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Food inflation rises to 13.39 per cent
Microsoft launches online services in India
Sudha Murthy sells 20 lakh Infosys shares
Gas Row |
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Direct tax kitty grows 3.92 pc in Apr-Oct
PNB cuts interest rates on term deposits
US Fed leaves key rates unchanged
Exports from SEZs to grow by 15 pc
Essar Oil eyes Shell’s refineries
All unlisted
profit-making PSUs to be listed Mahindra Tractors’ sales up 21.38 pc
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Food inflation rises to 13.39 per cent
New Delhi, November 5 A new system for presenting inflation data of primary articles and fuel on weekly basis, which has been introduced from today, says prices of potato have doubled during the one-year period ending October 24, 2009. The prices of onion have also shot up by 50 per cent during the year, while pulses rose by 23.45 per cent. The inflation for primary articles, which also include non-food items, grew by 8.94 per cent. This captures the price situation in a better way than the annual inflation of all items, according to which the inflation was only 1.51 per cent for the week ended October 17. The other items, which recorded over 10 per cent increase in prices are rice (12.19 per cent) and milk (10.3 per cent). On the other hand, the non-food items, which include fibre, oil seeds and minerals, declined by 0.25 per cent. Primary inflation dips 0.1 pc
The government on Thursday introduced a new mechanism for monitoring the wholesale price movement under which the inflation for primary articles, including foodgrain, pulses and vegetables, declined 0.11 per cent during the week ending October 24. As per the new system, the weekly wholesale price index data would cover only primary articles and commodities in the broad group — fuel, power, light and lubricants, an official statement said here. Besides, the monthly price index covering all commodities for October would be released on November 12, in accordance with the decision taken by the Cabinet Committee of Economic Affairs, it said. As per the data, the inflation for fuel, power, light and lubricants remained unchanged at 6.2 per cent. The prices of primary articles rose by 8.94 per cent in a year with potatoes showing an increase of 100 per cent, onion by 50 per cent, pulses by 23 per cent, rice by 12 per cent and milk by 10 per cent. Among the food articles, prices of fruit and vegetables declined by 2 per cent, fish-marine by 3 per cent, barley and jowar by 1 per cent each during the week. However, prices of moong rose by 3 per cent, wheat and bajra by 2 per cent each.—
PTI |
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Microsoft launches online services in India
New Delhi, November 5 "Customers can access a suite of products directly from the company website and pay a use-based monthly subscription fee, and thus manage their IT needs efficiently and lower their capex. We estimate their IT spend can go down 10-50 per cent," Microsoft Business Group president Stephen Elop told reporters here. The company has also partnered with HCL Infosystems, Infosys and Wipro to market and offer value-added services around the Microsoft Online Services, he added. Companies are now looking at adopting technology like cloud computing as IT spends have been lowered in view of the slowdown. The model works well for SMBs which have smaller IT budgets. Cloud computing is Internet-based development technology services, where common business applications are accessed from a web browser, while the software and data are stored elsewhere on the servers. 'Online Services' includes Exchange Online (for e-mail), Office SharePoint Online (portals and collaboration), Office Live Meeting (for conferencing), Exchange Hosted Services and Office Communications Online (for instant messaging). It will be available in India from November 7. The entire suite would be offered at about $10 per user a month, while on a standalone basis, one would need to pay between $2-5 depending on the product.— PTI
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Sudha Murthy sells 20 lakh Infosys shares
Mumbai, November 5 According to a regulatory disclosure by Infosys to the stock exchanges, Sudha has sold 20 lakh shares owned by her for an aggregate value of Rs 430.37 crore through open market sale today on the Bombay Stock Exchange. "NR Narayana Murthy has informed the company that the proceeds of the sale will be used as a corpus for the Venture Capital Fund that is being set up in India by him to assist young entrepreneurs in their business, primarily in India," the disclosure said. Post sell-off, Sudha's holding will be reduced to 73.14 lakh shares, representing 1.27 per cent stake in the company. Last month, Murthy had also sold 0.13 per cent stake to raise Rs 174 crore to invest in the venture capital fund. According to the September quarter shareholding data availbale with stock exchanges, Sudha held 1.62 per cent in Infosys, while Murthy held 0.55 per cent stake before selling. —
PTI |
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Gas Row
New Delhi, November 5 RIL counsel Harish Salve, who began the arguments before a newly-constituted Bench after the recusal of Justice RV Raveendran, faced a sudden interruption in the post-lunch session when senior advocate Ram Jethmalani, appearing for Anil Ambani's RNRL, charged RIL with making arguments contrary to the ones put forth before the Bombay High Court. Jethmalani sought the permission of the Bench comprising Chief Justice KG Balakrishnan and Justices B Sudershan Reddy, who replaces Raveendran, and P Sathasivam to make submissions for 30 minutes everyday to counter RIL arguments by saying Salve was advancing the stand contrary to what the Mukesh Ambani firm had taken in the high court. However, his interruption was strongly objected to by Salve who said the RNRL advocate was not correct in his accusation and should stop making interruptions. Salve's counter further infuriated Jethmalani who said "I am interrupting by taking the leave (permission) of the court". The, Bench, however, did not concede to Jethmalani's request saying it has to hear the arguments by giving a chance to all parties. Jethmalani, who had earlied accused the government of being "hand in glove" with the Mukesh Ambani firm, said "RIL has got a new collaboration with the government". The Ambani brothers are locked in a high-voltage battle over the supply and price of the gas from Krishna Godavari basin.— PTI
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Direct tax kitty grows 3.92 pc in Apr-Oct
New Delhi, November 5 The net direct tax collection for the period are lower due to higher tax refunds given by the government which grew by about about 64 per cent to Rs 33,137 crore compared to last year, the Central Board of Direct Taxes said in a statement today. Corporate tax collection grew by 4.59 per cent to Rs 1,09,996 crore in April-October. In the personal income tax segment, the mop-up was up by only 2.87 per cent at Rs 63,195 crore in the period. The government in the Budget for 2009-10 has set a target of Rs 3.7 lakh crore as direct tax collection, which was later revised to Rs 4 lakh crore. The tax collections were marginally better at Rs 20,822 crore in October than Rs 19,808 crore in the same month last year, CBDT said. Personal income tax growth was 16.1 per cent at Rs 11,398 crore in October. Tax collections from corporate India recorded a negative growth of 4.72 per cent at Rs 9,424 crore in October against Rs 9,891 crore in the same month last fiscal. Besides, Securities Transaction Tax (STT), a tax imposed on purchase and sale of shares on the bourses, picked up at 3.79 per cent at Rs 3,865 crore during April-October against Rs 3,724 crore in the corresponding period last fiscal. — PTI
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PNB cuts interest rates on term deposits
New Delhi, November 5 "The reduction in deposit rates is a part of effective liquidity management in the current surplus scenario," PNB said, adding, "The rates would be revised whenever there is a change in the liquidity scenario in the system." With the revision in the rates, the maximum rate on retail term deposits would be 7 per cent in the buckets of 3 years and above. Senior citizens, the bank said, would continue to get an additional interest of 50 basis points. — PTI |
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US Fed leaves key rates unchanged
Washington, November 5 "(The Fed) continues to anticipate that economic conditions, including low rates of resource utilisation, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period," it said in a statement. The Federal Open Market Committee (FOMC), which decides on rates, struck a positive note, saying economic activity had continued to pick up in recent months and the housing sector is improving. The Fed's decision is in contrast to advanced economies like Australia and Israel that have raised their benchmark rates, indicating that revival is happening. After being in recession for more than a year, the US economy expanded 3.5 per cent in the third quarter, thanks to increased consumer and government spending. "Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit," the Fed said. Even though economic activity is likely to remain weak for some more time, the central bank expects policy actions would stabilise financial markets and institutions. "... fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilisation in a context of price stability," it noted. To bolster mortgage-backed securities and credit markets, the Fed would purchase a total of $1.25 trillion of mortgage-backed securities and about $175 billion of agency debt.— PTI
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Exports from SEZs to grow by 15 pc
New Delhi, November 5 "In 2009-10, exports from SEZ are likely to increase by about 15 per cent over the last fiscal...We are confident that exports growth will be there (despite the slowdown)," DK Mittal, Additional Secretary in Commerce Ministry, told reporters here. He said the shipments were at Rs 1,01,264 crore in the first half of the current fiscal itself. "We have robust growth from the SEZs," Mittal added. Exports from Reliance Industries' Jamnagar refinery is likely to contribute substantially to the total shipments this fiscal, another official said. As per the industry experts, gems and jewellery, textiles, engineering and telecommunications SEZs were the major contributors to the exports. As on September 30 this year, 578 SEZs have got formal approval, 147 'in-principle' approval, and 340 have been notified. Of this, 101 are functional. The total investments in SEZs were at Rs 1,29,985.52 crore till September. The total employment in the tax-free enclaves as on September 30, was 4,18,129 people. — PTI
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Essar Oil eyes Shell’s refineries
New Delhi, November 5 Under the pact, Shell during the validity of the agreement will talk only with Essar for sale of its Stanlow refinery in northwest England and the Heide and Hamburg units in Germany. "The exclusivity period is till November 30," he said. The Hamburg unit has a capacity to process 107,000 barrels per day of crude, while Heide has a capacity of 83,000 barrels a day. Stanlow, Britain’s second-largest refinery, can process 272,000 barrels a day. —
PTI |
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All unlisted
profit-making PSUs to be listed New Delhi, November 5 The government also decided that proceeds from the divestment of equity in state-run firms can be directly used for capital expenditure on social sector programmes, rather than routing it through the National Investment Fund. “All unlisted state-run firms making profits in the past three consecutive years will also be listed,” said Home Minister P Chidamabaram after the meeting of Cabinet Committee on Economic Affairs (CCEA). In view of the tight fiscal situation and the need to fund social security programmes, special dispension was being made for a three-year period (2009 to 2012), the minister said.
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Wipro acquires Yardley PNB’s doorstep service Vigilance awareness week GVK buys 12 pc in BIAL PNB extends festival bonanza Vedanta net down 46 pc
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