New limits

* SEBI has tweaked the investment limits for Foreign Portfolio Investors (FPI) in G-Secs by increasing the threshold for general investors from $20bn to $25bn

* The sub-limit for longer time FPIs such as sovereign funds has been reduced by $5 billion as there was less demand in this category

* The overall cap remains unchanged at $30 billion

* The increment investment limit of $5bn shall be required to be put in government bonds with a minimum residual maturity of three years

New Delhi, July 24
All Income Tax offices will remain open on Saturday and Sunday to accept tax returns during the normal office hours. A direction to this effect was issued today by the Central Board of Direct Taxes (CBDT).

The last date for filing income tax returns is July 31.

“Special arrangements have also been made by way of opening additional receipt counters, wherever required, from July 26 to 28 and July 30 and 31 ... to facilitate the taxpayers in filing their returns of income conveniently and in a timely manner,” the press note issued by the Central Board of Direct Taxes said. — PTI 

Mumbai, July 24
Jet Airways and its 24% equity partner Etihad today announced a 20-50% special limited period discount on fares across 135 international destinations of the two carriers.

“Both economy and business class travellers of Jet Airways and Etihad Airways availing this special offer will enjoy a flat 20-50% discount over regular fares, which is to celebrate the strategic alliance,” a company press note said.

The 72-hour introductory joint special fare offer will be available from July 25 to July 27 for a travel period between September 1 and June 15, 2015 for flights within India and between September 1 and November 30 this year for flights to international destinations, the release said.

The offer, however, will be limited for tickets purchased in India and for travel in business and economy classes of both the airlines, it said.

The Abu Dhabi-based carrier bought 24% stake worth about Rs 2,060 crore in the Jet Airways last year, marking the first FDI by a foreign carrier. — PTI

New Delhi, July 24
An Israeli cyber expert has warned that India should be more aware of cyber security threats. Zori Kor, vice-president of Israeli firm ASERO Worldwide, said India and Israel have many common “opponents”.

Stressing the importance of cyber security, Kor said Indian public is not fully aware of threats in this field that can impact the economy. “I believe India should be more aware of cyber threats. I am sure that once India is aware of cyber threats, the necessary steps would be taken,” he said.

“If we answer only the current situation, it might not be good enough. We have to think what the bad guy’s next step would be in order to answer that,” he said.

New Delhi, July 24
The Foreign Investment Promotion Board (FIPB) has cleared 19 FDI proposals, including that of Walt Disney Company and Reckitt Benckiser entailing total investments of Rs 2,326 crore.

According to a Finance Ministry statement, the FIPB rejected an investment proposal of Multi-Commodity Exchange of India (MCX) for a post-facto approval of the foreign investment made by Alexandra Mauritius Ltd prior to the period when FDI in commodity exchanges was brought under approval route.

It also rejected foreign investment application of George Institute for Global Health, BIESSE Manufacturing Company and three others.

The Finance Ministry further said decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals, Indian Rotorcraft among others.

The government gave its nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore to infuse additional capital in UTV Software Communication by way of subscription to equity capital up to Rs 1,100 crore and also make additional investments from time to time.

Reckitt Benckiser (India) has got a permission to acquire 23.72% paid-up share capital of Reckitt Benckiser Healthcare India Ltd from its Reckitt Benckiser (Singapore) Pte Ltd. It entails an investment of Rs 725 crore.

The other investment proposals cleared are that of TTK Protective Devices (Chennai), BNP Paribas India Holding, Pfizer Ltd (Mumbai), News Laundry Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius (Mauritius) and Brightstar Infrastructure (Mumbai).

BRIEFLY

Zicom arm bags ATM security order of 3 banks
New Delhi: Zicom SaaS Pvt. Ltd, a subsidiary of Zicom Electronic Security Systems Ltd, has bagged a contract to provide 24x7 ATM security under e-SaaS for three major banks — PNB, Federal Bank and HDFC Bank — in various locations across the country. The BSE-listed company has introduced e-SaaS model (Security as a Service) where the customer pays only a nominal monthly service fee without having to own any system. — TNS

Cairn gives $1.25bn loan to Vedanta; stock tanks
New Delhi: After using its cash to help new promoter raise stake in the company, Cairn India has loaned out $1.25 billion to Vedanta Group, leading to its stock dropping by the most in five years. Cairn, which has already disbursed $800 million out of the total loan of $1.25 billion, made the loan disclosure after analysts raised doubts on utilisation of cash reserves. — PTI

JSW Energy close to buying Lanco’s Udupi power plant
New Delhi: JSW Energy is close to acquiring Lanco Infratech’s 1,200 MW Udupi power plant in a deal worth nearly Rs 6,000 crore, industry sources said. The acquisition would help the Sajjan Jindal-led firm in realising its ambitious expansion plan of having 11,770 MW power generation capacity against 3,140 MW at present. — PTI

Eight firms buy back shares worth ~222 cr in Q1
New Delhi: As many as eight companies have completed their share buyback plans in the first quarter of 2014-15, purchasing stocks worth nearly Rs 222 crore which is 75% of the collective target. — PTI