Rly Minister Bansal Quits Amid Bribery Allegations; Nifty Hits 28-Mth High, Sensex Up 143 Pts

Friday, May 10, 2013 LEAD STORIES MANUFACTURING BOOST SEES IIP REBOUND TO 2.5% IN MARCH  Manufacturing in March was up 3.2%, mining output fell by 2.9%. However, IIP fell to a 20-yr low of 1% for 2012-13. read more CAR SALES DOWN 10.43% IN APR, FALLS 6TH MONTH IN A ROW  High interest rates, rising fuel costs and the dark clouds hanging over the economy have resulted in worst car sales decline in history. read more RLY MINISTER BANSAL QUITS AMID BRIBERY ALLEGATIONS  Bansal resigned amid allegations of corrupt practices by his close relatives and aides. Mallikarjun Kharge may be appointed as new Rly Min. read more NIFTY AT 28-MTH HIGH, CLOSES AT 6,094.75; SENSEX UP 143 PTS  FII buying boosted markets, taking their total investment to $12.73 bn in 2013. Sensex closed at 20,082.62. ITC hit new high, up 2.5%. read more TOP STORIES • Diesel price hiked by 90 paise per litre   • Re falls 55p at 54.80/$, highest drop in 4 months   • Maha traders strike caused Rs 75,000 cr biz loss   • Chavan firm on LBT implementation   • Siddaramaiah elected 28th CM of Karnataka   • GST roll out: States unable to evolve a consensus   • DoT refutes Tata Tel 'conditional' spectrum surrender   • COAI calls to auction entire spectrum, questions delay   • BofA sells $110 bn CMBS servicing rights portfolio   • Khandadhar mines SC order: Relief for Posco?   • Piramal buys 10% in Shriram Transport for Rs 1,652 cr   • Piramal to sell entire 11% stake in Voda next yr   • Tata Power to set up $ 700 mn hydro projs in Georgia   • RIL lends Rs 14,000 cr interest free loan to subsidiary   • NTPC profit climbs 28% to Rs 12,590 cr in FY13   • BP surrenders 12 oil & gas blocks on poor prospects   • Stanchart to buy Morgan Stanley India wealth unit   • 1993 blasts: SC rejects Sanjay Dutt's review plea   • Yen falls past 100/dollar, weakest in 4-1/2 years   • Huge cyber bank theft of $45 mn spans 27 countries   more stories TOP VIDEOS LONDON EYE: Prefer China, India, Brazil In Terms Of Economy & Russia In Terms Of Market, BRIC Story Not Over Yet: Jim O`Neill, Chairman, Goldman Sachs   Do Not Expect Much Rise In The Market From Current Levels. Rally Aided By Foreign Funds Is More Or Less Over: UR Bhat, MD, Dalton Capital Advisors   Europe Needs To Find The Right Balance Between Austerity And Growth And Fix Its Credit Market Issues To Boost Its Economy: Jack Lew, U.S. Treasury Secretary   AT A GLANCE BSE 20082.62 +143.58 NSE 6094.75 +44.6 TURNOVER Rs. 156,478 cr BSE CASH Rs. 3,404 cr NSE CASH Rs. 9,685 cr NSE F&O Rs. 119,990 cr BULLION GOLD 26646 -520 SILVER 44502 -663 CRUDE NYMEX 93.67 -2.72 BRENT 102.08 -2.39 FOREX $ / Re 54.8 +0.55 £ / Re 84.107 +0.15 € / Re 71.01 +0.13 EVENTS TO WATCH 11 May IPL 6, Match 53, Pune Warriors vs Mumbai Indians, Pune IPL 6, Match 54, Kings XI Punjab Vs Sunrisers Hyderabad, Mohali 12 May IPL6, Match 55, Kolkata Knight Riders Vs Royal Challengers Bangalore, Ranchi IPL6, Match 56, Rajasthan Royals Vs Chennai Super Kings, Jaipur 13 May NMDC To Discuss Taj Mansingh Auction NSE To Launch Debt Segment
EXPERT VIEWS
"We are happy to see IIP numbers. This is exactly the trend we are hoping. If (the trend) continues, inflation comes down and growth begins to pick up, I am quite confident that growth in the current fiscal would cross the 6 per cent mark." Arvind Mayaram Economic Affairs Secretary "Trai has said that we will need at least 500 Mhz of spectrum to meet the demand that we have. What we are suggesting is that it is time that we put all of the spectrum for auction.Under Supreme Court order we will be able to put up all spectrum in 1800 Mhz band. We are dithering. Why is it taking too long?" Rajan S Mathews COAI Director "The indefinite strike called by Maharashtra traders against LBT will further worsen the situation in the state. Therefore, we challenge the state government to join in an open debate on any public platform on the so called advantages of the new tax." B C Bhartia President, CAIT