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Downside breakout could test 4,800
The market crashed in the last two sessions with the Nifty bouncing from 4,955 level to close at 5,036 points for a week-on-week loss of 4.12 per cent. The Sensex was down 3.96 per cent, closing at 16,859 points. The Defty closed 4.93 per cent down as the rupee slid. Declines far outnumbered advances and volumes increased as prices fell. The broadbased BSE 500 dropped 4.3 per cent while the Midcap index dropped 5.4 per cent and the Junior was down 3.8 per cent. Domestic institutional investors were net buyers but FIIs sold heavily.

Govt approves road projects worth Rs 6,152 cr in five states
The government today approved road projects worth Rs 6,152 crore in five states for upgrading nearly 562 km of four-lane highways into six lanes.

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Nabard okays Rs 2.14 cr loan for drinking water
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
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Biofuel role limited, says Ramesh

Biofuels have a limited role in India due to land limitation and food security issues, Environment Minister Jairam Ramesh said today, a view which differs from the official line pushing for a 20 per cent blend of such fuel in gasoline and diesel by 2017. - "Fuel-efficiency standards for auto sector by 2011" - Priceless wisdom - Ramesh differs with official line, says biofuel role limited - Fuel-efficiency norms for auto by 2011: Ramesh - Jyoti Parikh & Kirit Parikh: Deal-making at Copenhagen">Jyoti Parikh & Kirit Parikh: Deal-making at Copenhagen - Govt to push Bill for setting up green body in current session Pitching for hybrids and CNG-run vehicles, Ramesh said, “Biofuel does not has a relevance role in Indian context in view of land limitation and food security.” He was speaking at the inaugural session of the two-day 4th Environment Friendly Vehicles" conference here. In October 2007, under pressure from the world to cut emissions of the greenhouse gasses produced by fossil fuel combustion, the government had mandated that all diesel should contain 5 per cent biofuel by volume. Biofuels are produced from crops and burn cleaner than fossil fuels. Biodiesels, a subset of biofuels, are produced from vegetable or animal oil and there is a view that biofuel target is a reason for food prices shooting up lately. Ramesh said India could not follow Brazil, which is a world leader in the use of ethanol as transportation fuel. “We have land limitation and huge population pressure. We have to have food security,” he maintained and added that though “it (bio-fuel) may play a small role but a big role has to be from the hybrids, auto-electric and of course the CNG type vehicles.” Delhi has already taken a lead by converting its public transport on green or CNG fuel and more states are following the same route under the JNNURM scheme, Ramesh pointed out. Suggesting creation of a scheme to stimulate enough demand for environment-friendly vehicles, he said government procurement of such vehicles can help increase the demand and cut costs.


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