SEBI Clears Diageo`s Open Offer For Mallya`s United Spirits; Kingfisher Q3 Loss Nosedives To Rs 755 Cr; Sensex Falls 91 Points; U.S. Govt Sues S&P Over Mortgage Bond Ratings

Tuesday, Feb 05, 2013 HOW FAR AHEAD OF INDIA IS CHINA?   India is a decade behind China as far as the basic indicators of income are considered. The $9-tn Chinese economy dwarfs the $2-tn Indian economy on almost every count. China was a $2 tn economy in 2002. So India is 11 years behind China in the grand sweepstakes. Take a look at the consumption data. There is almost no difference between the two countries as far as mobile subscribers per 1,000 people is considered, but the gap is around eight years when one considers passenger cars. India currently has 12 cars per 1,000 people, a level that China crossed in 2004. read more   LEAD STORIES SEBI CLEARS DIAGEO'S OPEN OFFER FOR UNITED SPIRITS  SEBI has cleared Diageo's open offer to United Spirits minority shareholders, paving the way for conclusion of the Rs 11,000 cr deal. read more KINGFISHER'S Q3 LOSS AT RS 755 CR AS PLANES SIT IDLE  Loss would have been Rs 1,090 cr had the airline used accepted accounting standards, says auditor. read more MKTS FALLS FOR 5TH DAY; MIDCAPS BUTCHERED  Bad corporate results, poor global cues & weak domestic economic situation saw Sensex fall 91.37 pts at 19,659.82 & Nifty 30.35 pts at 5,956.90. read more U.S. GOVT SUES S&P OVER MORTGAGE BOND RATINGS  The U.S. government has filed a suit against S&P and McGraw Hill over mortgage bond ratings. Shares of McGraw-Hill plunged 13.8% read more TOP STORIES • Rupee hits 53.13/$ up 15p at 3 1/2 month high   • New norms for listed cos over 'exaggerated' valuations   • Dell taken private in a $24.4 bn buyout deal   • Warburg Pincus sells 5.6% stake in Havells for Rs 455 cr • $13 bn consumption stimulus in 12-14 months for India   • GSK spends Rs 4,800 cr for 72.5% stake in Indian arm   • IFC to pick up 20% stake in DHFL's new NBFC   • Bharti Airtel to buy Alcatel-Lucent stake in India JV   • NTPC stake sale on Feb 7, may fetch govt Rs 12,000 cr   • HSBC Services PMI hits 12-month high in Jan; at 57.5   • Power supply at Kingfisher's head office snapped   • AI loses Rs 18 cr a month for grounding 6 Dreamliners   • Videocon puts plans to sell Next chain on hold   • Kotak Mah Bank buys Barclays India loan book   • RBI tightens rules on low-coupon bonds   • India Inc's M&A tally in Jan lowest since 2003: Study   • Barclays takes another $1.6 bn hit for mis-selling   • Foreigners' A/Cs in U.S. banks eyed in tax crackdown   • Mumbai, Delhi among world's cheapest cities: survey   • Baby steals mum's BMW to visit dad!   more stories TOP VIDEOS Bullish On Asian Equities; Correction In Indian Markets Should Be Seen As A Good Entry Point: Herald Van Der Linde, Head of Equity Strategy, HSBC   If The Govt Along With RBI Keeps Up With Its Initiative & Intent, Then The Market Can See Further Upside From Here: Suresh Mahadevan, MD-Head Of Equities, UBS   Market Has Witnessed A Good Run-up Since 2012 And FII Inflows Are Strong: Nirmal Jain, Chairman, IIFL   AT A GLANCE BSE 19659.82 -91.37 NSE 5956.9 -30.35 TURNOVER Rs. 118,561 cr BSE CASH Rs. 2,418 cr NSE CASH Rs. 10,889 cr NSE F&O Rs. 92,435 cr BULLION GOLD 30313 +20 SILVER 58536 +118 CRUDE NYMEX 96.85 +0.68 BRENT 116.85 +1.25 FOREX $ / Re 53.135 -0.15 £ / Re 83.422 -0.63 € / Re 71.817 -0.23 EVENTS TO WATCH 6-10 February Aero India 2013, Bengaluru 10 February 2013 Grammy Awards, Staples Centre, Los Angeles 11 February Special CBI Court Verdict On Bharti-Vodafone Chargesheet 15 February EPFO Trustees Meet TO Decide On PF Interest Rate 20-21 February Bank Employees To Go On Strike 24 February The Academy Awards Ceremony

BIG ADVANTAGE INDIA BUSINESS UPDATE The CNBC-TV18 India Business Update really is a one-stop solution. I find it a very useful summary of the business information during the day. And, it gives me a very good idea of what is happening, especially in India and also outside of India. Adi Godrej Chairman, Godrej Group

"There is no scam in the coal sector during the UPA govt. Coal blocks are being allocated since 1993 and we have followed the process. The previous NDA govt had allocated 43 coal blocks during its tenure. How can you say that all govts indulged in scam in coal block allocation?" Sriprakash Jaiswal, Coal Minister "This (2012) was a difficult year for the economy including for revenue collection because there were less imports and manufacturing activity was also slackening.The customs and excise officials should make their best efforts to achieve the target.There is still 7 weeks to go (for the fiscal to end). So they should make efforts to reach as much close to the target as possible." P Chidambaram Finance Minister "Anybody on the Republican side even thinking or talking about running for president in 2016, I've said needs to get their head examined and the reason I say that is we've lost two presidential elections in a row. We need to be winning the debate of ideas - then we'll win elections." Bobby Jindal Indian-American Governor of Louisiana