Ranbaxy now Makes $100 Million Annually

Africa hasRanbaxy been a hushed moneymaker for India’s major drug manufacturing company Ranbaxy making around $100 million annually.

Now the company plans to invest up more funds in infrastructure and will establish a novel manufacturing plant in the continent.

At present, the company’s income from the continent amount to 7% of the company’s worldwide income. But returns from the county is cross-filing double-digit development.

133K Indians Apply For H-IB Visas

H-IB visaThe US Citizenship and Immigration Services (USCIS) on Tuesday revealed that an estimated 133,000 unique pieces of mail containing H-1B petitions. H-IB visas are often used by hundreds of foreigners, including Indians, to work or study in that country.

However, this is lower that the original USCIS estimate of 150,000 that the agency has based on amounts from manifests received along with the mail.

Tax Levied On State-Owned Companies

The Constitution and List I in the seventh schedule says that tax on income is imposed by the Union government. The Constitution concedes exempt to state governments from charging income tax, also, state’s property and income is exempted from union taxation.

The exemption provided is for government as well as non-government activities of a state. But, state-owned companies or corporations claimed that their trade or business is carried on behalf of the state government and in reality, it is the state government which carries on business through them. The surplus generated by such activities belongs to the state government. Hence, they are entitled to be treated as state.

BEML Filing Red Herring Prospectus With SEBI

After receivingSecurities and Exchange Board of India cabinet’s clearance of a follow-on public offer, BEML is looking to file the red herring prospectus with SEBI this month. “The company was in the process of filing the red herring prospectus (RHP) with SEBI this month. “We intend to hit the market in the first half of June this year," said Natarajan, BEML chairman and managing director.
According to Natarajan, Rs 440-crore public issue would be made entirely through the book-building route. After the follow-on public offer, government holding in BEML would be 55% and the balance would be held by public and financial institutions.

ITAT Directs IT Dept To Refund Recovery From Skol

The Income-Tax Appellate Tribunal (ITAT) has directed the IT department to refund the amount it has recovered from Mumbai-based brewing company, Skol Breweries.
Rs 2.68 crore was recovered from Skol while an interim stay order passed by ITAT was in operation. ITAT, the quasi-judicial body for settling tax disputes, determined that IT department’s action was beyond its jurisdiction. The extraordinary order was approved by vice-president of ITAT, G E Veerabhadrappa, and its judicial member, Madhavi Devi.
As per case facts, on March 27, 2007, Skol Brewery requested the Tribunal, by moving an emergency stay petition, to intervene as the department had attached all its bank accounts after the I-T Commissioner rejected its stay petition.

Rupee Gets Heavy Against Dollar

Indian CurrencyThe rupees closed at 42.90 in comparison to dollar on Thursday, which has been recorded as the highest closing in past eight years. The rupee was grown to 42.84 per dollar and closed at 43.08 on Wednesday in intra-day trade. Treasury (British cabinet that is responsible for economic strategy) cleared that bargainers make short position in the hope that Reserve bank of India would not interfere to limit benefits. The rupees were around the 43.15 for the most part of the day.

Car Loans Get Expensive Due To RBI Rate Hike

Reserve bank of IndiaThe hiking rates of Reserve bank of India may shatter your dreams to buy your dream cars. The interest rates on car loans have been lifted up anything between 75 - 100 basis points, by Car loan lenders. This increase will result in Rs 50 monthly increase on a five year loan which has a daily rest basis.

According to report of the Direct selling agents (DSAs) of ICICI Bank to TOI, they have received a communique from the bank about the hike effective from Monday. Officials said, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday,”

NHPC To Sell 13.6% through IPO

National Hydroelectric Power CorporationOn Thursday, a banker to the deal said that National Hydroelectric Power Corporation is looking to trade 13.6% of the company in an initial public offering to raise upto Rs 25 billion. The plan is to trade 1.12 billion new shares in the IPO, and the government will sell about 55.8 billion shares, an official said. “It could be somewhere between Rs 22-25 billion,” he added.

Reliance Mutual Gets Back On Track

Reliance Mutual FundThe fight for the leading outlook in the mutual fund business started again in March, with Reliance Mutual repossessing the peak it had gave up to Prudential ICICI.

As on March 31, 2007, Reliance Mutual’s assets under management (AUM) stood at Rs 46,307 crore, whereas Prudential ICICI was ranked second at Rs 37,870 crore.

RBI Rate Increase Turns Car Loans Pricey

Reserve Bank of IndiaWith RBI rates increase, car loan providers have raised interest rates by 75 to 100 basis points. The enhancement would mean a monthly increase of Rs 50 for a five-year loan having a daily rest basis.

ICICI Bank’s direct selling agents (DSAs) said they have accepted an official report from the bank on the cost increase effective from Monday. Rack rates are inclusive of DSA commissions.

The officials stated, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday.”

Is Mumbai Ready To Be A Global Financial Hub Or Not?

Is Mumbai ready to be a global financial hub or not? This question will be answered by the Union Cabinet shortly.

There are a number of recommendations to enable Mumbai join the league of London, New York and Singapore as one of the premier IFCs of the world, from the high-powered expert committee (HPEC) on making Mumbai an international financial centre (IFC). The report submitted to the FM (finance minister) on Tuesday will be out before the Cabinet shortly.

According to HPEC, the Indian purchases of international financial services (IFS) touched $13 billion in 2005 and are expected to be in the range of $50-70 billion by 2015. Therefore, it has been stated that “if the country does not proceed on establishment of an IFC, the revenues will go to other IFCs”.

Rupee Could Become Dictating Asian Currency

Currency of IndiaThe foreign broking firms opine that the Indian currency could become commanding currency in Asia. This reckoning came a day after an expert committee made out a case on Monday for making the rupee fully convertible before the end of 2008.

Air India-Indian Employees To Get Employee Stock Options

The Air India-IndianAir India amalgamation, blustered as the major conjoining in the Indian skies. It may bring a windfall to more than 32,000 workforces of both the companies. Post-merger, the administration is planning to give out employee stock options (Esops) to their employees.
A government official stated that the newly engaged company is named as ‘National Aviation Company,’ which owns up 7.32 crore shares, and a paid-up capital of Rs 73.25 crore.
The total number of shares has been attained after arrogating an exchange proportion of 8:1 that entails eight shares of the blending groups equivalent one share of the new entity.

Microsoft Bandages Ani Vulnerability

The Tuesdays’ Microsoft Corp.Microsoft "critical" out-of cycle security update release has fixed the animated cursor vulnerability that potentially let attackers to take control of a system. Often termed as the ANI vulnerability, the flaw is linked to animated cursor files that normally have the .ani suffix. The Flaw that was

Rupee Surges to 8-Years High against Dollar

The Indian Rupee, on Wednesday, surged to its highest level in nearly 8 years. The Rupee traded 43 to a dollar as banks sold the US unit to raise funds to meet statutory reserve requirements.
According to reports, ending at 43.065/075 on Tuesday, the rupee was at 42.925/935 per dollar at 10:15 am on Wednesday, off an early high of 42.84, it’s strongest since June 1, 1999, when it traded at 42.83.
The Rupee has gained about 9.5 % since hitting a 3-year low last July, and the central bank is thought to be uneasy with the rupee's pace of appreciation.

Indian Hotels All Set To Buy US Hotel

According to BSE reports, the Tata Group Company, Indian Hotels, through its 100% subsidiary company, is all set to take over San Francisco based Hotel Campton Place in a deal of expected value $60 million. According to the company officials, the deal is in partnership with financial investors.

The deal has been signed on April 2, 2007, and it is scheduled for April 30, 2007 closure. On Tuesday, however, the Indian Hotels share price closed marginally lower by 0.7% on BSE.

Situated in Union Square in San Francisco, the West coast based Hotel Campton Place is a 14 storey, 110 room luxury boutique hotel. Renamed Campton Place Hotel in 1983, the hotel occupies two historic and picturesque buildings dating back to the early 1900s.

Cement Shares Drop Precipitously

The shares in cement firms dropped precipitously on Wednesday, after the government’s trashing some duties to help imports and rein in domestic prices.

Sony Drops PSP Prices

Sony Computer Sony Computer EntertainmentEntertainment America (SCEA) has marked the recent second anniversary of PSP by airing PSP hardware price cut. The PSP Core Pack will now be available in North America for $169.99 ($30 short of the previous price).

SCEA’s also broadcasted, the availability of Daxter and Syphon Filter: Dark Mirror at $19.99, as new additions to the "Greatest Hits" program. These new additions will enable PSP users to build up their software library with two popular titles at great value.

HDFC Hikes Lending Rates

HDFC BankIndia’s largest house finance banking company HDFC has announced raised lending rates by 75 basis points for new loan seekers, and on the other hand, the interest rate is up 50 bps for the existing customers.

The 50 bps hike will translate into a Rs 32 hike each month on a loan of Rs 1 lakh borrowed for 20 years. Yet HDFC’s after hike rates are cheaper than its nearest rival ICICI Bank which annunciated a rate hike last Week. Last week, ICICI Bank increased its benchmark advance rate to 15.75%, while Yes Bank hiked its PLR to 14.75%. However, the state-owned banks are yet to consider their lending rates.

Organization’s Health-Unawareness Among CEOs

According to survey, “In the Dark: What many boards and executives still don’t know about the health of their businesses”, lack of high-quality non-financial information has caused many board members and senior executives to be unaware of the overall health of their organization.

The second edition of survey, released on Tuesday, is developed by Deloitte Touche Tohmatsu in conjunction with the Economist Intelligence Unit. The 78% of the CEOs surveyed say that just financial indicators do not adequately capture their company’s strengths and weaknesses.

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