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.
Real estate companies are now going to the other extreme and falling over each other to offer affordable housing at a price range of Rs 500,000 to Rs 50 lakhs (Rs 5 million). The varied pricing is a function of affordability being a relative term, depending on the location. For instance, a Rs 50- lakh (Rs 5-million) apartment in Mumbai is considered affordable housing. In a city like Nagpur, the same price will qualify for premium housing.
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.
Bharti Telecom, the unlisted holding company of Bharti Airtel, may issue fresh equity to the MTN group to give it the 25 per cent economic interest in India's largest mobile service provider.
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.
Developers who are launching new projects are opting for this route, as they need not pay the entire amount in one lot and owners need not forego the potential rise in value. As much as 70 per cent of land deals in the country take place through this model now, against 40-45 per cent a couple of years earlier, say property consultants.
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.
Today, when you check into a hotel, be sure to expect more than just a helpful bell-boy and a smiling concierge. As it is, the category of business travellers has been growing at a healthy clip. However, the rise of low-cost airlines and the 2010 Commonwealth Games in New Delhi has now given the entire travelling space a shot in the arm.
Jet Airways announced the launch of a new all-economy, no-frills service called Jet Airways Konnect starting May 8.
Workers at Mahindra & Mahindra's largest plant, at Nashik, have gone on an indefinite 'tools down' strike, denting the company's revenue by Rs 25 crore a day.
Most large American companies earn more than 50 per cent of their revenue from markets outside the US and will be affected by the proposed tax reforms. Business groups in the US had assailed the proposal, arguing it would subject them to far higher taxes than their foreign competitors must pay and ultimately endanger US jobs. Global companies that earn profits in India are subject to a tax rate of 33.9 per cent and the impact of the proposed reforms on them would be marginal.
Industry sources said the carrier owed over Rs 620 crore to BPCL and HPCL, besides Rs 160 crore to IOC. However, Kingfisher Airlines is not the only company with oil dues. Kingfisher Airlines, Jet Airways and state-owned Air India started this financial year with accumulated dues of Rs 4,000 crore to oil companies and airports, sources said. The three airlines are collectively projected to incur operating losses of Rs 5,000 crore, industry estimates suggest.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
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