India Business

Pranab declines plans to tax FII fund inflows

Pranab MukherjeeGovernment has declined to impose any tax on foreign capital inflows to the stock market adding that there is no necessity at the moment as the market has been working normally. The finance minister added that there is no cause of any worry.

Low fuel prices to hit Major oil marketing companies in the third quarter

oil-rigAs indicated by the refinery gate prices, the major public sector oil marketing companies (OMCs) are expected to incur huge losses as the companies have projected to book under-recovery of Rs. 45,478 crores on the four petroleum products including, petrol, diesel, domestic LPG and PDS kerosene during the 2009-10 period.

Industrial output registers growth by 10.3% in October

Industrial output registers growth by 10.3% in OctoberActing as one more sign for the economic recovery, industrial output has been lifted up by 10.3% in the month of October as compared to the growth rate of 9. 6 %, during the last month.

Banks may be restricted to advance in Mutual funds by the Government

RBI-LOGOThe Reserve Bank of India (RBI) may possibly order banks to limit their exposure in mutual funds and also prescribe norms for such investments, in order to tighten exposure and deploying funds indirectly in sectors or companies to which banks cannot lend directly due to exposure limits.

76% Stake of NDTV Imagine To Be Sold By NDTV For $117 Million

NDTV, the New Delhi Television Ltd., has decided to sell major part of its indirect holdings in its NDTV Imagine Ltd. for a whopping $117 million. The stakes were held by the subsidiary of NDTV, the NDTV Networks plc. NDTV is to sell about 76 per cent for about $67 million and an additional fresh issue of $50 million worth of equity shares. It has been reported that NDTV was to retain about 5 per cent stake of the channel ahead of issuing the fresh shares as per the agreement with the company Turner Asia Pacific.

On Back of Growing Economy, Car Sales across India Recorded Highest Rise in 5 Years

Car-SalesFor the month of November, on the back of cheaper loan rates and a rapidly growing economy, passenger car sales across India hiked the most in over 5 years, led by high demand for Maruti Suzuki India Ltd. hatchbacks and Tata Motors Ltd.'s Nano.

For the month of November, as confirmed by the Society of Indian Automobile Manufacturers, as many as 133,687 units were sold in all, which is an over 61% rise as compared to the 83,121 sold for the same month last year.

Volkswagen launches New Beetle and Touareg

Volkswagen TouaregGerman car maker Volkswagen launched its two vehicles in India, one is the iconic New Beetle and the other is a sports utility vehicle- The Touareg.

The New Beetle is equipped with a 2-litre, paired with a six-speed transmission and 4-cylinder petrol engine.

Other striking features of the new vehicle include its anti-lock braking system, four airbags in addition to electronic stabilization programme.

Government clears Sistema’s FDI approval

Sistema Shyam TeleservicesAmong the 17 foreign direct investment approvals, government has green signaled the Sistema Shyam Teleservices' proposal to issue shares worth over Rs 3,000 crore to the Federal Agency for State Property Management for Russian Federation.

Gucci's plan to buy 51% stake in Luxury Goods Retail Ltd is also one of the other major proposals which has got government's approval.

84% Hike Recorded by Maruti in Yearly Sales

maruti suzukiAfter an unusually gloomy 2008, giant automobile manufacturer Maruti Suzuki now has a reason to celebrate, after official figures recorded a rise of whopping 84% in sales for a complete year till November. As compared to last year November, sales for the company have been remarkable with 87,807 units sold. Last year's same month recorded sales of a mere 47,704 units.

7.9% Growth Recorded by Indian GDP in Second Quarter

7.9% Growth Recorded by Indian GDP in Second QuarterOfficial figures released on Monday confirmed that India, for the current fiscal year's second quarter, recorded a whopping 7.9% growth, exceeding the 6.3% expectation. The growth is a substantial rise from the 6.2% recorded for the previous quarter.