The Bombay High Court on Wednesday ruled that Indian tax authorities have jurisdiction over the 2007 Vodafone-Hutch cross-border deal that created Vodafone-Essar but the tax liability on Vodafone, the buyer, would only be to the extent of income attributable to the assets in India. Most tax experts refused to call this a relief to Vodafone, because although the controlling interest ...

While more than a dozen corporates and non-banking finance companies (NBFCs) are keen on making a banking debut, the Reserve Bank of India (RBI) may start off by handing out just four new banking licences, and that too, not all at once. Although the central bank will refer the applications of candidates to an external group, some key criteria for ...

German July exports dip as global recovery slowsGerman exports fell in July for the first time in three months, adding to evidence that Europe's largest economy may lose momentum as the global economy cools. Sales abroad, adjusted for working days and seasonal changes, declined 1.5% from June, when they increased a revised 3.7%, the Federal Statistics Office in Wiesbaden said ...

The Lucknow bench of the Allahabad High Court will pronounce its judgment on the 60-year-old Ayodhya title suits on September 24.The date for the verdict, reserved by a special bench comprising Justices SU Khan, Sudhir Agarwal and D V Sharma on July 26, was conveyed to the counsels appearing in the four title suits relating to the disputed Ram Janmabhoomi-Babri ...

Gold nears recordGold rose for a third day on Wednesday to within reach of another record high and silver hit a 2-1/2 year peak as the waves of nervousness over the global economy steered investors into perceived safe-haven assets. Spot gold was bid at $1,260.50 an ounce at 1212 GMT GMT, against $1,253.10 late in New York on Tuesday. US ...

Seven months after the bomb blast at Pune's German Bakery, the Maharashtra Anti-Terrorism Squad (ATS) on Wednesday claimed that it had achieved a breakthrough in the probe and arrested 29-year-old Mirza Himayat Baig for the attack which killed 17 people.A second man allegedly belonging to the same group, 27-year-old Sheikh Lalbaba Mohammed Hussain Farid alias Bilal, was also arrested for ...

Maize starch buyers are watching the trend before switching over to tapioca starch on the back of falling tapioca prices in the recent months.Maize prices have increased by 10-15% in the past one year because of surging demand for the commodity from poultry industry while tapioca starch price declined by a whopping 30% in the past eight months.According to an ...

Even after the conclusion of Onam festivities, coconut oil prices haven't come down in Kerala and other places, a trend which is not very commonly seen. Coconut oil prices are almost 5-7% more than the rates prevailing before Onam festival. Coconut oil consumption usually rises by 30-40% during Onam because of increased demand from household.While some experts believe that this ...

Mutual fund trustees are scheduled to meet in Mumbai on September 15 to discuss a wide range of topics, including fiduciary duties, review of fund performance and regulations in regard to the debt funds.HN Sinor, chief executive of the Association of Mutual Funds in India (Amfi), said, "We want trustees to take more responsibility and actively monitor day-to-day activities of ...

Sistema Shyam TeleServices (SSTL) on Tuesday said the Russian government has approved an investment for 20% stake in SSTL. It is expected that Russia will participate in an issuance of additional shares of SSTL, paying $600 million (about Rs 2,760 crore) held in accounts representing Indian governmental debt to the Russian Federation."The issuance of shares to the Russian government is ...

Highlighting critical dimensions of the global financial system's regulatory reform, Institute of International Finance managing ditector Charles Dallara said new paradigm for a more stable financial system needs to involve improvements in the financial industry's own practices."Extensive reforms have been underway in such areas as risk management, governance, transparency and compensation," Dallara said at a banking summit on Wednesday. With ...

State-owned National Payments Corporation of India has kick started pilot programme on inter-bank transfer of funds, which will facilitate transfer of funds from one bank to another in seconds through the use of mobile instruments."We have received the permission from the Reserve Bank of India to start the pilot project,'' said NPC chief executive officer AP Hota at th sidelines ...

Gaining for the third straight day, Indian markets on Wednesday climbed to its highest level since January 2008 despite negative cues from Asian markets. Tracking weak Asian cues, the BSE Sensex fell over 100 points on opening to touch an intra-day low of 18,540.65 points amidst subdued trading till noon.However, gains in the European and US futures market saw the ...

The Reserve Bank of India (RBI) has allowed banks to restructure around Rs 50,000 crore exposure for the crisis-ridden aviation sector.RBI had sent a communication to the banks with regard to debt restructuring for airlines in the last week of August. The bankers have confirmed that the central bank has asked them work out a special concessional package, in response ...

Reserve Bank of India is actively pursuing the agenda of deregulation of interest rates on savings accounts and it would soon be examining the possibility of implementing the same, said bank's deputy governor Usha Thorat."Deregulation of interest rate is on our radar. A working group will soon be set up to examine the possibility of deregulating interest rates. Transparency in ...

Piramal completes sale of domestic biz to AbbottPiramal Healthcare said it has completed the sale of its domestic formulations business to Abbott Healthcare and has received Rs 10,271 crore as initial consideration for the same. "The transaction today has been closed and completed. Piramal Healthcare has received the initial consideration amount of Rs 10,271 crore after adjustment," Piramal Healthcare said ...

Having headed Tata Sky DTH service for over six years as its managing director and CEO, Vikram Kaushik will retire by the end of this year. Under his stewardship, Tata Sky has emerged as a trusted DTH brand amid a challenging market scenario with five rival DTH firms wooing the consumers. Kaushik tells Ashish Sinha that government needs to act ...

The Rs 14,000-crore Murugappa group, with interests in fertiliser, sugar, abrasives, financial services, general insurance, bicycles and auto components, has undergone a change with a new brand identity on Wednesday.The group's executive chairman A Vellayan said it has opted for a new logo - a peacock in a vibrant red - which embodies vigour, energy, vibrancy, strength, power, passion with ...

Azure Power plans to invest Rs 1,500 crore over the next five years to develop solar power projects. The company is looking for sites in Haryana, Gujarat, Rajasthan, Punjab and Karnataka, the company's top executive said."We plan to develop 100-mw solar power generation capacity by 2015 with an estimated investment of Rs 1,500 crore," Azure Power chief operating officer Inderpreet ...

IT firms on Wednesday said they were concerned about growing protectionism in the US but added that a recent ban on offshoring of government projects by Ohio will not have significant impact on the industry at the moment.Among the large tier IT companies, only TCS has exposure to Ohio government contracts and although US forms more than half of Indian ...

Tata Power Company plans to spend Rs 70,000 crore ($15 billion) for additional power generation capacity as faster economic growth boosts electricity demand. Tata group chairman Ratan Tata said Tata Power plans to augment its capacity to 25,000 mw by 2017, from the current 3,000 mw of installed generation capacity.Tata Power MD Prasad Menon, at the company's 91st annual general ...

Haryana got a nod from the Union ministry of new and renewable energy to include 10 of its solar power projects of 9.8 mw under the Jawaharlal Nehru National Solar Mission (JNNSM). These projects would come up as small scale Solar Photo Voltaic (SPV) rooftop power plants.Pre-registration of 22 projects of 20 mw has already been done under the JNNSM ...

Tata Steel is looking to refinance around $4.5-5.5 billion of its European loans. "We are looking at refinancing our European loans. We will refinance around $4.5-5.5 billion while the gross debt is around $9.5 billion," Tata Steel managing director HM Nerurkar said on the sidelines of a CII Metals and Minerals conference."We are in talks with bankers for refinancing our ...

The proposals relating to capital gains in the Direct Taxes Code (DTC) Bill, recently tabled in Parliament, is a mixed bag for investors. Let's look at some of these proposals and their potential impact.Capital marketsThe provisions for capital gains in the Direct Taxes Code have belled in great news for investors on the capital markets.The DTC has preserved a 'nil' ...

With the Supreme Court of Israel ruling in favour of Sun Pharma in the Taro case, the Mumbai-based pharma giant can make a move to hike stake in the Israeli company by buying out the promoters' share. This will take Sun's total stake in Taro to 48% from the current 36%.Terming the court judgment as categorical and important, Sun Pharma ...