INDIA BUSINESS WORLD - 16th November - TO - 31st December - 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
TADA CONFESSION VALID FOR OTHER LAWS ALSO, RULES SUPREME COURT : THE SUPREME Court has said that the confession made by an accused under provision of The Terrorist and Disruptive Activities (Prevention) Act, 1987, can be relied upon for conviction under other provisions of the law even though the accused is acquitted of the charges of anti-terror law.......More....
GDP BEATS FORECAST, GROWS 7.6% IN SEPTEMBER QUARTER : TTHE Indian economy grew by a better-than-expected 7.6% during the fiscal second quarter, but analysts and economists said they expected the growth rate to slow during the next two quarters............More....
RBI CUTS BENCHMARK INTEREST RATE BY 1PERCENTAGE POINT : HOME, AUTO & PERSONAL LOANS TO BECOME CHEAPER: INTEREST rates on home, auto and personal loans are set to fall. Corporate borrowings will become cheaper; builders on the brink of default will get some leeway while manufacturing firms under stress will get a chance to restructure loans from banks........More....
MUTUAL FUNDS SEE RS 14,000-CR INFLOWS IN NOVEMBER : After three months, mutual funds saw about Rs 14,000 crore inflow in November. At the end of November, investors made a net purchase of funds worth Rs 13,790 crore, with the maximum investment taking place in the money market plans.......More....
PROVIDENT FUND INTEREST RATE TO REMAIN 8.5% THIS FISCAL YEAR : THE 4.4 crore subscribers of the Employees Provident Fund Organisation (EPFO) should not expect any rise in their provident fund interest rate this fiscal. Labour minister Oscar Fernandes ruled out the possibility of increasing the rate of interest of the Employees Provident Fund (EPF) rates for this fiscal year........More....
CHEAPER FUEL PRICES PUSH DOWN INFLATION RATE TO 6.84%, PRICES OF FOOD & MANUFACTURED PRODUCTS ALSO DROP : CHEAPER fuel products have pushed down inflation to a nine-month low, creating room for the Reserve Bank of India (RBI) to pursue more aggressive monetary policies to tide over the slowdown..........More....
NATIONAL INVESTIGATION AGENCY, UNLAWFUL ACTIVITIES (PREVENTION) AMENDMENT BILLS PASSED: THE bill for creation of the National Investigation Agency and the Unlawful Activities (Prevention) Amendment Bill, the two pieces of legislation piloted by the Manmohan Singh government to combat terrorism, was cleared by Parliament after the entire Opposition pledged its support to the measures.......More....
EUROPEAN UNION MOVES WTO AGAINST KARNATAKA WINE TAXES : THE European Union (EU), which lodged a complaint at the World Trade Organisation (WTO) against certain fees and taxes imposed on imported liquor by Goa and Maharashtra, has now aimed its guns at the Karnataka government.......More....
LOK ADALATS SHOULD NOT ACT AS JUDICIAL COURTS: SUPREME COURT : EXPRESSING concern over lok adalats taking over judicial role, the Supreme Court has said that the provisions of the Arbitration and Conciliation Act relating to the conciliators shall be applicable as guidelines for the effective functioning of such bodies.......More....
NUMBER OF DEATHS CANNOT DETERMINE QUANTUM OF PUNISHMENT, RULES SUPREME COURT : The Supreme Court has ruled that number of deaths in a criminal case is not a relevant factor for awarding death sentence to the accused.........More....
Others..
BUSINESS NEWS
ANSHU JAIN, HEAD OF GLOBAL MARKETS AT DEUTSCHE BANK TAKES 15% STAKE IN MUMBAI INDIANS, THE INDIAN PREMIER LEAGUE (IPL) CRICKET TEAM : ANSHU Jain, head of global markets at Deutsche Bank, has bought a minority stake in Mumbai Indians, the Indian Premier League (IPL) cricket team owned by Reliance Industries chairman Mukesh Ambani.....More....
L’OREAL TAKES MYDOLLARSTORE TO DELHI HIGH COURT OVER ILLEGAL IMPORTS :FRENCH cosmetics and toiletries giant L’Oreal has hauled discount retailer MyDollarStore to court over issues relating to intellectual property rights (IPR) and illegal imports, it is learnt..........More....
NOVARTIS TIES UP WITH USV TO MARKET ITS ANTI-DIABETIC PRODUCT GALVUS : NOVARTIS (India) has tied up with USV, a leading healthcare company, to sell its anti-diabetic product Galvus, in a bid to compete with Merck’s Januvia, for a share of the Indian anti-diabetic market that is estimated at about Rs 1,672 crore. Novartis will be pitching this against Januvia by pricing it lower, say people familiar with the development..........More....
ESSAR EXPLORATION WINS 2 OIL BLOCKS IN THE NORTHERN BASINS OF THE COUNTRY : ESSAR Exploration & Production Ltd (EEPL), an Essar group company, has become the first Indian oil company to enter Australia by winning two offshore petroleum exploration blocks in the northern basins of the country.......More....
INDIA INC RAISES $1.1 B THROUGH ECB ROUTE IN OCTOBER: Global financial crisis has clearly hurt overseas debts of India Inc, as corporates raised $1.12 billion less than half of the amount mopped up in the previous month, despite liberalisation of norms.........More....
RE FALL HELPS DAIICHI SAVE $880 M IN ITS $4-BILLION RANBAXY BUYOUT : THE sharp depreciation of the Indian rupee against the Japanese yen and the dollar helped Japanese drug company Daiichi Sankyo save around $880 million in its over $4-billion acquisition of India’s largest drugmaker, Ranbaxy Laboratories.........More....
VODAFONE TAX UPHELD, BOMBAY HIGH COURT FINDS MERIT IN I-T CLAIM; VODAFONE TO MOVE SUPREME COURT : IN a setback to Vodafone, the Bombay High Court has dismissed the telco’s writ petition against the income-tax department’s show cause notice seeking around $1.7 billion as capital gains tax. Vodafone will now move the Supreme Court........More....
SEBI BROADENS DEFINITION OF INSIDER IN NEW NORMS: CAPITAL markets regulator Sebi has tightened its insider-trading norms by broadening the definition of the term insider to include any person who is and was connected with a company and is the recipient of price sensitive information.......More....
CENTRE RETRACTS AFFIDAVIT ON RIL GAS : THE government has withdrawn the affidavit it had filed in the Bombay High Court, which argued that Reliance Industries (RIL) cannot sell KG basin gas at a price less than $4.20 per million British thermal units (mBtu).......More....
INFY BAGS 5-YR GLOBAL OUTSOURCING CONTRACT FROM ASTRAZENECA : Infosys Technologies has won a five-year, multi-million dollar global sourcing deal from pharma giant AstraZeneca.......More....
REL INFRA TOLD TO PAY RS 125CR FOR FEMA VIOLATION : THE Reserve Bank of India has asked Anil Ambani group firm Reliance Infrastructure (erstwhile Reliance Energy) to pay just under Rs 125 crore as compounding fees for parking foreign loan proceeds worth $300 million with its mutual fund in India for 315 days and then repatriating the money abroad to a joint venture company......More....
CRUDE OIL HITS FOUR-YEAR LOWS : CRUDE oil prices fell to their lowest level in past four years due to concerns about falling demand with economic slowdown and rising inventories.......More....
WORLD BANK BANS SATYAM FOR SPYING & BRIBERY : SATYAM Computer Services’ corporate governance standards, already under fire after its aborted bid to buy two companies linked to promoter B Ramalinga Raju, have come in for further scrutiny.......More....
AUROBINDO GETS USFDA NOD FOR ANTI-HIV INFECTION TABLETS : Drug maker Aurobindo Pharma has said that it has received tentative approval from the US drug regulator for manufacturing and marketing of its anti HIV infection tablets......More....
DECEMBER ADVANCE TAX MOPUP SLIPS 22%, I-T DEDUCTED AT SOURCE SHORES UP AGGREGATE COLLECTIONS : INDICATING slowdown in economic growth, advance tax collections declined in the third quarter, ending December, by over 22% to Rs 42,600 crore from Rs 54,900 crore a year ago.......More....
US-BASED DRUGMAKER ALCON WINS TRADEMARK CASE AGAINST INDIAN RIVAL AJANTA PHARMA : US-BASED drugmaker Alcon has won a trademark case against Indian rival Ajanta Pharma, preventing the latter from selling its popular eyedrop under the brand ‘Travaxo’ in India..........More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
PETROL GETS CHEAPER BY RS 5, DIESEL BY RS 2 : THE government has slashed prices of petrol and diesel by Rs 5 and Rs 2 a litre respectively—the first reduction in more than two years.........More....
TIMESOFMONEY, AXIS BANK INK DEAL FOR REMITTANCE SOLUTION : TIMESOFMONEY has entered into an agreement with Axis Bank to provide its remittance solution to Axis Bank which will help the bank offer its non-resident customers AxisRemit, the bank’s own branded online remittance services.........More....
DABUR PICKS UP 72.15% IN FEM CARE FOR RS 203.7CR : DABUR India has announced the acquisition of 72.15% of women’s skincare company Fem Care Pharma (FCPL) for Rs 203.7 crore in an all-cash deal.......More....
EID PARRY BUYS 48% IN US-BASED VALENSA INTERNATIONAL FOR $9M : AS PART of the growth strategy for its nutraceuticals business, EID Parry has acquired a 48% strategic stake in US-based Valensa International. The Murugappa group company, which was engaged in discussions with Valensa for the last six months, paid $9 million......More....
COX AND KINGS INDIA BUYS TEMPO HOLIDAYS : COX and Kings India (CKI) has acquired Tempo Holidays, a specialist leisure travel company based in Australia, which has an office in New Zealand as well. The deal was negotiated through CKI's Australian Special Purpose Vehicle for approximately US$25 million......More....
PIRAMAL HEALTHCARE BUYS US-BASED MINRAD INTERNATIONAL FOR $40 M : HEALTHCARE major Piramal Healthcare (PHL) has acquired US-based pharma firm Minrad International for $40 million. The move is expected to help PHL get an immediate access into the US market for sevoflurane, the largest selling inhalation anaesthetic in the US......More....
INDIATIMES SHOPPING TIES UP WITH AMEX AND LUFTHANSA : In a first-of-its-kind strategic alliance, Indiatimes Shopping, the country’s leading online shopping portal, has tied up with American Express and Lufthansa Airlines.....More....
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