The CBI sought four more days of custody to interrogate Mr Raja saying that he was "not divulging any useful and crucial information" about his role in 2G spectrum scam
New Delhi: Former telecom minister A Raja was today remanded to two more days of Central Bureau of Investigation (CBI) custody by a court here for further interrogation after the agency submitted that he was not divulging any "useful information" regarding his role in the second generation (2G) scam, reports PTI.
Special judge OP Saini also sent former telecom secretary Siddartha Behura and Mr Raja's former personal secretary RK Chandolia to Tihar Jail under judicial custody as the agency said it no longer needs them in its custody.
Mr Raja will remain in CBI custody till 10th February.
The trio, arrested by the agency on 2nd February for their alleged role in the 2G spectrum allocation scam, involving a loss of Rs22,000 crore to the public exchequer as per the CVC estimates, were produced before the special judge following expiry of their five-day custody with the CBI.
After producing the trio before the court, the CBI sought four more days of custody to interrogate Mr Raja saying that he was "not divulging any useful and crucial information" about his role in 2G spectrum scam.
"Some more documents are to be recovered and accused A Raja is to be confronted with them," senior CBI prosecutor Mr Akhilesh submitted.
Refuting allegations by Mr Raja's counsel Ramesh Gupta that the agency had not disclosed to the court the outcome of the probe conducted so far in this case, Mr Akhilesh said, "The case diary has already been submitted to the court. Each and everything cannot be disclosed in the open courtroom."
Opposing CBI's demand for four more days of Mr Raja's custody, Mr Gupta said, "I am not having the custody of any document, which the CBI wants to recover from me."
"Whatever documents were there, they have already been seized by them in 2009 itself," he added.
About Mr Behura and Mr Chandolia, the CBI counsel said the agency no longer needs their custody. "The two can be sent to Tihar Jail under judicial custody," he said.
The market has turned extremely weak and may go down by 5% subject to weak rallies
The market opened with modest gains on support from metal, banking, IT and power stocks. It soon pared some of the initial gains as profit-booking set in, leading the indices into the red in mid-morning trade. The market traded in a narrow range in noon trade.
Selling pressure resulted in a slow southward journey and the market finishing near the day's low. The broader markets underperformed the benchmarks in today's session.
As suggested on Friday, a new downturn has started. The Sensex and Nifty opened higher at 18,142 and 5,432 respectively. This was the day's high and soon the market slipped below yesterday's closing. Thereafter it fell below yesterday's low and also below Friday's low. After 2.30PM, the market began to weaken suddenly and the Sensex and Nifty hit a new low point since July 2010-hitting 17,742 and 5,303 respectively during the day.
The Sensex declined 261 points to 17,776 and the Nifty fell 83 points at 5,313. The advance-decline ratio on the National Stock Exchange (NSE) was a dismal 229:1476.
The market breadth on the Sensex and the Nifty was in favour of the losers today. The Sensex closed with 25 stocks in the red and five in the green, while the Nifty had 43 decliners against seven gainers.
Among the broader markets, the BSE Mid-cap index tumbled 2.42% and the BSE Small-cap index plunged 3.23%.
All sectoral gauges closed in the red today. BSE Consumer Durables (down 3.81%), BSE Realty (down 3.08%), BSE Auto (down 2.70%), BSE Bankex (down 2.28%) and BSE Oil & Gas (down 2.06%) were the top losers.
Bajaj Auto (up 1.69%), Tata Power (up 1.47%) and Cipla (up 0.83%) were the noteworthy gainers in the Sensex list. Mahindra & Mahindra (M&M) (down 5.97%), ONGC (down 5.58%) and Jaiprakash Associates (down 5.21%) were the major losers.
Ahead of the budget, finance minister Pranab Mukherjee today said that exporters will have to 'fight' their own battle and stop expecting fiscal incentives from the government.
Unveiling a report that listed measures for cutting export transaction costs, the finance minister said the country's exporters must "innovate and become more productive."
Most markets in Asia settled lower as concerns about possible harsher policy decisions by nations in the region weighed on investors. The Bank of Korea is expected to decide on further rate hikes in its meeting on Friday.
Besides, as mentioned earlier, the forthcoming Union Budget (which will be announced on 28th February) is expected to be a harsh one.
Coming back to Asia, the Hang Seng fell by 0.29%, the Jakarta Composite declined 0.80%, the Straits Times lost 0.21%, the Seoul Composite shaved off 0.58% from its yesterday's close and the Taiwan Weighted ended 0.37% lower.
On the other hand, the KLSE Composite gained 0.26% and the Nikkei 225 rose 0.41%.
Back home, institutional investors-both foreign and domestic-were net sellers of stocks on Monday. Foreign institutional investors offloaded stocks worth Rs65.47 crore and domestic institutional investors sold equities worth Rs12.40 crore.
Hindustan Construction Company (down 3.48%) has informed the BSE that the company has received a Letter of Award from Kanti Bijlee Utpadan Nigam for construction of main plant, CW, offsite civil works and chimney and chimney elevator package for the Muzaffarpur Thermal Power Project, Stage-II (2x195MW) in Bihar.
The value of the contract is Rs232.07 crore. The project is expected to be completed in 34 months from the date of issue of the order.
India's largest tractor & sports utility maker, M&M (down 5.97%) on Monday announced its entry into the construction equipment business with the launch of the first indigenously developed backhoe loader, the 'Mahindra EarthMaster'.
The company has invested Rs300 crore in manufacturing and product development and will manufacture 200 units per month at its Chakan plant near Pune, M&M's president, Automotive and Farm Equipment Sectors, Pawan Goenka said, adding that the capacity will increase to 300 units per month next year.
India's largest private sector bank, ICICI Bank (down 2.98%), has joined hands with Aircel to drive financial inclusion in the country. Under the deal, the duo will offer various financial products including savings accounts, prepaid instruments and credit products.
The partnership is expected to bring the unbanked and under-banked population into the organised financial services framework and further assist in electronic payments market in India. ICICI Bank will leverage the distribution strength of Aircel.
Bharti AXA Life Insurance has launched its Bright Stars Edge and True Wealth. The period from January to March is the season for tax savings, and hence the rush of fresh ULIP offerings
Bharti AXA has launched its new Unit-linked Insurance Plan (ULIP) with new names, but carrying the same old charges. The 'fresh' offering has no new functionality.
There is no single premium option in these ULIPs. The charges of most of these new ULIPs are more than old ULIPs, when compared for 5 years or more; these ULIPs fall under the same category.
Bright Stars Edge offers the double benefit of sum assured and fund value release, should something unfortunate happen to you. But this results in increased mortality charges that are ultimately paid by the policyholder.
It offers several investment options with different mix of debt and equity. The policyholder can have 12 free switches each year. The charges are in-line with other new ULIPs offered post 1 September 2010 when compared for those ULIPs with 5-year duration, and on the higher side for duration of 10 years and beyond.
The True Wealth plan offer guarantees you the highest daily Net Asset Value (NAV) for the first 7 years on maturity with a minimum NAV guarantee of Rs12.
The policy duration is 10 years, but has limited premium payment term of 5 years, that allows funds to grow for 10 years after a minimum of 5 years of premium paid.
The highest NAV is not applicable in the event of the policyholder's demise before policy term or surrender of policy. There is only one investment option that has flexibility for the insurer to have equity from 0% to 100% and debt from 0% to 100%.
This is a typical highest NAV plan, wherein policyholders will not get great returns. It is for the conservative risk-averse investor. There will be some exposure to equity in the beginning of the policy term, but it will then be moved to debt.
The NAV guarantee of Rs12 is nothing spectacular. Even if we assume a starting NAV of Rs10, it is just 20% in 10 years. The charges are in-line with other new ULIPs offered post 1 September 2010 when compared for those with 10 years' duration.