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Reliance to buy BP's Malaysian petrochem plant for $230 m
Gold falls for second week, silver slides
Will refund investors in 3 months, Sahara to SC
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Investor
guidance
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Reliance to buy BP's Malaysian petrochem plant for $230 m
New delhi, September 29 Reliance Ports & Terminals Ltd is a firm owned by billionaire Mukesh Ambani. Reliance Global Holdings will take over BP's 100 per cent equity in BP Chemicals (Malaysia) Sdn Bhd (BPCM), located at Kuantan on the east coast of Malaysia. The all-cash deal is planned to be completed in 2012, BP said in a statement. The PTA plant in Kuantan, Malaysia is based on BP's proprietary PTA technology whereas Reliance Industries' PTA plants in India are based on Invista's Technology. The acquisition through Reliance Global Holdings Pte Ltd would ensure that these two technologies are separately protected. James Yim, Head of BP's aromatics business in Asia, said, "This is an efficient plant with a good market position in the region. RECRON Malaysia, part of the Reliance Group, is already our largest customer in Malaysia and RIL is a significant feedstock supplier at Kuantan, so Reliance is a natural owner of this plant". Nick Elmslie, chief executive of BP Petrochemicals said, "BP has a major, global PTA business, with around one fifth of global PTA production capacity and a track record of leading technology. "We’ll continue to concentrate our PTA strategy on deploying new technologies into high growth markets like China where we are in the middle of a considerable expansion programme, and in OECD markets where our technology gives us an advantage and high utilization rates". — PTI
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Gold falls for second week, silver slides
Traders said apart from a weak trend in the global markets, increased selling by stockists and fall in demand at prevailing higher levels mainly kept pressure on gold. In Delhi gold of 99.9% and 99.5% purity commenced lower at Rs 31,950 and Rs 31,755, respectively. They subsequently found some buying support for the coming wedding season and recovered to Rs 32,110 and Rs 31,910, before slipping to close at Rs 31,580 and Rs 31,380 per 10 grams, a fall of Rs 560 each.
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Will refund investors in 3 months, Sahara to SC
New Delhi, September 29 He also pleaded with the bench to grant the firms some time to sort out the "disagreement" with SEBI which has alleged that the company is not supplying all the documents pertaining to the investors to it as per the apex court's previous order. The bench was hearing an application by SEBI, which has alleged the Sahara Group had not furnished all documents in its custody to the market regulator as was directed by the apex court to do by Sept 10. The bench after hearing the arguments posted the matter for further hearing on Oct 19. The apex court on August 31 had asked Sahara to refund the money to their investors within three months with 15 per cent annual interest . — PTI
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Investor
guidance How are short-term capital gains computed on the daily dividend reinvestment option in liquid funds? Is there any tax liability on the appreciation in the principal amount at the time of redemption? Will the case be different in case it is an equity fund rather than a liquid fund? — Mrunalini
I save about Rs 30,000 per month from my earnings after tax and other expenditures. My query is, can I gift this 30,000 every month to my major son who is a student without any income, on a regular monthly basis, and if so, whether a single gift deed in an offer & acceptance letter either at the beginning or end of the financial year is okay or not. — Sandhu Tax on only long-term capital gains may be saved by reinvesting in another property. Since taxpayers have two years to reinvest in property, the amount not invested by the due date for filing tax returns has to be invested in a bank deposit called CGAS. However, note that this system of saving tax by reinvesting in another property (CGAS, etc.) is only for long-term capital gains. The same is not applicable for short-term capital gains
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US $230 million, the British energy firm said.
BP said it has "agreed to sell all its interests in purified terephthalic acid (PTA) production in Malaysia to Reliance Global Holdings Pte Ltd, Singapore (an associate firm of Reliance Ports and Terminals Ltd)".
The Sahara Group has assured the Supreme Court that its two companies which had raised Rs. 24,000 crore through pptionally fully convertible debentures from their investors will refund the amount within three months. "We’ll refund the amount.
New Delhi, September 29
Choosing the daily dividend reinvestment option is akin to actually receiving the dividend and then reinvesting it. Though the reinvestment takes place directly at the fund level, there are in fact two legs to the transaction. The first is the receipt of dividend that will be subject to the dividend distribution tax. This is taken care of by the mutual fund at source, hence the amount is taxfree. The net amount you are entitled to receive gets reinvested at the ex-dividend NAV. To that extent, this is akin to making a fresh investment on the applicable date and the applicable NAV. Capital gains are calculated in the usual course and their long-term or short-term nature will depend on the period of investment. Note that each dividend reinvested would be taken as a separate investment. If the same is over one year, the gains are long-term, else they are short-term. In the case of equity funds, the same principles will apply. However, the dividends do not attract distribution tax. Also, short-term gains are taxed at 15% whereas long-term gains are tax-free. However, the tax principle remains the same.
New Delhi