INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - OCTOBER 1st - OCTOBER 15th - 2008
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
APR-AUG FISCAL DEFICIT AT RS 1, 16,890 CRORE : The country’s fiscal deficit was Rs 1, 16,890 crore ($25 billion), or 87.7% of the full-year target of Rs 1, 33,287 crore, in the first five months of 2008-09 as revenue growth slowed......More....
FED, ECB & OTHER MAJOR CENTRAL BANKS CUT RATES, INDIAN MARKETS FEEL GLOBAL CREDIT FREEZE; WOBBLY SENSEX HITS 26-MONTH LOW, BUT RECOVERS : The world’s top central banks have put their cards on the table. In a dramatic joint action, the US Federal Reserve, Bank of England, European Central Bank and monetary authorities of Sweden, Switzerland, Canada and United Arab Emirates have all cut interest rates by 0.5 percentage point to revive the comatose loan market..........More....
LITTLE IMPACT ON FDI, AUG INFLOWS RISE 180%: COMMERCE MINISTER : COMMERCE minister Kamal Nath has sought to allay apprehensions about the global financial sector meltdown affecting India........More....
FIPB CLEARS 17 FDI PROPOSALS WORTH RS 790 CRORE : The Foreign Investment Promotion Board has cleared 17 FDI proposals involving investment of Rs 790 crore.......More....
INDIA, GERMANY INK SOCIAL SECURITY PACT :INDIAN nationals working in Germany for short duration have a reason to rejoice. India and Germany have inked a social security agreement (SSA) that exempts Indians from making contributions to Germany’s social security system, provided the employer back home continues to contribute to EPFO.....More....
BANKS TURN CAUTIOUS ON CORPORATE LENDING, REFUSE TO LEND EVEN TO BLUE CHIPS AND MFS AND THEIR FOREIGN PEERS : THE liquidity freeze in the local money market has prompted banks to stop extending fresh lines of credit to blue-chip companies, according to senior bankers..........More....
FOREX RESERVES FALL BY $8 B: FOREIGN exchange reserves fell steeply by $7.9 billion during the week ended October 3, 2008, because the RBI sold dollars to prevent the rupee from weakening further.......More....
INDIA, US SIGN 123 AGREEMENT : IN the midst of the largest financial crisis in recent times, India and the US triumphantly signed the 123 agreement ending India’s nuclear isolation and capping the three-year dramatic journey of the nuclear deal.......More....
DAUGHTER IN LAW CAN'T CLAIM RIGHT TO LIVE IN IN-LAWS HOUSE: DELHI HC : Delhi High Court has held that the old parents whose relations with their son and daughter-in law turn sour have every right to show them the door and the daughter-in law cannot claim any right to stay in their house claiming to be having a legal right to live in the matrimonial home.......More....
SUPREME COURT EXTENDS BAN ON SIMI : The Supreme Court extended till further orders the ban on the Students Islamic Movement of India (SIMI) facing allegations of involvement in anti-national and terrorist activities......More....
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BUSINESS NEWS
HOME LOANS ABOVE RS 75 LAKH TO GET DEARER: Be ready to pay higher interest on your home loan if you are planning to acquire a property priced close to a crore. Banks have started increasing home loan rates for large borrowers by 25 to 50 basis points......More....
ABSOLUTE VODKA FILES CASE AGAINST ABSOLUTE RADIO FOR TRADEMARK INFRINGEMENT :Owners of premier Swedish vodka brand Absolute Vodka have filed legal proceedings against Absolute Radio -- the rebranded Virgin Radio -- for trademark infringement, saying, "It could be damaging to its vodka brand and the similarity of the names will confuse consumers"........More....
BENEFIT TRUST TO HOLD 8.7% STAKE IN MAHINDRA & MAHINDRA : MAHINDRA & Mahindra (M&M) has taken a leaf out of ICICI Bank’s book. It has created a trust, which would hold 8.7% stake in the company, after merger of two subsidiaries, Punjab Tractors and Mahindra Holding Finance, with itself. ICICI Bank had adopted a similar move six years ago.......More....
WITH 81 DEALS WORTH $2.53 B TILL AUGUST, IT & ITES TOP M&A CHART : Amid a global credit turmoil, Indian IT companies are treading the deal street. According to the latest deal tracker by Grant Thornton, the number of outbound deals was higher than the inbound deals—a reflection that India Inc was willing to acquire companies despite growing fears of a global slowdown.......More....
RIL PROMOTERS RAISE STAKE IN CO TO 49% POST-Q2 REJIG: THE scrip of Reliance Industries (RIL), the country’s largest company by market capitalization, has shed over 7.6%, just prior to the promoter group’s conversion of its 12 crore warrants into an equal number of shares......More....
GROWTH IN DIRECT TAXES FALLS TO 25.5% IN SEPT : DIRECT tax collections, which had remained buoyant till now, appear to be showing some early signs of slowdown. Overall direct tax kitty grew 25.51% at Rs 62,788 crore in September 2008 compared to 38.08% year ago.........More....
INFOSYS CUTS FORECAST BY $250 M : THE worsening global economic scenario was firmly in print as tech giant Infosys Technologies kicked off India Inc’s crucial second quarter earning season amid tumbling international markets........More....
BREATHER FOR JVS OF CRISIS-HIT COS: TROUBLED US AND UK-BASED COS NEED NOT TAKE FRESH FIPB APPROVAL FOR EXISTING INDIAN JOINT VENTURES: THE finance ministry has decided that financial firms in the US and the UK which have recently seen changes in ownership thanks to the bailout package from their respective governments will not be required to take fresh approvals from the Foreign Investment Promotion Board (FIPB) for their existing Indian joint ventures or other investments........More....
ZYDUS CADILA GETS WHO NOD FOR RABIES VACCINE : Drug maker Zydus Cadila has said it has received World Health Organisation approval to sell rabies vaccine—Lyssavac N—to UN agencies.......More....
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NEW DEVELOPMENTS AND JOINT VENTURES
PANACEA AGREES TO BUY 19.9% IN PHARMATHENE FOR $13.1 M : Vaccine maker Panacea Biotec has agreed to buy 19.9% in USbased PharmAthene for $13.1 million. Panacea will route the acquisition through a wholly-owned subsidiary Kelisia Holdings.........More....
WOCKHARDT SIGNS 10-YEAR IN-LICENSING PACT WITH UK CO : Wockhardt has signed a 10-year exclusive, in-licensing agreement with UKbased Sinclair Pharma to market a range of dermatology and dental products in the country.....More....
ARGENTUM-REVA TIEUP TO ROLL OUT E-VEHICLE : BVR Subbu’s Argentum Motors has tied up with Bangalore-based Reva to make an indigenous electric vehicle.......More....
PE COS BAIN CAPITAL PARTNERS AND HELLMAN & FRIEDMAN AGREE TO BUY LEHMAN ASSET MANAGEMENT FIRM NEUBERGER : TWO of the world’s leading private equity firms — Bain Capital Partners and Hellman & Friedman — has agreed to acquire Lehman Brothers’ 69-year-old asset management firm Neuberger Berman for $2.15 billion......More....
US PATENT HUNTER INTELLECTUAL VENTURES (IV) SETS UP BASE IN INDIA : THE $5-billion US fund Intellectual Ventures (IV) is setting up base in India and has entered into agreement to buy patents from the Indian Institute of Science, Bangalore and plans to tie up with IIT Madras and other such institutes......More....
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