|
|
|
|
|
Market at new peak after FM talk fuels
Budget optimism
Govt puts on hold hike in LPG, kerosene rates
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Govt extends validity period of industrial licence to 3 years
Infosys’ CEO to get $5.08m pay annually Diageo gains controlling stake in USL
|
|
Market at new peak after FM talk fuels
Budget optimism
The BSE Sensex hit life time high of 25,864 points intra-day and settled at a new peak of 25,841 points gaining 324.86 points, or 1.27% — extending its string of gains to the fourth day. The stock markets are having their best quarter since 2009 and foreign investors have already pumped in a massive $10 billion this year. Mirroring the sentiment in equity markets, the rupee rose to a over two-week high of 59.65 against the dollar. The markets are in the midst of a pre-Budget rally as the Modi government presents its maiden Budget and markets are expecting some bold measures that will revive the economy and a lid on subsidies. A lull in global crude oil prices, progress of the monsoon and signs of pickup in auto sales also helped the sentiment in the market. Dipen Shah, Head — Private Client Group Research, Kotak Securities, said the markets ended higher on expectations of a reform-oriented Budget and progress of monsoon also helped sentiments. Going ahead, Shah said monsoon progress and the Budget are the two most important triggers for the markets. “We feel that a progressive Budget and other reform initiatives will likely lead to continued outperformance of Indian indices versus emerging market peers. The rise in railway passenger fares and freight has raised hopes of a reform-oriented Budget”, he added. |
||
|
Govt puts on hold
hike in LPG, kerosene rates
New Delhi, July 2 There was a small increase of 2 paise and 8 paise in PDS kerosene rates in Haryana and Uttar Pradesh, respectively. On the other hand, a reduction in state levies led to a cut in LPG prices by Rs 9.50 per cylinder in Assam, Rs 1.50 in Bihar and Rs 3 per cylinder in Maharashtra. Rates of kerosene sold through the public distribution system fell by 11 paise per litre in Maharashtra and Rs 1.32 per litre in Navi Mumbai. The Petroleum Ministry today said the hikes in both LPG and kerosene rates be put on hold pending consultations with the state governments on state-specific levies. However, the reduction in prices will be passed on to consumers, the statement said. Besides excise duty levied by the Central Government and sales tax or VAT by the state governments, certain other local levies such as entry tax, octroi and input tax restrictions on VAT are applicable in some states. “In order to ensure that revenue demands of certain states don’t become a burden for consumers across the country, the government had introduced the scheme of state-specific costs (SSC) on July 24, 2012, to recover such irrecoverable levies from the consumers of the state/municipal area levying such taxes,” the statement said. In accordance with the scheme, oil companies carry out quarterly revisions in the retail selling price (RSP) of sensitive petroleum products, including PDS kerosene and domestic LPG, in 12 states where such taxes were incurred. The latest revision in these states was due this month. |
||
|
Govt extends validity period of industrial licence to 3 years
New Delhi, July 2 A statement by Commerce and Industry Ministry said the licence will lapse automatically after five years in the absence of commencement of commercial production. “In supersession of all earlier Press Notes, the period of validity of industrial licence is being extended from two years to three years as a measure for ease of doing business,” the note said. “Renewal of licence would be allowed for a period of two years. Any industrial licence, wherein commercial production has not started within a period of five years of issue of licence, will be treated as automatically lapsed,” it added. “Applicant’s request should be forwarded to the Ministry of Home Affairs (in case of industrial licence in defence and explosive sector) and the state government concerned and after seeking comments of these agencies, case should be considered for extension of validity,” it said. “Land should have been acquired, either under ownership or on lease for minimum period of 30 years; the construction on the projects should have commenced; orders for plant and machinery for the project should have been placed,” the note said. CII said the move to increase the initial validity of industrial license shows that the government is committed to enhance ease of doing business in India. It said it is heartening to see that for the extension of the industrial licence the companies are not required to go back to the licensing committee. Industry welcomes decision
|
||
|
Facebook bets big on India, says Sandberg
New Delhi, July 2 India has the second-largest user base for Facebook, after the US. "We have invested heavily in India. India is one of the big bets for us. We are in the process of monetising here," she told reporters. Sandberg did not disclose details. "India is our second-largest market and it has a lot of potential. US is our largest market, but in terms of people on our network, there is a huge opportunity for us," she said. She added that about 900,000 SMBs have pages on Facebook on which they can advertise and reach out to potential customers. These pages appear in news feeds of users, which the company claims are "personalised". "Some percentage of these SMBs are paying for the page product. This explains lot of growth here. Business here contributes globally," she said.
— PTI |
||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | E-mail | |
New Delhi, July 2