Populism May Trump Reforms In India, IATA Suspends Kingfisher, Int`l Travellers Hit, Govt May Give Limited Nod For Cotton Exports, Sensex Down 27 Pts As Reform Gloom Sets In

Wednesday, Mar 07, 2012 POPULISM MAY TRUMP REFORMS IN INDIA   The Congress party's drubbing in assembly elections proved beyond doubt that its populist politics failed to resonate with voters, and yet investors and consumers alike are bracing for more of the same from the besieged ruling party. Some reforms, such as to land acquisition and foreign investment rules, and the sensitive issue of subsidies on fuel, are crucial to lifting investment and spending in an economy headed for its slowest growth in three years. Tuesday's poll results, showing Congress fared badly in four of five states, altered the odds of any such push for reforms in the budget. read more   LEAD STORIES IATA SUSPENDS KINGFISHER, INT'L TRAVELLERS HIT   The IATA suspended Kingfisher Airlines over non-payment of dues. Meanwhile, the airline expects bank accounts to be reactivated soon. read more GOVT MAY GIVE LIMITED NOD FOR COTTON EXPORTS   Govt could allow limited exports of cotton to cover existing sales commitments as exporters sought permission for 2.5 mn bales to be released. read more SENSEX DOWN 27 PTS AS REFORM GLOOM SETS IN   Markets fell as Congress' poor poll result appeared to pour cold water on the reform agenda.Sensex ended 17145.52. Nifty closed 5220.45 down 1.95 pts. read more TOP STORIES • Sonia says poll results won't hurt UPA, backs PM   • I-T dept issues show-cause notice to KFA   • Contain inflation in monetary policy: Govt instructs RBI   • MCA finds prima facie violations in Unitech b/s   • NBCC IPO to be from March 22-25   • RBI may soon do away with branch audit of PSU banks   • Air India pilots threaten to go on strike again   • RIL seeks $13/mmBtu price for CBM   • Gold off 6-week low on fears of Greek default   • Re rebounds from 7-week low, ends at 50.28 vs $   • Tata steel hikes prices by Rs 1,000 per tonne   • HCL Tech bags $300 mn deal with Finnish co   • L&T Construction bags Rs 1,454 cr order   • JLR plans to set up engine manufacturing plant in India   • BCCI fixes higher base price for TV rights   • Uthappa replaces Tendulkar in T20 squad against SA   • Facebook goes down in parts of Europe   • Lehman Brothers exits bankruptcy to repay debt   • UK minister cites Ratan Tata for revamp   • Vidya wins National Award for 'The Dirty Picture'   more stories TOP VIDEOS If The Budget Is Not Credible, Then The Markets Are Going To React Very Harshly Indeed: Jim Walker, Managing Director, Asianomics   Interest In India Impacted By High Volatility In Markets; High Crude Price Might Derail Interest Rate Cut: Punita Kumar Sinha, Managing Partner, Pacific Paradigm Advisors   I Think There Is Great Opportunity In India, Going Forward. M&A Activity Will Pick Up And It Will Be A Great Opportunity For Service Businesses Like Ours: Barry Salzberg, Global Head, Deloitte   AT A GLANCE BSE 17145.52 -27.77 NSE 5220.45 -1.95 TURNOVER Rs. 138,497 cr BSE CASH Rs. 2,600 cr NSE CASH Rs. 12,335 cr NSE F&O Rs. 115,195 cr BULLION GOLD 27848 +1 SILVER 57950 +242 CRUDE NYMEX 104.71 +0.01 BRENT 122.35 +0.37 FOREX $ / Re 50.28 -0.08 £ / Re 79.061 -0.11 € / Re 65.97 -0.08 EVENTS TO WATCH 9 March Session On "Driving Growth Through Manufacturing In Maharashtra" On CII Maharashtra Annual Day, Taj Mahal Palace, Mumbai 14 March Railway Minister Dinesh Trivedi To Present Railway Budget 2012 15 March RBI Monetary Policy Budget 2012: Economic Survey 16 March Finance Minister Pranab Mukherjee To Present Union Budget 2012, New Delhi 20 March Greece Re-payment Of Bond Worth Euro 14.5 Bn EXPERT VIEWS "Due to the accounts getting attached by the tax authorities, we were not able to make a payment to ICH which resulted in a temporary suspension. We are working with the tax authorities and expect the accounts to be un-attached shortly. As soon as this is done, we will pay our dues to IATA and get reinstated." Prakash Mirpuri VP - Corporate Communications, Kingfisher Airlines "Every election is a lesson for us, whether we win or lose, there is a lesson for us. I would say rather than lack of leadership, [there are] too many leaders... That is our problem." Sonia Gandhi President Congress "We could not countenance a situation where the country which is a major cotton producer is forced to import at much higher prices to meet the domestic demand of the industry. That is why, it was a judicious and considered view taken." Anand Sharma Commerce Minister WATCH OUT   Budget 2012: Gloom to Growth   India's monetary policy has stretched industry to its limit. The government's purse is strained to provide for food, infrastructure and other social sector needs. We explore how untapped opportunities like sovereign wealth fund, tax revenues, debt funds etc. can bring in new investment in India. SHOW TIMINGS Thur 6:30 pm