As per reports, approximately one-fifth of the retail turnover is being transacted online which is low as compared to markets like South Korea and Japan having 85% and 80% of the total retail turnover is transacted over the Internet. Hong Kong and Singapore market’s net-based transactions account for only 15% of the retail turnover.
Internet trading in India has grown 100% every year during the last 5 years. Almost 45% of the total retail trading is expected through the online network.
The Internet seems like the biggest leveler, enabler and differentiator as the broking industry will split into two parts where one would like to call itself wealth management providers while others will concentrate on the high volume business by providing lower charges.
With the purpose of extending future exploratory journeys into space, the first major test on the Space Station is successfully completed by LOCAD-PTS. LOCAD-PTS (Lab-On-a-Chip Application Development-Portable Test System) is a miniature biological laboratory which was launched December 9, 2006 and Saturday, March 31, 2007, was it’s scheduled to be opened.
DaimlerChrysler India’s new plant near Pune will end up the land lease agreement it sharing with Tata Motors. It will leave off its rented premises after completion of its new greenfield plant in Chakan.
The luxury carmaker has an enduring and close affiliation with Tata Motors. Presently it holds a 6.69% stake in it (Tata Motors). The existing facility covering up 25 acres is on land hired from Tata Motors.
According to the DaimlerChrysler administrator that it is a long-run lease contract and the company (Daimler) will walk off by 2008 end or beginning 2009 when the novel industrial unit goes operational.
The IT industry performance for the 2006-07 may fit in order with prospects. It’s not just escalation of the rupee that will affect the attitude but also enhancement in salaries and the minimum alternate tax (MAT), which could catch a charge on the IT industry, in a cumulative manner.
The other worrying part is the constant habituation of the IT industries on the habitual applications development and maintenance (ADM) tasks and their incapability to expand considerably to the advanced charging and harder undertakings in fields like marketing, logistics, automobiles and aerospace.
Sid Pai, partner TPI International stated, “Sustaining top line growth will be a challenge.”
State Bank of India (SBI) will not increase interest rates for a range of existing home and education loan customers’.
Even as the shift may be partially influenced by the earlier finance ministry recommendation that banks should not rush through rate increases.
The banks’ asset liability committee (Alco) that gathered on late Thursday evening, has suggested to the bank panel that the standard prime-lending rate (PLR) may be hiked up by 50-75 basis points. At this time, the bank’s PLR is 12.25%.
Africa has been a hushed moneymaker for India’s major drug manufacturing company Ranbaxy making around $100 million annually.
Now the company plans to invest up more funds in infrastructure and will establish a novel manufacturing plant in the continent.
At present, the company’s income from the continent amount to 7% of the company’s worldwide income. But returns from the county is cross-filing double-digit development.
The US Citizenship and Immigration Services (USCIS) on Tuesday revealed that an estimated 133,000 unique pieces of mail containing H-1B petitions. H-IB visas are often used by hundreds of foreigners, including Indians, to work or study in that country.
However, this is lower that the original USCIS estimate of 150,000 that the agency has based on amounts from manifests received along with the mail.
The Constitution and List I in the seventh schedule says that tax on income is imposed by the Union government. The Constitution concedes exempt to state governments from charging income tax, also, state’s property and income is exempted from union taxation.
The exemption provided is for government as well as non-government activities of a state. But, state-owned companies or corporations claimed that their trade or business is carried on behalf of the state government and in reality, it is the state government which carries on business through them. The surplus generated by such activities belongs to the state government. Hence, they are entitled to be treated as state.
After receiving cabinet’s clearance of a follow-on public offer, BEML is looking to file the red herring prospectus with SEBI this month. “The company was in the process of filing the red herring prospectus (RHP) with SEBI this month. “We intend to hit the market in the first half of June this year," said Natarajan, BEML chairman and managing director.
According to Natarajan, Rs 440-crore public issue would be made entirely through the book-building route. After the follow-on public offer, government holding in BEML would be 55% and the balance would be held by public and financial institutions.
The Income-Tax Appellate Tribunal (ITAT) has directed the IT department to refund the amount it has recovered from Mumbai-based brewing company, Skol Breweries.
Rs 2.68 crore was recovered from Skol while an interim stay order passed by ITAT was in operation. ITAT, the quasi-judicial body for settling tax disputes, determined that IT department’s action was beyond its jurisdiction. The extraordinary order was approved by vice-president of ITAT, G E Veerabhadrappa, and its judicial member, Madhavi Devi.
As per case facts, on March 27, 2007, Skol Brewery requested the Tribunal, by moving an emergency stay petition, to intervene as the department had attached all its bank accounts after the I-T Commissioner rejected its stay petition.
The rupees closed at 42.90 in comparison to dollar on Thursday, which has been recorded as the highest closing in past eight years. The rupee was grown to 42.84 per dollar and closed at 43.08 on Wednesday in intra-day trade. Treasury (British cabinet that is responsible for economic strategy) cleared that bargainers make short position in the hope that Reserve bank of India would not interfere to limit benefits. The rupees were around the 43.15 for the most part of the day.
The 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,”
On Thursday, a banker to the deal said that National Hydroelectric Power Corporation is looking to trade 13.6% of the company in an initial public offering to raise upto Rs 25 billion. The plan is to trade 1.12 billion new shares in the IPO, and the government will sell about 55.8 billion shares, an official said. “It could be somewhere between Rs 22-25 billion,” he added.
The fight for the leading outlook in the mutual fund business started again in March, with Reliance Mutual repossessing the peak it had gave up to Prudential ICICI.
As on March 31, 2007, Reliance Mutual’s assets under management (AUM) stood at Rs 46,307 crore, whereas Prudential ICICI was ranked second at Rs 37,870 crore.
With RBI rates increase, car loan providers have raised interest rates by 75 to 100 basis points. The enhancement would mean a monthly increase of Rs 50 for a five-year loan having a daily rest basis.
ICICI Bank’s direct selling agents (DSAs) said they have accepted an official report from the bank on the cost increase effective from Monday. Rack rates are inclusive of DSA commissions.
The officials stated, “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.”
Is Mumbai ready to be a global financial hub or not? This question will be answered by the Union Cabinet shortly.
There are a number of recommendations to enable Mumbai join the league of London, New York and Singapore as one of the premier IFCs of the world, from the high-powered expert committee (HPEC) on making Mumbai an international financial centre (IFC). The report submitted to the FM (finance minister) on Tuesday will be out before the Cabinet shortly.
According to HPEC, the Indian purchases of international financial services (IFS) touched $13 billion in 2005 and are expected to be in the range of $50-70 billion by 2015. Therefore, it has been stated that “if the country does not proceed on establishment of an IFC, the revenues will go to other IFCs”.
The foreign broking firms opine that the Indian currency could become commanding currency in Asia. This reckoning came a day after an expert committee made out a case on Monday for making the rupee fully convertible before the end of 2008.
The Air India-Indian amalgamation, blustered as the major conjoining in the Indian skies. It may bring a windfall to more than 32,000 workforces of both the companies. Post-merger, the administration is planning to give out employee stock options (Esops) to their employees.
A government official stated that the newly engaged company is named as ‘National Aviation Company,’ which owns up 7.32 crore shares, and a paid-up capital of Rs 73.25 crore.
The total number of shares has been attained after arrogating an exchange proportion of 8:1 that entails eight shares of the blending groups equivalent one share of the new entity.
The Tuesdays’ Microsoft "critical" out-of cycle security update release has fixed the animated cursor vulnerability that potentially let attackers to take control of a system. Often termed as the ANI vulnerability, the flaw is linked to animated cursor files that normally have the .ani suffix. The Flaw that was
The Indian Rupee, on Wednesday, surged to its highest level in nearly 8 years. The Rupee traded 43 to a dollar as banks sold the US unit to raise funds to meet statutory reserve requirements.
According to reports, ending at 43.065/075 on Tuesday, the rupee was at 42.925/935 per dollar at 10:15 am on Wednesday, off an early high of 42.84, it’s strongest since June 1, 1999, when it traded at 42.83.
The Rupee has gained about 9.5 % since hitting a 3-year low last July, and the central bank is thought to be uneasy with the rupee's pace of appreciation.