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Infosys Q2 net up, posts Rs 1,540-cr profit
ADA firm to pay market margin to RIL
New tax code by 2011: FM
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Merc eyes heavy duty truck segment
‘Domestic demand cushion against global shocks’
Federal Bank to acquire Catholic Syrian Bank
Rel Infra to pay levy to Reliance Inds
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Infosys Q2 net up, posts Rs 1,540-cr profit
Bangalore, October 9 The company reported 3.1 per cent rise in income at Rs 5,585 crore from software services, products and business process management for the quarter under review. The company, however, projected a fall in income for the December quarter. It sees the income falling to the level of Rs 5,429-Rs 5,476 crore, decline of 6.2-5.4 per cent Y-oY. Infosys, however, is bullish on income for the entire fiscal and projected 1.2-1.7 per cent growth at Rs 21,961-22,055 crore. “In the second quarter, the business climate improved,” Infosys CEO and managing director S Gopalkrishnan said. “The global currency continues to be extremely volatile, even though we have seen some stability in the rupee against the US dollar this quarter,” said company CFO V Balakrishnan. Infosys declared an interim dividend of Rs 10 per share which is 200 per cent on par value of Rs 5 per share (same as last year).The firm witnessed a 0.9 per cent growth in net profit in second quarter of FY10 over the first quarter of the same fiscal while it saw a 2.1 per cent growth in income. Adds 5,000 employees between 08-09
Mumbai: Notwithstanding the economic slump, Infosys has increased its headcount and has made a total addition of over 5,000 employees in the last 12-month period. The total employee strength of the group stood at 1,05,453 till the quarter ended September 30, where as in the corresponding period a year ago the figure stood at 1,00,306, Infosys said in a statement. During the quarter, there was a gross addition of 6,069 employees for Infosys and its subsidiaries and a net addition of 1,548 employees, even as the hiring trend across the board was on a downslide. —
PTI
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ADA firm to pay market margin to RIL
New Delhi, October 9 R-Infra on October 7 wrote to RIL saying it was instructing its "bank to effect full payment of the invoice (raised by RIL for supply of KG-D6 field gas to its Samalkot power plant), including the marketing margin element." The company, which had paid $0.135 per million British thermal unit in marketing cost to RIL for over four months without protest, had on September 15 written to the Mukesh Ambani-firm saying it will no longer pay the "unauthorised and illegal" levy. R-Infra defaulted on payment of Rs 12 lakh in marketing margin on the 0.56 mmscmd gas supplied to Samalot in the first half of September, leading to RIL sending a notice of suspension of supplies. “We request you to withdraw the suspension notice dated September 28 and confirm immediate resumption of the supply of gas upon completion of maintenance of power plant," R-Infra vice-president Kamal Kant wrote to RIL. On the same day, the Anil Ambani Group firm also wrote to ministries of power and petroleum informing of the decision and reiterating its position that the levy was "unauthorised and nothing but abuse of its (RIL's) monopolistic position." An ADAG group spokesperson did not immediately offer any comments on the issue. — PTI
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New tax code by 2011: FM
New Delhi, October 9 After an interaction with industry chambers here today, Finance Minister Pranab Mukherjee said: “The new Direct Taxes Code would have to be passed in the Parliament. It is to be effective from 2011." He said the Code would be implemented only after "a comprehensive review" of the proposals. Revenue Secretary PV Bhide said: “The draft would be tabled in the Parliament during the winter session or the following session in February”. The other DTC proposals, which would be scrutinised by the Finance Ministry, deal with capital gains tax on NRIs, double taxation avoidance agreements, taxation of foreign firms and charitable organisations, Mukherjee told the trade and industry representatives. The DTC proposed to bring all savings schemes under an EET (Exempt Exempt Tax) taxation system, which would require people to pay tax at the time of withdrawal of money. The DTC proposes to impose minimum alternate tax on the gross assets of a company instead of the gross profit. The proposal has not found favour with the industry. Mukherjee said the government would make sure that the expectations and aspirations of tax payers are met in the new tax system. “It has been the endeavour of the government to incorporate the best practices (in the DTC) prevailing across the globe and to use innovative methods for attaining equity - vertical and horizontal -, ensure growth with sustainability, create a stable fiscal eco-system and have well-regulated free markets,” he said. —
PTI
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Federal Bank to acquire Catholic Syrian Bank
Chandigarh, October 9 Talking to The Tribune here today, M Venugopalan, MD and CEO of Federal Bank, said financial diligence of the bank was being done by KPMG. Based on the report and subject to approvals by the boards of the two banks and the RBI, Catholic Syrian Bank will soon merge with Federal Bank, he said. Federal Bank, which has 645 branches across the country, posted a net profit of Rs 500 crore in 2008-09. Post merger, the bank will get another 353 branches of Catholic Syrian Bank, besides business worth Rs 10,000 crore. “This merger will also help us consolidate our position as one of the top banks in Kerala,” said Venugopalan. The CEO said this year the focus of the bank had been on expansion and making its presence felt across the country. “We had the RBI approval to open 70 new branches this year and have already opened 35 bank branches. We are now looking at expanding our branches in North and West India. In North India, we will be opening new branches in Patiala, Mohali and Mansa,” he said, adding that the bank already has 42 branches across Punjab, Haryana and Uttar Pradesh. Talking about the growth in business, Venugopalan said that the total business of the bank was around Rs 60,000 crore. “By the end of the year, we will increase the total business to Rs 75,000 crore and hope to take the total business to Rs 1,00,000 crore by March 2011,” he said. |
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Rel Infra to pay levy to Reliance Inds New Delhi, October 9 R-Infra on October 7 wrote to RIL saying it was instructing its “bank to effect full payment of the invoice (raised by RIL for supply of KG-D6 field gas to its Samalkot power plant), including the marketing margin element”. The company, which had paid $0.135 per million British thermal unit in marketing cost to RIL for over four months without protest, had on
September 15 written to the Mukesh Ambani-firm saying it will no longer pay the “unauthorised and
illegal” levy. R-Infra defaulted on payment of Rs 12 lakh in marketing margin on the 0.56 mmscmd gas supplied to Samalot in the first half of September, leading to RIL sending a notice of suspension of supplies. “We request you to withdraw the suspension notice dated September 28 and confirm immediate resumption of the supply of gas upon completion of maintenance of power plant,” R-Infra vice-president Kamal Kant wrote to RIL. On the same day, the Anil Ambani Group firm also wrote to ministries of power and petroleum informing of the decision and reiterating its position that the levy was “unauthorised and nothing but abuse of its
(RIL's) monopolistic position”. An ADAG group spokesperson did not immediately offer any
comments on the issue. — PTI
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BHEL to revamp offshore oil rigs biz
Gitanjali forays into
exclusive retail Fortis opens Rs 997-cr
rights issue Appointed
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