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India Equity Research Reports, IPO and Stock News
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Economy News
4 As markets tumbled today on fears of capital gains tax on investment
from Mauritius, the finance ministry Sunil Mitra tried to soothe the
nerves of panicky investors, saying such a tax could not be imposed
arbitrarily. Mitra said there was no panic on the issue of capital gains tax,
as the binding terms of Double Taxation Avoidance Agreement (DTAA)
between India and Mauritius wold continue till the time both the sides
agreed to change it. (BS)
4 In the past few weeks, tax practitioners from the Eastern Mediterranean
island Cyprus have been calling up some of the chartered accountants and
lawyers in Mumbai to figure out the Mauritius fiasco. They fear that if
India decides to tax investors from Mauritius, Cyprus - another tax haven
that has been growing in importance - can't escape the heat. Cyprus
treaty with India is in certain ways 'friendlier' than the Indo-Mauritius
treaty. (ET)
4 The government is likely to permit FDI in multi-brand retailing only in the
six big metros. The emerging consensus in the government is that the
recommendation of the Department of Commerce & Industry to allow
such stores in cities with over one million population is premature. The six
metros in which FDI in multi-brand retailing will be permitted are Delhi,
Mumbai, Kolkata, Chennai, Bangalore and Hyderabad. (BS)
4 A department of telecommunications (DoT) panel has accepted a
majority of the recommendations of the TRAI on M&A rules. Trai had
suggested the merged entity shouldn't have more than 30% market
share in any circle in terms of both subscribers and adjusted gross
revenue. The present cap is 40%. Also, it should not hold more than 14.4
Mhz spectrum for GSM services and 10 Mhz for CDMA services. Trai has
proposed that the additional spectrum be returned. (BS)
Corporate News
4 The Cabinet Committee on Economic Affairs (CCEA) may this week
consider giving nod to Vedanta Resources' $9.4 billion takeover of Cairn
India after imposing stringent conditions. The GoM headed by FM had on
May 27 suggested the government nod only if Cairn or its successor
agrees to bear a portion of royalty payable on its mainstay Rajasthan oil
fields and also accepts its liability to pay cess on the oil produced. If
imposed, these conditions will materially affect the deal. (BS)
4 Shriram Transport Finance Company, plans to raise up to Rs 10bn
through the sale of non-convertible debentures (NCDs) of face value of Rs
1,000 each. The issue will be open from June 27 to July 9. (BL)
4 Cognizant Technology Solutions and Capgemini are among the bidders in
talks to buy OFSS (Oracle's India-based financial services business unit).
"Wipro, HCL and L&T Infotech, which were among those interested,
are no longer in contention," one of the people said. Oracle is also
reported to have scaled down its original expectation of around $400-500
million for the services business, which includes software services and
business process outsourcing. (ET)
4 LIC of India on Monday announced a tie-up with Axis Bank to offer cobranded credit cards to its policyholders and employees. (BS)
4 State Bank of India has emerged as the No 1 advance taxpayer for the
June 15 instalment this year, dislodging oil explorer ONGC. SBI made an
advance tax payout of Rs 11bn (vs. Rs 8.69bn), which was higher than
ONGC's tax payout of Rs 10.62bn (vs. Rs10.93bn). (BS)
4 The Company Law Board (CLB) has restrained Birla Corporation from
proceeding with a special resolution seeking amendment to the
Memorandum of Association (MoA) of the company through postal ballot
for foray into the new business of money market operations. (BL)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 As markets tumbled today on fears of capital gains tax on investment
from Mauritius, the finance ministry Sunil Mitra tried to soothe the
nerves of panicky investors, saying such a tax could not be imposed
arbitrarily. Mitra said there was no panic on the issue of capital gains tax,
as the binding terms of Double Taxation Avoidance Agreement (DTAA)
between India and Mauritius wold continue till the time both the sides
agreed to change it. (BS)
4 In the past few weeks, tax practitioners from the Eastern Mediterranean
island Cyprus have been calling up some of the chartered accountants and
lawyers in Mumbai to figure out the Mauritius fiasco. They fear that if
India decides to tax investors from Mauritius, Cyprus - another tax haven
that has been growing in importance - can't escape the heat. Cyprus
treaty with India is in certain ways 'friendlier' than the Indo-Mauritius
treaty. (ET)
4 The government is likely to permit FDI in multi-brand retailing only in the
six big metros. The emerging consensus in the government is that the
recommendation of the Department of Commerce & Industry to allow
such stores in cities with over one million population is premature. The six
metros in which FDI in multi-brand retailing will be permitted are Delhi,
Mumbai, Kolkata, Chennai, Bangalore and Hyderabad. (BS)
4 A department of telecommunications (DoT) panel has accepted a
majority of the recommendations of the TRAI on M&A rules. Trai had
suggested the merged entity shouldn't have more than 30% market
share in any circle in terms of both subscribers and adjusted gross
revenue. The present cap is 40%. Also, it should not hold more than 14.4
Mhz spectrum for GSM services and 10 Mhz for CDMA services. Trai has
proposed that the additional spectrum be returned. (BS)
Corporate News
4 The Cabinet Committee on Economic Affairs (CCEA) may this week
consider giving nod to Vedanta Resources' $9.4 billion takeover of Cairn
India after imposing stringent conditions. The GoM headed by FM had on
May 27 suggested the government nod only if Cairn or its successor
agrees to bear a portion of royalty payable on its mainstay Rajasthan oil
fields and also accepts its liability to pay cess on the oil produced. If
imposed, these conditions will materially affect the deal. (BS)
4 Shriram Transport Finance Company, plans to raise up to Rs 10bn
through the sale of non-convertible debentures (NCDs) of face value of Rs
1,000 each. The issue will be open from June 27 to July 9. (BL)
4 Cognizant Technology Solutions and Capgemini are among the bidders in
talks to buy OFSS (Oracle's India-based financial services business unit).
"Wipro, HCL and L&T Infotech, which were among those interested,
are no longer in contention," one of the people said. Oracle is also
reported to have scaled down its original expectation of around $400-500
million for the services business, which includes software services and
business process outsourcing. (ET)
4 LIC of India on Monday announced a tie-up with Axis Bank to offer cobranded credit cards to its policyholders and employees. (BS)
4 State Bank of India has emerged as the No 1 advance taxpayer for the
June 15 instalment this year, dislodging oil explorer ONGC. SBI made an
advance tax payout of Rs 11bn (vs. Rs 8.69bn), which was higher than
ONGC's tax payout of Rs 10.62bn (vs. Rs10.93bn). (BS)
4 The Company Law Board (CLB) has restrained Birla Corporation from
proceeding with a special resolution seeking amendment to the
Memorandum of Association (MoA) of the company through postal ballot
for foray into the new business of money market operations. (BL)
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