The Mint Report 15 December 2010

The Mint Report 15 December 2010

Law enforcement officials have finally gone after corporate lobbyist Nira Radia. On Wednesday, investigators from the CBI searched the premises of her company Vaishnavi Corporate Communications. They also raided Radia’s home and the properties of Pradip Baijal, a former chairman of telecom regulator, Trai.

Loading video...

A CBI spokesperson said Wednesday’s searches were a continuation of raids last week. On 8 December, the CBI searched the homes of former telecom minister A. Raja, who’s at the heart of the second generation spectrum scandal. The Congress party meanwhile asserted Wednesday’s raids would not hurt ties with Raja’s party, the DMK.

And in other news, China’s second highest leader has insisted India and China are not competitors. At a speech in Delhi on Wednesday, prime minister Wen Jiabao said there was enough space for both countries to grow. He added that China took the trade imbalance between the two countries seriously and that it would provide greater market access for some Indian companies.

And government-run manganese company MOIL has made a lucrative debut on the markets. Its stocks shot up 24.40% on the BSE to finish at 466.50. During early trade it had climbed nearly 60 percent, but falling markets ate into those gains. MOIL is India’s biggest manganese miner. Towards the end of November, two state governments sold a total of 20% of the firm on the markets for 1,240 crore.

And here’s how those falling bourses closed Wednesday’s trade. The Sensex ended 151 points lower at 19,648. And the Nifty declined 52 to wind up at 5,892.