Vodafone Pays $400 Mn More To Buy Essar`s 33% Stake; Sensex Down 83 Pts; Ex-DG Hydrocarbons, VK Sibal Booked For Helping Oil Firms

Friday, Jul 01, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version SIBAL CUTS RCOMM PENALTIES BY RS 644.5 CR The arrival of Kapil Sibal in the Communications Ministry has saved Anil Ambani's Reliance Communications (RComm) a huge sum of money payable as penalty. Sibal has whittled down RComm's penalty of Rs 50 crore per circle proposed by the administrator of the Universal Service Obligation Fund (USOF) to a few lakhs for violating its contract to provide mobile services in rural areas. For 13 circles, the fine could have added up to Rs 650 crore but was turned into a paltry amount of Rs 5.49 crore in 13 circles. read more LEAD STORIES VODAFONE PAYS $400 MN MORE TO BUY ESSAR'S 33% STAKE Vodafone has agreed to pay $2.6 billion tax on Essar stake buy, a departure from its earlier position. read more SENSEX SNAPS 6-DAY RALLY; DOWN 83 PTS Snapping 6-day rally, Sensex ended at 18,762.80 points on profit booking in blue chips like RIL, L&T, HUL. Nifty ended at 5,627.20 down 20.20 points. read more EX-DG HYDROCARBONS BOOKED FOR HELPING OIL FIRMS CBI has filed an FIR against Ex-DG of Hydrocarbons, VK Sibal, on charges of favouring oil companies including RIL and a foreign entity. read more TOP STORIES • Iran may halt oil supplies to India in Aug • Telangana Cong MPs, MLAs to quit on July 4 • Car sales hit by costlier loans, Maruti down 8.8% • June factory PMI slides to 9-mth low: HSBC survey • Rupee at near 2-mth high on Euro gains • Silver falls to Rs 51,850, gold down by Rs 270 • 15 IPOs withdrawn at the last minute in past 6 mths • Cairn India profit to dip $1.68 bn due to govt rider • ONGC mkt-cap soars Rs 2,000 cr on Cairn deal • Tata group mkt-cap crosses $100-bn mark • Posco land acquisition not to resume before July 12 • After microfinanciers, AP trains guns on clinical trials • Rumours of promoters' exit baseless: Bharati Shipyard • Peninsula, Sunteck, Oberoi bid for HUL Mumbai asset • Raymond land sale delayed over tax, tenancy woes • Govt issues warning to 7 cos over coal, lignite blocks • Apple, RIM in group buying Nortel's patents for $4.5 bn • Geithner may quit U.S. administration in August • Case against Strauss-Kahn near collapse • Obama to face questions via twitter on July 6 more stories TOP VIDEOS RBI Should Continue With Interest Rate Tightening Until We Get Year-On-Year Inflation Back Under 5%: Ajay Shah, Senior Fellow, National Institute Of Public Finance And Policy Investors Need To Adopt A Long Term Investment Strategy And Stick To It: Shane Oliver, Head Of Investment & Chief Economist, AMP Capital Investors The U.S. Banking System Does Not Need Liquidity Anymore: Paul Donovan, MD & Deputy Head Global Economics, UBS Investment Bank AT A GLANCE BSE 18762.8 -83.07 NSE 5627.2 -20.2 TURNOVER Rs. 88,733 cr BSE CASH Rs. 2,716 cr NSE CASH Rs. 11,105 cr NSE F&O Rs. 74,912 cr BULLION GOLD 21697 -207 SILVER 50071 -892 CRUDE NYMEX 102.25 -0.08 BRENT 111.02 -1.46 FOREX $ / Re 44.5775 -0.1 £ / Re 71.578 +0.06 € / Re 64.655 +0.01 EVENTS 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 Telangana Congress MP's, MLAs To Quit 5 July 2G Scam: Karim Morani's Bail Plea Hearing 6 July GoM To Meet For Clearance On Coal Blocks Barack Obama To Face Questions In Twitter Town Hall For His Global Online Outreach Programme EXPERT VIEWS "Delays pile up supply side constraints, leading to expected demand not being matched and pushing inflation to higher levels is disturbing as the Prime Minister has consistently advocated creation of world-class infrastructure projects to boost economic growth and spread overall prosperity." DS Rawat Secretary General, Assocham "The people of Telangana are expecting us to quit our posts for achieving separate statehood. Due to the delay in the formation of Telangana, there is an impression that we are not quitting our posts out of lust for power." K Jana Reddy Andhra Pradesh Panchayat Raj Minister "Growth prospects for India's largest software outsourcing company by revenue (TCS) will remain robust. Banking, financial services and insurance remain the largest revenue-earning segment. The company will look to expand its market share in Latin America." Ratan Tata Chairman, Tata Group WATCH OUT Indianomics with Uday Kotak Uday Kotak is an ace on every aspect of finance - economy, equities, interest rates, banking, asset management, insurance, and even financial sector regulation. In an exclusive chat on Indianomics, he speaks on all these areas - from economic slowdown, to a placid Sensex to his own ambitious acquisition plans. SHOW TIMINGS Sat 10:30 am & 1:30 pm Sun 11 am