Reliance Retail Ltd, an arm of Mukesh Ambani's Reliance Industries Ltd, posted profit for the first time after opening its first store nearly three-and-a-half years ago, mainly aided by a tax provision of Rs 250 million (Rs 25 crore).
Exemptions on the personal income tax would increase the income in the hands of the consumers, thereby increasing spending.
Kerala registered a 14.1 per cent increase in commercial tax collection for the year 2009-10 with total receipts rising to Rs 13,194 crore (Rs 131.94 billion) as against Rs 11,564 crore (Rs 115.64 billion) in 2008-09.
Higher impetus on automation through higher funding of e-governance projects and rationalisation and clarity on levy of taxes would bring relief, says the computer hardware industry.
The Tyre Industry is one of the industries that have been majorly affected by the global economic meltdown.
While there is widespread expectation that excise duty is likely to be raised on revenue considerations, the fast moving consumer goods (FMCG) sector pleads for retaining them at current levels to spur demand.
Economic think-tank Centre for Monitoring Indian Economy has revised its forecast for industrial production growth in 2008-09 to 4.5 per cent from 6.3 per cent as the global economic crisis has cast shadow on its projection.
Jet Airways has clocked a net profit of Rs 53 crore (Rs 530 million) in the fourth quarter of 2008-09.The private air carrier had posted a loss of Rs 221 crore (Rs 2.21 billion) in the year-ago period.
Though on a downward curve, economists warn of inflationary pressures still existing in the system which might prevent the Reserve Bank from going in for rate cuts over the next three months. "The RBI is targeting an inflation level of 5-5.5 per cent. If, however, it continues to remain in double digits till January, then the tight monetary policy would continue," Crisil Director and Principal Economist D K Joshi said.
The Indian equity market is likely to see one of its worst phases, with most sectors expected to report a decline in earnings or single-digit earnings growth in Q4 FY'09, a leading broking firm said in its report.
The report said not only was the government's $500 billion infrastructure programme on the back burner, but the spread between private and public sector borrowing costs had widened, which is bad news for private investment spending. CLSA said tax revenues were crashing. It forecast that the public sector deficit, already 11 per cent of the GDP this fiscal year, would rise to 14 per cent in FY09/10.
"We expect the total debt of the Tata Group as of the end of FY'09 (ending this month) at over Rs 1 trillion, of which Rs 11,700 crore (Rs 117 billion) is due through March 2010," analysts at domestic brokerage unit of financial major Kotak group said.
Corporate India's sales and profitability are expected to improve in FY 10, Centre for Monitoring Indian Economy said in its monthly review.
Nasscom, the premier trade body of the Indian IT-BPO industry, on Wednesday said the aggregate revenues of the sector are expected to reach $60 billion by FY09.
Raghu Menon, CMD of National Aviation Company of India (Nacil), had said last year that more than 70 per cent of the merger process would be completed by the end of FY09.
A substantial expected increase in the Treasury Bill floatation could also contribute to a tightening liquidity situation, the report said. These included a 0.50 per cent cut in cash reserve ratio with effect from January 17, a 1 per cent reduction in the reverse repo rate with immediate effect and a slashing of the repo rate by 1 per cent from 6.5 per cent to 5.5 per cent.
The projected fall has been attributed to the US economic slowdown and the rise in international oil prices. Accordingly, the industry growth has been pegged at around 24 per cent for FY09. In FY08, total revenues including hardware were $48 billion which are expected to touch $64 billion in FY09. The total software and services revenue was $39.5 billion in FY08 and expected to touch $52 billion in FY09.
Despite a significant improvement in asset quality, the country's banking industry might see its bad assets inching up in the months ahead, particularly in retail segment, global rating agency Fitch said.Rising bad loan assets had prompted many banks to sell their sticky assets to asset reconstruction companies, in order to transfer the risk and clean up their balance sheets.
Reliance Capital AMC gets nod to operate in Malaysia Mumbai, Nov 20 (PTI) Anil Ambani-promoted Reliance Capital Asset Management company has been given approval to commence operations in Malaysia, a top official of the Securities Commission, Malaysia, said today.
India's growth story will continue despite a slight deceleration, but there will be no recession as in some advanced economies, Reserve Bank of India Governor D Subbarao said on Saturday. Pegging GDP growth for FY'09 at 7.5-8 per cent, he said, this was 'our best growth estimate', even though there were other estimates ranging from 7.2-8.7 per cent.
The banking regulator is scheduled to come out with its monetary policy for FY 09 on April 29. "We will wait for the (RBI's) policy statement before taking any decision on our interest rates," ICICI Bank Managing Director & CEO K V Kamath told reporters on the sidelines of an Indian Merchants Chamber-organised press conference in Mumbai on Thursday. Interest rate decisions would also be influenced by prevailing market conditions, Kamath said.
Centre for Monitoring Indian Economy says industrial sector in India is liket to see expansion at 10.4 per cent for fiscal 2009. The reason for the current slowdown in industrial production was the supply problem faced by sectors like cement, aluminium, electricity and steel, it said. India's industrial growth slipped to 5.3% in January as compared to 11.6% in the same month last year as growth in all major sectors comprising manufacturing, electricity and mining declined.
The company now plans to start services in Bihar, Jharkhand, Tamil Nadu and Orissa by end-December-January-2009. Idea Cellular currently runs operations in Delhi, Himachal Pradesh, Rajasthan, Haryana, Uttar Pradesh and Uttaranchal, Madhya Pradesh and Chattisgarh, Gujarat, Maharashtra, Goa, Andhra Pradesh and Kerala and holds spectrum for Bihar, Orissa, Tamil Nadu and Karnataka and licenses for the remaining six service areas.
The Rs 85,000 crore (Rs 850 billion) domestic cement industry is fast realising the painful situation it is getting into, as the GDP growth rate is on a slippery path and over 70 million tonnes of fresh capacities are in the pipeline in the next two years.
LIC, ICICI Prudential invest Rs 13,000 crore (Rs 130 billion) and Rs 2,000 crore (Rs 20 billion) respectively in the first quarter of FY09.
"We believe loose liquidity will increasingly feed into higher inflation from current levels. However, we expect a falling output gap, the primary determinant of inflation, and currency appreciation will keep inflation within the RBI's target range of below 5 per cent," Goldman Sachs analyst Tushar Poddar said in the report.
A contingent earn-out of 1.6 million pounds (around Rs 12 crore) to be determined on certain performance parameters in the financial year ending March 31, 2009, will also be paid in cash during FY09. WNS will integrate Call 24/7 into WNS Assistance, a division of WNS Global Services UK and subsidiary of WNS. The deal will enable the company to extend its leadership position in accident claims management in the UK.
CMIE expects the growth rate to climb slowly from around 6 per cent in the first-half to about 8 per cent in the second-half of FY 10.
The Indian economy is likely to record a 7.4 per cent growth rate in the fourth quarter of fiscal 2009 as well as in the entire fiscal, a report by an economic think-tank on the economy, said.
Burdened by high fuel and labour costs, cash-strapped Air India suffered a net loss of Rs 5,548 crore (Rs 55.48 billion) in 2008-09, as its total revenue declined by around Rs 2,000 crore (Rs 20 billion) compared to the previous fiscal.
Announcing its ambitious plans to expand overseas operations, private carrier Jet Airways said on Monday it will fly to three North American destinations by next year and almost double the number of pilots to 1,400 by FY'09.
Auto major Tata Motors on Thursday reported a 50.65 per cent fall in its net profit at Rs 1,001.26 crore (Rs 10.01 billion) for the 2008-09 fiscal.
The used car market is now 1.2 times the size of the new car market.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
The demand has gradually shifted from 16-tonners to 25-tonners and is further shifting in favour of 31-t and 37-t trucks.
The list of companies skipping dividends in FY19 includes some of the country's largest firms and industry leaders such Tata Motors, Avenue Supermart, Future Retail and Vodafone Idea, among others.
'Rate cut should reiterate RBI's commitment in providing confidence to consumers and small business.'
UTI's legacy and brand recognition, together with a robust distribution network and access to public sector money, could work in its favour, and help it command a premium
Some big ones hoard cash unduly and others borrow to keep up payments to shareholders
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