Business News

Only three percent of Pak businesses, industry paid taxes in 2007

Islamabad, Feb. 4: The Federal Board of revenue in Pakistan has said in its latest report that only three percent of the country’s business outfits have paid taxes for fiscal 2007-08.

The News quoted a senior official of the board as saying that out of the 45,000 industrial and commercial units registered in Pakistan, only 1,352 major units contributed 94.1 per cent of the total tax collection for the year.

"This is most alarming situation for the economy that slumps in the tide of rising terror that disrupts the growth and even the operation of trade and industry, leading to downswing in tax collection by 23 per cent in June-January period of 2007-08 (current fiscal year)," the official said.

GDP records 9.6 per cent growth in 2006-07

New Delhi, Jan 31 (ANI): Union Finance Minister P Chidambaram today said 2006-07 has recorded a growth of 9.6 per cent in the economy, and expressed confidence that it would be nearly 9 per cent in 2007-08.

Chidambaram told reporters immediately after the release of the figures of Gross Domestic Product (GDP) for the year 2006-07 that the government would try and maintain same level of growth and would make rapid adjustments depending on the evolving global economic situation.

"My goal is to continue to maintain the same level of growth but at the same time government reserves the right to make rapid adjustments depending on evolving global economic situation," he said.

BlackRock Acquires 40% Stake In DSP Merrill Lynch

New York-headquartered, BlackRock has acquired the 40% stake held by Merrill Lynch in mutual fund DSP Merrill Lynch Fund Managers. The mutual fund house will be renamed DSP BlackRock Mutual Fund while DSP Merrill Lynch Fund Managers will be renamed ‘DSP BlackRock Investment Managers’.

The remaining 60 per cent will continue to be held by the DSP Group (Hemendra Kothari and his associate companies).

Hemendra Kothari, chairman of DSSML-FM, said the deal is in line with the realignment of Merrill Lynch asset management business and there is no cash transaction involved.

Reliance Power IPO subscribed over 9 times

Reliance Power IPOMumbai, Jan 15: The Reliance Power Initial Public Offer (IPO) today opened with enthusiasm and the issue was oversubscribed 9.1 times.

The three-billion IPO was oversubscribed within hours of opening of its book building process. The company has come out with an IPO in the price band of 405-450 per share. The issue opened today and will close January 18.

The company would raise 10, 530 crore rupees at the lower end of the price band, while it would garner 11,700 crore rupees at the higher end. The IPO income will be used to part-finance 13 medium to large sized power projects.

Auto component makers exhibit their products at Delhi Auto Expo

Delhi Auto ExpoNew Delhi, Jan 14: Apart from a bevy of high-profile launches, the 9th Auto Expo has attracted a record number of automobile and component makers, informatics firms and dealers from India and all over the world.

This year the navigation devices are the major source of attraction at car accessory pavilion.

Car entertainment companies from across the world are showcasing a bewildering array of products that combine entertainment with navigation.

Toyota tops US consumers’ green car brands list

ToyotaWashington, January 13: Japanese company Toyota has topped the list of automobile manufacturers whose cars are considered to be the most environmentally friendly vehicles by US consumers.

The list was compiled in accordance with the findings of a survey of 2,000 adults.

During the survey, 49 per cent of the people surveyed said that they considered Toyota to be a green brand.

Second on the list was Honda with 26 per cent of consumers accepting it as a green brand, reports the Environmental News Network.

This was followed by Ford with 16 per cent consumers saying that its vehicles are environmentally friendly.

ICICI reveals listing plans, Stock touches lifetime high

The country's ICICI Bankbiggest private sector lender ICICI Bank has finally disclosed its plans to list four subsidiaries.

The process would start with the listing of India`s biggest private sector lender, brokerage arm ICICI Securities which is excepted to hit the stock market soon.

While replying to a query on whether the first of the subsidiaries would hit the market in next three to six months, ICICI Bank MD and CEO KV Kamath said, "I would think that six-month period is a fair expectation... we have not yet taken the board approval."

BSE to launch “Mini Derivative Contract” from 1st January 2008

Bombay Stock Exchange
India's market regulator, Securities and Exchange Board of India (SEBI) has introduced mini-contracts in the derivatives markets based on the Sensex and the Nifty indices to attract retail investors into the ever-growing derivatives market.

The step comes in the backdrop of recommendations of the Derivatives Market Review Committee (DMRC) headed by Professor M. Rammohan Rao.

OS X Leopard Is The Apple's Best Ever Operating System: NPD Group

NPD_GroupSan Francisco – The Port Washington, NY based global market research company, NPD Group has affirmed that Apple's new OS X Leopard is the best ever operating system on the market. According to the company, Apple's OS X Leopard got a brilliant start with the company moving 2 million copies of the operating system in just two days; the sales of Leopard during its first full month on store shelves beat out all other operating systems Apple has ever released.

Workplace Flexibility Helps Developing Healthier Lifestyle Habits In Employees – Study

WorkplaceThe study, led by Professor Joseph G. Grzywacz, Ph.D., of Wake Forest University School of Medicine, has found that workplace flexibility, including telecommuting and job shares, is good for employees' health.

On Tuesday, letting out the findings of the study, the research revealed that flexibility at workplaces not only helps boosting employees' morale, but also helps developing healthier lifestyle habits in them.

Unitech Short Term Delivery Call

Technical analyst Ashwani Gujral has suggested that Unitech can be purchased below Rs 428 with a stop loss of Rs 380. This is a delivery based call for a short term target of Rs 550.

Unitech Group is one of the major township planning and real estate development companies in India. The robust plans of Unitech Builder to make 4,000 top-of- the-line apartments priced at Rs 2 crore (Rs 20 million) each in the coming quarters can help the company to show decent number in coming quarters.

At National Stock Exchange, the stock has touched 52-week high of Rs 454.25 and a low of Rs.93.

Based on current price, the stock is trading at a P/E of 54.16 with earnings per share of Rs.7.92.

BSNL’s Latest Plans

BSNLBSNL has awarded the contract to leading telecom equipment maker Ericsson & Nokia Siemens network for upgrading its technical services.

The high bandwidth of Nokia Siemens Networks' will allow BSNL to deliver high data and triple-play intensive services such as Video on Demand, Video Multicast, IPTV, Video Conferencing, and VPN to its many customers.

Exit Polaris Software On Rally - Manghnani

PolarisAnil Manghnani of Modern Shares & Stock Brokers has suggested investors to exit Polaris Software Lab on rally.

Manghnani told, "Polaris is very weak. It’s fallen from Rs 237 all the way to Rs 104; this stock has a history of painfully hitting people by moving up sharply and then giving up all the gains over a six-month period. As of now it’s very weak on the charts and its just look like a technical bounce, my advice is to sell into every rally, just trading levels will be Rs 125 then Rs 137 and Rs 143, somewhere around the high level to get out of the stock."

ITC Can Test Rs 201 Above Rs 184 - Anil Manghnani

Anil ManghnaniAnil Manghnani of Modern Shares & Stock Brokers is of the view that above Rs 184, ITC can test Rs 201.

TCS Has Target Of Rs 1200 – Anil Manghnani

Anil ManghnaniTata Consultancy Services of Modern Shares & Stock Brokers is of the view that Tata Consultancy Services (TCS) has trading target of Rs 1200.

Indiabulls Denies Involvement In Fake ‘F&O’ Deals

IndiabullsBrokerage firm, Indiabulls Financial Services, denied media reports hinting their participation in any fake trading or price fixing in the futures & options (F&O) segment.

According to a company release that Indiabulls Securities or any of its group companies have not been concerned in any counterfeit trading or price fixing in F&O division and have not traded directly or indirectly on its own account in the 23 trades on the F&O segment as mentioned in the SEBI order.

Car Loans Get Expensive Due To RBI Rate Hike

Reserve bank of IndiaThe hiking rates of Reserve bank of India may shatter your dreams to buy your dream cars. The interest rates on car loans have been lifted up anything between 75 - 100 basis points, by Car loan lenders. This increase will result in Rs 50 monthly increase on a five year loan which has a daily rest basis.

According to report of the Direct selling agents (DSAs) of ICICI Bank to TOI, they have received a communique from the bank about the hike effective from Monday. Officials said, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday,”

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