INDIA BUSINESS WORLD - 1st MAY - TO - 15th MAY - 2009
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
HOUSING LOANS TO FIT LOWER RATES WITH SLAB REMAKE : STATE-RUN banks will now charge 9.25% or less interest rate for the first five years on home loans up to Rs 30 lakh, in a bid to revive housing demand..........More....
INTEREST-FREE LOANS FROM A NON-RELATIVE NON-TAXABLE : IN A first-of-its-kind judgement, the Income Tax Appellate Tribunal (ITAT) recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax......More....
SBI CUTS DEPOSIT RATES BY UP TO 50 BPS : THE country's largest lender, State Bank of India, has cut deposit rates across various maturities by up to 50 basis points, prompting many analysts to suggest it was only a matter of time before the bank revises its lending rates........More....
FORMER DEPUTY DIRECTOR GENERAL (DEPARTMENT OF TELECOMMUNICATION), RUNU GHOSH SENTENCED IN DISPROPORTIONATE ASSETS CASE : Special CBI Judge V K Maheshwari sentenced Runu Ghosh, former Deputy Director General (Licencing and Finance) in the Department of Telecommunication, to three years imprisonment and also imposed a fine of Rs 1 lakh in a disproportionate assets case........More....
SUPREME COURT: GIRLFRIEND IS NOT RELATIVE, CAN'T BE PROSECUTED FOR DOWRY : The Supreme Court has ruled that a girlfriend or a concubine is not a relative and therefore cannot be prosecuted for an offence under section 498 (A) of the IPC (cruelty for dowry).......More....
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BUSINESS NEWS
WIPRO INFOTECH LANDS UNITECH TELCO'S MEGA IT DEAL : WIPRO Infotech, the India and Middle-East business arm of Wipro, said it has bagged a nine-year IT outsourcing contract from Unitech Wireless, the telecom arm of real estate firm Unitech........More....
RIL BUYS US MAJOR CHEVRON'S 5% STAKE IN RPL FOR 1, 350 CR :RELIANCE Industries (RIL) has scaled up its shareholding in Reliance Petroleum (RPL) to 75.38% by purchasing US major Chevron's entire 5% stake for Rs 1350 crore.........More....
AMERICAN COMPANY GILEAD'S HEPATITIS B PATENT PLEA REJECTED : THE Delhi Patent Office has rejected American company Gilead Sciences' plea to patent its hepatitis B drug adefovir dipivoxil sold under the brand name Hepsera.........More....
SAHARA BUYS 11.7% IN CHENNAI TELECOM COMPANY : THE Sahara Group has picked up a 11.7% stake in S Tel, a Chennai-based telecom company that has licences to operate in several northern and eastern states, according to a report submitted by telecom regulator Trai to the government......More....
NO CHANCE OF SERVICE TAX ON LOTTERY, RULES SUPREME COURT : THE Supreme Court has ruled that no service tax can be levied on the sale, promotion and marketing of lottery tickets......More....
TATAS SELL 1% TCS STAKE TO REFINANCE LOAN TAKEN BY TATA MOTORS : TATA Sons has sold about 1% stake in Tata Consultancy Services, the group's biggest company by market cap, to help refinance a $2-billion bridge loan taken by Tata Motors..........More....
BHARTI AIRTEL, MANCHESTER UNITED IN MULTI-MILLION $ CONTENT DEAL : In order to gain traction with India's young consumers, many of whom are turning more and more towards soccer, Bharti Airtel, India's largest mobile operator today signed a five-year, multi-million dollar content partnership deal with Manchester United, world's second richest football club after Real Madrid.......More....
RANBAXY, DR REDDY'S LABORATORIES ASTHMA PILLS TO GET 93% CHEAPER : DRUG price regulator National Pharmaceutical Pricing Authority (NPPA) has started deciding the MRP for anti-asthma drug doxofylline in a move that has made leading brands such as Ranbaxy's Synasma and Dr Reddy's Laboratories' Doxobid 93% cheaper for consumers......More....
BHEL BAGS RS 1, 475'CR THERMAL POWER PROJECT : GOVERNMENT-owned power equipment maker Bharat Heavy Electricals (Bhel) bagged a Rs 1,475-crore order for a 600 mw thermal power plant in Chattisgarh. Bhel will supply the main plant package for the greenfield power project.........More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
BHARTI AIRTEL FORMS JOINT VENTURE WITH ALCATEL-LUCENT TO RUN FIXED-LINE BUSINESS : BHARTI Airtel has entered into a joint venture with Franco-American telecom gear maker Alcatel-Lucent to manage its landline and broadband business, expanding its tested strategy of outsourcing technology functions to focus more on marketing and sales........More....
JUBILANT IN R&D DEAL WITH ASTRAZENECA : PHARMACEUTICAL company Jubilant Organosys has entered into an early-stage drug development agreement with Anglo-Swedish AstraZeneca which could potentially earn the Delhi-based company over $200 million in milestone fees and royalties from launch of the drugs.........More....
TECH MAHINDRA ACQUIRES 31% IN SATYAM COMPUTER SERVICES : TECH Mahindra has acquired a 31% stake in Satyam Computer Services, nearly three weeks after it was named the new owner of the belagured IT firm.........More....
INDIAN HOTELS BUYS 2.25 M SHARES OF NEW YORK-LISTED ORIENT EXPRESS HOTELS : INDIAN Hotels, owner of the Taj Group of hotels, has bought 2.25 million shares of the New York-listed Orient Express Hotels at $5.75 a share, in a market transaction totalling $12.93 million (about Rs 64.65 crore).......More....
BRITANNIA BUYS OUT PARTNER IN DAILY BREAD : BRITANNIA Industries has taken full control of Bangalore-based bakery foods retailer Daily Bread. Britannia, which had acquired 50% stake in June 2006, has now mopped up the remaining shares taking over the operational reins fully from the original promoter Arjun Sekri......More....
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