Jet Stock Dips 8% As Etihad Deal Revision Looms Large; Sensex Recovers From 2013 Lows; British PM India Visit, Eyes Key Road Projects

Monday, Feb 18, 2013
BUDGET 2013-14 TO BE MOST AUSTERE IN YEARS  
Finance Minister P Chidambaram is planning to cut the public spending target for fiscal 2013-14 by up to 10% from this year's original target, in what would be the most austere budget unveiled in recent history as he tries to avert a sovereign credit downgrade. Some government departments and ministries are bracing for funding cuts of up to 20-24% from their original 2012-13 targets, which could crimp plans for expansion of the defence forces, rail lines, highways and even development spending on tribal minorities. Despite his austerity drive, Chidambaram has not lost sight of politics ahead of the looming elections. Officials say he will use the spending cuts to make headroom for the rollout of the proposed food security law at a cost of around Rs 1,200 billion to the exchequer. read more  
LEAD STORIES
JET STOCK DIPS 8% AS ETIHAD DEAL REVISION LOOMS LARGE 
The stock of Jet Airways fell on reports that Etihad Airways PJSC needs to revise its deal to buy a stake in the company. read more
MARKETS RECOVER FROM 2013 LOWS; L&T & DLF GAIN 
Sensex rose 32 pts, as under performers L&T rose 1% and DLF up 5%. All eyes are now on the Union Budget. Sensex ended at 19,501.08. Nifty at 5,898.20. read more
BRITISH PM CAMERON INDIA VISIT; EYES KEY ROAD PROJECTS 
On his 2nd visit to India Cameron eyes projects worth up to $25 bn which include the Mumbai-Bangalore corridor and Mumbai Metro Rail. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 19501.08 +32.93
NSE 5898.2 +10.8
TURNOVER
Rs. 99,196 cr
BSE CASH
Rs. 1,571 cr
NSE CASH
Rs. 8,148 cr
NSE F&O
Rs. 81,059 cr
BULLION
GOLD 30177 -17
SILVER 56209 +146
CRUDE
NYMEX 96.39 -0.02
BRENT 117.8 +0.14
FOREX
$ / Re 54.185 -0.03
£ / Re 83.936 -0.26
€ / Re 72.483 -0.01
EVENTS TO WATCH
18-20 February
U.K. Prime Minister David Cameron 3-Day Visit To India
20-21 February
Bank Employees To Go On Strike
24 February
The Academy Awards Ceremony
25 February
2G Case Hearing In Supreme Court
26 February
Union Railway Budget To Be Presented
BIG ADVANTAGE INDIA BUSINESS UPDATE
What I like about the India Business Update is that you can have a synoptic view and the ability to look at the summary of all the news in the markets. I look at the market update always to get a sense of where the markets and commodities have closed.
Sanjay Nayar, CEO & MD, KKR INDIA
"There is room for monetary easing over the next few months, but that room is limited because of the outlook for inflation and outlook for growth. Important variable for monetary policy calibration is the fiscal adjustment that the government will do. The government will come up with deficit stats in the Budget. We will look at the headline fiscal deficit number but also look at the quality of the fiscal adjustment."

D Subbarao
Governor, RBI
"India's rise is going to be one of the great phenomena of this century and it is incredibly impressive to see - the vibrancy of your democracy, the great strength of the diversity of your country and the enormous power of your economy, that is going to be one of the top three economies by 2030. Britain wants to be your partner of choice. We've only just started on the sort of partnership that we could build, As far as I'm concerned, the sky is the limit."

David Cameron
British Prime Minister
"The money (to pay for oil import) can be either found by raising taxes or passing it on to the consumers, Our country imports 73-75% of oil. We need to pay Rs 7 lakh crore for the imports. Where do we find that kind of money."

Veerappa Moily
Oil Minister

Moody's 5 pointers to deal with current account deficit


Dated:February 15,2013
Top Headlines

It is about time that the taxman took a relook at the tax slabs and the various monetary limits for exemptions and deductions.


With banks planning to monetise Kingfisher Airlines' securities to recover a debt of about Rs 7,000 crore, Kingfisher is discussing itwith its lenders

Moody's 5 pointers to deal with current account deficit

While recent government moves to cut subsidies & woo investment would help, these policies need to be persisted for any success.


Most Read Story


Most E-mailed Story


The quarter-on-quarter drop was the steepest since the first quarter of 2009 and more severe than the average forecast of a 0.4% drop in a Reuters poll.
More romantic relationships are being reported at the workplace, even as male and female executives do the long, hard hours, shoulder-to-shoulder.
Most Commented Story


Latest Updates
Market Round-up
SENSEX 19468.15 -29.03
NIFTY 5887.40 -9.55
NASDAQ 3110.78 -6.72
DJIA 13534.89 27.57
RS/$ 54.81 -0.20
NSE Gainers
Scrip Price(Rs.) %Change

3.20 + 18.52

344.40 + 17.10

14.50 + 14.62

2.25 + 9.76

1.70 + 9.68
NSE Losers
Scrip Price(Rs.) %Change

201.80 -80.00

121.35 -19.98

26.40 -19.02

18.65 -13.66

5.40 -12.90

Petrol Price Up By Rs 1.50, Diesel By 45 Paise; Unsuccessful Bidders In Nov 2G Auction To Cease Operations, Says SC; Sensex Falls To 2013 Low At 19,468

Friday, Feb 15, 2013
PETROL PRICE UP BY RS 1.50, DIESEL BY 45 PAISE  
Effective midnight IOC country's largest fuel retailer by sales, has hiked petrol price by Rs 1.50 paise/litre and diesel prices by 45 paise/litre. Fuel retailers are currently suffering a revenue loss of Rs 1.23/litre on retail sales of petrol, while revenue loss on diesel sale will now fall to Rs 10.27/litre. read more  
LEAD STORIES
UNSUCCESSFUL BIDDERS IN NOV 2G AUCTION TO CEASE OPS: SC 
SC said that all telecom spectrum that were quashed should be put to auction again & unsuccessful bidders in Nov 2G auction should stop ops forthwith. read more
DIAGEO DEAL WILL PAY THE DEBTS: UB GROUP TO KFA LENDERS 
UB Group said it has not received any formal communication from the banks but discussions are on to use Diageo proceeds to bring down banks exposure. read more
SENSEX FALLS TO 2013 LOW; MIDCAPS HIT HARD 
Sensex fell 29 pts, to end at 19,468.15, while Nifty closed at 5,887.40. Midcaps fell on disappointing earnings, Suzlon fell 8.6%, UB Hldgs fall 4.95% read more
SHOCKING! GOVT ORDERS BLOCKING ANTI-IIPM URLs 
Govt orders blocking of 70 URLs that contain controversial information on business school Indian Institute of Planning and Management. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 19468.15 -29.03
NSE 5887.4 -9.55
TURNOVER
Rs. 143,519 cr
BSE CASH
Rs. 1,779 cr
NSE CASH
Rs. 10,078 cr
NSE F&O
Rs. 124,575 cr
BULLION
GOLD 30305 -158
SILVER 56474 -156
CRUDE
NYMEX 95.77 -1.54
BRENT 116.62 -1.38
FOREX
$ / Re 54.22 +0.3
£ / Re 84.14 +0.51
€ / Re 72.508 +0.42
EVENTS TO WATCH
18 February
U.K. Prime Minister David Cameron To Visit India
Power Advisory Group Meet
20-21 February
Bank Employees To Go On Strike
24 February
The Academy Awards Ceremony
25 February
2G Case Hearing In Supreme Court
26 February
Union Railway Budget To Be Presented
27 February
Economic Survey
BIG ADVANTAGE INDIA BUSINESS UPDATE
I look forward to 8 o'clock every evening. If I am travelling, CNBC-TV18 India Business Update is my feedback for what happened in India on that day. It is extremely important for me as it tells me what happened during the day in India and helps me think through the next day.
Ashok Wadhwa, Group CEO, Ambit Holdings

"We have received no formal communication from the banks till date. We are in continuing discussions with them on ways to bring down their exposure, interalia, from the proceeds of the Diageo transaction. The banks explicitly support the transaction with Diageo and would work with us in finding an orderly method of disposal of some of the pledged shares to Diageo if appropriate."

UB Group
Statement
"To give greater meaning to representative democracy, we must come out with electoral reforms. A candidate wins with just 25% of total votes polled in his constituency. He does not represent the majority. Hence it is essential to bring about three changes in the electoral system."

Hamid Ansari
Vice President of India
"Though our economic growth has recently declined somewhat, I am confident that we will be able to bring the deceleration to a halt and revert to the 8% growth levels that we attained many times in the past."

Pranab Mukherjee
President