IT, BPO Grew As Per Estimations In FY07

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.”

SBI To Spare Subsisting Home Loan Customers

State Bank of IndiaState 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%.

Ranbaxy now Makes $100 Million Annually

Africa hasRanbaxy been a hushed moneymaker for India’s major drug manufacturing company Ranbaxy making a

133K Indians Apply For H-IB Visas

H-IB visaThe US Citizenship and Immigration Services (USCIS) on Tuesday revealed that an estimated

Tax Levied On State-Owned Companies

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.

BEML Filing Red Herring Prospectus With SEBI

After receivingSecurities and Exchange Board of India 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.

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