HDFC's Net Grows By 29%

Housing Development Finance CorporationHousing Development Finance Corporation Ltd (HDFC) has recorded an increase of 28.96% in its net profit at Rs 550.05 crore in the last quarter of the last financial year.

The company directors recommend a dividend of Rs. 22 a share for the year ended March 31, 2007, as against Rs. 20 per share in the previous year.

The bank’s net profit for the whole year boosted 24.9% to Rs 1570.38 crore, as against Rs 1257.30 crore for the year ended March 31, 2006.

Hindalco Posts Up Q4 Results

Hindalco IndustriesHindalco Industries has declared the results of the final quarter of the previous fiscal 2006-07.

Aditya Birla Group flagship company recorded 15.16 per cent growth in net profit at Rs 721.3 crore for the quarter ended March 31.

The company said the recent development take place on growing metal demand because of growth in infrastructure plus the auto industry.

The company had registered a net profit of Rs 626.3 crore for the same quarter ended March 31, 2006. The total income sprang up by 30.56 per cent to Rs 4,872.2 crore.

Indian Power Companies are looking for equipment from Japan and China

The growing power demand in the country is turning out to be great news for international electrical equipment manufacturers. Power majors like Tata Power Company (TPC), Reliance Energy (REL), National Thermal Power Corporation (NTPC) and Larson & Tubro (L&T) are currently in negotiations with several global leaders for equipment orders that could add up to millions of dollars.
TPC is in talks with Japanese companies Hitachi, Mitsubishi and Toshiba for super-critical technology, said sources. REL has already joined hands with Shanghai Electric for sourcing equipment for its three projects — Hisar (1,200 MW), Yamunanagar (600 MW) and Rosa (1,200 MW). The company is planning to continue the tie-up for its forthcoming projects also, the sources added.

ICICI Bank will be in list of top 100 global FIs

Raising $5 ICICI Bankbillion through a follow-on equity offering may see the country’s largest private sector entity, ICICI Bank breaking into the top 100 financial institutions in the world, in terms of market capitalisation. The bank, whose current market capitalisation is $18.89 billion (Rs 77,834 crore), presently stands at the 111th position among the top 150 financial institutions in the world, when compared on an m-cap basis. Raising $5 billion through the equity offer will take ICICI Bank to a position of 84 in this list.

Uday Shankar Moves From MCCS To STAR India As COO

Star IndiaThe CEO of Media Content and Communications Services (MCCS) has been chosen as the COO of STAR India. MCCS is a 74:26 percent venture between Ananda Bazaar Patrika and STAR Group.
The declaration was made in a combined report by Star and MCCS. Mr. Shankar will shortly join Star India and keep an eye on the company’s overall functioning.
He will report to Paul Aiello, the chief executive officer of STAR Group.

UTI Bank To Raise Rs. 2000 Crore Fresh Capital

UTI BankUTI Bank executive director of corporate strategy, Asok Kumar has announced that they have decided to go in for a fresh equity issue in the current financial year; the bank is aiming around hiking Rs 2,000 crore either through a domestic issue or global depository receipts in order to smarten up its tier-I capital base

Google To Bring Out PowerPoint Killer

Google IncThe Mountain View, California based Google Inc is planning to bring out PowerPoint killer, the presentation software similar to Microsoft’s popular PowerPoint. Google's new presentation software is aimed to compete against Microsoft's ubiquitous PowerPoint software that's part of its popular Office suite.

The PowerPoint killer software was described by the Google Chairman and Chief Executive Eric Schmidt at a conference for Internet entrepreneurs. He also shelled at Microsoft and AT&T Inc, whose executives recently quetched that Google may soon have an illegal monopoly in online advertising.

Rising Rupee Could Go Weak

Indian CurrencyAccording to the reckonings of Treasury managers and economists, the rupee could slide back to its 43 levels against the US dollar by the end of this calendar year; the short term gains of the local currency indicated at a weaker currency over the medium term.

Maruti To Introduce iCATs

Maruti Ltd.Following the European Union way of employing hi-tech anti-theft devices in cars, the largest Indian car manufacturer, Maruti Udyog, is set to introduce the immobilizer system, iCATs, across all its models.

iCATs (intelligent Computerized Anti-Theft system) works on the principle of multiplexed communication where an inbuilt transponder, into the car key, carries a unique electronic identification and a secret code that digitally communicates with the engine computer via a controller. The car engine starts only if the secret code matches thus preventing the car from being stolen.

Declining Dollar Results In Inflation Decline

DollarsDecline of dollar against most major currencies is turning out to be great for Indian economy. The rupee has improved hugely to close at 41.85/86 against the dollar, which is recorded as a nine-year high.
The world-wide flaw of the dollar, attached with the resumed inflows from foreign institutional investors (FIIs) and the tightening of domestic rates assures traders to purchase the rupee and sold the dollar. This scenario would surely ease inflation because of decline in the cost of imports.

Kerry Might Run For Presidential Election

Sen. John KerryDuring a book signing in Denver and in an interview with 9NEWS, the 2004 Democratic nominee, Sen. John Kerry, rules in the possibility of 2008 presidential campaign.
He declared at the Tattered Cover bookstore that he currently had no desire to support any candidate for the office.
Kerry and his wife, Teresa Heinz Kerry, are concluding up a nationwide tour to promote their book, “This Moment on Earth,” highlighting booming attempts at the local level to enhance the environmental conditions.

Pope’s Car At Auction

With the purpose of aiding a charity, Pope Benedict XVI’s Volkswagen Golf is up for auction again, which he owned during his days as a cardinal in Germany.

Earlier, in 2005, it was sold to an online casino, Golden Palace, for £90,000 by a German student, Benjamin Halbe, who himself bought it for £6,500. Halbe donated a portion of profit to a charity.

The online casino from US used this car for promotional purposes only. Now, they are looking to raise money for Habitat for Humanity, a British charity, through this auction.

Climate Change Threatens Asia - Report

The UN Intergovernmental board on global climate changes alleges both floods and water shortfalls affects Asia due to global warming.

In various countries, the risk of hunger is expected to remain ‘very high’.

An inter-governmental conference on climate change liberated in Brussels figures that the crops outputs could boost up to 20% in east and Southeast Asia whereas showing a reduction of 30% in central and south Asia by mid-21st century.

Congress Kicked Out Of MCD

After recent Congress Partydisappointed results in Punjab and Uttrakhand assembly elections, it is again huge set back for ruling Congress Party in Delhi as it was ousted from the Town Hall of Delhi. Increasing prices, sealing-cum-demolition threat, mounting power and water tariff and severe power crisis were few main reasons that resulted in the electorate to deliver a stern snub to the ruling party.

Genpact Looking At US listing

Genpact BPOIndia’s largest BPO firm, Genpact, is speculating a US listing through an IPO to raise over $600 million for the company and its promoters. Genpact, formerly known as Gecis, was previously a part of US-based global industrial multinational General Electric (GE).

“Genpact, a Gurgaon-based BPO, is planning to offload about 15% equity through a public float on either NASDAQ or New York Stock Exchange later this year,” told merchant banking sources close to the development.

Raised Interest Rates Benefited NRIs

Reserve Bank of IndiaAiming to control the inflation, the Reserve Bank of India has raised the interest rates on March 30. This unexpected increase in interest rates caused a drop of over 600 points in the Indian stock market on April 2 though the market recovered.
Long-term investor, such as NRIs have fully exhibited this response as they pumped nearly Rs.1 billion in months of February and March, whereas, earlier, they were sellers mainly due to high rupee-dollar rate and valuation concerns. The mutual funds have also eased off and become attractive for the investor.

Strengthened Rupee has mixed response from Industry

Indian CurrencyIndian industry looked confused over the issue whether the RBI should intervene in order to protect exporters from the gaining rupee or not.
As per CII, the domestic industry would have to accept a strengthening rupee in the short term, whereas, FICCI, Assocham and FIEO fancies RBI to check the sharp climb in the currency.

Transfer Pricing Provisions Ruled Out, If Tax Liability Absent

Authority for Advance Rulings has decided that the income-tax department cannot apply transfer pricing provisions, if a foreign company does not have a liability to pay tax. This ruling would give relief to the Netherlands-based Vanenburg Group BV which had shifted the entire shareholding of its Indian subsidiary Cordys R&D (India) Pvt Ltd to its Cordys Holdings BV (Netherlands).
Vanenburg Group had asked a judgment from the AAR on whether the relocation would draw capital gains tax and the transfer pricing provisions under Sections 92-92F of the Income-Tax Act, 1961.

Investors Prefer Online Trading

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.

Sunita Tests LOCAD-PTS

With the purposeSunita Williams 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.

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