Budget Reactions: Budget disappoints home seekers, realty industry: Summer

Feb 28, 2013, 08.56 PM IST

It is a very disappointing Budget especially, for the home seekers and realty industry. One per cent of TDS on property of above Rs 50 lakh will discourage the industry in urban areas.

Like this story, share it with millions of investors on M3

Budget Reactions: Budget disappoints home seekers, realty industry: Summer

It is a very disappointing Budget especially, for the home seekers and realty industry. One per cent of TDS on property of above Rs 50 lakh will discourage the industry in urban areas.

Like this story, share it with millions of investors on M3

Budget Reactions: Budget disappoints home seekers, realty industry: Summer

It is a very disappointing Budget especially, for the home seekers and realty industry. One per cent of TDS on property of above Rs 50 lakh will discourage the industry in urban areas.

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To download current article in Word format, click here.

Deepak Shah
Sumer Infrastructure

"It is a very disappointing Budget especially, for the home seekers and realty industry. One per cent of TDS on property of above Rs 50 lakh will discourage the industry in urban areas. It is high time that the real estate industry gets much required 'infrastructure' status. We expected some announcement pertaining to it but unfortunately it has not come. At least, in the affordable housing segment, this requirement is pivotal. If granted, the industry will see a boom and also the poor people will be able to join the mainstream in urban India. The 'infrastructure' status will help the developers to secure long-term bank funding at lower interest rates. This would reduce the cost of construction which will make the affordable housing more economical. The beneficiaries will also get easy term housing loans."

Get full Budget coverage

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

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23.06 | 0 komentar | Read More

SC-BABHALI 2 LAST

Feb 28, 2013, 09.02 PM IST

SC-BABHALI 2 LAST

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SC-BABHALI 2 LAST

SC-BABHALI 2 LAST

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SC-BABHALI 2 LAST

SC-BABHALI 2 LAST

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The apex court said the committee has to ensure that The apex court said the committee has to ensure that "Maharashtra releases 0.6 TMC feet of water to Andhra Pradesh on March 1 every year and it maintains the capacity of Balegaon barrage to 1.5 TMC feet..." Andhra Pradesh had alleged that Maharashtra had violated terms of the agreement of 1975 between the two states by constructing the Babhali barrage in the reservoir/water spread area of Pochampad project of Andhra Pradesh. Andhra Pradesh had termed the construction of the barrage as illegal and unauthorised, since it would deprive the state in general and its inhabitants in particular in the districts of Adilabad, Nizamabad, Karimnagar, Warangal, Nalgonda, Khammam and Medak of having water for irrigation and drinking purposes. Maharashtra had opposed the plea of Andhra Pradesh saying saying that as per the 1975 agreement, construction of projects for using its share of water is its prerogative and the only cap is that the utilisation should not exceed 60 TMC feet of water. PTI HMP AAC RKS ZMN

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

Download Now FREE

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Budget Reactions: Allowing Banks to acts as broker good move, Birla Sun Life

Feb 28, 2013, 08.58 PM IST

Steps to allow banks to act as brokers for selling insurance products of multiple companies will give customers more choice and will allow life insurance companies to make further inroads in the years to come.

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Budget Reactions: Allowing Banks to acts as broker good move, Birla Sun Life

Steps to allow banks to act as brokers for selling insurance products of multiple companies will give customers more choice and will allow life insurance companies to make further inroads in the years to come.

Like this story, share it with millions of investors on M3

Budget Reactions: Allowing Banks to acts as broker good move, Birla Sun Life

Steps to allow banks to act as brokers for selling insurance products of multiple companies will give customers more choice and will allow life insurance companies to make further inroads in the years to come.

Share  .  Email  .  Print  .  A+A-

To download current article in Word format, click here.

Jayant Dua
Birla Sun Life Insurance

Steps to allow banks to act as brokers for selling insurance products of multiple companies will give customers more choice and will allow life insurance companies to make further inroads in the years to come. KYC documents of banks can be considered as surrogates for issuance of policies by insurance companies. This will bring customer convenience at the point of purchase and will provide ease of processing for the insurance companies. There are further recommendations that aim to enhance the penetration of insurance products in the country.

Get full Budget coverage

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

Download Now FREE

23.06 | 0 komentar | Read More

Car bomb blast kills at least nine in Iraq capital - police

Feb 28, 2013, 09.02 PM IST

IRAQ-VIOLENCE:Car bomb blast kills at least nine in Iraq capital - police

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Car bomb blast kills at least nine in Iraq capital - police

IRAQ-VIOLENCE:Car bomb blast kills at least nine in Iraq capital - police

Like this story, share it with millions of investors on M3

Car bomb blast kills at least nine in Iraq capital - police

IRAQ-VIOLENCE:Car bomb blast kills at least nine in Iraq capital - police

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To download current article in Word format, click here.

BAGHDAD (Reuters) - A car bomb explosion in a Shi'ite neighbourhood of the Iraqi capital Baghdad killed at least nine people on Thursday, police sources said.

A further 16 people were wounded in the blast, which took place near a restaurant in the southern Shula district of Baghdad. (Reporting by Kareem Raheem; Writing by Isabel Coles; Editing by Alison Williams)

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

Download Now FREE

23.06 | 0 komentar | Read More

Govt to have new criteria for sp status, Nitish claims victory

Feb 28, 2013, 09.02 PM IST

Govt to have new criteria for sp status, Nitish claims victory

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Govt to have new criteria for sp status, Nitish claims victory

Govt to have new criteria for sp status, Nitish claims victory

Like this story, share it with millions of investors on M3

Govt to have new criteria for sp status, Nitish claims victory

Govt to have new criteria for sp status, Nitish claims victory

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To download current article in Word format, click here.

New Delhi/Patna, Feb 28 (PTI) Amid demands from states like Bihar to revise existing yardsticks for granting special status to backward states, Centre today proposed to evolve a new criteria that would reflect in future planning and devolution of funds to the states. Welcoming the announcement, Chief Minister Nitish Kumar said in Patna it was a 'victory in-principle' for Bihar in view of its consistent demand for grant of such a status. In his budget speech, Chidambaram said, "the present criteria for determining backwardness are based on terrain, density of population and length of international borders. "It may be more relevant to use a measure like the distance of the state from the national average under criteria such as per capita income, literacy and other human development indicators. I propose to evolve new criteria and reflect them in future planning and devolution of funds". The announcement comes at a time when the UPA is on the look out for new allies and sees a potential friend in Nitish Kumar in case the BJP projects Narendra Modi as its face for the next Lok Sabha elections. The antipathy between Kumar and Modi is well-known. Kumar's party had plans to address a rally in New Delhi on March 17 on the issue. Bihar government has been consistent in its demand for changing the criteria for determining backwardness of a state so that it could get special status. Kumar told reporters in Patna "we have been demanding review of the criteria for special status to the states for a long time and framing of new criterion for grant of such a status to backward states like Bihar....I am glad that Chidambaram has referred to revisiting criteria for special status during his budget speech". The Chief Minister, however, ruled out a political meaning of his lavish praise for the Finance Minister and said that no such conjecture should be made as the Centre's commitment to revisit the special status. A Congress leader speaking on the condition of anonymity pointed out that Bihar has got "huge funds in the budget." Special category status attracts investment in a state as investors get tax benefits. In 1969 while devising formula for sharing central assistance among states, the Fifth Finance Commission acting in line to the Gadgil formula, had accorded special status to three states on the basis of harsh terrain, backwardness and social problems prevailing in these states. The number later rose to 11. The states which have been granted special category status include Arunachal Pradesh, Assam, Himachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkin, Tripura and Uttarakhand. PTI AMR KDK RT

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

Download Now FREE

23.06 | 0 komentar | Read More

Appeal judges overturn conviction of former Yugoslav army leader

THE HAGUE (Reuters) - U.N. war crimes court judges on Thursday overturned the conviction of the former chief of staff of the Yugoslav army, acquitting him of charges of aiding and abetting crimes committed in Bosnia and Croatia during the Yugoslav wars.

Judges said Momcilo Perisic, who was head of the Yugoslav army from 1993, had not directed ethnic Serb forces in Bosnia to use military aid sent from Belgrade for the commission of crimes. They also said he had not been in a position to discipline soldiers for shelling the Croatian capital Zagreb.

Prosecutors had accused Perisic of helping Serb forces to commit war crimes during the bloody break-up of Yugoslavia, including the massacre of 8,000 Muslim men and boys in Srebrenica and the siege of Sarajevo, in which more than 10,000 died.

(Reporting By Thomas Escritt)

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PIL on Maval firing disposed by HC

Feb 28, 2013, 09.02 PM IST

PIL on Maval firing disposed by HC

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PIL on Maval firing disposed by HC

PIL on Maval firing disposed by HC

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PIL on Maval firing disposed by HC

PIL on Maval firing disposed by HC

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Mumbai, Feb 28 (PTI) Asking the petitioner to approach Magistrate's Court, the Bombay High Court today disposed of a PIL seeking CBI inquiry into police firing at Maval in Pune district in which three farmers were killed in August 2011. The division bench headed by justice A M Khanwilkar was hearing the petition filed by I G Khandelwal, seeking probe by the CBI or state CID and registration of FIR against police officers, including the then Superintendent of Police Sandeep Karnik who had led the police team. On August 9, 2011, a mob of locals descended onto Pune-Mumbai Expressway at Maval, blocking it for two hours, protesting the government's decision of laying a closed pipeline to supply water from Pavna dam to Pimpri-Chinchwad. Police opened fire, resulting in three deaths. At the last hearing in the High Court, government had justified the firing, saying that police had followed rules, and agitators were "very aggressive". "Police van was surrounded by them. Police resorted to lathi-charge, used tear gas and rubber bullets, but agitators were beyond control. Hence, police had fired upon them," the government lawyer said. A senior police officer went to the agitators with "folded hands" and requested to call it off, but he was beaten up, said the government lawyer. After watching video footage of the incident, the local Magistrate had ordered registration of FIR against the policemen under section 302 IPC (murder). But the High Court today said it would not go into this aspect, and the petitioner may move the Magistrate's Court to seek inquiry by independent agency. PTI SVS KRK PMS RDS

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

Download Now FREE

23.06 | 0 komentar | Read More

French doping agency will do Tour de France testing

PARIS (Reuters) - The French Anti-Doping Agency (AFLD) has agreed to carry out testing at the Tour de France in June.

The AFLD said in a statement on Thursday the UCI (International Cycling Union) had guaranteed "information on the

whereabouts of the riders and their biological profile data in order to carry out random tests".

Two weeks ago the AFLD said it would not carry out tests on the Paris-Nice race that starts on Sunday, citing a disagreement with the UCI.

The two organisations have long been at loggerheads, with the AFLD saying the UCI had not followed correct procedures during testing in the 2009 Tour de France. The UCI denied the allegations.

The UCI came under heavy fire in last year's U.S. Anti-Doping Agency report that led to the Lance Armstrong scandal.

The American was stripped of his seven Tour titles in October and admitted to doping in a televised interview last month. (Reporting by Julien Pretot, editing by Tony Jimenez)

23.06 | 0 komentar | Read More

Delhi govt gets marginal hike in allocation

Feb 28, 2013, 09.02 PM IST

Delhi govt gets marginal hike in allocation

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Delhi govt gets marginal hike in allocation

Delhi govt gets marginal hike in allocation

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Delhi govt gets marginal hike in allocation

Delhi govt gets marginal hike in allocation

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New Delhi, Feb 28 (PTI) Notwithstanding a demand by Chief Minister Sheila Dikshit to hike central assistance, the Centre today earmarked Rs 1,143 crore for the national capital in the Union Budget which is an increase of only Rs 44 crore compared to last year. Out of total allocation, the city government has been given Rs 700 crore under JNNURM (Jawaharlal Nehru National Urban Renewal Mission) for infrastructure projects while an outlay of Rs 309.92 crore has been made as normal assistance. Last year, Delhi was given a total assistance of Rs 1,099 crore. Facing Assembly polls in November, Dikshit had made a strong pitch for increasing the central assistance to take up new projects in the city, saying it has been stagnant at around Rs 300 crore per annum for the last 10 years. In the Budget, Delhi has been given a total allocation of Rs 1077.31 crore while a separate of fund of Rs 68.39 crore has been granted from the allocation made to the Union Road Transport Ministry taking the total to Rs 1143.70 crore. As per the budget, though Delhi was given Rs 1,031.61 crore for 2012-13, it could spend only Rs 831.61 crore. In 2012-13 also, Rs 68 crore was earmarked separately for the city government for road projects which took the total allocation to Rs 1099 crore. Out of the total allocation under JNNURM projects, Rs 470 crore is for urban infrastructure projects while Rs 150 crore has been allocated for providing basic services to urban poor. Rs 80 crore was granted for construction of houses under Rajiv Awaas Yojna. A separate allocation of Rs 54.59 crore has been made for Delhi under National Social Assistance Programme. Another grant of Rs 10 crore has been made under Rastriya Krishi Vikas Yojna. Delhi was granted Rs 700 crore under JNNURM for 2012-13 out of which it could spend Rs 500 crore as reflected in the revised estimates. Dikshit, in a statement, said the grants amounting to Rs 700 crore under JNNURM would enable the city government to go for new projects. She said allocation under Rajiv Awas Yojana has witnessed a substantial hike as it has "gone up" from Rs 5 crore in 2012-13 to Rs 80 crore. She said, "That allocation under Urban Infrastructure and Governance under JNNURM has increased from Rs 350 crore to Rs 470 crore." PTI MPB RT

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

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23.06 | 0 komentar | Read More

Budget Reactions: Generation based incentive positive for wind sector: Ushdev

Feb 28, 2013, 09.09 PM IST

Finance Minister's announcement to reintroduce 'generation-based incentive' for wind energy projects is a welcome move for the industry.

Like this story, share it with millions of investors on M3

Budget Reactions: Generation based incentive positive for wind sector: Ushdev

Finance Minister's announcement to reintroduce 'generation-based incentive' for wind energy projects is a welcome move for the industry.

Like this story, share it with millions of investors on M3

Budget Reactions: Generation based incentive positive for wind sector: Ushdev

Finance Minister's announcement to reintroduce 'generation-based incentive' for wind energy projects is a welcome move for the industry.

Share  .  Email  .  Print  .  A+A-

To download current article in Word format, click here.

Arvind Prasad
Ushdev International

"Finance Minister's announcement to reintroduce 'generation-based incentive' for wind energy projects is a welcome move for the industry. Also the announcement to provide low interest bearing funds from the National Clean Energy Fund (NCEF) is a good initiative. The scheme, which is for 5 years, will boost investment in the sector and we will see more renewable projects in coming period. Consumers too would be benefited thanks to low cost of finance. However, Channelizing only through IREDA appears restrictive. Allowing all major banks and financial institutions to use this fund would be more beneficial to the industry."

Get full Budget coverage

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

Download E-book free!

Get the moneycontrol
e-book

Everything you want to know about BUDGET 2013

Download Now FREE

23.06 | 0 komentar | Read More

Network 18 puts Yellow Pages, ASK Me up for sale

Moneycontrol Bureau

Network 18 Media & Investments will look to sell a stake in its business directories - Yellow Pages and ASK Me - a move in line with the media firm's strategy to monetize its non-core assets profitably.

"The Board of Directors at its meeting held on February 21, 2013, have accorded its approval to evaluate opportunities and sell/divest its undertaking comprising of Business Directories viz 'Yellow Pages' and 'ASK Me'," Network 18 said in a filing to the BSE.

In December, Network18 sold its entire stake in financial data and news terminal business 'NewsWire18' to private equity firm Samara Capital for Rs 90 crore.

Earlier, Network18 had also sold its stake in one of the Capital18 investee companies -- NetworkPlay and then partially diluted its stake in digital commerce firm -- Bookmyshow.com.

Disclaimer: Moneycontrol is part of the Network 18 group.

23.06 | 0 komentar | Read More

Barca's Abidal cleared to play after liver transplant

MADRID (Reuters) - Barcelona's dismay at losing 2-0 at AC Milan in Wednesday's Champions League last-16 first leg was offset on Thursday by the news that defender Eric Abidal had been cleared to play after almost a year out to undergo a liver transplant.

"After this morning's training session Eric Abidal has received the welcome news that he has the medical all-clear and is therefore available to the team for the final part of the season," Barca said in a statement on their website (www.fcbarcelona.es).

The 33-year-old left back had the transplant in April 2012 and last featured in a 2-1 win at Atletico Madrid just under a year ago. He returned to training in December.

Barca's next match is a La Liga clash at home to Sevilla on Saturday and they play Real Madrid twice next week.

They host their arch rivals in Tuesday's King's Cup semi-final second leg after last month's first leg at the Bernabeu finished 1-1, and play at Real in La Liga on Saturday. The return game against Milan is at the Nou Camp on March 12.

Barca are 12 points clear of Atletico at the top of the league with 14 games left, with champions Real a further four points back in third.

(Reporting by Iain Rogers, editing by Clare Fallon)

23.06 | 0 komentar | Read More

Aussie Stosur extends miserable run with Dubai exit

By Matt Smith

DUBAI (Reuters) - Samantha Stosur's season of woe continued at the Dubai Championships when she crashed out in the quarter-finals following a 6-2 6-4 defeat by Italian Roberta Vinci on Thursday.

Vinci will now play doubles partner Sara Errani in an all-Italian semi-final after her compatriot beat Russia's Nadia Petrova 6-4 0-6 6-3.

Stosur has lost more matches than she has won this year, with her win-loss record standing at 5-7 after she produced an error-strewn performance under the searing desert sun that left her frequently yelling in frustration.

Vinci, 30, broke in the opening game and was always in control against a player who has failed to win a title since triumphing at the U.S. Open in September 2011.

The Italian has now beaten top-10 ranked players in successive matches - she defeated Angelique Kerber on Wednesday - and has yet to drop a set in Dubai.

World number nine Stosur towered over the diminutive Vinci, but she was guilty of trying to be too aggressive, clubbing a succession of backhand returns into the net.

Vinci, who with partner Errani are the top-ranked doubles pairing, is a percentage player, relying more on her opponent's mistakes than going for winners herself and Stosur's approach played into the Italian's hands.

Serving at 4-2 down, Stosur ran to the net but Vinci, world No.17, played an angled backhand dropshot winner for a break point.

The Italian duly converted after Stosur, backpedalling from the net, hit a smash long. Stosur then surrendered the set with another errant backhand.

The Australian broke for the first time early in the second set and also changed tactics, slowing the game down and matching Vinci's backhand slice.

But the Italian responded with an immediate break back, taking Stosur to deuce before the latter struck successive forehands wide.

Stosur was frequently left stranded in mid-court, either arriving too late to block off Vinci's passing shots or coming forward too soon and allowing herself to be lobbed.

The Italian broke again for a 4-3 lead after another Stosur error and served out the match.

ALL-ITALIAN SEMI

In the second match of the day, Errani stormed into a 5-1 first set lead as she proved more agile around the court than the taller Petrova, but the world number 12 responded, breaking back after the Italian scuffed a forehand.

The Russian closed to 5-4, before Errani took the set as Petrova came forward to attack the second serve but could only find the net.

Petrova, 30, had the power, Errani the finesse, and it appeared brute force would triumph as the Russian won nine out of 10 games that included a 6-0 second set whitewash.

But Errani, playing with a heavily strapped left thigh and grunting with every shot, refused to cave in.

The 2012 French Open finalist swapped breaks early in the deciding set before breaking again for a lead she would not relinquish.

In Friday's remaining quarter-finals, former world number one Caroline Wozniacki faces France's Marion Bartoli and 2011 Wimbledon champion Petra Kvitova plays Agnieszka Radwanska. (Reporting by Matt Smith, editing by Pritha Sarkar)

23.06 | 0 komentar | Read More

S Vijayan takes over as IRDA chief

Former LIC chief T S Vijayan today took over as the chairman of the Insurance Regulatory and Development Authority (IRDA). Vijayan succeeds J Hari Narayan who completed his five-year term yesterday. IRDA chairperson's tenure is for five years or till the age of 65 years.

An IRDA statement said Vijayan has taken charge as its chairman today. Vijayan assumes office at a time when industry is facing a slowdown. He faces the task of taking insurance to rural markets. Simplification of insurance products will be another challenge for him.

Also Read: SKS Microfinance falls as IRDA slaps fine

This marks a comeback for Vijayan, who was battling corruption allegations with regard to investment decisions made by LIC during his tenure. In May 2011, Vijayan was removed from the post of LIC chairman and appointed managing director at the state-owned insurance giant.

Last year, the Central Bureau of Investigation (CBI) and the Finance Ministry gave him a clean chit. The government in October 2012 had invited applications for the post of IRDA chairman.

23.06 | 0 komentar | Read More

Italian beach crowned best in world by tourists

LONDON (Reuters) - A remote beach in Sicily, Italy, was named on Thursday as the best beach in the world by a survey of travellers, while a UK beach managed to sneak into the top 10.

Rabbit Beach came top in the first annual awards for the world's best beach based on millions of reviews and ratings by international tourists on the TripAdvisor website.

Rabbit Beach, on the island of Lampedusa off the south coast of Sicily, was described as an unspoiled nature reserve that can only be accessed by boat and one of the few places in the Mediterranean where loggerhead sea turtles go to lay their eggs.

Second place went Grace Bay, Providenciales, in the Turks and Caicos, while Australia's Whitehaven Beach in the state of Queensland came third.

"Rabbit Beach's is clearly a big hit with travellers and it's easy to see why with its stunning turquoise water and white sand," said TripAdvisor spokeswoman Emma Shaw, adding that the award would be a boost for Sicily's tourism.

Beaches in Brazil, Spain, Puerto Rico, Bermuda and Aruba also featured in the top 10, praised for their white sands and swaying palm trees.

But one surprise in the list, coming 10th, was Rhossili Bay in Swansea, Wales, which beat beaches in Hawaii, the Caribbean and more exotic locations to make the top 10 list.

Rhossili Bay, on the Gower Peninsula, stretches for three miles (5 kms) and its vast expanse of sand backed by sand dunes and towering cliffs make it popular with surfers, paragliders and ramblers.

"We are delighted, but not surprised, that Rhossili Bay has been acknowledged ... We hope that many more visitors continue to enjoy its outstanding natural beauty," David Phillips, leader of the City and County of Swansea, said in a statement.

A spokeswoman for TripAdvisor said the best beach awards were based on the quality and quantity of traveller reviews and ratings for beaches on the website gathered over a 12-month period.

Following is TripAdvisor's list of the Top 10 beaches in the world:

1. Rabbit Beach, Sicily - Italy

2. Grace Bay, Providenciales - Turks and Caicos

3. Whitehaven Beach, Queensland - Australia

4. Baia do Sancho, Fernando de Noronha - Brazil

5. Flamenco Beach (Playa Flamenco), Culebra - Puerto Rico

6. Playa de las Catedrales, Ribadeo - Spain

7. Lopes Mendes Beach, Ilha Grande - Brazil

8. Horseshoe Bay Beach, Southampton Parish - Bermuda

9. Eagle Beach - Aruba

10. Rhossili Bay, Rhossili, Swansea - Wales, UK

(Reporting by Belinda Goldsmith)

23.06 | 0 komentar | Read More

Three British Islamists convicted of plotting "another 9/11"

LONDON (Reuters) - Three British Islamists were found guilty on Thursday of plotting a campaign of bombings in crowded areas in an attempt to create what one of them called "another 9/11".

A jury at Woolwich Crown Court in south London convicted Irfan Naseer, 31, Irfan Khalid, 27, and Ashik Ali, 27, of a total of 12 counts of committing acts in preparation for a terrorist attack between December 2010 and September 2011.

The trio were central figures in a plot to blow up eight rucksack bombs in a mass suicide attack as well as detonating bombs on timers in crowded places. Their targets remain unidentified.

The court heard they had also considered welding knife blades to a truck and ramming it into a crowd of people.

"The evidence we put to the court showed the defendants discussing with awe and admiration the attacks of 9/11 and 7/7," said specialist counter-terrorism prosecutor Karen Jones in a statement after the verdict.

The name "7/7" is given in Britain to the attacks on London's public transport by Islamist militants on July 7, 2005, which killed more than 50 people.

"These terrorists wanted to do something bigger, speaking of how 7/7 had 'gone a bit wrong'," Jones said in her statement.

The men will be sentenced at a later date. Judge Richard Henriques warned them to expect sentences of life in prison, the Press Association (PA) reported from court.

"You were seeking to recruit a team of somewhere between six and eight suicide bombers to carry out a spectacular bombing campaign, one which would create an anniversary along the lines of 7/7 or 9/11," the PA quoted Henriques as telling Naseer.

Prosecutor Brian Altman had described the men to the jury as "jihadists and extremists" who were influenced by a preacher affiliated to al Qaeda. The court heard that Khalid had spoken of causing "another 9/11" as "revenge for everything".

Naseer and Khalid had spent time at training camps in Pakistan where they had learnt how to make bombs, mix poisons and fire guns. Altman told the court they had prepared "martyrdom videos" in anticipation of their suicide campaign.

All three had posed as street collectors for the charity organisation Muslim Aid, fraudulently raising 13,500 pounds of which only 1,500 pounds went to the group.

They asked an associate, Rahin Ahmed, to invest the rest of the money in the currency markets to raise funds for their bomb plot, but started doubting Ahmed's trading abilities after he lost more than 9,000 pounds, blaming "troubles in Europe".

"We would like to reassure the public that we have taken steps to improve the security of our street collections and branded property," Muslim Aid said in a statement after the verdict.

"We would like to reiterate that Muslim Aid is a victim of this fraudulent activity," the group said.

(Reporting by Estelle Shirbon; editing by Andrew Roche)

23.06 | 0 komentar | Read More

Budget will be tough juggle; avoid realty

In this episode of CNBC-TV18's special series, Juggling Options experts deconstruct expectations from the upcoming Union Budget. Nirmal Jain of IIFL opines that the Budget will be a challenge of sorts for the finance minister and advises investors to stay away from realty stocks.

Also read: Nifty unlikely to fall below 5,800 before Budget: IL&FS

Below is an edited transcript of the interview on CNBC-TV18

Q: Firstly, what are your general expectations from the Budget this time around? Do you believe repeated assurances from the finance minister that the probability of a negative surprise is quite low?

A: The Budget this time is going to be quite a task because there are multiple challenges such as the fiscal deficit which finance minister has indicated that he will rein it at around 5.3 percent and target 4.8 percent next year.

The second challenge will be striking a balance between populist measures to please the masses and maintain the momentum on reforms to boost economic revival and reduce the pernicious impact of rising current account deficit, halt imports being funded by FII funds and make exports more competitive.  So I think it will be difficult not to expect any negative surprises from the Budget.

Q: What are the realty stocks that you would be looking at in the run-up to the Budget ?

A: This is a high beta sector. The sector has taken a beating which gives it room to run up on positive news. But from a long-term point of view, I would adivse investors to stay away.

If traders have to take exposure, then they could choose stocks that are relatively safer, maybe stocks like Godrej Properties or larger stocks like DLF where probably the company will raise equity money.

But from an investor's perspective of three-five years, real estate stocks have multiple risks and hurdles. One can invest in real estate as a part of asset allocation but the stocks are always risky. Having said that, there are some stocks that one can look at for exposure to the sector.

23.06 | 0 komentar | Read More

Responding to defence ministry's notice: Finmeccanica

Facing allegations of paying bribes to bag the Rs 3,600 crore deal for supplying 12 helicopters to India, Italian company Finmeccanica today said it is responding to the show cause notice issued by the Indian defence ministry.

The deadline for sending the reply ends tomorrow evening. In the notice, the Defence Ministry has asked the company why the contract should not be cancelled in view of the bribery charges faced by it. "With reference to the Indian Ministry of Defence's request for information regarding the AW101 contract, received last week, AgustaWestland confirms it is responding to the notice in the spirit of full cooperation with the Indian Ministry of Defence," the firm said in a statement.

It said it "has confirmed that its conduct has been fully compliant with the rules which regulate the AW101 helicopters contract signed with India". AgustaWestland said the Rs 3,600 crore contract was "was awarded to it following a comprehensive technical and flight evaluation of competing types performed by the IAF in accordance with the Defence Procurement Procedure (DPP).

"This evaluation demonstrated that the AW101 was the only aircraft able to fully meet the Indian Air Force's operational requirements, as already confirmed by the Indian Authorities in different occasions." The Defence Ministry issued the show cause notice to the firm after the arrest of Finmeccanica CEO Giuseppe Orsi and AgustaWestland CEO Bruno Spagnolini by Italian authorities in connection with allegations of kickbacks of Rs 362 crore paid by the firm to secure the deal.

23.06 | 0 komentar | Read More

Aurobindo to move Tribunal against attachment of property

Aurobindo Pharma is preparing to challenge before the Appellate Tribunal an order that allowed ED to take possession of attached property and fixed deposits worth Rs 12.90 crore in connection with money laundering probe against YSR Congress chief Jagan Mohan Reddy and associates.

Also Read: ED to confiscate properties worth Rs 122cr in Jagan probe

Yesterday, the Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) had approved two separate attachment orders valued at Rs 51 crore and Rs 71 crore of the agency paving way for their immediate seizure by Enforcement Directorate (ED).

"The company has full regards for law and the legal process and that it is in the process of appealing the decision before the Appellate Tribunal. The Company maintains that there has been no wrongdoing on its part," Aurobindo Pharma said in a filing to the BSE.

ED had attached 96 acres of land situated at Kota Bhogapuram Village, in Andhra Pradesh belonging to APL Research Centre Ltd, a 100 per cent subsidiary of the company, along with a fixed deposit of Rs 3 crore, the total value of which is equivalent to the value Rs 12.90 crore, it added.

"The company has contested the matter before the Adjudicating Authority under the Prevention of Money Laundering Act, 2002. The Adjudicating Authority vide Order dated February 15, 2013 has confirmed the attachment," the company said.

This attachment order does not have any material implications on the current and future business operations of the company, it added. The ED had last year issued attachment orders on plots worth Rs 71 crore owned by Dubai-based Emaar Properties, its joint venture Emaar MGF and others in connection with its probe into alleged irregularities in land transfer and sale of villas and apartments at Hyderabad.

The agency had also issued attachment orders on properties worth Rs 51 crore as it attached more than 13 acres of land of Janani Infrastructure Pvt Ltd and fixed deposits worth Rs 14.50 crore of Jagati Publication Ltd as "kickbacks allegedly received in lieu of granting favours" to private entities.

The attachment order, issued under stringent provisions of PMLA, was also against private companies which were "illegally benefited as a result of criminal activity" and illegal sanctions granted during the tenure of Y S Rajasekhara Reddy.

The other properties attached by the agency are 35 acres of land and fixed deposit of Rs 3 crore of Hetero Drugs Ltd. Shares of Aurobindo Pharma today closed at Rs 179.90 apiece on the BSE, down 3.72 percent from its previous close.

23.06 | 0 komentar | Read More

CCI approves Walt Disney, Network18 group firms' deal

Fair trade regulator CCI today said it has approved a proposed deal between Walt Disney and Network18 group firms, involving combination of their TV channel aggregation business for various distribution platforms.
    
Giving the green signal, the Competition Commission of India said the transaction is "not likely to have an appreciable adverse effect on competition in India". The deal would see UTV Global Broadcasting Ltd -- part of Walt Disney group - acquiring 26 per cent stake in IC Media Distribution Services Pvt Ltd, part of Network18 group.
   
IC Media is a wholly-owned subsidiary of IndiaCast Media Distribution Pvt Ltd, which is into the business of aggregation of television channels broadcast by TV18 Broadcast, Viacom18 Media and certain other broadcasters. According to CCI, TV18 is a subsidiary of Network18 Media and Investments Ltd. Network18 also holds 50 per cent stake in Viacom18.
    
UTV Global Broadcasting had filed a notice seeking approval for 26 per cent stake buy in IC Media with the Commission on January 24. "It has been stated in the notice that the Disney Group and the IndiaCast Group shall grant exclusive licence to IC to distribute their television channels. "It has also been stated in the notice that post- combination, UTV Global Broadcasting and IndiaCast would cease their aggregation business in India as they now propose to carry out the business of providing the service of aggregation in India through IC (Media) by way of the proposed combination," said the order dated February 19.
    
UTV Global Broadcasting is engaged in the business of aggregation and sub-licensing of pay television channels for its two subsidiaries -- UTV Entertainment Television Ltd and Genex Entertainment Ltd. UTV Global Broadcasting is an indirect subsidiary of Walt Disney group that broadcasts 9 TV channels in India.
    
Post combination, "IndiaCast would discontinue its aggregation tie-up with Sun Distribution Services Pvt Ltd and accordingly the market share of channels which would be aggregated by IC would be less than that of IndiaCast", the order said.

(Disclaimer: Moneycontrol is part of the Network18 group.)

23.06 | 0 komentar | Read More

End of road for Videocon; criminal hearing on Feb 25: Salve

The Supreme Court has upheld the 2G cancellation order issued on February 2 and therefore dismissed the curative petition by Videocon. Senior Supreme Court counsel Harish Salve explains to CNBC-TV18 that it is the end of the judicial road for Videocon and that the court is set to hear the criminal cases on February 25 or 25.

Below is the edited transcript of the interview on CNBC-TV18

Q: The order on the curative petitions filed by Tata Tele and Shyam Sistema are still pending. However, the Supreme Court has decided in the case of Videocon and dismissing the curative petition. Is this really the end for Videocon 's 2G foray?

A: I suppose as far as Videocon is concerned, it is the end of the road as far as judicial remedies are concerned.

Q: In the light of the Supreme Court's cancellation of Videocon's 2G order, have the chances become limited for other companies such as Tata Tele or Shyam Sistema?

A: It is very difficult to hazard a guess.

Q: You represent Tata Tele and Shyam Sistema. Do you have any information on why these cases were not taken up for hearing today?

A: Nobody has that information because a curative in the first stages is done strictly indoors. It is done by the Supreme Court in chambers and whether the papers were circulated or not and if the court didn't take then up,  are all matters which are not in that sense in the public domain. So, we have to wait and watch.

Q: How different or similar is Tata Tele or Shyam Sistema's case as compared to Videocon's?

A: I have personal knowledge of Tata Tele and Shyam Sistema petitions and only have a vague idea about the Videocon petition. There is a significant difference because Tata Tele's curative petition is confined to the imposition of the Rs 5 crore penalty on grounds that it has been mistakenly equated with companies like Telenor which raised money purely on the basis of a licence. The Tata Docomo deal was not based on the three new licences granted and was inked much before the grant of the licences.

Ultimately, only three licences of Tata's were cancelled by the judgment and those licences are limited to far-flung areas and the licences really had no commercial value. The real issue is that Tata and Reliance are locked in a battle about dual technology- the switchover from CDMA to GSM.

Q: The Supreme Court is maintaining a close watch on the 2G case even after the cancellation of licences. Do you expect the possible collusion between Unitech accused Sanjay Chandra and an official of the CBI to have any impact on the course of the 2G case in the Supreme Court?

A: All the 2G cases are completely different and the Supreme Court is monitoring four or five cases. One is Tata's curative and Sistema Shyam has challenged on grounds that it was in the race for CDMA and has been wrongly equated with the GSM.

The question of giving Sistema Shyam spectrum on the basis of new prices is again something that the court is monitoring and that's a big issue, because all the new auctions seem to be in some difficulty. So that's the second issue the court is monitoring.

Then the court is also hearing applications on whether the 900Mhz should have been offered for auction. Regarding the criminal cases, the court is very concerned and has set the hearing for February 25 or 26.

Q: Shyam Sistema's curative petition has also been dismissed. As the legal counsel for the company, what is the road ahead?

A: I don't know. The company has to decide on whether it wants to stay in India, bid for the auction under the revised terms or initiate international arbitration.

Q: Has international arbitration as a possibility been discussed?

A: Some initiatives in that direction have been taken but while the curative was pending it was hoped that a positive decision would allow them to remain in India. If the prices were sensible, the company may have participated in the auction but it appears that the prices are very high.

So, I don't know whether it will be commercially viable to continue to operate in India at the revised price or wrapping up and going. Though it sounds well initiate BIT (Bilateral Investment Treaty) arbitration, the company's first choice was to do business in India.

23.06 | 0 komentar | Read More

Suzlon Q3 net loss jumps 4-fold to Rs 1,154.5 cr

Suzlon Energy , one of the largest wind turbine suppliers, reported a consolidated net loss of Rs 1,154.5 crore in the third quarter of FY13, an increase of 4-fold compared to a loss of Rs 286.5 crore in a year ago period due to lower total income.

Consolidated total income dropped 19.6 percent to Rs 4,047.7 crore from Rs 5,033.5 crore during the same period.

Numbers were quite below analysts' expectations. Analysts on an average had expected net loss of Rs 307 crore and total income of Rs 5,577 crore for the quarter.

Suzlon posted a consolidated forex loss at Rs 47 crore during the quarter as against loss of Rs 34.3 crore in the corresponding quarter of last fiscal.

Outstanding order book of the company stood at Rs 41,546 crore (approximately 5.7 GW) as on February 13, 2013. The order intake for the October-December quarter stood at Rs 8,097 crore (1,104 MW).

The Suzlon group secured firm order wins of approximately 2,631 MW year-to-date FY13 despite a very challenging operational environment.

In January, the company's domestic lenders, a consortium of 19 banks, approved the corporate debt restructuring package of around Rs 9,500 crore. "This not only underscores the long-term viability of our business, but is a catalyst towards normalising our operations," Chairman Tulsi Tanti said.

He said the year 2012 was a challenging year for the wind energy sector at large; macro-economic conditions and policy challenges affected markets worldwide. Tanti expects that near-term challenges will continue to impact the industry over 2013.

The company decided to close its rotor blade and control panel manufacturing units at the Puducherry (Pondicherry) manufacturing facility.

"The decision follows on account of the challenges faced in industrial relations at the manufacturing facility coupled with logistical issues faced by the facility in handling multi-MW wind turbine components of increasing size and the current financial position of the company," Suzlon reasoned.

"This, however, does not include the Nacelle unit at the same facility, which could see utilisation as a service centre," it added.

This would also help the company in reduction of operational expenses and working capital intensity as well as rationalise capacity in the company's supply chain.

23.06 | 0 komentar | Read More

Berkshire Hathaway, 3G buying Heinz for $28bn

HJ Heinz announced Thursday that it agreed to be acquired by Warren Buffett's Berkshire Hathaway and 3G Capital Management in the largest deal in the food industry's history.

Berkshire and 3G will pay USD 72.50 a share, or USD 28 billion, including debt, for the ketchup making giant.

Shares of Heinz were up more than 20 percent in pre-market trading following the announcement.

Berkshire and and 3G will each put up USD 4.4 billion in equity for the deal, along with debt financing from JPMorgan Chase and Wells Fargo. Berkshire is also buying USD 8 billion of preferred stock that pays 9 percent.

3G, a Brazilian investment firm, owns a majority stake in Burger King, which it acquired in 2010 for USD 4 billion. 3G was founded by Jorge Paulo Lemann, Carlos Alberto Sicupira, Marcel Hermann Telles, Roberto Thompson Motta, and Alex Behring.

3G's Lemann approached Buffett in mid-December about a possible deal, and both approached William Johnson, Heinz's chairman, president and CEO, soon after. The first offer was made in mid-January.

"We look forward to partnering with Berkshire Hathaway and 3G Capital, both greatly respected investors, in what will be an exciting new chapter in the history of Heinz," Johnson said in a statement.

The deal was first announced on CNBC, and later confirmed by Heinz. In an interview with CNBC's "Squawk Box," Buffett, Berkshire Hathaway chairman and CEO, said that from an operational standpoint "Heinz will be 3G's baby."

Buffett said he first started talking about the Heinz deal back in December, "but I have a file on Heinz that goes back to 1980."

"This is my kind of deal and my kind of partner," he added. "Heinz is our kind of company with fantastic brands."

Buffett noted that the Heinz deal leaves Berkshire with enough cash on hand to bag another "elephant."

Berkshire and 3G were both advised by Lazard, JPMorgan, and Wells Fargo. 3G's legal advisor was Kirkland & Ellis and Berkshire was advised by Munger, Tolles & Olson.

Heinz was advised by Bank of America/Merrill Lynch, Centerview Partners, and Davis Polk & Wardwell.

Berkshire Hathaway's 15 Biggest Stock Holdings

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Citi raises price-target on Sunteck Realty to Rs 550

Moneycontrol Bureau

Brokerage-house Citi has retained its "Buy" rating on realty firm Sunteck Realty and raised target price to Rs 550 from Rs 455, citing attractive valuations and high margins in its core Mumbai market.

Citi said it was raising the target  because of higher realisations in the project in Goregaon which are in line with sales, cut in cost of capital to around 15 percent from around 16 percent earlier, given a moderating interest rate environment and cut in target discount to around 20 percent from around 30 percent earlier, given higher visibility in its BKC and Goregaon projects.

"Sunteck has not compromised on pricing in a tough environment, but payment terms seem to be liberal; 34 percent of sales have receivables outstanding in Signature Island (fit-outs started), 72 percent in Sunteck Grandeur (due to be completed in FY13) and 42 percent in Signia Oceans (80-85 percent completed)," the Citi report said..

The key risks to Sunteck Realty are execution delays, demand slowdown and price cuts potential conflicts of interest with partners and regulatory or political events, the report said.

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Fears of breakdown coming to fore, says Udayan

It was a disappointing session for the market despite good inflation number that came out in the middle of the trading day. Analysts were expecting 7 percent and the figure came in at 6.62 percent. But despite that the market just did not move on the way up. There was just a temporary five point upmove on the Nifty and then it just started coming-off once again.

Also read: Midcaps to gain interest, Sensex seen at 23000: Ambit Cap

Below is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18

The mood was spoiled by a string of surprises from earnings. Lot of large-cap names were under tremendous pressure today, Reliance, Larsen and Toubro (L&T), State Bank of India (SBI), Bharti, Oil and Natural Gas Corporation (ONGC), Power Grid and also the two stocks which are going out of the Nifty come April; Siemens and Wipro were both expectedly quite weak. Tata Motors was quite weak as well.

A handful of stocks, which held out were Hindustan Unilever (HUL), Housing Development Finance Corporation (HDFC) Bank. Surprisingly Tata Steel after disappointing numbers recovered in the second half of the session.

On the mid-cap side of the market there was quite a bit of carnage. The mid-cap index was down 1.5 percent and the small-cap index fell two percent today. There was just no redemption or pick up in the broader end of the market. The breadth was also quite negative 300 advances to almost 1,200 declining names.

There were a string of disappointing results and most of those names got a bad reaction from the street whether it was IVRCL, Wockhardt, LIC Housing Finance, Shipping Corporation of India, Dr Reddy's all of those names went down post their earnings.

Otherwise too there was some poor performance from names like Opto Circuits, TV18 and Network18, IFCI, Kingfisher. Real estate stocks like Sobha and Puravankara. Adani Group stocks also did quite badly. It was a long list of mid-caps which lost more than 5 percent in today's session, stocks like Voltas, Crompton Greaves, Sintex, Arvind Mills etc, so a disastrous session for the liquid set.

There was some pick up in names like DB Realty and Unitech, which had been hammered over the last couple of sessions. Suzlon and Firstsource also picked up a little bit towards the end.

It was a very ordinary session for the market; in fact now fears of another breakdown after two days of respite have come to the fore.

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RBI allows Apollo Tyres to raise FII investment cap to 40%

The Reserve Bank today allowed Apollo Tyres to increase FII investment limit under the Portfolio Investment Scheme (PIS) to 40 per cent.

"RBI today notified that Apollo Tyres has passed resolutions at the board of directors' level and a special resolution by the shareholders, to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors through primary market and stock exchanges, under the Portfolio Investment Scheme up to 40 per cent of paid up capital," the bank said in a release.

Also read: Apollo Tyres to rejig global ops; set up office in London

As per the current norms, RBI needs to be intimated in case FII investment limit in a company breaches a certain cap. FIIs, NRIs and PIOs (Persons of Indian Origin) are allowed to invest in the primary and secondary capital markets in India under the PIS.

Under this scheme, FIIs/NRIs can acquire shares or debentures of Indian companies through the stock exchanges. The ceiling for overall investment for FIIs is 24 per cent of the paid up capital of the Indian company and 10 per
cent for NRIs/PIOs.

The ceiling of 24 per cent for FII investment can be raised up to sectoral cap/statutory ceiling, subject to the approval of the board and the general body of the company passing a special resolution to that effect.

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Tough new norms to avoid misuse of pvt placement soon: Govt

Market regulator SEBI came down hard on the Sahara group on Wednesday. In the wake of high-profile investor refund case involving over Rs 24,000 crore, Sebi froze their bank accounts and issued orders for attaching properties of two group firms and promoter-directors.

Corporate Affairs Minister Sachin Pilot told CNBC TV18 that tough new norms to avoid misuse of private placement norms are in the offing. Pilot added that the government was aware that this route had been misused by companies.

Below is the edited transcript of Sachin Pilot's interview with CNBC-TV18

Q: What is your take on Sebi order?

A: First of all, we at no point want to curtail the environment in which individuals and companies want to raise capital. For the economy and businesses to grow, they have to raise money from banks, private entities and all companies are free to do so.

However, while they do that anyone trying to raise money fraudulently or by misleading investors - some cases have come to notice where these placements have been done with some shroud of secrecy and non-compliance.

Q: Am I given to understand then that you are looking into cases where companies have misused this route to raise funds?

A: Most certainly. If there is any company or companies that have been non-compliant to the rules, have tried to misuse the clauses that have existence today in the companies law, we will take strict action.

There can be a small investor putting Rs 10,000-20,000 in a company with some fraudulent advertising or misleading information or some forged documents.

In a small town or small city those people have lack of information and very limited resources to contest and claim their money back. It is these small investors that we as government must making a priority to protect their interests.

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