The government has permitted scheduled banks, including state-owned ones, to issue "zero-coupon bonds" to meet long-term capital requirements, according to the Budget documents.
On the conclusion of the mandatory open offer to shareholders of Satyam Computers, the new owner, Tech Mahindra, has a little over 42 per cent stake in the company, as against the original plan of acquiring a total of 51 per cent of the equity.
Big TV is also in talks with other private equity majors, though these are at preliminary stages, to raise funds. The exact quantum of funding to be raised from Carlyle would depend on the 'promises' by players, he said. The company is also in discussions with major players like The Blackstone Group, Providence and Kohlberg Kravis Roberts for raising funds.
Nandan Nilekani will have the responsibility to lay down plans and policies to implement the Unique Identity card scheme and shall own and operate the UID database. The authority was notified on January 28 this year as an attached office under the aegis of the Planning Commission with an initial core team of 115 officials and staff. The scheme will be implemented in three years.
When National Aviation Company of India's wage bill is described as impossible to sustain, the unions say it is due in large part to the salaries paid to the same brass which wants pay cuts, apart from other creamy layers such as pilots and engineers, who get quite a bit through productivity-linked incentives. Hence, say the unions, it is these sections which need to take the hit in salaries, not their members.
Mobile operators are divided on the consensus reached in the government to increase the base price for 3G auctioning to Rs 4,040 crore. Earlier, the base price for auctioning ranged from as low as Rs 1,020 crore to Rs 2,040 crore.
Extending STPI tax benefits beyond 2010 (it was extended by a year in 2009) has been a long-standing demand of the software sector.
With the last two stimulus packages working wonders for the packaged goods industry, players in the sector are now rooting for one more round of fiscal incentives to further boost demand in the domestic rural markets and be competitive overseas.
"Just media hype," said a relieved Sachin Kumar, executive of the Auto Vikas showroom of General Motors India in West Delhi's Moti Nagar. "There were some showroom queries on the first two days, but it died down."
Real estate developer K Raheja Universal Private Ltd wants to scrap one of their notified special economic zones and also surrender a part of another zone, citing lack of demand from the information technology sector.
According to various manpower outsourcing firms, more and more companies are resorting to temporary staffing. Rakesh Joshi, regional manager -- operations, IKYA Staffing Solutions, said permanent staffing had seen a slow growth in the recessionary phase. He said companies were not only going for temporary staffing in the junior level recruitments, a few of them were also opting for temporary staffing in middle management.
CSO revised downwards the construction sector numbers, which account for nearly 9 per cent of India's GDP, for the fourth quarter of fiscal 2008. This revision to 6.9 per cent as against the initial estimate of 12.6 per cent leads to 40 basis point upside to GDP growth. For agriculture, CSO revised the growth numbers to 2.2 per cent as against the initial estimate of 3.5 per cent. This led to higher agriculture growth of 2.7 per cent in January-March 2009.
Government sources in the PMO said Montek Singh Ahluwalia and other panel members will continue till the next Planning Commission is constituted by the prime minister. The apex panel plays a crucial role in the budgetary process. Finance Minister Pranab Mukherjee is likely to present the Budget in the first week of July. Though the recommendations of the Plan panel are not legally binding, the inputs are crucial in dealing with the planned expenditure by the government.
Jones Lang LaSalle Meghraj regional director Manoj Kashyap feels the cash flow that is readily available with the senior citizens is one of the reasons why real estate companies are looking at this untapped market. According to Gurinder Bawa, business head, International Travel House Limited, availability of time and money with senior citizens is driving the interest of travel houses towards them.
The bank has made a budgetary provision of Rs 50-60 crore for the proposed 100 branches. Of these, 50 per cent would be in the northern region. According to B K Mahajan, general manager-HRM, "The Chandigarh region comprising Punjab, Haryana, Chandigarh and Jammu & Kashmir registered a business of Rs 1,904 crore as on March 31, 2009. Of this, deposits stood at Rs 600 crore and advances Rs 1,304 crore."
Telecom equipment vendor Nokia-Siemens filed a case in the Delhi High Court today against its disqualification on technical grounds as a bidder for state-owned Bharat Sanchar Nigam Ltd's tender for 94 million lines, one of the world's largest telecom contracts worth over Rs 50,000 crore.
After a near six-month drought, India Inc is finding some takers for debt and equity issues. Though private and the foreign banks are yet to step up lending in a big way, public sector banks have started financing projects.
This means, any investors who had submitted an application to the fund house for purchase or redemption on Monday, before 3 pm will not get the net asset value of the current day. The applications for both, redemption and investments will be processed based on tomorrow's NAV. This will also apply to those who invested after 3 pm on Friday. As markets were closed after hitting the upper circuit, mutual funds could not buy or sell stocks.
In the oil and gas sphere, Congress' manifesto talks of the intention to improve oil diplomacy and intensify domestic oil exploration and production.
Jet Airways announced the launch of a new all-economy, no-frills service called Jet Airways Konnect starting May 8.
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