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| Banking transaction tax to go:
Chidambaram NEW DELHI, Apr 30: With the Government devising alternative ways to trail black money, the banking transaction tax will be withdrawn by the end of this year, Finance Minister P Chidambaram ....more India
seeks more NEW DELHI, Apr 30:India has sought more ‘comforts’ from Iran for safe passage of natural gas through Pakistan before a pact on the 7.4 billion dollar trination pipeline can be signed. ....more Dabur
India Q4 net NEW DELHI, Apr 30:Dabur India Ltd today said its net profit for the fourth quarter ended March 31, 2008 has increased to Rs 78.79 ......more India, China to clock over 8 pc growth in next two yrs: S&P NEW DELHI, Apr 30:Notwithstanding the recent turmoil in the global markets, two of Asia’s largest economies India and ...more |
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NREGs has 42 pc woman beneficiaries:
Raghuvansh Prasad NEW DELHI, Apr 30: Rural Development Minister Raghuvansh Prasad Singh today said the National Rural Employment Guarantee (NREG) scheme .....more HDFC posts profit of Rs 2,712.19 cr for Fy’08 MUMBAI, Apr 30: Private sector lender Housing Development Finance Corporation today said it has posted a profit after tax of Rs 2,712.19 crore for the year ended March 31, excluding.....more BSNL moves TDSAT against
TRAI decision NEW DELHI, Apr 30: State-run BSNL has challenged the telecom regulator TRAI’s ....more MUMBAI, Apr 30:Indian merchants’ chamber today welcomed the annual credit policy, announced by the RBI, with thrust on containing inflation, leaving key ....more |
Banking transaction tax to go: Chidambaram NEW DELHI, Apr 30: With the Government devising alternative ways to trail black money, the banking transaction tax will be withdrawn by the end of this year, Finance Minister P Chidambaram said today. Intervening in the debate on the Finance Bill in the Rajya Sabha, Chidambaram said the BTT was introduced for a specific purpose of detecting unaccounted money in the absence of alternative methods. "The tax (BTT) will be withdrawn by the end of the year," he said. The alternative methods to catch people with unaccounted money would be provided by the provisions in the new money laundering law, Chidambaram said. The Finance Minister disagreed with BJP leader Jaswant Singh that the BTT was causing inconvenience to people. "How many people take out Rs 50,000 in cash in single transaction in a day," he asked. Chidambaram offered to share the names of some ‘big fish’ who were caught by the tax authorities with the help of the cues provided by the BTT. He clarified that the tax was applicable only on cash and not on payment by cheques. (PTI) India seeks more ‘comforts’ from Iran on IPI NEW DELHI, Apr 30:India has sought more ‘comforts’ from Iran for safe passage of natural gas through Pakistan before a pact on the 7.4 billion dollar trination pipeline can be signed. Iranian President Mahmoud Ahmadinejad’s six hour visit yesterday broke India’s 8-month non-participation in IPI talks and there is likelihood of swift movements to conclude negotiations. "We had a very good meeting. The Prime Minister Manmohan Singh conveyed India’s keenness to join the project," Petroleum Minister Murli Deora said. Declining to divulge details, he said oil ministers of the three nations may meet soon to resolve all outstanding issues. "It may happen within the 45-day timeframe suggested by Ahmadinejad." Sources said New Delhi wanted iran to handover custody of gas at the India-Pakistan border and not at Iran-Pakistan border as had been suggested by Tehran, to cut transit risk through Pakistan. It also opposed price revision clause that iran is seeking to insert in the gas sales agreement. Besides, New Delhi pressed Iran to dedicate a particular gas field like south pars for Iran-Pakistan-India pipeline and sought third party certification of its reserves. It sought to know alternate supply sources in event of depletion of reserves. Iranian President made no commitments on the issues raised by New Delhi and left it on his oil minister to resolve it with his Indian counterpart, sources said. India has been boycotting IPI pipeline talks since August 2007 over transit fee demanded by Pakistan for passage of gas through that country. Differences between the two nations were narrowed at meeting of oil ministers of India and Pakistan in Islamabad last week but there is no agreement as yet. Hinduja group, which is in advanced talks with Tehran to secure oil and gas fields, welcomed Ahmadinejad’s visit saying it cleared up misunderstandings on economic and political front and generated greater awareness. "It is in mutual interest of the two countries and the region to improve economic and political ties," Hinduja group Chairman S P Hinduja said. "We are happy with the outcome. It is a very good start." Hinduja group and its state-run partner ONGC Videsh Ltd have won approval of Iranian authorities to conduct due diligence for taking stakes in the azadegan oil field and phase-12 of the south pars gas field. As per the deal, the Hindujas group will take a 45 per cent stake in Azadegan oilfield and 60 per cent in the phase-12 of the giant south Pars gasfield. One round of discussions as per the agreed due diligence exercise has already taken place in Tehran and the next round is expected shortly. (PTI) Dabur India Q4 net up at Rs 78.79 cr NEW DELHI, Apr 30:Dabur India Ltd today said its net profit for the fourth quarter ended March 31, 2008 has increased to Rs 78.79 crore as compared to Rs 65.57 crore for the corresponding quarter last year. The company said in a statement that its total income for Q4Fy08 stood at Rs 537.82 crore whereas it was at Rs 401.93 crore in the same period a year ago. Dabur’s net profit for the year ended March 31, 2008 stood at Rs 315.91 crore as against Rs 251.95 crore last fiscal. Its total income for fy08 increased to Rs 2,111.31 crore as compared to Rs 1,616.94 crore in Fy07. The group’s net profit for the quarter ended March 31, 2008 after minority interest stood at Rs 79.64 crore as against Rs 76.91 crore for the same period a year ago. Total income of the group for the quarter increased to Rs 620.24 crore from Rs 537.81 crore in the same quarter last year. The group’s net profit for the year ended March 31, 2008 after minority interest stood at Rs 332.94 crore whereas the same was at Rs 281.71 crore last fiscal. Its total income for Fy08 stood at Rs 2,395.08 crore as against Rs 2,069.05 crore in Fy07. (UNI) |
| India, China to clock over 8 pc
growth in next two yrs: S&P NEW DELHI, Apr 30: Notwithstanding the recent turmoil in the global markets, two of Asia’s largest economies India and China will grow at 8 per cent or above in the next two years, says global rating agency S&P in its latest study. According to the report titled ‘Asian Resilience Amid Global Turbulence’ strong regional drivers are expected to insulate the Asian economies from the adverse impact of a moderate recession in the US. "Two of the three largest economies - China and India -are also the fastest growing and, together, they will continue to grow at about 8 per cent (or above) over the next two years. This provides the region with enormous momentum," S&P’s Asia-Pacific Chief Economist Subir Gokarn said in a statement. Even though the growth rates of Asia-Pacific would slow somewhat, the region would still grow at a relatively fast pace in 2008 and 2009 - buoyed by China and India, he added. As per S&P, an important factor in the Asia-Pacific region’s resilience is ability to exploit growth opportunities through greater regional economic integration. "Increasing integration is reflected in the overall thrust of trade policy in the region, which has seen a significant increase in intra-regional trade and broader agreements," the credit rating agency said. However, Gokarn cautioned that the region still faces key risks including a prolonged US economic slump and hikes in food and fuel prices. "There are some visible threats to the region in the form of food and energy prices, which may adversely affect performance over the next couple of years," he said, adding that managing these risks would be an important challenge facing policymakers across the region. (PTI) |
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HDFC posts profit of Rs 2,712.19 cr for Fy’08 MUMBAI, Apr 30: Private sector lender Housing Development Finance Corporation today said it has posted a profit after tax of Rs 2,712.19 crore for the year ended March 31, excluding Rs 293 crore it earned through derivative exposure. The company’s pat for the year is 54.74 per cent higher than the last fiscal when it earned Rs 1,741.98 crore. HDFC income from operations for the year stood at Rs 8,036.42 crore against Rs 5,458.98 crore a year ago. The board has recommended a dividend of Rs 25 per share. Loan approvals went up 28 per cent in the reporting year, HDFC vice chairman Keki Mistry told reporters. During the year, approvals aggregated to Rs 42,520 crore compared to Rs 33,332 crore a year ago. HDFC disbursed Rs 32,875 crore during the year against Rs 26,178 crore a year ago, a jump of 26 per cent. The company has a earned a profit of Rs 293 crore in the year through its exposure in derivatives, but "we have not shown the profit through derivatives in the accounts as a matter of prudence," he said. In the next calendar year, the company would look at listing its subsidiary life insurance company to unlock value, mistry added. On a question on interest rates after the Reserve Bank has raised the statutory deposits bank should keep in cash as reserve by 0.25 per cent to 8.25 per cent, he said "at this time, there is no change in our interest rate". Property prices are expected to be flat and they are not going to rise, he said. "We have not seen any significant correction in real estate. We have seen a correction of 5 per cent, 10 per cent only in a few pockets. We don’t see prices going up," he said. (PTI) |
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