIDHI MARAN RESIGNS Union Minister of Textiles Dayanidhi Maran resigned from Cabinet following allegations that he arm-twisted Aircel owner C Sivasankaran to sell his 74% stake to Maxis group of Malaysia. Maran met Prime Minister Manmohan Singh and submitted his resignation. Karunanidhi reportedly gave the go ahead after Sonia Gandhi spoke to him about Maran. read more MONTEK MAY JOIN CABINET AS COMMERCE MINISTER Speculations are rife that Planning Commission Deputy Chairman Montek Singh Ahluwalia may get the Commerce and Industry portfolio, replacing Anand Sharma who is being talked about as the next Minister for External Affairs. read more LEAD STORIES SENSEX ZOOMS 351 PTS AS FIIs POUR RS 10,000 CR Sensex closed at 19,078.30 points, a 2-month high, as FIIs poured in Rs 10,000 crore in two weeks. Nifty was up 103.50 points to end at 5,728.95. read more INDIA INC PROFITS TO REMAIN UNDER STRESS IN Q1FY12 CRISIL expects corporate profitability, in the first quarter, to remain under pressure while revenues to grow by 23%. read more TOP STORIES • Monsoon 25% below normal in past week: IMD • SBI hikes base rate by 25 bps to 9.5% from July 11 • Food inflation at 7-wk low of 7.61% • Maruti stops Swift production new version by Sept • Refund sees direct tax fall 17% to Rs 57,268 cr in Q1 • FDI in FM radio hiked to 26% from 20% • GoM nod to draft mining bill; cos to share 26% of profit • OilMin blocks Cairn's Bhagyam oilfield plans • No manipulation in Rel ADAG share price fall: FinMin • SC gives interim relief to Mahindra Satyam in tax case • 13.35 mn additions in May ups mobiles users to 840 mn • Blackstone to invest $34 mn in tech provider FINO • L&T Finance raises Rs 330 cr via pre-IPO placement • HDFC PE Fund buys 12% stake in Angel's Health • Bharti Airtel to rejig business units from Aug 1 • RIL seeks adequate time to respond to CAG report • U.S. bans drugs from Dr Reddy's Mexico plant • Yash Birla's spa firm makes stellar debut on BSE • Jet, Godrej in advanced talks to finalise BKC land deal • Telangana now braces for two-day rail blockade more stories TOP VIDEOS MFI Bill Is A Great Step Towards Micro Finance Concerns And The AP Government Will Support It: Vijay Mahajan, President, MicroFinance Institutions Network My Feeling Is That Our Party Is Principally In Support Of Lokpal Bill: Nitin Gadkari, BJP President Most Policy Makers In Asia To Complete Rate Hikes In Next 2-3 Months: Chetan Ahya, MD Research, Morgan Stanley I'm Very Comforted By The Fact That The Portuguese Programme Is Supported By All Political Forces In Portugal: Christine Lagarde, Head, IMF The Economic Weakness In U.S. Is More Than A Soft Patch: Nouriel Roubini, Chairman & Co-Founder, Roubini Global Economics AT A GLANCE BSE 19078.3 +351.33 NSE 5728.95 +103.5 TURNOVER Rs. 118,670 cr BSE CASH Rs. 3,613 cr NSE CASH Rs. 11,955 cr NSE F&O Rs. 103,102 cr BULLION GOLD 22127 -70 SILVER 54266 +181 CRUDE NYMEX 102.25 -0.08 BRENT 116.59 +2.97 FOREX $ / Re 44.425 +0.03 £ / Re 70.969 -0.03 € / Re 63.665 +0.07 EVENTS 8 July FM To Meet PSU Bank Chiefs GoM On Food To Meet 11 July Delhi Court To Begin Hearing On Framing Charges In 2G Scam Case 12 July Bombay HC To Hear Lavasa Case Infosys Q1 Results 2G Scam: Former Telecom Secretary S Behura To Appear Before JPC 18 July Empowered Committee Of State FMs To Meet On GST 19 July FICCI Health Insurance Conference 2011, The Lalit, New Delhi 20 July Conference On Supercritical Technology: A Multi Billion Market Opportunity, The Imperial, New Delhi EXPERT VIEWS "The resignation of Maran is too late. He should have done long time back as allegations are very serious. Now it is for the Prime Minister to explain to the people and to Parliament." D Raja CPI National Secretary "P Chidambaram should resign. We have already demanded this as the 2G spectrum scam could not have occured had the Finance Ministry (then headed by him) not changed its stand on the issue of auctioning radiowaves." Prakash Javadekar BJP Spokesperson "Congress is playing a "silly" game of "Russian Roulette" by threatening not to raise the nation's debt limit as it debates deficit reduction." Warren Buffett Chairman, Berkshire Hathaway WATCH OUT India Unlimited with Sam Pitroda To make today's emerging India into an established global super power, we need innovation on a national level. That is the goal of the National Innovation Council, led by Sam Pitroda, the man who revolutionized India's telecom industry. Join Shereen Bhan as she explores how India can do things in novel ways to create future leaders, innovators and entrepreneurs, with the members of the National Innovation Council. SHOW TIMINGS Sat 11:30 am & 10:30 pm Sun 7 pm