Sensex Sheds 151 Pts On Disappointing Earnings

SENSEX SHEDS 151 PTS ON DISAPPOINTING EARNINGS

Friday, Oct 21, 2011 PwC FACES ALLEGATIONS OVER EXPENSES ALLOCATION   PwC India is once again in the spotlight for the wrong reasons. It is about the manner in which expenses have been allocated by PwC entities. It is alleged that the allocation of insurance premiums of $60 mn professional indemnity cover suggest that 11 PwC entities including a private limited company operate as one firm. CNBC TV18 learns that the premium for this insurance policy was paid by 3 entities but the benefits were available to the entire set of the PwC international member fraternity. Experts say that it is a possibly a violation. read more   LEAD STORIES 14-DAY STRIKE AT MARUTI'S PLANT ENDS; LOSSES AT RS 700 CR   The 14-day-long strike at Maruti's Manesar plant, which is estimated to have cost the company over Rs 700 crore, was called off today. read more SENSEX SHEDS 151 PTS ON DISAPPOINTING EARNINGS   Disappointing earnings from L&T, JSW Steel and Idea hurt sentiments. Nifty lost 41.95 points to close at 5,049.95. Sensex closed at 16,785.64. read more MOBILE PHONES DON'T HIKE CANCER RISK: STUDY   Mobile phones do not increase the risk of cancer, according to a large study involving more than 350,000 people by Danish researchers. read more TOP STORIES • Rupee plunges to 30 month low, touches 50.32 level   • SC gives F1 nod, reserves 25% sale proceeds   • HC cancels land acquisition in 3 Noida villages   • Satyam case: No interim relief for Ramalinga Raju   • RBI defers operation of CDS guidelines to Nov-end   • Human Development Index up 21%; Kerala tops chart   • L&T Q2 net profit up 15% at Rs 798cr   • Idea Cellular net profit drops 41% to Rs 105.76 cr   • Godrej Consumer Q2 net falls 2.6% on higher tax   • High interest, project delays pushes HCC into red   • Microsoft Q1 net income up 6% to $6 bn   • NMDC to Buy 50% of Australia's Legacy Iron Ore   • Govt working to make pvt sector bribery criminal: PM   • CBI to play key role in Lokpal regime as well: PM   • Cash-for-votes: Kulkarni's bail plea dismissed   • Bain Capital to buy restaurant chain Skylark for $2.1 bn   • Germany, France delay Euro rescue plan   • Greece adopts austerity bill amid protests   • Pak can't keep snakes in backyard: Hillary Clinton   • Steve Jobs biography leaked; official launch on Oct 24   more stories TOP VIDEOS Harsh Monetary Policy Only Hits Development Projects: Ajit Gulabchand, Chairman And Managing Director, Hindustan Construction Company   I Think The Markets Will Push European Politicians Into Action: Archie Hart, Portfolio Manager, Investec Asset Management   Europe Remains Key Sentiment Driver In Near-term: Ramit Bhasin, MD and Head Of Markets, RBS   AT A GLANCE BSE 16785.64 -151.25 NSE 5049.95 -41.95 TURNOVER Rs. 162,732 cr BSE CASH Rs. 2,362 cr NSE CASH Rs. 8,895 cr NSE F&O Rs. 151,475 cr BULLION GOLD 26614 +267 SILVER 52663 +962 CRUDE NYMEX 88.24 +2.17 BRENT 111.64 +1.88 FOREX $ / Re 50.02 +0.22 £ / Re 79.264 +0.62 € / Re 68.991 +0.4 EVENTS 23 October European Summit, Brussels 25 October Second Quarter Review of Monetary Policy 2011-12 3 November Panel Discussion On 'Effective States, Inclusive Growth, And The Challenges Of Governing India?', New Delhi India Pharma Inc.: Enhancing Value through Alliances and Partnerships, Mumbai 8 November Countrywide Protests By 11 Trade Unions EXPERT VIEWS "Rupee's depreciation at such extreme levels is not desirable when the Indian economy is going through slower growth due to high inflation...India should learn to manage its currency like China." V Balakrishnan CFO, Infosys (On Apple's legal battles over Google's Android mobile) "I will spend my last dying breath if I need to, and I will spend every penny of Apple's $40 bn in the bank, to right this wrong,.I'm going to destroy Android, because it's a stolen product. I'm willing to go thermonuclear war on this." Steve Jobs In His Biography (In a blunt message to Pakistan) "It's like that old story - you can't keep snakes in your backyard and expect them only to bite your neighbours. Eventually those snakes are going to turn on whoever has them in the backyard." Hillary Clinton U.S. Secretary of State WATCH OUT   Rules of the M&A Game: 2011   14 years after it first came into effect and 23 amendments later, India's Takeover Code is about to change. On October 23rd, a new Takeover Code will determine the business of buying and selling companies in India. Starting this weekend 'The Firm' presents a special series 'Rules Of The M&A Game: 2011' to examine the impact of the new Takeover Code on Promoters, Acquirers & Public Shareholders. SHOW TIMINGS Sat 9:30 am Sun 7 pm