Europe Factors-Shares to fall for 7th day on euro zone woes

 European shares are set to fall for a seventh straight session on Friday, with a lack of progress and clear strategy to contain the region's two-year old debt crisis and Germany's persistent opposition to issue joint euro zone bonds hurting sentiment.
  
    Financial spreadbetters predicted Britain's FTSE 100 to open 19 to 21 points lower, or as much as 0.4 percent, Germany's DAX to fall 8 to 10 points, or as much as 0.2 percent, and France's CAC-40 to drop 9 to 10 points, or as much as 0.4 percent.
  
    French President Nicolas Sarkozy and Germany's Chancellor Angela Merkel, after talks with Italian Prime Minister Mario Monti, said on Thursday they had agreed to stop arguing in public over whether the European Central Bank should do more to resolve the crisis.
  
    Merkel said she would not soften her opposition to issuing joint euro zone bonds, and added that the proposals for more intrusive powers to enforce EU budget rules, including the right to take delinquent governments to the European Court of Justice, were a first step towards deeper fiscal union.
   
    "Yesterday's meeting between Sarkozy, Monti and Merkel sapped trader's hopes for the creation of a euro bond, and made them roll their eyes as it was made resolutely clear that EU policy makers intend to try and solve the debt crisis through increasing fiscal union," said Jonathan Sudaria, dealer at Capital Spreads.
  
    "Such a solution is likely to be a long drawn out bureaucratic affair, exactly the opposite of what the markets are looking for to restore confidence. Whilst Merkel sticks to this line and opposes the creation of euro bonds, market sentiment will continue on its downward trajectory."  

    The FTSEurofirst 300 index of top European shares hit a seven-week low on Thursday and closed 0.3 percent lower at 899.50 points in choppy trade.  

Prime Minister to meet private airlines officials

Prime Minister Manmohan Singh will meet officials from domestic private carriers on Saturday, Civil Aviation Minister Vayalar Ravi said today. The meeting assumes importance because most domestic carriers are facing financial crisis. Domestic airlines like Kingfisher, Jet Airways and Spicejet have all reported losses due to high costs of operation and rising crude prices.

While the agenda of the meeting is not known, a discussion on the proposal to allow foreign direct investment (FDI) by foreign airlines in Indian carriers might take place.

A draft Cabinet note by the Department of Industrial Policy and Promotion (DIPP) under the Commerce Ministry has recommended 26 percent foreign direct investment (FDI) by foreign airlines in domestic carriers. Anything below 26 per cent would not attract strategic investment from foreign airlines because in that case they will not have any powers to block a special resolution in a board meeting under the Indian company laws.

Current rules allow 49 per cent FDI in Indian aviation companies, but do not allow foreign airlines to own stake in India’s carriers.

Some airlines in India have opposed FDI because they worry that foreign partners will eventually take over the airlines they invest in.

Vijay Mallya, whose Kingfisher Airlines is in dire financial straits, has been urging the government to allow foreign airlines to invest in domestic carriers

Banks are finding it hard to extend more loans to India’s airlines – foreign investment could provide the assistance needed.

Earlier, the Prime Minister had backed a financial assistance to debt laden Kingfisher Airlines. "Private sector companies have to be managed efficiently but if they get into difficulties we have to find ways and means to get them out of the process," he had said.

Syria faces Arab sanctions deadline over monitors

Syria faces a Friday deadline to sign an Arab deal allowing monitors into the country or incur sanctions over its crackdown on protests including halting flights, curbing trade and stopping deals with the central bank.

Arab foreign ministers warned in Cairo that unless Syria agreed to let the monitors in to assess progress of an Arab League plan to end eight months of bloodshed, officials would consider imposing sanctions on Saturday.

Under a November 2 Arab League initiative, Syria agreed to withdraw troops from urban centers, release political prisoners, start a dialogue with the opposition and allow monitors and international media into the country.

Since then hundreds of people, including civilians, security forces and army deserters, have been killed as the unrest which the United Nations says has claimed at least 3,500 lives since March continued unabated.

The Syrian Observatory for Human Rights, a British-based opposition group, said at least 47 people were killed in Syria on Thursday, including 16 soldiers and 17 army deserters, mostly around the rebellious city of Homs and near the town of Rastan to the north.

The violence has prompted former ally Turkey to bluntly tell President Bashar al-Assad to step down and led France to propose "humanitarian corridors" in Syria to help transport medicines or other supplies to civilians in need.

French Foreign Minister Alain Juppe said he would discuss the idea with the Arab League but a source at the 22-member body said the proposal was not brought up at the Cairo meeting.

"In the case that Syria does not sign the protocol ... or that it later violates the commitments that it entails, and does not stop the killing or does not release the detainees ...  will meet on Saturday to consider sanctions on Syria," the Arab ministers said in a statement.

They said possible sanctions, which were not intended to affect ordinary Syrians, included suspending flights to Syria, stopping dealings with the central bank, freezing Syrian government bank accounts and halting financial dealings.

They could also decide to stop commercial trade with the Syrian government "with the exception of strategic commodities so as not to impact the Syrian people," the statement said.

Syria's economy is already reeling from the eight months of unrest, aggravated by U.S. and European sanctions on oil exports and several state businesses.

Mumbai journalist arrested in J Dey murder case

Mumbai-based journalist, Jigna Vora, was on Friday arrested in connection with the murder case of Mid-Day journalist J Dey.

Vora, who is employed with an English daily, is accused of being a part of the conspiracy to kill Dey.

The police are probing the underworld link in connection with Dey's murder, in this case that of Chhota Rajan as he is believed to be the matermind behind the murder.

Dey was shot dead outside his house at Powai in Mumbai on June 11, 2011.

Sachin Tendulkar misses 100th international century

Sachin Tendulkar fell six runs short of becoming the first batsman to score an unprecedented 100 international centuries during the third and final Test against the West Indies.

Tendulkar, who resumed on 67 at his home ground of Wankhede stadium on Friday, was dismissed for 94 when he slashed at a delivery from pace bowler Ravi Rampaul and was caught by Darren Sammy at second slip early on the fourth day.

Tendulkar faced 20 deliveries in the morning session and smashed a total of eight fours and two sixes in a 153-ball knock.

This is the tenth time that Tendulkar has got out in the nineties equalling the record of Steve Waugh and Rahul Dravid.

The 100th century has been tensely anticipated since he notched two 100s during this year's World Cup to reach a total of 99. He has scored 51 Test centuries and 48 in one-day internationals.

Sensex down 151 points on profit-booking

The BSE benchmark Sensex fell by over 151 points in opening trade Friday as participants booked gains recorded in the previous session amid a weakening trend on other Asian bourses.

The 30-share Sensex, which closed 158.52 points higher in the previous session, fell by 151.47 points, or 0.95 percent, to 15,707.02 in opening trade Friday.

In a similar fashion, the wide-based National Stock Exchange Nifty Index shed 46.75 points, or 0.98 percent, to 4,709.70.

Bucking the trend, stocks of retail firms were in good demand after the government cleared 51 percent foreign direct investment in the multi-brand retail sector yesterday.

Stocks of Pantaloon Ltd climbed 10.47 percent to Rs 221.30, while Shopper's Stop gained 7.39 percent to Rs 399.75 after the government took a decision to allow 51 percent FDI in the multi-brand retail sector, which was earlier off-limits to foreign players.

All the sectoral indices were trading in the negative zone, with losses of up to 1 percent.

Brokers said apart from profit-booking by speculators after yesterday's gains, a weakening trend in other Asian markets on concerns over the eurozone debt crisis dampened the trading sentiment at home.

Meanwhile, in the Asia region, Hong Kong's Hang Seng Index was down by 1.22 percent and Japan's Nikkei shed 0.32 percent in morning trade Friday. The US market was closed yesterday for 'Thanksgiving Day'.

Kamal al-Ganzuri appointed as new Egyptian PM

Egypt's ruling military council has tasked former prime minister Kamal al-Ganzuri with forming a new cabinet, Egyptian state media reported.

Ganzuri headed the government from 1996 to 1999, under ousted president Hosni Mubarak.

The reports of his appointment came yesterday after the ruling military council on Tuesday accepted the resignation of caretaker premier Essam Sharaf's cabinet, amid spiralling unrest, and invited the country's political forces for crisis talks on the formation of a "national salvation" government.

After the popular uprisings earlier this year that toppled Mubarak, Ganzuri distanced himself from the former leader in a television interview, prompting several Facebook pages to recommend him as a future presidential candidate.

Born in 1933, Ganzuri served as minister of planning and international cooperation before his first tenure as Egyptian premier.

He then made a name for himself by working to strengthen ties between Egypt and the World Bank and International Monetary Fund.

JuD threatens stir over MFN status to India.

The Jamaat-ud-Dawah (JuD), blamed for the 2008 Mumbai attacks, is continuing with its ‘hate India campaign’ as it held a massive protest rally in Lahore against the granting of Most Favoured Nation (MFN) trade status to India by the Pakistan government.

JuD top brass including Ameer Hamza, Hasnain Siddique and Hafiz Khalid Waleed headed the rally and called for launching of more protests to oppose the move to grant India MFN status.

JuD, which has been linked to militant group Lashkar-e-Toiba (LeT) also slammed Pakistan Foreign Minister Hina Rabbani Khar for initiating dialogue with India.

Hitting out at Khar, a JuD leader said, “How can this 33-year-old girl know anything about the 63-year-old Pakistan”.

On Nov 2, Pakistan granted MFN status to India, reciprocating a 15-year-old gesture.

Trade between India and Pakistan, currently at around USD 2.5 billion, is expected to double over the next three years on account of Pakistan granting MFN status to India.

Pawar slap: Protests in Maharashtra

Harvinder Singh, who slapped Union Agriculture Minister Sharad Pawar would be produced in a Delhi court on today.

Immediately after he slapped Pawar yesterday evening, Harvinder was taken to Barakhamba Road police station for interrogation. The Delhi police booked him under Section 323 (Causing hurt), 353 (Attack on public servant) and 506 (Criminal intimidation).

In Maharashtra, angry over the attack on their party chief, National Congress Party (NCP) workers have called for a bandh in Pune, Sangli and Beed.

Protesters were held in many parts of the state after reports trickled in about the attack on the Maratha strongman. Demonstrations were held in parts of Mumbai, NCP workers forced shop-owners to down their shutters in Sion, Dadar, Worli, and Kandivali areas among others.

Suburban rail services were also disrupted for a few minutes after party workers squatted on the tracks at Masjid Bunder and Kurla stations.

Protests were held in other parts of the state like Nashik, Kolhapur, Latur.

In Delhi, as the Parliament is in session, NCP MPs may raise the issue in the house.

Harvinder Singh is from Rohini in Delhi and is the son of a transporter. He was reportedly upset with Pawar over the persistent rise in essential commodities and growing corruption in the country.

Pawar (71), who went to a literary function at a public auditorium on Parliament Street, was caught unawares when he was slapped by Harvinder Singh, who had assaulted former Telecom Minister Sukh Ram outside a court on Saturday last after he was sentenced in a corruption case.

The NCP veteran and one of the seniormost politicians in the country, who has very little security, lost his balance for a moment but regained composure after the assault, moved towards the exit of the auditorium and got into his waiting car.

A news agency quoted police sources said that during interrogation, Harvinder Singh reportedly claimed that actually he wanted to target Mukherjee but gave up the idea because of his age.

Delhi High Court will hear bail pleas of Kanimozhi today

The Delhi High Court will hear on Friday bail pleas of DMK MP Kanimozhi and five other accused in the 2G case, advancing the hearing of their petitions from December one.

"All the bail applications would be heard on today" Justice V K Shali said on Thursday.

The accused, who included former Telecom Secretary Siddharth Behura and filmmaker Karim Morani, had pleaded that their bail applications should come up on Thursday itself but the court said they will be taken up on Friday, advancing the date of their hearing from December one.

Others whose bail pleas will be heard on Friday are DMK-run Kaliagnar TV MD Sharad Kumar and private firm Kusegaon Fruits and Vegetables Pvt Ltd directors Asif Balwa and Rajeev Agarwal.

During the proceedings, former Additional Solicitor General Altaf Ahmed and senior advocate Sidharth Luthra, appearing for Kanimozhi and Morani repsectively, submitted that the situation of their clients was akin to that of the five corporate executives, who were granted bail yesterday by
the Supreme Court.

"We are either similarly or better placed in relation to the accused who have already been granted bail. If possible, please list them for hearing on Thursday itself," Luthra said.

"Don't send a wrong message to the general public that you are high and mighty," the court said while refusing to accede to their contention.

Additional Solicitor General Mohan Parasaran, appearing for CBI, cited the apex court judgement on the bail applications of the five corporate executives, He, however, did not make his stand clear on whether he was supporting or opposing their petitions.

Truce quiets Cairo streets, army apologizes

An overnight truce between Egyptian riot police and protesters succeeded on Thursday in calming violence that has killed 39 people in five days, but demonstrators occupying Cairo's Tahrir Square vowed to stay until the army gives up power.

Egypt's ruling military council, which has vowed to start parliamentary elections as scheduled on Monday, said it was doing all it could to "prevent the repetition of these events."

In a statement, it apologized, offered condolences and compensation to families of the dead, and promised a swift investigation into who was behind the unrest.

Demonstrators in Tahrir said the truce had taken hold from midnight. At dawn the area was quiet for the first time in days.

"Since about midnight or 1 a.m. there were no more clashes. We are standing here to ensure no one goes inside the cordon," said Mohamed Mustafa, 50, among a group barring a street leading to the Interior Ministry, flashpoint for much of the violence.

They were guarding a barricade made of a broken metal fence, a telephone booth laid on its side and part of a lamp post.

At the other end of the street, littered with shattered glass, lumps of concrete and heaps of rubbish, at least two army armored personnel carriers blocked the route. Mustafa's group said police were on the front line, and behind them the army.

Lines of Tahrir protesters manned similar barriers to block access to Mohamed Mahmoud Street, scene of repeated fighting.

Euro leaders meet amid bond crisis

Italy's Mario Monti is meeting Germany's Angela Merkel and France's Nicolas Sarkozy later, for the first time since Mr Monti took office.

They are likely to discuss Italy's economy and wider eurozone issues.

Germany and France currently disagree about whether bonds should be issued by the whole of the eurozone instead of individual countries.

On Wednesday, Germany sold just 3.6bn euros ($4.8bn; £3bn) worth of 10-year bonds, from 6bn euros on offer.

"In my conversations with analysts, traders and officials I'm finding more and more of them are talking about the end game for the euro. Not the end, necessarily, but a moment of truth very soon that will either force a big leap forward, or a wrenching break-up," said BBC economics editor Stephanie Flanders.

"Even Germany cannot be a safe haven if this crisis goes critical."

On Wednesday, European Commission president Jose Manuel Barroso launched a consultation on whether the 17 eurozone countries could issue joint stability bonds.

But Mr Barroso stressed that the creation of the bonds would require much greater scrutiny of the budgets and economic policies of individual members.

Germany opposes both the issuing of joint bonds and greater involvement for the European Central Bank (ECB) in bailing out troubled economies.

Its government is concerned that joint bonds would reduce pressure on member states to reduce their debt burdens.

On Thursday, French Foreign Minister Alain Juppe said that it was "urgent" that the ECB be allowed to intervene in the debt crisis.

"It's urgent. It will be discussed this very day in Strasbourg," he told France Inter radio.

Germany has said that EU treaties prevent the ECB from buying bonds as the lender of last resort.

There has been much discussion of the implications of the failure to place all of the German bonds on offer in Wednesday's auction.

It may be that demand for low-yielding bonds is limited or that it was a result of the Bundesbank taking an unusual approach to pricing its bonds.

"But nearly everybody thinks the auction does not bode well," Stephanie Flanders concluded.

Two shot dead in renewed protests in Saudi Arabia

Two men were shot dead during renewed Shiite protests in Saudi Arabia, as police exchanged fire with gunmen who "infiltrated" the funeral of another protester, the interior ministry said on Thursday.

It said the new deaths late Wednesday brought to four the death toll of protests that began on Monday in the Eastern Province, while nine others were wounded, including two policemen and a woman, according to a statement carried by SPA state news agency.

"These casualties were sustained during exchange of fire with unknown criminals who infiltrated citizens and opened fire from residential areas," it said.

The ministry claimed that "a number of security checkpoints have since Monday been increasingly coming under gunfire attacks in the Qatif region by assailants motivated by foreign orders."

"Security forces have been exercising self restraint as much as possible," it said, adding that two citizens were killed and six others, including two policemen "who received gun shots," were wounded.

"Several incidents of fire exchange took place during the funeral of one of those ... which caused the death of two citizens and wounded three others," it added.

Medics had confirmed late Wednesday reports by witnesses and activists reports that two Shiites were shot dead during the funeral.

Ali Abdullah Al Qarayrees, 26, from Awamiya town, and Munib al-Sayyed Al-Adnan, 20, from Shweika, "were shot by security forces during demonstrations," witnesses said.

Sharad Pawar assaulted at NDMC auditorium

Union agriculture minister Sharad Pawar was on Thursday slapped by a man, who had attacked former telecommunications minister Sukh Ram here four days ago. Pawar was attacked at the NDMC Centre here.

The Sikh man also took out his kirpan when security guards tried to overpower him and whisk him away. It is being reported that he has been taken in police custody.

He identified himself as Harvinder Singh from Rohini and runs a transport business. He told media that he attacked the minister to vent his anger on sky-rocketing prices of essential commodities.

It is believed that he also attacked former Union minister Sukhram on Saturday.

Meanwhile, leaders of all political parties have condemned the attack on Pawar.

Board member of Tata Sons P Mistry to succeed Ratan Tata

Cyrus P Mistry, board member of Tata Sons, will succeed Ratan Tata next year. The board of Tata Sons appointed Mistry aged 43, as deputy chairman on Wednesday. The board unanimously took a decision on the basis of the recommendation made by the selection committee set up to find a successor for Ratan Tata. The committee is said to have met 18 times before announcing the succession plan. Also watch (Cyrus Mistry to succeed Ratan Tata)

Mistry was part of the selection committee. He withdrew himself when his name was suggested. He then entered the process as a candidate.

“He will work with Ratan Tata over the next year and take over from him when Tata retires in December 2012,” a release said.

Ratan Tata praised the choice of selection committee and said that Mistry was intellligent and qualified to take on the responsibility being offered.

“I will be committed to working with him over the next year to give him the exposure, the involvement and the operating experience to equip him to undertake the full responsibility of the Group on my retirement,” Tata said.

Mistry said he was deeply honoured by this appointment. “I am aware that an enormous responsibility, with a great legacy, has been entrusted to me,” he said in a statement.

He announced that he will legally dissociate himself from the management of his family businesses to avoid any issue of conflict of interest. Shapoorji Pallonji Mistry, father of the new deputy chairman of Tata Sons, owns 18 per cent in Tata Sons. The Shapoorji Pallonji Group is into construction, textile, water treatment and other businesses. Cyrus Mistry is currently the managing director of the $ 2 bn SP Group.

Born on July 4, 1968, Mistry graduated from the Imperial College, London with a BE in civil engineering. He also holds a masters degree in management from the London Business School, and is a fellow of the Institution of Civil Engineers.


Mistry keeps a low profile and is considered as a professional manager. He is said to be good in financial matters. J J Irani, former MD of Tata Steel, praised the selection.

“Mistry does not speak too loudly but whatever he says people listen to,” Irani told NDTV Profit.

He was part of the selection committee appointed to select a successor for Ratan Tata. When a member suggested that why he should not be a candidate, he excused himself from the selection process.

People who have worked with Mistry are all praise for him.

Ajay Piramal, chairman of Piramal Enterprises, said that Mistry has an experience in running diversified businesses. “Cyrus has a customer-centric approach,” Piramal said.

Deepak Parekh, chairman HDFC said that he was impressed with Mistry’s work with HDFC. “Cyrus Mistry deserves to be chairman. There will be challenging times ahead though,” he said.

The selection committee comprised N A Soonawala and Shirin Bharucha representing Tata Trusts, Lord Kumar Bhattacharya and R K Krishna Kumar representing Tata Sons..

Tata Sons reported a net profit of Rs. 1,629 crore for the year ended March 2010. Revenue stood at Rs. 2,958 crore. The company is the holding company of the group and its assets include significant stakes in major Tata Group like TCS, Tata Motors, Tata Steel and others worth over Rs. 2,00,000 crore.

Food inflation falls to single digit

Food inflation fell sharply to single digit at 9.01 percent for the week ended November 12 even as prices of most agricultural items, barring potatoes, onions and wheat, continued to rise, on an annual basis.

Food inflation, as measured by the Wholesale Price Index (WPI), was 10.63 percent in the previous week.

The rate of price rise in food items stood at 11.38 percent in the corresponding week of the previous year.

According to the data released by the government today, onions became cheaper by 32.85 percent year-on-year, while potato prices were down by 7.23. Price of wheat also fell by 3.09 percent.

However, all other food items became expensive on an annual basis during the week under review.

Vegetables became 17.66 percent costlier, while pulses grew dearer by 14.28 percent, milk by 10.46 percent and eggs, meat and fish by 11.98 percent.

Fruits also became 4.59 percent more expensive on an annual basis, while cereal prices were up 2.86 percent.

Inflation in the overall primary articles category stood at 9.08 percent during the week ended November 12, as against 10.39 percent in the previous week. Primary articles have over 20 percent weight in the wholesale price index.

Inflation in non-food articles, including fibres, oilseeds and minerals, was recorded at 4.05 percent during the week under review, as against 5.33 percent in the week ended November 5.

Fuel and power inflation stood at 15.49 percent during the week ended November 12, the same as in the previous week.

Mumbai Test Live: Gambhir out, all eyes on Sachin

Gautam Gambhir could not go on to score the big one as he was removed by West Indies paceman Ravi Rampaul for 55. The fall of the second wicket brought an uncharacteristic cheer from the crowd as their anticipation was culminating with local hero Sachin Tendulkar taking the crease.

In the meanwhile, Rahul Dravid became one of those rare cricketers who have scored more than 13,000 runs in Test cricket.

The duo of Gambhir and Dravid took the total past the 100-run mark with a healthy run-rate. Gambhir was smooth in his shot selection as he slammed his 18th Test fifty to strengthen the run-chase.

India had gone into lunch on the third day of the final Test with 74/1 on the board. The duo of Gautam Gambhir and Rahul ‘The Wall’ Dravid held fort, thwarting the efforts of the Windes bowlers.

West Indies skipper Darren Sammy drew first blood, claiming Virender Sehwag (37) as the scorecard read 67/1. The batsman was bowled while trying to work the ball, not realising the big gap between bat and pad.

Delhi lads Sehwag and Gautam Gambhir had started the proceedings for India in their signature style. They were careful of nipping the odd one that moved on the turf but played everything else with confidence, taking the total past 50-run mark in quick time.

With the belter of the pitch ahead of them, the Indians hoped to surpass the efforts of the visitors as stands started filling-in.

Ravichandran Ashwin completed a five wicket haul by claiming the last man Devendra Bishoo (12), restricting the West Indies to 590 all out.

West Indies had started the morning of the third day at Wankehde with the last wicket stand of Bishoo and Fidel Edwards toiling to take the total past 600 runs, but the spin attack of Ashwin was too good for the tailenders.

Interestingly, Ashwin became the Indian bowler with most wickets in debut series in Test cricket.

Not opting to declare, the visitors made clear that every run was important to them and they would not like to bat last on this track.

On Day 2, the West Indies posted 575/9 at stumps, chiefly because of the success of the top batsmen. The testimony to the effort is the fact that for only the second time in Test history, the top six batsmen managed to score over 60 runs.

Darren Bravo was the man who did most of the damage with his 166 runs, looking reminiscent of Brian Lara.

Parliament adjourned twice after uproar

The issues of price rise and Telangana created turmoil in Parliament for the third day on Thursday as agitated Opposition members raised slogans, staged a sit-in in the Well and walked out, leading to two adjournments of both Houses.

As soon as the Lok Sabha and the Rajya Sabha assembled for the day, members of BSP, RJD and BJD and those from Congress belonging to Telangana region, along with TRS, started raising slogans to press for their varied demands, forcing their adjournment till noon.

Similar scenes were witnessed when the Houses reassembled, forcing the second adjournment till 2 pm.

On behalf of the government, Minister of State for Parliamentary Affairs V Narayanasamy said in the Rajya Sabha, "We are ready for a short-duration discussion (on price rise). We can start the discussion even now."

When the Lok Sabha reassembled at noon, TRS members – K Chandrashekhar Rao and Vijayashanti - came into the Well and staged a sit-in to demand a separate Telangana.

They were vociferously supported by Congress members from the region who carried placards and raised slogans from the aisles. They sought introduction of the bill for creation of the separate state to be carved out of Andhra Pradesh.

BSP and RJD members also shouted slogans demanding debate on price rise under rules which entail voting, while members of the BJD wanted 'special category status' to flood-ravaged Odisha. BSP members staged a walkout later.

In the melee, Speaker Meira Kumar announced that as per the rules, the adjournment motions on "unprecedented rise in prices of essential commodities" moved by SP and other parties could not be accepted. However, a special discussion on the same issue under Rule 193, which does not entail voting, would be taken up at 2 pm, she said.

In the Rajya Sabha, members from the BSP insisted on a discussion on price rise under a rule that entails voting.

Deputy Chairman K Rahman Khan, who was in the Chair, told them that their notice was under consideration.

Soon the BSP members were on their feet supported by, CPI-M, CPI and JD-U. Members from BJP, including SS Ahluwalia and Maya Singh supported them saying BJP was ready for a discussion.

At this, Minister of State in PMO V Narayanasamy told the Opposition members that Government was ready for a short duration discussion any time on the issue.

However, the members insisted on the motion being taken up under Rule 167, for which voting could take place under Rule 168.

Khan tried to persuade the agitating members telling them about the Government's readiness to discuss the issue but the members refused to relent forcing him to adjourn the House for two hours till 2 pm.

Outside the Rajya Sabha, Ahluwalia said, "We have given notice on price rise and black money and are ready for a discussion on any of these."

CPI leader D Raja said, "Government should not have the attitude to just to talk it out. We have discussed the price rise many a times and even two resolutions have been adopted but nothing has happened. So there has to be something more substantial than merely discussing the issue."

Cabinet likely to approve FDI in multi-brand retail

The government is likely to approve 51 percent FDI in multi-brand retail on Thursday, a decision that will allow global mega chains like Walmart, Tesco and Carrefour to open outlets in India.
    
Opposing the move, Trinamool Conress MP and Railway Minister, Dinesh Trivedi has asked the government to call for an all party meeting before the cabinet meet on the issue.

Meanwhile, efforts are on to convince West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee to support FDI in multi-brand retail.
   
Commerce and Industry Minister Anand Sharma has spoken to Banerjee and "if needed, would meet her again," to remove her apprehensions on the issue, sources said.
   
Trinamool Congress is a key ally of the UPA government.
   
Banerjee, who is here since Tuesday night, had reportedly said her party would oppose the proposal for allowing foreign direct investment (FDI) in multi-brand retail in the Cabinet.
   
"Sharma will explain to her how the FDI would be beneficial for small farmers and try to remove whatever inhibitions she has on the issue," sources said.

Increasing the foreign investment (FDI) ceiling to 100 percent from the present 51 percent in single-brand retail is also on the agenda of the the Union Cabinet meeting, sources said.
    
Most of the ministries, including the finance and the textiles, are in favour of the industry ministry's proposal to open the politically-sensitive sector to foreign players and the Cabinet will take a final call, they said.
    
Earlier, a panel headed by Cabinet Secretary Ajit Kumar Seth had recommended 51 percent FDI in multi-brand retail with certain riders, like minimum investment of USD 100 million and local sourcing.
    
The decision on the issue is pending for over two-years as Opposition parties are against foreign investment in this sector. The USD 600 billion segment is dominated by small kirana (mom & pop) shops.
    
Opposition have expressed concerns that allowing majors global retailers would lead to unemployment among the unorganised sector.
    
The government had opened the single-brand retail for FDI way back in 2006 and ever since 60 foreign players have entered the country in joint venture with local firms.

Several global retailers are waiting in the wings to enter India's multi-brand retail segment.

Diamonds of Rs. 1 crore found in Tirupati hundi

World’s richest temple became richer after an unidentified devotee made an offering of 162 diamonds to Lord Venkateshwara.

The diamonds, methodically packed in a velvet bag, were found in a ‘hundi’ (donation box) in the temple.

As per reports, the diamonds are worth a little over Rs one crore. Interestingly, certificate of genuineness was also found along with the diamonds.

The Tirumala Tirupati Devasthanams (TTD) is widely recognised as the richest temple body in the world with annual earnings being to the tune of Rs 700 crore.