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INDIA
BUSINESS WORLD -
JANUARY 2006
THE MONTH THAT WAS
News & important
developments from the most prospective of the New World markets…….
India. Our effort is to provide you with the latest and relevant
developments that take place in the Indian business, economic
and legal environment.
ECONOMIC
& LEGAL NEWS
EMPLOYEES PROVIENT FUND RATE AT 8.5%: The labour ministry has notified the 8.5% interest rate for Employees Provident Fund (EPF) for the year 2005-06.
SUPREME COURT CLEARS NTC MILL LAND SALE : The Supreme Court cleared the sale of National Textile Corporation's five mills in Mumbai to private developers.
26% FDI IN UPLINKING FOR NEWS CHANNELS CLEARED: The government has permitted 26% foreign direct investment (FDI) in uplinking of TV channels in the news category and 100% for non-news channels.
EXPORTERS GET RELIEF IN TAX PAYMENT : The income-tax department has given some respite to large exporters on payment of tax dues on profits from sale or transfer of credits on DEPB and duty free replenishment certificate (DFRC).
MAHARASHTRA GOVT SCRAPS STAMP DUTY : The Maharashtra government has agreed to scrap stamp duty on government security deals after a meeting with senior bankers.
PEAK CUSTOMS DUTY LIKELY TO BE CUT BY ONLY 2-3% :
The finance ministry may lower the peak customs duty by only 2-3% in the Budget to protect the domestic industry from foreign competition.
BUSINESS
NEWS
TEMASEK BARRED FROM RAISING ICICI STAKE: The Reserve Bank of India (RBI) has barred Temasek Holdings — the investment arm of the Singapore government — from further raising its stake in ICICI Bank .
WIPRO'S REVENUE GROWTH 30%: WIPRO reported a robust growth for the third quarter ended December 31. While net profit grew by a respectable 27% year-on-year to touch Rs 543 crore, revenue growth was 30% at Rs 2,744 crore.
HCL TECH REPORTS 40% GROWTH IN Q3: The country's fifth-largest software and services company HCL Technologies today announced a 40% year-on-year growth in its consolidated net profit to Rs 181.1 crore in the quarter ended December 31, 2005.
GOVT MOPS UP RS 1,568 CRORE FROM SALE OF 8% MARUTI STAKE : In the first divestment of this fiscal, the government has garnered Rs 1,567.6 crore by offloading 8% stake in Maruti Udyog Ltd to eight public sector banks and financial institutions.
NEW
DEVELOPMENTS AND JOINT VENTURES JET, AIR SAHARA TIE THE KNOT: The biggest aviation deal in India has finally happened. Ending months of uncertainty, Jet Airways and Air Sahara signed a formal agreement in Lucknow .
GENPACT WINS $60-M CONTRACT FOR OUTSOURCING F&A FUNCTIONS: Genpact, formerly GE Capital International Services, today closed a $60-million (Rs 260 crore) seven-year outsourcing deal with Germany 's 9-billion Linde Group.
HCL INFO BAGS RS 250-CR DEALS IN 8 WEEKS: In the last eight weeks HCL Infosystems has bagged Rs 250-crore orders in the domestic market. These include deals won in telecom, education and government verticals.
HOLCIM ACQUIRES 14.8% IN GACL: The world's second largest cement maker, Holcim, has acquired a 14.8% stake in Gujarat Ambuja Cement (GACL) for Rs 2,142 crore ($476 million)
RS 738-CRORE JOINT VENTURE BETWEEN POWER GRISD AND RELIANCE ENERGY : This could kick off a new era of publicprivate partnership in the power sector. Private power major Reliance Energy is set to partner Power Grid Corporation for a Rs 738.3-crore ($167-m) joint venture deal to construct two transmission projects.
SANYANG JOINS KINETIC MOTOR BOARD AS MINORITY PARTNER :
Almost nine years after snapping ties with Honda, Kinetic Motor Co has decided to induct Taiwan-based $1-billion auto giant Sanyang Industry Co (SYM) as a minority partner for technical collaboration. |
