- P-notes: I want my tax, says Pranab
- Sensex, Nifty break 5-week losing streak on P-Note clarification
- India's external debt rises to $335 billion
- Government tells Coal India to assure 80% supply to power firms: sources
- DB Realty likely to sell Mumbai Hilton
- Unitech seeks to restrain Telenor from forming new JV
- iGate-Patni de-listing offer ends today
- Policy, Prices and Profits: What to expect in April-June 2012
- Air India strike called off; salaries to be paid by June
- Green Tribunal suspends environmental clearance to Posco
P-notes: I want my tax, says Pranab
The government plans to tax participatory notes as an instrument. Finance Minister Pranab Mukherjee said that the tax department would examine the liability of foreign institutional investors. (Read whole statement here)
The Finance Minister’s statements indicate that the government may not tax P-note holders but could tax P-note issuers. Mukherjee said that he was not interested in knowing the identity of P-note holders.
This means, P-note issuers could withhold tax before passing on economic benefits to P-note holders. (Read More)
Here are pointers that could help you comprehend issues involved
Markets cheer P-Note clarification
The BSE Sensex jumped 345.59 points or 2% to end at 17,404 while the broader Nifty index advanced 116.70 points to close at 5,295.55. Indian markets have closed higher after five consecutive weeks of losses.
While markets opened higher on RBI’s OMO operations and good core sector data, the real momentum came post noon when Finance Minister Pranab Mukherjee said there will be no tax liability on Participatory Note holders. (Read More)
India's external debt rises to $335 billion
India's external debt rose to $334.9 billion at December-end 2011, an increase of 9.4 per cent in the first nine months of the current financial year, owing largely to higher commercial borrowings and short-term trade credit, the finance ministry said Friday.
The proportion of external debt to the country's gross domestic product (GDP) increased to 20 per cent at December-end 2011 as compared to 17.8 per cent at beginning of the financial year ending March 31, 2012. (Read More)
Government tells Coal India to assure 80% supply to power firms: sources
The central government has conveyed to Coal India Ltd (CIL) that it must follow the drecitves of the Prime Minister's Office (PMO) and sign fuel supply agreements with power producers with 80 per cent assured delivery. The government stand comes in spite of opposition from several CIL independent directors, sources said.
As the deadline set by the PMO for signing of the FSA exprires on Saturday, CIL has asked for more time, sources said. (Read More)
DB Realty likely to sell Mumbai Hilton
Shares of DB Realty saw strong buying interest in a buoyant market today. The Shahid Balwa and Vinod Goenka promoted firm plans to sell its Hilton Hotel in Mumbai for about Rs 400 crore, sources have told NDTV Profit.
The company is in talks with the Apeejay Surrendra Group, which owns Park Hotels, sources said. The Apeejay Group is keen to have a second hotel in Mumbai. (Read More)
Unitech seeks to restrain Telenor from forming new JV
Unitech Ltd said that it has applied to a local court seeking to restrain Norway's Telenor from investing in any new telecoms venture in India that would compete with companies' existing joint venture.
The property company is also seeking an injunction against Telenor's plans to transfer the joint venture's business to a new company, it said in a statement on Friday, adding the move was aimed at protecting its investments in the telecom business. (Read More)
iGate-Patni de-listing offer ends today
iGate's offer to delist Patni Computers and the reverse book building procedure for that purpose closed Friday. It has received offers for 1.6 crore shares at Rs 520 per share, which accounts for 60 per cent of the offer. Here are 10 quick facts on the delisting offer. (Read More)
Policy, Prices and Profits: What to expect in April-June 2012
Today is the weekly, monthly, quarterly as well the financial year close. Stock markets have held on to the key support levels but going forward several factors can influence the direction of trade.
Here are 10 factors that will affect markets in the new fiscal.
Air India strike called off
The strike threat by a major chunk of Air India's over 28,000 employees from Monday was called off on Friday with the ailing national carrier promising to clear all their salary and other dues by June. (Read More)
Green Tribunal suspends environmental clearance to Posco
A tribunal on Friday suspended the environmental license for POSCO's $12 billion steel project in Orissa, the country's biggest foreign direct investment, in a fresh blow to business confidence in Asia's third-largest economy.
The setback for the South Korean steelmaker, the world's third largest, came just days after Prime Minister Manmohan Singh told a group of CEOs in Seoul his country was a stable location for their money. (Read More)