Profit Top 10: Sensex sees biggest rally in 2012; CBI probes bank loan frauds

• Sensex soars 433 points, biggest rally in 2012
• Rupee strongest in six sessions; Gold sets new record
• PM's meet could clear 3 airports, Mumbai-Ahmedabad bullet train
• Fraudulent bank loans hit Rs 6,000 cr in 2011, CBI probe on
• Air India roadmap includes hiring new pilots, more flights: Ajit Singh
• Carmakers say planned diesel tax will hurt industry
• Warren Buffett sees little chance of US recession
• Facebook to vanish in 2020, predicts an analyst
• After 70 years, Dengue vaccine in sight
• Why elections may not end Greece’s agony

1) Sensex soars 433 points, biggest rally in 2012

The BSE Sensex soared over 470 points and the Nifty index took out the 5,000 mark as Indian markets witnessed a dramatic rebound Wednesday. This was the biggest point gain for the Sensex since December 21, 2011. Global cues supported sentiments. European stocks opened in the green and gained strength. Markets in France and Britain traded 1-2 per cent higher. At 3.45 p.m., Spain's IBEX index traded 3 per cent higher. (Read More)

Also Read: 10 reasons why Sensex has gained over 400 points

2) Rupee strongest in six sessions; Gold sets new record

The rupee strengthened against the dollar on Wednesday, on the back of a mild recovery in risk demand that boosted Asian equities earlier in the day, and a strong showing by Indian equity markets. It closed at 55.36, the highest level in the last six trading sessions. The Indian currency had opened at 55.44/$ before hitting a day's high of 55.33 and held steady against the dollar in afternoon trade. (Read More)

Gold today hit a fresh all-time high by adding Rs 100 to Rs 30,400 per 10 grams on brisk buying by traders triggered by a firming global trend. The precious metal had hit an all-time high of Rs 30,300 on Saturday. Silver followed suit and shot up by Rs 1,200 to Rs 55,500 per kg on increased offtake by industrial units and coin makers. (Read More)

Also Read: Gold rally triggers scrap sales in India

3) PM's meet could clear 3 airports, Mumbai-Ahmedabad bullet train

As part of his agenda to fast-track infrastructure development, Prime Minister Manmohan Singh is meeting with Montek Singh Ahluwalia and six ministers who handle infrastructure related portfolios like power, coal, aviation, shipping and road transport.

Sources told NDTV Profit that the meeting will discuss a 60 km elevated rail project to be awarded by March 2013, and which will cost nearly Rs 20,000 crore. Additionally, contracts for five new stations will be awarded by March 2013.

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Meanwhile, the Cabinet is likely to take a decision on the pending Pension Bill at its meet on Thursday.

4) Fraudulent bank loans hit Rs 6,000 cr in 2011, CBI probe on

Indian banks are headed for more trouble after the bank fraud cell at the Central Bureau of Investigation registered cases worth Rs 6000 crore in calendar year 2011, sources told NDTV Profit. The Mumbai division of the unit alone registered cases involving Rs 2,000 crore.

Sources said most of these loans could turn into non-performing assets (NPAs), or bad loans. The numbers will hurt the balance sheets of Indian banks, most of whom are already struggling with rising NPAs. (Read More)

5) Air India roadmap includes hiring new pilots, more flights: Ajit Singh

Civil Aviation Minister Ajit Singh on Wednesday said that Air India will hire more pilots to make up for the current shortage due to a 30-day old strike by some pilots flying international routes. (Read More)

“We're making sure we have enough resources - pilots and engineers. If they want to come back, they are welcome. But no pre-conditions,” he said at a press conference on the issues facing national carrier Air India. He added that the terminated pilots will have to re-apply if they want to come back to Air India. Here are the highlights from the press conference.

Also Read: Air India to get three Boeing Dreamliners this month

6) Carmakers say planned diesel tax will hurt industry

Major car makers in India are fighting a government proposal to raise taxes on vehicles that run on heavily subsidised diesel, fearing it will hurt a fast-growing segment of the industry. Executives from leading carmakers met with Finance Ministry officials on Wednesday to discuss the issue. (Read More)

Meanwhile, Maruti Suzuki, India’s largest carmaker, has cut production of its petrol-run models by as much as 15 per cent because of weak demand for such vehicles, two parts suppliers to the auto maker said. (Read More)

Also Read: Audi launches Q3 in India at Rs 26.71 lakh | Pics

7) Warren Buffett sees little chance of US recession

Despite recent signs of weakness, the U.S. economy isn't likely to slip back into a recession, Warren Buffett said Tuesday. He also said both political parties deserve blame for the federal government's failure to reduce the deficit.

Speaking at the 25th anniversary dinner of the Economic Club of Washington, the billionaire investor said he sees the odds of a renewed recession as "very low." But he warned that things could change if the effects of Europe's financial crisis were to "spill over in a big way." (Read More)

Also Read: Wall Street braces for job cuts

8) Facebook to vanish in 2020, predicts an analyst

The world without Facebook sounds unbelievable, but after its sliding stocks a hedge fund manager has predicted that Facebook will "disappear" in five to eight years. According to Eric Jackson, the founder of Ironfire Capital, said, "In five to eight years they are going to disappear in the way that Yahoo has disappeared." (Read More)

Also Read: Nasdaq to make Facebook compensation announcement

Meanwhile, its shares dropped to an all-time low of $25.75 on Tuesday, more than 30 percent below their offering price as investor outrage - and lawsuits - have focused on "whisper" estimates of future results that underwriters shared only with some clients. The No. 1 social network has shed about $32 billion of its value since its haphazard May 18 IPO. (Read More)

9) After 70 years, Dengue vaccine in sight

The U.S. Army, which like its Japanese enemy lost thousands of men to the mosquito-borne disease dengue, the intensely painful "breakbone fever", in the 1940s, has piled resources into defeating the tropical killer. But it may be about to see the battle to develop the first vaccine won not in the United States but by French drug company Sanofi. (Read More)

Also Read: Disney's new diet for kids: No more junk food ads

10) Why elections may not end Greece’s agony

Greece's mainstream parties may defeat a radical leftist leader whose policies could force the country out of the euro, but victory in the election on June 17 is unlikely to be conclusive and another vote may be on the horizon.

Even if political party New Democracy, which is currently slightly ahead in opinion polls, can form a government with support from the socialists and perhaps others, it is thought likely to buckle under the weight of the enormous task ahead. (Read More)

Also Read: Europe crisis: Baby steps to EU bank union come too late