 |
|
Birlasoft targets hospitals with eMedicare software
Jaswant favours abolishing FIPB
Despite Re appreciation, Indian export grows over 41 per cent
Forex makes a record
$ 3.37m leap |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
HDFC Bank net rises
31.4 per cent
GRAPHIC: WEEKLY
STOCK MOVEMENT
Aviation giants stay afloat with LCAs
Income from NSCs in minor’s name is tax-free
|
|
Birlasoft targets hospitals with eMedicare software New Delhi, April 17 Disclosing this Mr Atanu Banerji, CEO, Birlasoft, a company headquartered in New Jersey, said their core business was to develop software solutions for the GE group of companies across the world, besides working for other clients in Europe, USA, Australia and
India. “The healthcare sector is growing at a fast pace and we feel it would continue to grow in the next couple of years. So, Birlasoft will offer special products to the hospitals in India and other countries.” Born in Delhi in 1949, Mr Banerji did his graduation from IIT, Kharagpur. He admitted so far the company was offering healthcare solutions to a few institutions only, including a hospital in Uttaranchal and Birla hospital in Kolkata. “Currently, business from India constitutes just one per cent of our total $ 93 million business. But we hope to increase our business from here by opening two development centres by the end of this year, one in Noida by July end.” The company claims to have developed a hospital information system product “eMedicare,” indigenously. It will be aimed at small and medium-sized hospitals and health insurance sector. The software will enable various departments of the hospitals to become profit centres, speed up IT implementation process and enhance productivity. Started with just nine employees and a business volume of $ 0.3 million in 1992, the annual revenue of the Birlasoft has increased to $ 93 million during the financial year that ended March 31, 2003. The employee strength also increased to 1,800. At present, Mr Banerji said: “We are working for over 140 customers in 14 countries. In 2000, our employees strength was around 750 and the revenue $ 62 million from around 100 customers in 8 countries.” He said the company had registered a growth of 27 per cent this year in revenue and net profit as against the figures during the previous year. “Our business in Australia, which constitutes around 20 per cent of the total, has increased by more than 100 per cent over the previous year.” Birlasoft is a joint venture of CK Birla Group and GE Equities, which has diluted its stakes in the company from 20 to 13 per cent. Referring to the growing business from India, he noted: “Companies that once operated only in the local markets now sell worldwide and face competition in their own markets, globally. Offshore outsourcing is growing at 30 per cent per year and projected to grow to more than $ 200 billion by 2008.” Out of nearly 2,000 employees of the company, more than two-thirds are in India. This year, Birlasoft is poised to break $-100 million mark. To improve its customer care services, the company has set up centres of excellence in several technologies. Recently, Nasscom ranked Birlasoft Ltd. at number 15 in its list of top 20 Indian software exporters as a result of its export earning of $ 73.4 million. It had recognised the company was increasing its presence in the software sector fast by attracting the best talent in the market. Asked about its acquisition plans, Mr Banerji said: “We have evaluated a couple of companies for acquisition but nothing has been finalised so far.” Mr Banerji claimed that the company would invest around $ 10 million this year to set up a development centre and for its digitisation process. Asked if the company had plans to come up with any initial public offer (IPO) issue, he said: “At present we have no plans to approach the market. Funds for the investment will be obtained from internal accruals and other sources. The IPO can be launched to achieve a specific strategic objective in future.”
|
|
Jaswant favours abolishing FIPB
New Delhi, April 17 “It is an administrative decision which will require the approval of the Cabinet,” Mr Singh told CNBC in an interview. Mr Singh noted that FIPB does not come in the way of approving foreign investment proposals and in every meeting of the Board just one or two proposals are referred back. On a question relating to the Finance Ministry describing as an achievement the $ 4 billion of FDI received this year, Mr Singh said the country needed much more FDI given its size and potential than what it has been getting. On lowering government equity in public sector banks to 33 per cent, Mr Singh said while his party favoured such a move, the Congress, which was the main opposition party, did not want the PSU banks to dilute this equity. “I respect this view of the opposition even though I do not agree with it.” He said democracy was not about tyranny or autocracy but about debate. “But the debate must end somewhere,” he remarked. A reference was made to a DAVP advertisement, which stated while there were no Internet connections in the first 50 years of Independence, lakhs such connections were given in the last two years. The Internet was never in vogue in the first 50 years since Independence. Mr Singh quipped “such is the nature of politics”. When it was pointed out that the NDA agenda had promised announcing an open skies policy in a month if it assumes power, Mr Singh said such was the intent but the proposal would have to go through Parliamentary approvals. When the government was accused of poor planning in recently offloading its equity in six PSUs, Mr Singh denied this and said the divesting of the equity and the government being able to garner such large amounts only showed the depth of the share markets. He also said the Finance Ministry was fully with the Disinvestment ministry on the timing and other aspects of offloading. Mr Singh parried a question on return of government equity in PSU banks at a premium. When asked to comment on the BJP’s Vision document stating that the government would favour a strong rupee while earlier it had followed a policy of rupee being market determined, Mr Singh said this implied that the RBI would intervene to prevent excessive volatility of the currency. —
UNI
|
|
Despite Re appreciation, Indian export New Delhi, April 17 The growth in exports is significant in the context of an appreciating rupee vis-à-vis dollar in recent weeks. Exports during March 2004 were valued at $ 7,308.55 million, which is higher by 41.88 per cent than the level of $ 5,151.37 million during the same month last year. This is over and above the 24.4 per cent export growth in March 2003 as compared to March 2002. In rupee terms, exports in March 2004 was valued at Rs 32,901.57 crore, which is 34.07 per cent higher than the exports during March 2003, official figures released by the government said. Exports in the last fiscal year (April to March 2003-04) was valued at $ 61,845.10 million, which is 17.26 per cent higher than $ 52,741.99 million recorded during April to March 2002-03. This is over and above 20.34 per cent export growth in April to March 2002-03 as compared to the previous fiscal. In rupee terms, exports during the last fiscal year was valued at Rs 2,83,604.52 crore, which is 11.16 per cent higher than the value of exports during April to March 2002-03. India’s imports during April-March 2003-04 are valued at $ 75,209.06 million representing an increase of 24.96 per cent over the level of imports valued at $ 60,188.53 million during April to March 2002-03. Oil imports during April to March 2003-04 was valued at $ 20170.25 million, which is 14.29 per cent higher than the imports valued at $ 17,648.12 million in the corresponding period of the previous year. Non-oil imports during April to March 2003-04 was estimated at 55,038.81 million, which is 29.38 per cent higher than the level of such imports during April to March 2002-03. Imports during March 2003-04 was valued at $ 6,927.58 million representing an increase of 17.61 per cent higher as compared to corresponding month of the previous fiscal year. The trade deficit for April to March 2003-04 is estimated at $ 13,363.96 million, which is higher than the level of $ 7,446.54 million during April-March 2002-03.
|
|
Forex makes a record
$ 3.37m leap
Mumbai, April 17 The country’s Forex reserves rose from $ 1,12,680 million to a new peak of $ 1,16,060 million in the period under review, according to Reserve Bank of India’s weekly statistical supplement issued here today. Foreign currency assets also surged ahead by $ 3,385 million at $ 1,10,560 million, it added. Revaluation of the US dollar vis-à-vis other currencies and export remittances were some of other reasons for the massive increase in the Forex reserves. Gold reserves and special drawing rights remained static at $ 4,198 million and $ 2 million, respectively. India’s Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) declined by $ 15 million to $ 1,300 million, the central bank added. Loans and advances to Central government continued to have a nil balance while that to state governments increased by Rs 1,468 crore to Rs 4,536 crore, the RBI said. —
PTI
|
|
HDFC Bank net rises
31.4 per cent
Mumbai, April 17 The board of directors of the private sector bank proposed a dividend of Rs 3.5 per share subject to necessary approvals, the bank said in a release here. Total income for period under review rose to Rs 3,028.96 crore compared to Rs 2,479.16 crore in the previous fiscal. During the fourth quarter ended March, the net profit rose to Rs 154.72 crore compared to Rs 116.62 crore on a total income of Rs 806.31 crore as against Rs 674.85 crore, it said. Total deposits for 2003-04 increased by 35.9 per cent to Rs 30,409 crore (Rs 22,376 crore in FY-03). Total advances grew by 51 per cent to Rs 17,745 crore driven by a growth of 112.9 per cent in total retail loans at Rs 7,325 crores and an increase of 25.7 per cent in wholesale advances to Rs 10,819 crores. Capital adequacy ratio stood at 11.7 per cent while the portfolio |
|
The airline trade is a complex and rough industry in which only the fittest can survive. The aviation bigwigs are now engaged in promoting low-cost airlines (LCAs) to stay afloat. Also called no-frills airline, there is a concerted effort to launch these airlines in the Asia-Pacific region rendering it possible for the middle and lower-middle class to travel. The survey shows the LCAs, if effectively launched, can reduce the fare to a great extent bringing them at par with the train fare. These no-frills airlines will not only boost the aviation set-up, but will also promote tourism, which has been languishing for several unforeseen pitfalls and hiccups. There is every possibility of promoting regional economic integration, through these airlines. The concept of no-frills airlines has spread worldwide. Its growth is rapid. Air Deccan’s success in the southern part of this country has led promoters to widen its wings. These low-cost airlines have found their bearings and even the affluent are opting for them. Money saved on transport can be profitably utilised for accommodation, shopping and sight-seeing. Leisure travel is the key factor in modern aviation world. Active thinking on cost-cutting and down-sizing is going on in the corporate world. The trend shows that no-frills airlines have come to stay and LCAs impact on the aviation sector is being felt worldwide. TAAI
The southern region chapter of the Travel Agents Association of India (TAAI) is up in arms against promoting sales to Malaysia as demand of bank guarantee of Rs 3.5 lakh is considered totally unwarranted. “This is an anti-tourism demand and it will be counter-productive”, emphasised TAAI office-bearers. The unanimous feeling of 150 TAAI members (Southern) was that it’s a ‘retrograde step’. Immigration
Following widespread criticism, there is a positive awakening in the immigration sector in which many changes have been brought about to “win tourists and influence people”. According to a survey, women officers, handling counters of incoming and outgoing passengers, are not only courteous but are quick in their work. The immigration authorities lament paucity of counters. “We have staff but cannot deploy them as there are insufficient counters,” said a senior officer, adding: “We are in the process of bringing new-look to the immigration unit at the Indira Gandhi International Airport.” |
Income from NSCs in minor’s name is tax-free Q : I received a notice from income tax officer, Jodhpur saying that interest incurred on NSC purchased in name of minors (income added in my total income) - does not qualify for deduction U/S 88 of IT Act 1961 I have added NSC interest income of NSC of minors in my total Income and claim deduction U/S 88 I showed your book purchased by me "How to convert Tax Payer into a Tax saver A.Y. 2003-2004. Page no 195 - NSC Etcetera in which it is clearly written that since interest is clubbed in your hands, you are entitled to claim rebate U/S 88 for same against your own tax liability! But income Tax Officer is not agreeing. He does not believe books. He is asking to be written in Income Tax Act or any circular from CBDT — Dr M.L. Jain Jodhpur Ans : It is strange to realise that the ITO is ignorant in this matter and needs guidance. Perhaps, he is trying to harass you. You may take recourse to the case law, CIT v. P.N. Ramaswamy [1984] 146 ITR 627 (Mad.). The learned judge observed, "If clubbing provision of section 64 is attracted, income has to be clubbed before any benefit under section 80L is claimed". The same decision is reinforced by CIT v Chelliah (1984) 147ITR590 (Mad). What is applicable for one deduction should be applicable for others too. There is no separate case law to deal with Sec. 88 and NSCs. If this is not acceptable to him, you should go in for an appeal. Tax queries Q : I am a Government Employee and my salary in the F.Y 2003-04 works out to be 154000 without standard deduction and Rs 1,24,000 after the standard deduction of Rs 30,000, besides above. I earned Rs 11200 as interest on Bank FD’s/saving account and infrastructure (Tax Savings) Bonds of ICICI and IDBI plus Rs 1,98,000 dividend from Units of Mutual funds and Equity Companies, which is said to be totally tax free in the hands of investors. (I don’t know, under which section) I have contributed Rs 63000 in GPF and Rs 35000 in IDBI infrastructure (Tax saving)bonds that works out to be total 98000, please guide me, that shall I get rebate, u/s 88, on this Rs 98000/- @20 pc or @15 pc as all the facts and figures given above? — Sunil Gupta Ans: The rebate u/s 88 will be @15 pc since your gross total income is over Rs. 1,50,000. Capital gains tax Q : I live in a residential house which consists of a ground floor, first floor and a barsati on the second floor. The ground floor was owned by one sister. The first floor and barsati is currently owned by the second sister. I bought the ground floor of the house from one sister six years back for my personal residence. I do not have any other residential house. I would like to buy the second floor and the barsati from the second sister for my residential purpose from the full sale proceeds of my office in a commercial block. U/S 23 (2) I. Tax is chargeable on a "notional" basis of rent if a second residential house is purchased. Since I am only buying the upper part of the same house in which I am already living in, I presume this would not attract the provisions of sec. 23 (2). — G. M. Primlani Ans : The main question to be answered is whether these two floors are registered in the municipal records as two separate blocks or not. If these are not separate blocks, you have no problem. Even if they are, you can claim that it is one block but you may have to fight it out. Contact author at anshanbhag@yahoo.com
|
bb
DMW J&K Bank Hutch Kinetic offer Bata India |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | National Capital | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
New Delhi, April 17
Videos
