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The Mint Report for 03 January 2011

The Mint Report for 03 January 2011
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First Published: Mon, Jan 03 2011. 09 44 PM IST
Updated: Mon, Jan 03 2011. 09 44 PM IST
We begin with the Citibank fraud case. On Monday, the Gurgaon police arrested Sanjay Gupta, an associate vice-president at Hero Corporate Services. They say they also recovered Rs20 crore from his bank accounts. Gupta will remain in police custody for five days. Police claim he invested Rs250 crore from various Hero Group companies and promoters through Shivraj Puri of Citibank. Authorities have already accused Puri of diverting the money. Now they’re also accusing Gupta of receiving the Rs20 crore as a commission from Puri.
Last month authorities arrested Shivraj Puri and accused him of using a forged Sebi letter to lure Rs300 crore worth of investments from high net-worth individuals. He was initially believed to have acted alone.
And on the economy, India’s manufacturing sector has expanded at a slower pace in December. The HSBC Markit Purchasing Managers’ Index stood at 56.7 for the month. That’s compared to 58.4 in November. November’s figure was the highest since May of 2010. But December is also the 21st continuous month of expansion in manufacturing. Any figure above 50 on the PMI index indicates a gain.
And finally, Indian markets have begun the new year with a bang. The Sensex shot up 52 points to 20,561. And the Nifty climbed 23 to finish at 6,158.
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First Published: Mon, Jan 03 2011. 09 44 PM IST