NATIONAL Finance Minister rules out any move to tax FIIs Hours after suggesting that tax on foreign institutional investments (FIIs) could be considered to check volatility in stock markets, RBI (Reserve Bank of India) Governor Y V Reddy today (Jan 12, 2005) said it may not be a desirable option as Finance Minister P Chidambaram ruled out the possibility of such a measure.
RBI expresses concern over volatile stock market Expressing concern over volatility in Indian stock market due to overseas investment, Reserve Bank of India (RBI) today (Jan 12, 2005) said that volatility has had an impact on the stock market, raising questions over quality of foreign institutional investors' (FII) flows.
Scrapping of Press Note 18 unfortunate, says CPI Communist Party of India (CPI) today (Jan 12, 2005) termed as "unfortunate" the scrapping of controversial Press Note 18, which restricted foreign companies' entry into new ventures in areas where they already had collaborations.
Infosys to hire 2000 people in China in 24 months Infosys Technologies (Shanghai) Company Ltd, the wholly-owned subsidiary of software major Infosys, will hire over 2,000 professionals in the next 18 to 24 months, a top official said today (Jan 12, 2005).
Budget '05: First signs of trouble as TUs moan Accusing the UPA (United Progressive Alliance) Government of not adhering to the Common Minimum Programme (CMP), all major trade unions today (Jan 12, 2005) asked the Centre to change its policy direction, while opposing divestment of PSUs and FDI cap hike in some sectors and demanding restoration of 9.5 per cent interest rate on EPF.
India, UK to sign joint economic & technical pact India and the UK would sign the joint economic and technical cooperation agreement (JETCO) tomorrow (Jan 13, 2005), Union Commerce Minister Kamal Nath said today (Jan 12, 2005).
India's exports to rise by 50 pc by 2004-05: Nath India's exports are expected to rise by 50 per cent in the current financial year as compared to 25 per cent in the last fiscal, Union Commerce Minister Kamal Nath said today (Jan 12, 2005).
Sensex down to one-and-half month low of 6102.74 In a dramatic reaction to scrapping of the Press Note 18, blue chip counters across-the-board tumbled and the Sensex ended down by 120 points to a one and half month low of 6102.74 amid heavy selling by hedge funds as well as domestic investors.
Bharti ties up $ 354 mn intnl funds for expansion India's largest private telecom operator Bharti today (Jan 12, 2005) announced tying up $ 354 million international funding, one of the largest in the country's telecom sector.
Budget '05: Telecom industry favours single taxation Telecom industry made a strong case for doing away with various levies in the telecom sector and replacing them with just service tax in the Budget to lower the tax burden and encourage more investment in the fast growing sector.
Bharti ties up $ 354 mn intl funds for expansion India's largest private telecom operator Bharti today (Jan 12, 2005) announced tying up $ 354 million international funding, one of the largest in the country's telecom sector.
Market remains volatile inspite of Infosys results Despite encouraging third quarter results announced by IT major Infosys Technologies, the market today (Jan 12, 2005) continued to witness volatile activity during morning trading even as the sensex showed erratic movements and was up by five points at 10:30 hrs (IST).
Microsoft Research launches operations in India Microsoft Research (MSR) today (Jan 12, 2005) launched its operations in India, and also signed a Memorandum of Understanding with the Ministry of Science and Technology and Ocean Development to partner in research projects.
Software major Infosys' net profit Rs 497.34 crore Software major Infosys today (Jan 12, 2005) posted a net profit of Rs 497.34 crore for the third quarter ended December, up by 51 per cent over Rs 328.51 crore reported during the same period last year.
INTERNATIONAL EU keen on strategic partnership with 'New India' Observing that India was taking "giant steps" towards becoming a world economic power, EU (European Union) Trade Commissioner Peter Mandelson said Europe wants to build a new strategic partnership with the country.
