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Stock market tanks 0.5% on gloomy industrial output
DTC panel defers report; to meet Feb 17
MCX to float IPO by monthend
ED forex violation notice to Google
Rate of denial of US work visas to Indians increasing: Study
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Vodafone India names Max founder Analjit Singh as non-exec chairman
Flipkart acquires Letsbuy for $25 m
in cash-equity deal
Short-term bank FDs drawing investors
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Stock market tanks 0.5% on gloomy industrial output
New Delhi/Mumbai, Feb 10
Factory output growth, as measured by the Index of Industrial Production (IIP), was at 8.1% in December 2010. Output of the manufacturing sector, which constitutes over 75% of the index, rose at a lower rate of 1.8% in December, compared to a growth of 8.7% in the same month of 2010, according to official data released Friday. According to Crisil Research, market volatility has been a key feature of the IIP data this fiscal as industrial output clocked an average 0.9% growth in Oct-Dec as compared to 7.0% and 3.2%, respectively, in Q1 and Q2 of FY12. Crisil expects weakness in output to continue even in Q4 of FY12 as the upside to growth is limited. Commenting on the December IIP data, FICCI president R.V. Kanoria, said: “Growth in manufacturing and mining remains an area of concern. It’s indeed subdued and with continuous negative growth of capital goods we’re not looking at any uptrend in the manufacturing sector in the coming months. The coming budget shouldn’t look at any hike in excise duties for the manufacturing sector and the government should retain the current levels”.
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DTC panel defers report; to meet Feb 17
New Delhi, February 10 The meeting of the panel, chaired by senior BJP leader Yashwant Sinha, considered the draft of the report on the proposed bill at its meeting. "The entire report needs to be discussed and the committee members felt they should meet again before adopting the report," sources said. Accordingly, it was decided that the committee would meet again on February 17, 24 and March 2, they added. The committee, according to the sources, wants the government to raise the income tax exemption limit to Rs 300,000 in view of the near double-digit inflation that has eroded the rupee’s purchasing power. The bill has a provision to raise the cap to Rs 2 lakh. Finance Minister Pranab Mukherjee had tabled the DTC Bill in the Lok Sabha in August and was referred to the standing committee for scrutiny. The draft report, prepared by the panel, has also suggested categorization of the home and commercial property for the purpose of income tax. The income from these two sources should be accorded different tax treatment, it said. It wants the government to incorporate provisions to prevent misuse of the facilities and tax relief provided to People of Indian Origin (PIOs). The DTC, which seeks to modernize the direct taxation system, will replace the Income Tax Act, 1961. Although the government is unlikely to introduce the code from April 1, 2012 as planned earlier, it may incorporate some of the provisions of the proposed law in the fiscal 2012-13 budget, to be unveiled on March 16. — PTI |
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MCX to float IPO by monthend
New Delhi, February 10 When asked whether IPO would hit the market by month-end, MCX chairman Venkat Chary told PTI, "Hopefully". He added the offer would be a “game changer” in the stock market and would lift its sentiment from the current slump. — PTI |
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ED forex violation notice to Google
New Delhi, February 10 "We’ve an obligation to our shareholders to set up a tax efficient structure and our present structure is compliant with the tax rules in all the countries where we operate. We make a very substantial contribution to local and national taxation and provide employment for close to 2,000 people in India," a Google spokesperson said when contaced for comments over the latest ED action. The directorate, according to sources, is investigating if the internet search giant violated the norms laid down by the RBI with regard to transfer of funds abroad, including in Ireland, and also receiving similar investments from foreign shores. The agency has obtained relevant data in this regard from the RBI and would take up any possible penal action under the Foreign Exchange Management Act (FEMA) after going through the documents. Google India, along with other social networking websites, is embroiled in a raging controversy over monitoring the content on Internet and of those websites depending on user generated contents, which arose after Telecommunications Minister Kapil Sibal had asked social networking websites to "screen" contents. Google India had also filed a compliance report in this regard in a Delhi court recently. — PTI |
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Rate of denial of US work visas to Indians increasing: Study
Washington, D.C., Feb 10 Analysis of new data obtained from US Citizenship and Immigration Services showed the agency had increased denials of L-1 and H-1B petitions beginning 2008, thus harming the competitiveness of US employers and encouraging companies to keep more jobs and resources outside the country, said the report released by the the National Foundation for American Policy (NFAP). The report entitled Data Reveal High Denial Rates for L-1 and H-1 Petitions at USCIS indicated most of the increase in denials involves India-born professionals and researchers. The denial rate for India-born applicants for new L-1B petitions rose from 2.8% in fiscal 2008 to 22.5% in FY2009, a substantial increase that resulted in many employers being unable to transfer their employees into the US to work on research projects or serve customers, it said. Illustrating the abrupt change, immigration authorities denied more L-1B petitions for new petitions for Indians in FY 2009 (1,640) than in the previous nine fiscal years combined (1,341 denials between FY 2000 and FY 2008), it said. The report noted, "If one considers that in FY 2011 63 per cent of all L-1B petitions received a Request for Evidence and 27% were issued a denial, that means US Citizenship and Immigration Services adjudicators denied or delayed between 63% to 90% of all L-1B petitions in 2011." "USCIS adjudicators have demonstrated a capacity to keep skilled foreign nationals out of the US by significantly increasing denials, along with often time-consuming Requests for Evidence, despite no change in the law or relevant regulations," said Stuart Anderson, NFAP's executive director. According to the report, denial rates for L-1B petitions filed with USCIS, which are used to transfer employees with "specialized knowledge" into the US, rose from 7% in 2007 to 22% in 2008, despite no change in the law or relevant regulation. — PTI |
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Vodafone India names Max founder Analjit Singh as non-exec chairman
New Delhi, February 10 Singh’s appointment would be effective from February 16 following formal approval of the Vodafone India board. Analjit Singh, a leading industry figure in India, also heads Max India subsidiaries such as Max New York Life Insurance Co, Max Healthcare Institute and Max Bupa Health Insurance Co. Vittorio Colao, chief executive of the Vodafone Group, said: “Analjit has been a longstanding, reliable and trustworthy partner in India.” |
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Flipkart acquires Letsbuy for $25 m
in cash-equity deal
Bangalore, February 10 Flipkart did not disclose the value of the deal, but a source said it was "somewhere in the range" of US $20 million to $25 million. The acquisition involves a combination of cash and equity, Flipkart said. Letsbuy, which has 350 employees, will continue to operate independently under current management, it said. Letsbuy is India's second largest retailer in electronics, Flipkart said. Flipkart is seeking to shore up its position in India as Amazon.com, the world's largest online retailer, prepares to open its first distribution centre. — Reuters |
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Short-term bank FDs drawing investors
Chandigarh, February 10 A survey of various banks undertaken by The Tribune showed that from offering 4% interest on deposits for just 7 to 14 days, to 7% interest on bank deposit for up to 179 days, the investors have never had it so good. In the case of deposits for a term of one to two years, investors are getting an interest rate of 9% to 9.25%. With some banks like Central Bank of India, interest of the next slab is being paid to depositors even if the deposit is for just one day over the schedule for a slab. For example, the rate of interest on deposits for a 90-day period is 5.75%. In case a depositor opens a 91-day deposit he’ll be paid 7.70% interest (for an FD for 179 days). “Little wonder in this time of uncertainty in the equity markets, investors in the region are flocking to banks to open short-term deposits, ranging from 14 days to six months — a fact proved by most banks recording a growth in business by over 22%,” said a senior Punjab National Bank official. Bankers in the region said banks are offering high interest rates because of their need for liquidity, especially after SEBI restricted the deposits that each mutual fund firm can open in a bank. A senior SBI official said the reason for the popularity was most people still consider bank savings as the safest. |
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Reliance Comm Q3 net dives Tata Motors hikes car prices
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The BSE Sensex closed down 0.46% on Friday, reversing early gains, after data showed the country's industrial output in December slowed sharply and Morgan Stanley cut its allocation for emerging market stocks.
The directorate has asked Google’s Indian arm to explain to it all the permissions the company had obtained from the Reserve Bank of India in this regard and its source of income in the country along with income tax returns filed earlier.
