Business

The CBI, in its chargesheet, had alleged that AAA consultancy firm used Swan Telecom as a front company to get illegal licence.

Shares of a host of mid-cap and small-cap companies crashed amid panic selling on speculations of sale of pledged shares.

Mittal's salary in 2011 was $1.739 million, while his short-term performance related bonus was $2.074 million.

The CBI has alleged that these companies have caused a loss of nearly Rs 48 crore to the govt since 2004 by illegally providing international long distance services.

Forex dealers said euro's gains against the American currency in the overseas market also supported the rupee.

The airline is likely to start operations by the fourth quarter of 2013 with about $50 million initial investment.

The company said it is suspending deliveries of all products made using beef from a German subcontractor.

Chidambaram has already slashed actual public expenditure in the current fiscal year that ends in March by some 9 per cent from the original target.

During the April-Jan period of 2012-13, the country's overseas shipments shrunk by 4.86 per cent to $239.6 billion.

Forex dealers said dollar selling by exporters and a higher opening in the equity market mainly boosted the rupee sentiment.

Reliance Communications' infrastructure covers 24,000 towns and 600,000 villages in India.

At 0333 GMT, the rupee was at 52.98/99 to the dollar after rising to 52.95, its highest since October 18.

The buyout consortium is negotiating taking Dell private at $13 to $14 per share, two of the people said.

The BSE Sensex closed down 0.57 per cent, while the 50-share Nifty ended down 0.59 per cent.

The government plans to reduce its fiscal deficit to 5.3 per cent of GDP in the current financial year from 5.8 per cent in 2011/12.

The Reserve Bank cut lending rate and cash reserve ratio (CRR) by 0.25 per cent each on Tuesday to perk up economic growth.