Bharti Airtel Allowed to Continue with 3G Services
Bharti Airtel Ltd. has been allowed to perpetuate with third-generation telecom services by an Indian court. It has asked the company to continue with the services in seven areas but with a disclaimer that they must not take any future orders in these areas.
Haryana, Maharashtra, Madhya Pradesh, Uttar Pradesh (East), Kolkata, Gujarat and Kerala were the seven areas where the services were asked to stop. Earlier, the Government had asked them to discontinue the services as it was thought that they were violating the telecom rules.
Spot Gold Seen Trading at USD 1560
Today morning, the spot gold was seen trading at USD 1560 and not a bigger change in the trend is expected.
As per the reports from a research firm, the daily close of gold trade below USD 1539 may drag it to hit a new multi-support level of USD 1525/1520. Cyprus is expected to sell its gold holdings to meet its national debt and it is said that it will help it maintain its hold over the market keeping the price of gold lower.
M&A Activity in India Falls to USD 2.9 Billion
According to recent reports, merger and acquisition (M&A) activity fell from USD 17.2 billion last year to USD 2.9 Billion in January-March quarter.
This is apparently 83.1% fall in the activity as compared to the same in the last year. The M&A activity in the Asia Pacific also fell by 26.1% down to USD 72.9 billion. In the first quarter of 2012, its value was recorded to be USD 98.6 billion, avowed reports from global deal tracking firm mergermarket.
I-T dept. slaps two Aditya Birla firms with tax demand order of Rs 3,900cr
The income-tax department has slapped two Aditya Birla group companies with a tax demand order of Rs 3,900 crore over demerger of telecom business that took place nearly four years back.
In 2009, Aditya Birla group demerged its telecom business into two companies, viz. Idea Cellular and Aditya Birla Telecom. The income tax department is now treating the transfer of assets, licence and liabilities from Aditya Birla Telecom to Idea Cellular as a slump sale, which is taxable.
Infosys' S Gopalakrishnan elected as CII’s new president
Infosys Technologies Ltd Co-Founder & Executive Co-Chairman Kris Gopalakrishnan has succeeded Godrej Group Chairman Adi Godrej as the President of the industry body Confederation of Indian Industry (CII).
A Padma Bhushan recipient and alumni of IIT, Mr. Gopalakrishnan along with Mr. Narayana Murthy and five others, founded Infosys in the year 1981. His initial responsibilities included the management of design, development and implementation of information systems for clients in the United States.
DLF Informed BSE of Signing Agreement of Sale of Rajasthan and Tamil Nadu based Wind Mill Projects
To bare the debts of company, DLF, India's largest real estate firm, has signed definitive agreements according to which it will sell its assets of wind power present in Tamil Nadu and Rajasthan. The company gave a statement that - the transactions are in line with the DLF's objective of divesting its noncore assets.
Virtual Dressing Room will be Available soon on Myntra
Myntra - the online fashion and lifestyle products retailer said in a statement that it has acquired FITIQUETTE - San Francisco-based technology platform provider. Though, Myntra has not disclosed the amount yet, but said that the acquisition was partly done by cash and partly done by stock. The company is of the view that technology innovation offered by FITIQUETTE will be able to solve issue of online shoppers related to size and fit.
CLSA Says Yen Weakness Boosted Maruti’s Margin
On Thursday, CLSA stated that some factors, including enhancing margin outlook on Yen weakness's back and new launches, are very much likely to take Maruti Suzuki's shares up.
The group said that the shares might gain traction going forward. It is being believed that the weakness of 18% in Yen vs rupee since the second quarter has theoretically brought an improvement in Maruti's EBITDA margin.
Govt Calms Worries Related to Three New Dams on Brahmaputra
According to the revelations of a recent report, apprehensions regarding the three dams under development on the Brahmaputra by China have been decided to be relieved by the government.
It is being said by the government that the projects would have no impact on India since the water comes from Arunachal Pradesh in the river.
Delhi High Court Denies Interim Relief for MSD
Delhi High Court has denied an interim relief on a patent row to US pharmaceuticals major Merck Sharp and Dohme (MSD). If granted, this would have restricted Indian firm Glenmark Pharmaceuticals on manufacturing and marketing anti-diabetes drugs Zita and Zita-Met.
According to the sources, a strip of seven tablets of Januvia (50 mg and 100 mg) costs Rs 300 while Glenmark's version costs approximately at a price which is 30% less.
Diageo Announces Offer for United Spirits
Diageo Plc is expected to launch Rs 5,441-crore open offer to obtain a supplementary 26% in United Spirits from April 10. UK-based company has announced that the offer will end by April 26. Authorities concerned have announced that JM Financial Institutional Securities Pvt Ltd's offer price will remain at Rs. 1,440 per equity share.
In a filing to the BSE, it has been highlighted that shares of United Spirits on BSE were trading at Rs 1,769. This is three percent lower than the Mumbai market.
Voltas unveils all-weather air-conditioning machines
Voltas Ltd on Thursday introduced the world to its 86 new all-weather stock-keeping units (SKUs), with 23 being window air-conditioning (AC) machines.
The Tata Group firm also declared that it would bid goodbye to normal ACs as part of its strategy to concentrate on all-weather ACs.
The company on Thursday unveiled 86 new stock-keeping units (SKUs), with 23 being window ACs.
Pradeep Bakshi, COO of unitary products business group (UPBG) at Voltas, said, "All SKUs are all-weather ACs, and all our future products will be in the all-weather AC category."
Sugar decontrols sugar industry
India's Rs 80,000-crore sugar industry will now be managed by market forces, thanks to the government's major decision to decontrol the industry.
The Government on Thursday abolished the monthly release mechanism and freed sugar mills from the obligation to supply levy sugar at subsidised rate for the Public Distribution System (PDS).
Abinash Verma, director-general of the Indian Sugar Mills Association, said that the decision would help the industry reach its potential growth of 20-25 per cent per annum.
Govt. circulars on taxing IT firms create confusion
In a bid to clarify taxation rules and settle prevailing confusion over a vexing tax issue pertaining foreign companies' development centers, the Finance Ministry recently issued two circulars. But, some experts argue that the circulars lack consistency.
While the government is claiming that the circulars will provide companies like Microsoft and IBM with clarity over tax issues, some experts from the industry say that the circulars failed to tell how development centres will be taxed.
Ford India ditches employee over controversial Figo ad
After forcing the exits of two senior employees at advertisement agency JWT India, controversial Figo car ad depicting former Italian Prime Minister Silvio Berlusconi now forced auto giant Ford to expel one of its high-ranking executive.
The recently leaked ad, produced by JWT India, depicted Silvio Berlusconi in a Ford Figo car, with handcuffed & gagged young women in the car's trunk.
The controversial ad never formally aired, but it leaked online and triggered a big controversy due to its nasty and sexual nature.
Taj Palace Lease Sees Renewal for Next 25 Years
Taj Palace Hotel, Dhaula Kuan, New Delhi, has seen renewal of its lease in the city for the coming 25 years, starting from April 1 this year.
The announcement related to the same was made today by Tata group hospitality major Indian Hotels Company (IHCL). The Taj Group or the Indian Hotels Company Limited felt pleased to confirm the consent received by it from the Delhi Development Authority (DDA).
The announcement, as per the report, has been made when New Delhi Municipal Corporation is preparing for inviting bids for the first Taj Mansingh-managed group's auction in New Delhi.
WPP tries to Control Figo’s Controversial Ad Campaign Issue
It has been recently revealed that WPP, which is the world's largest marketing communications group, is under troubling water. The group is facing problem due to an ad campaign of Figo carried out by its ad agency in India, JWT India.
The advertisement campaign has portrayed former Italian Prime Minister Silvio Berlusconi and other known personalities like, socialite Paris Hilton in a bad light. In one of the ads the Kardashian sisters have been shown being pulled by Hilton.
Iyer Presides over DHCL AGM Held Today
The Deccan Chronicle Holdings Ltd. (DHCL) in its annual general meeting (AGM) reappointed its directors of board. In addition, it has approved the borrowing limit to Rs. 5,000 crore on the day.
In a resolution, the company accepted that it had exceeded the Rs. 1,000 crore borrowing limit set at the AGM in 2007 as it took temporary loans from banks and other financial institutions during its business.
VP Shivakumar Renounces Nokia
According to a recent report, D Shivakumar, senior Vice-President for Emerging Markets of Nokia, including India, has resigned from the company.
The report said that the development is being seen against the background of mobile maker. The Finnish handset maker has been receiving more than Rs. 2,000 crore worth of demand notice from Indian tax authorities. The same is for alleged evasion of taxes in the nation in its business transactions.
Amidst Cong-SP Words War, FM Praises UP Government
In midst of speculations that Samajwadi Party may decide to take back its support from the UPA alliance, Finance Minister, P Chidambaram has declared that the central government would be with UP government in all the circumstances.
In a function held in Lucknow on Friday, FM appreciated UP CM, Akhilesh Yadav and said that UPA government will do its best for the development of the state. The function was held for the inauguration of 300 new bank branches in the state.