Sensex Down 300 Pts On Greek Deficit Shock; Auto Sales Pick Up On Festive Demand

Monday, Oct 03, 2011 SENSEX CLOSES 300 PTS LOWER ON GREECE DEFICIT SHOCK   RS 32 BPL DEFINITION NOT OUR VIEW: PLAN PANEL   Under attack over the Rs 32 per capita per day cut off for poverty line, Planning Commission today distanced itself from the controversial definition presented to the Supreme Court saying it did not represent its views. "People allege that Planning Commission is trying to understate poverty which is simply not true," said Planning Commission Deputy Chairman Montek Singh Ahluwalia while addressing a joint press conference with Rural Development Minister Jairam Ramesh. read more   LEAD STORIES SENSEX CLOSES 300 PTS LOWER ON GREECE DEFICIT SHOCK   Markets fell nearly 2% on renewed fears of Greece default. Sensex closed lower at 16,151.45 points and Nifty fell 93.75 points ending at 4,849.50. read more NEW LAUNCHES, FESTIVE ZEAL BOOST AUTO SALES IN SEPT   After a four-month slump, car sales picked up in September with the beginning of the festive season and new launches, especially diesel variants. read more POOR QUALITY OF STUDENTS ENTERING IITs: MURTHY   NR Narayana Murthy said the quality of students entering Indian Institutes of Technology has deteriorated due to coaching classes. read more TOP STORIES • August exports up 44% but lower by 17% than July   • Sept factory PMI growth plunges to near stall speed   • FDI jumps two-fold to $2.83 bn in August   • 2G: CBI gives clean chit to Anil Ambani in Swan deal   • 2G case: Court defers bail pleas till framing of charges   • RIL seeks govt nod to sell CBM gas at over $14/mmBtu   • Surprise: BSE, NSE kiss and make-up   • Rupee 19 paise down against dollar on weak equities   • JSW Steel shares hit 2-yr low on reports of CBI raid   • GAIL keen to buy ADB's stake in Petronet LNG   • Hero MotoCorp posts record sales; up 26.75% in Sep   • FTIL seeks 6-mth extension for MCX stake stale   • Cairn India up 1.5% on gas discovery in Sri Lanka   • Cash-for-vote case: Amar Singh moves HC for bail   • CBI raids mining firm owned by Reddy's wife   • Govt eyes $400 bn in revenue from electronics by 2020   • India records highest growth in domestic air traffic   • Greece pledges $8.8 billion in austerity   • Greek gloom rocks markets, troubles lenders   • Medicine Nobel prize winner discovered dead   more stories TOP VIDEOS The 2G Note Is An Unwarrented And Orphan Inference: Salman Khurshid, Union Law Minister   Inflationary Pressure In India Worries Me The Most: Vineet Nayar, Chairman, Mahindra Satyam   We Would Like The Bill To Be As Investor Friendly And Mining Sector Friendly: S Vijay Kumar, Secretary, Ministry Of Mines   I Think The Result Season, In General, Will Be Bad: Samir Arora, Fund Manager, Helios Capital   U.S. Companies Not Really Affected By Recession: James Glassman, Senior Economist, JP Morgan Chase   AT A GLANCE BSE 16151.45 -302.31 NSE 4849.5 -93.75 TURNOVER Rs. 94,261 cr BSE CASH Rs. 2,046 cr NSE CASH Rs. 8,642 cr NSE F&O Rs. 83,572 cr BULLION GOLD 26442 +411 SILVER 51670 +489 CRUDE NYMEX 77.69 -1.51 BRENT 101.5 -1.26 FOREX $ / Re 49.15 +0.18 £ / Re 76.361 +0.04 € / Re 65.627 +0.26 EVENTS 4 October Dassault Systemes enters into a partnership with Punj Lloyd Engineering at Grand Hyatt, Mumbai 10 October 2G Case: Next Hearing In Supreme Court 12 October Conclave On Healthcare And IPR Post 2005 Amendment, New Delhi 12-13 October India-Africa Business Partnership Summit, Hyderabad International Convention Centre, Hyderabad EXPERT VIEWS "Planning Commission is not trying to understate poverty. The Supreme Court asked us to come with updated poverty lines based on 2004 data. It is not the view of the commission...It is a rock bottom level of existence. We did not take the view that benefits should not be restricted to those below the poverty lines. Our big schemes are universal and not limited to BPL sector." Montek Singh Ahluwalia Deputy Chairman, Planning Commission "Thanks to the coaching classes today, the quality of students entering IITs has gone lower and lower. They somehow get through the joint entrance examination. But their performance in IITs, at jobs or when they come for higher education in institutes in the US is not as good as it used to be. This has to be corrected. A new method of selection of students to IITs has to be arrived at." N R Narayana Murthy Infosys chairman emeritus "This Frankenstein was financed and assisted by many world powers, including that was the U.S.. So, while we are left behind to sort out the mess as the fear of Pakistanis is and this might happen again, we must not forget the historical evidence that we have which has led us to the place that we have...Let me also very humbly say that it takes two to tango. There are many things that the U.S. would have to do." Hina Rabbani Khar Foreign Minister, Pakistan WATCH OUT   Tech Toyz   Somewhere in the suburbs on Mumbai, one gorgeous damsel meets two incredible geeks. Nirvana meets nerdvana on the bodyguard special of Tech Toyz starring Hazel Keech, Suresh Venkat and Ankit Vengurlekar! SHOW TIMINGS Sat 8:30 pm