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Food inflation eases 3rd week in a row
HP Industrialists upset over slow clearance
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Videocon net up 7.1% to Rs 160 crore
BSNL lauches 3G services in Kangra
IDBI Bank raises $125 million
Direct tax receipts over Rs 2 lakh crore
‘Ease of doing biz improving’
Graphic: Month-wise Export-Import Growth Rates
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Food inflation eases 3rd week in a row
New Delhi, November 4 The food price index in the year to October 23 rose 12.85 per cent, compared with 13.75 per cent in the previous week, as the prices of vegetables and pulses fell. Fuel inflation for the same period was at 10.67 per cent, slowing from 11.25 per cent the prior week. The primary articles price index was up 15.43 percent, compared with an annual rise of 16.62 per cent a week earlier. Food makes up a little over 14 per cent of the wholesale price index (WPI) while "Food inflation is expected to come down to single digits in the next three months with improvement in supplies of foodgrains and vegetables," said Basanta Pradhan, an economist at Institute of Economic Growth, a Delhi-based think-tank. Higher food prices pushed up headline inflation to 8.62 percent in September from 8.5 percent a month ago, putting at risk the central bank's aim of bring it down to 5.5 percent by March. The Reserve Bank of India (RBI) raised its lending and borrowing rates for the sixth time this year on Tuesday by 25 basis points each to tame inflation. Analysts said although monetary tools are largely ineffective in controlling food inflation, high food prices tend to stoke wider inflation. "I do not expect much impact of the RBI's rate hike on food inflation, while it will tamper inflationary expectations," Pradhan said. Normal monsoon rains were expected to bring down food prices in a country where about 40 percent of the 1.2 billion population lives on less than $1.25 a day, but price indicators have belied all such optimism so far. Policymakers fear food inflation, long seen to be a supply-side problem, is turning into a demand-driven problem with spurt in demand for food items due to rising income levels in an economy growing at 8.5 percent. The farm ministry expects a 10 per cent rise in summer grains output and a 17 per cent increase in cane output that are likely to ease supply side pressures on food prices. High food food prices are also seen to be hampering the ruling Congress party's intention to grow its political base. It faces elections in key states this year and next. Sonia Gandhi, the country's most powerful politician and head of the Congress party, on Tuesday asked her party's government to take more steps to contain prices. |
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HP Industrialists upset over slow clearance
Dharamsala, November 4 The association alleges that after the lapse of the industrial package incentives, departments like industry, pollution control board, electricity board, excise and taxation department and labour have tightened their noose on industrialists. The system for associating industry with major industry-related decisions has been discontinued. Unilateral imposition of entry tax in the state was one such decision, where the industry was not taken into confidence. They also alleged that single window clearance system was implemented initially for new units. However, now even small and petty clearances of existing units that can be dealt at a local was being directed through single window clearance causing unnecessary delays. Industrial associations have rued the decision of state government against allowing expansion of existing steel units. Industrialists who have invested in steel units require continuous upgrade in technology to compete with other states. Industries director Onkar Sharma denied that there any delay in clearance of files by the industry department. He did admit that a meeting of the single window committee was held yesterday after three months, but added that all the pending cases have been cleared in meeting. He claimed that even after the expiry of industrial package, investment was coming. In yesterday’s meeting many big industrial proposals were cleared including about Rs 500 crore textile units in Gagret area of Una district On steel units, Sharma said the government had kept them in the negative list due to high consumption of power by these units and pollution. The proposals for steel units or their expansion are being put on hold, he said. Omkar Sharma added that all concerned department officials are present in the single window meeting and so industrialists get instant clearance.
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Videocon net up 7.1% to Rs 160 crore
New Delhi, November 4 During the quarter, the company's income from operations stood at Rs 2,985.46 crore, a 13.89-per cent increase from Rs 2,621.24 crore recorded in the corresponding period last fiscal. The company also said that its Board of Directors have formed a committee for re-organising and segregating its different businesses. "The re-organisation committee is required to submit updates with the board of directors from time to time. Further, once the evaluation of the various option is complete, the committee is required to submit its recommendations to the Board of Directors with necessary justifications thereof," the filing said. Jubilant FoodWorks Q2 net up two fold
Jubilant FoodWorks Ltd, which operates fast food chain Domino's Pizza in India, on Thursday posted an over two-fold jump in its net profit to Rs 18.43 crore for the quarter ended September 30, over the same period last fiscal. The company, which had a net profit of Rs 7.77 crore in the quarter ended September 30, 2009, attributed the robust growth to addition of new stores and healthy same store sales growth during the period. “Our growth in this quarter is due to addition of new stores, good same store sales and expansion of our product portfolio during the period," Jubilant FoodWorks Ltd
(JFL) CEO Ajay Kaul told reporters in a conference call. The company said it has opened 18 outlets across the country and has registered a same store revenue growth of 43.8 per cent.
— Agencies |
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BSNL lauches 3G services in Kangra
Kangra, November 4 He said that 5 EVDO BTSs had been installed at Dalhousie, Kangra, Surani, Mehmoor and Bhuana for enhanced data service on WLL. He disclosed that Wimax services had been started recently at Kunjar Mahadev, Bharmour and Holi in its first phase to provide Broad Band services to Lokmitra Kendra sponsored by DIT. He said that in current financial year 43 new stations had been planed for the Wimax service. He said that under STV 175 plan unlimited calls to BSNL mobile in home would be free of cost. The network would be available in the entire state and even in the remotest areas of Chota Banga, Tissa, Bharmour, Lahul Sipiti, Billing, Chamba, Jai Singhpur and other far flung and Tribal areas of the state. — TNS
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Mumbai, November 4 “As part of our USD 1.5-billion medium term note (MTN) programme for this fiscal, we have raised $125 million through a three-year bond issue. We mobilised this fund on November 1 in Singapore. With this, so far we have issued bonds worth $475 million this fiscal,” IDBI Bank CFO P Sitaram said. He added the issue had an overwhelming response, as more than a dozen foreign bankers were keen to participate. Some leading bankers who participated in the issue were BNP Paribas, RBS, StanChart, United Overseas Bank of Singapore and BoT Mitsubishi among others, Sitaram said. The bonds, listed on the Singapore bourse, have a 3-year maturity and carry a coupon of Libor plus 185 basis points. — PTI
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Direct tax receipts over Rs 2 lakh crore
New Delhi, November 4 "Net direct tax collections in the first seven months of the current fiscal crossed the mark of Rs 2 trillion and stood at Rs 2,04,351 crore as on October 31, 2010 (April-October, 2010)," an official statement said. During the April-October period of 2009, net direct tax collection stood at Rs 1,73,447 crore, the statement added. The growth in direct tax collection could be mainly attributed to the strong economic growth of the country. Indian economy is likely to grow by 8.5 per cent in the current fiscal after registering a growth of 7.4 per cent in the last fiscal. In the direct tax category, growth in corporate income tax was 22.05 per cent. The collections from corporate tax stood at Rs 1,34,251 crore as on October 31, 2010 as against Rs 1,09,996 crore in the same period during the last fiscal.
— PTI |
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Washington, November 4 ”Since 2005, India has implemented 18 business regulation reforms in seven areas covered by doing business, creating more opportunities for local firms," the IFC said. In its report 'Technology makes compliance easier, less costly, and more transparent', the IFC said many of these reforms focused on technology-implementing electronic business registration, electronic filing for taxes, an electronic collateral registry, and online submission of customs forms and payments. — PTI
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Sept consumer price index up 9.82% BSNL offers free SIM Corporation Bank raises base rate Jindal Poly’s investment New chief of RCF |
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New Delhi, November 4
