Telcos see red even as CBI files chargesheet against Loop

Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here’s a quick round-up of the major local and international business and economic news events.

The biggest event of the day was the Indian industrial production numbers that came in at 11 am in the morning. And since then the rupee and the markets, both refused to recover. A 5.1 percent drop in industrial growth is not a slowdown, but a serious contraction. And Firspost says though the government will try and put it on the global slowdown, they actually need to look at themselves for the answer .

And one look at IIP numbers you know India is in deep trouble. Not only has investment gone down, over past few months even consumption numbers like auto sales and mobile subscription numbers have started looking bad. And here again, the experts tell Firstpost one had to blame inflation, interest rates, eurozone crisis. But the biggest issue was the much required government investment into production that could pump up the numbers.

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No doubt about it: this will be a nerve-racking week for investors. That’s because the Reserve Bank of India (RBI) has a policy meeting scheduled for 16 December, when it is broadly expected to announce no further hikes in interest rates after relentlessly raising it 13 times over the past 18 months. So what are the expectations?

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The telecom counters have fallen between 15 and 20 percent over the last one week. The main reason for the fall is the acceptance of Telecom Regulatory Authority of India’s (TRAI’s) recommendations by Telecom Commission. We tell you how Idea could even turn loss making as a result.

The CBI today filed the third and final chargesheet in the 2G spectrum allocation case against the promoters of Loop telecom. The CBI contends that Loop telecom was controlled by Essar group through the latter’s stake in Vodafone. Here is the story .

Here is a scandal that is bigger than even Satyam. The government was already coming under criticism from some quarters for planning some questionable ‘money transfers’ via state-owned entities; now it seems it can’t even be trusted on providing reliable economic data. While it’s not exactly a fraud, the casual attitude displayed by the government when providing information to the public is certainly a scandal. Find out more .

Consumer confidence on the Indian economy has seen a significant decline in the June- September quarter, shows a consumer confidence survey carried out by Reserve Bank of India. The RBI says the positive perception about Indian economy has gone down from 61.2 percent in the last quarter to 56.9 percent in September 2011. Here is the story .

Reliance Industries Ltd (RIL), India’s biggest private-sector company by market capitalisation, is the biggest wealth creator for the fifth time in a row. While RIL added almost Rs 1,74,200 crore of investor wealth during the past five years, tech firm TCS came in second as it created Rs 1,37,900 crore of wealth during the same period. State Bank of India came third. Here are details .

Stocks of Jet Airways and Kingfisher traded nearly 2.5 percent higher in opening session today on account of the government allowing 26 percent FDI in aviation companies. But these airlines are unlikely to benefit from it in the near to medium term. Here is why .

At a time when most research firms are cautious on banking stocks, Goldman Sachs has initiated a report on Federal Bank with a ‘Buy’ call and a price target of Rs 470 in the next 12 months. The stock currently trades at Rs 383. Here is the rationale .