CCEA CLEARS SUGAR DECONTROL | Sensex Plunges 291 Points To 4-Month Low | Blow For Bharti 3G Services, Court Vacates Stay Order

Thursday, Apr 04, 2013 CCEA CLEARS SUGAR DECONTROL   CCEA cleared the recommendations made C Rangarajan panel in a move that will bring cheer to the Rs 80,000 cr sugar industry in India. Food Minister KV Thomas said that the govt will bear a subsidy of Rs 18.5 per kg of sugar sold through the system, which means the sugar subsidy burden will rise to an annual Rs 5,300 cr from Rs 2,600 cr. But the surprise element is that the levy obligation on sugar mills will be only for the next 2 years. read more   BLOODBATH ON DALAL ST, SENSEX CRASHES 291 PTS   It was carnage on Dalal Street with Sensex shedding over 500 points in two trading sessions. Political uncertainty, ETF funds and FII selling and ever-worsening economic data are the key triggers for the downfall. FIIs sold shares worth Rs 368 cr on Thursday. Sensex closed at 18,509 or 1.55% and Nifty ended at 5,574, down 98 points. The benchmark indices have closed below their 200-Day Moving Averages for first time since August 2012, which is a bearish sign. read more   LEAD STORIES BLOW FOR BHARTI 3G SERVICES; COURT VACATES STAY ORDER  Delhi HC order states that Bharti Airtel will have to shut down its 3G mobile services across 7 circles in the country. read more RAHUL GANDHI BEMUSES WITH 'BEEHIVE' SPEECH TO INDIA INC  Rahul Gandhi offered a broad vision of 21st century India in his 1st major speech to business leaders that critics called vague and rambling. read more TOP STORIES • Rupee near 1-month low, down 44 paise at 54.87/$   • Haryana Govt to challenge CERC's Adani tariff order • Gold flat near 10-mth low; traders pick up bargains   • See FY13 fisc deficit at 5% of GDP vs revised estimate   • JSW Steel on the brink of a crisis   • RIL may launch 4G service by Dec: Goldman Sachs   • Infy, Wipro's SEZ googly stumps WB govt   • Tatas oppose Taj Mansingh Hotel auction, moves court   • Sebi probes Shree Digvijay Cement open offer   • Vodafone India exec who worked on tax dispute quits   • Tata Comm sells Chennai land for Rs 192.3 cr   • Caller tune boosts telcos' rev by Rs 8,185 cr in 3 yrs   • Tax mop up growth target of 18% realistic: Mayaram   • Think India: Modi to kick off debate on role of govt   • Audi R8 V10 plus launched at Rs 2.05 cr onwards   • Desmond Tutu wins $1.7 million Templeton Prize   • ECB holds rates, markets watch for signs of later cut   • BOJ to pump $1.4 trillion into economy   • Heir to Johnson & Johnson fortune dies at 76   • Obama to contribute 5% of his salary to Treasury   more stories TOP VIDEOS A Billion People Can Solve A Problem In A Jiffy: Rahul Gandhi, Vice President, Congress   Confident Of Achieving The Target Of 18% Growth In Tax Collection In 2013-14: Arvind Mayaram, Secretary, Dept of Eco Affairs   If FIIs Turn Net Sellers Then It Is One Risk Our Market Will Not Be Able To Digest Easily: Gaurav Doshi, VP-PMS, Morgan Stanley   I Would Reduce Exposure To Gold & Put More Money In Bonds And Debt Securities: Nirmal Jain, Chairman, IIFL   AT A GLANCE BSE 18509.7 -291.94 NSE 5574.75 -98.15 TURNOVER Rs. 169,456 cr BSE CASH Rs. 1,455 cr NSE CASH Rs. 9,182 cr NSE F&O Rs. 148,307 cr BULLION GOLD 28925 +99 SILVER 50926 +204 CRUDE NYMEX 92.69 -1.76 BRENT 106.2 -0.91 FOREX $ / Re 54.87 +0.44 £ / Re 83.293 +0.79 € / Re 70.508 +0.48 EVENTS TO WATCH 5 April IPL 6- Match 3- Sunrisers Hyderabad Vs Pune Warriors, Hyderabad 4-5 April 8th Edition Of Mindmine Summit 2013 - Today's India: Economics Or Politics? The Grand, New Delhi 5 April 12th ICSI National Awards For Excellence In Corporate Governance, The Ashok, New Delhi 5-6 April Impact 2013: A Global IIM Alumni Event, Singapore 2nd CSIA International Corporate Governance Conference, The Ashok, New Delhi

EXPERT VIEWS

"I got press guys asking when you are getting married. Somebody else saying, boss, when are you going to be the Prime Minister. Somebody saying, no your are not going to be PM, somebody say may be you will be PM...It is like the American polling charts. 47.3% of possibility that he might be Prime Minister...The only relevant question in this country is how can we give our people voice?" Rahul Gandhi Vice President, Congress Party "I didn't know what to expect so I was not disappointed. I don't think he limited himself to deficit or inflation. He isn't in the government, that isn't his job. He is concerned about the people. He talked of harmony, compassion & working together. His body language was informal & his speech was also extempore. Most of the people present there didn't know him, most of them hadn't heard him. I don't know whether he can remove poverty in 5-7 years that would be a valid question to ask." Rahul Bajaj Chairman, Bajaj Group "I heard the speech. I was perplexed. It was relevant only in parts. Who was he targeting when he was criticizing the present system? We were there for only six years? He had nothing to offer on the present problems...It is very unfair if I compare him to Narendra Modi. There is no comparison...My impression of Indian industry is they stand up and applause even if you abuse them. They are dependent on the govt for favour." Yashwant Sinha Senior BJP Leader