India Infoline Weekly Newsletter - April 21, 2011

The market has turned choppy in the past few sessions and could remain so in the near term as corporates announce their results.

April 21, 2011 8:23 IST | India Infoline News Service
2G scam case...Five executives denied bail

A trial court in New Delhi rejected the bail pleas of five India Inc honchos named by the CBI in the 2G scam case. All the five accused were taken into judicial custody. Shares of Unitech, DB Realty and ADAG pack fell after the news.

The five officials in question are Sanjay Chandra of Unitech, Vinod Goenka of DB Realty, Gautam Doshi of ADAG, Hari Nair of ADAG and Surendra Pipara of ADAG. They joined disgraced former Telecom Minister A. Raja, his former private secretary R.K. Chandolia, former Telecom Secretary Siddhartha Behura, DB Realty MD Shahid Balwa, his brother Asif Balwa and DB Realty D Rajiv Agarwal in the Tihar Central Jail.

"There was apprehension of the five corporate bigwigs tampering with evidence, winning over witnesses and fleeing from justice," Special CBI Judge O P Saini was quoted as saying. "These fears cannot be dismissed as too far-fetched at this stage in the light of the serious nature of the case ... In my considered opinion, it is not a fit case for bail," he added.

The lawyers for the five accused reportedly pleaded for a delay in the implementation of the order. All the five telecom executives appealed the CBI court for an interim bail to avoid being jailed immediately. But the court dismissed that appeal as well. The five corporate executives then moved the Delhi High Court, challenging the trial court's refusal to grant them bail. The High Court posted the matter for hearing to April 26.

Monsoon likely to be normal again: IMD

The country will have normal monsoon this year. Releasing the initial Long Range Forecast for the coming June to September period, Union Minister for Science & Technology and Earth Sciences, Pawan Kumar Bansal said, "The rainfall for the country as a whole is most likely to be normal i.e. 96-104% of Long Period Average (LPA).

There is very low probability for season rainfall to be deficient (below 90% of LPA) or excess (above 110% of LPA). Quantitatively, monsoon season rainfall is likely to be 98% of the LPA with a model error of + 5%. The LPA of the season rainfall over the country as a whole for the period 1951-2000 is 89 cm, he said.

This was the first stage of the forecast strategy by India Meteorological Department (IMD) and the second stage forecast will be done in June. Along with the update forecast, separate forecasts for the monthly (July and August) rainfall and seasonal (June-September) rainfall during the second half of the season (August + September) will be issued in July and that for September will be issued in August.

The LPA of the southwest monsoon season rainfall over the country as a whole for the period 1951-2000 is 89 cm.

The La Nina conditions have weakened to weak to moderate strength as of mid-March. The latest forecasts from a majority of the dynamical and statistical models indicate strong probability for the present La Nina conditions continuing till June. Subsequently the La Nina conditions are expected to weaken further.

Govt should allow wheat, rice exports: Sharad Pawar

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