INDIA BUSINESS UPDATE - Suzuki Unhappy With VW Stance In Partnership; Saxena Names Amar Singh In Cash-For-Votes Scam; 13/7 Mumbai Blasts - FIR Against 2 HuJI Members

Monday, Jul 18, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version 13/7 MUMBAI BLASTS: FIR AGAINST 2 HUJI MEMBERS An FIR was on Monday filed against two suspected Harkat-ul-Jihad-al-Islami (HUJI) members on charges of violating the Foreigners Act even as police was probing if the two had any links with the July 13 serial blasts in Mumbai. The FIR was lodged against Md Riyazul Sarkar alias Akash Khan who was arrested on Saturday, besides Md Mahtab Alam, who was in the custody of the Pauakhali Police station in the district under the Foreigners Act, Superintendent of Police R K Mishra said."Sarkar claims to be an Indian and had stayed in Bangalore. We verified from Bangalore and other addresses he gave us and found the details wrong. One thing we can say is that Sarkar is not an Indian," he said. read more LEAD STORIES SUZUKI UNHAPPY WITH VOLKSWAGEN STANCE IN PARTNERSHIP Suzuki's unhappiness over Volkswagen's dominating stand in JV and the fact that there is no ongoing project with Volkswagen signals a major step back. read more SAXENA NAMES AMAR SINGH IN CASH-FOR-VOTES SCAM Sanjeev Saxena, arrested in the 2008 cash-for-votes scam, claimed that Amar Singh gave him the money to bribe some MPs during the trust vote in 2008. read more SENSEX DIPS 54 PTS ON RATE HIKE FEARS, WEAK GLOBAL CUES Sensex closed at 18,507.04 points on fears of another rate hike and weak global trend. Nifty lost 14.05 points, to settle at 5,567.05. read more TOP STORIES • CBI raids Paramount Group office, airline MD's home • Bihar Deputy CM Sushil Modi to head GST panel • 2G scam: CBI questions A Raja, Doshi, Behura • Hurting bankers want rate hikes halted • High interest rates, fuel cost to impact demand: Tata • Panel set up to help reopen Tirupur textile units • Gold rises above $1,600/oz as debt fears simmer • Lupin considering sale of domestic drugs unit • U.S. drugstore chain Rite Aid sues Ranbaxy • SC refuses to intervene in Kasturi & Sons dispute • Defer decision for 2 weeks on journos Wage Board: SC • Parsvnath shelves six SEZ projects on tax fears • BHEL commissions India's first 525 MW thermal set • PFC to raise Rs 22K cr from infra, tax-free bonds • L&T Finance's Rs 1,750-cr IPO to open on July 26 • Darjeeling tripartite pact inked, Gorkhas celebrate • Buy rail ticket on phone, show SMS to TC • Luxor introduces pens that erase errors • Reader's Digest scouts for buyers • Murdoch aide Rebekah Brooks released on bail more stories TOP VIDEOS What Would Give Me Sleepless Nights Is, Am I Drawing The Line Between Development, Denying Someone a Livelihood Or Am I Saving The Environment: Jayanthi Natarajan, Environment Minister We have A Very Complex And Expensive Tax System With All Kind Of Embedded Taxes: Pawan Goenka, President, Mahindra & Mahindra We have Seen In The Last Two Phases Of Quantitative Easing, It Created Bubbles In Commodity Space, Oil, Gold And Other Metals: Arjuna Mahendran, MD & Head, Investment Strategy Asia, HSBC AT A GLANCE BSE 18507.04 -54.88 NSE 5567.05 -14.05 TURNOVER Rs. 92,806 cr BSE CASH Rs. 2,412 cr NSE CASH Rs. 7,904 cr NSE F&O Rs. 82,490 cr BULLION GOLD 23200 +129 SILVER 59985 +1512 CRUDE NYMEX 102.25 -0.08 BRENT 115.66 -1.6 FOREX $ / Re 44.565 +0.05 £ / Re 71.442 +0.03 € / Re 62.587 +0.13 EVENTS 19 July FICCI Health Insurance Conference 2011, The Lalit, New Delhi Round Table Discussion On Coal Washeries: Adding New Dimension To Indian Coal Sector, India International Center, New Delhi 20 July Conference On Supercritical Technology: The Imperial, New Delhi State Ministers Meet To Discuss Storage & Movement Of Foodgrains, New Delhi 21-22 July 5th Annual Conference On Developing Container Infrastructure, The Imperial, New Delhi 22 July Board Of Approval To Decide On Setting Up New SEZs Indian Logistics Conference 2011, Eros, New Delhi EXPERT VIEWS "The resulting high interest rates, tighter credit regimes and higher fuel costs will dampen consumer demand for a range of consumer products including automobiles. Automobile sales have already started to decline in India. There has also been a decline in automobile sales in China for the first time in two years." Ratan Tata Chairman, Tata Group "The biggest threat to democracy today is corporate mafia. In the guise of liberalisation, a new kind of business has been created - privatisation - where public resources whether it is forest, water, spectrum or wealth of public sector organisations are entrusted to private enterprises where there is no transparency, value of assets is unlimited and profits as high as 90%." Prashanth Bhushan Senior Counsel "Credit growth has been too lax for some time now. So we want the monetary authority to send out a signal that there is a pause on rate tightening. Such a stance can send out the right signal to bankers as well as the industry." K Ramakrishnan CEO, Indian Banks Association WATCH OUT Bulls Eye 5 trading days, 4 stocks, 3 experts, 1 champion. 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