Financial Daily from THE HINDU group of publications
Saturday, March 08, 2003
Markets (March 7)
BL 2501067.91 (-15.11)
BSE Sensex3153.06 (-37.29)
S&P CNX Nifty1017.10 (-14.15)
Dollar (Buy/Sell)47.61/47.74
Gold Std (10 gm)5645 (+45)

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I-T slaps notices for `software buys'
THE Income-Tax Department has slapped notices on several software companies and those that use data link asking them to pay withholding tax of up to 20 per cent on the software they use. Companies that have leased data link from AT&T and ... More

Capital gains sop on equity may promote money laundering
THE Budget announcement allowing capital gains tax exemption on listed equities for a year is all set to open up the floodgates for large-scale conversion of black money to white, according to market sources. Efforts in this direction are ... More

Shyam Tele bid for Punjab Com rejected
THE Punjab Government's attempt to privatise Punjab Communications Ltd (Puncom) has failed after the single price bid submitted by Shyam Telecom was found to be substantially below the reserve price set by the State Government. "The State ... More

Grasim hopeful of nod to open offer for L&T stake
IT appears that Grasim's open offer for 20 per cent equity stake in Larsen & Toubro (L&T) stands a chance of being cleared. On Friday, the company made a public announcement that ends optimistically: "The revised offer schedule will be ... More

HSBC advisor for HPCL
THE Core Group of Secretaries on Disinvestment met on Friday to discuss the final draft of the transaction documents pertaining to the privatisation of Shipping Corporation of India (SCI). The meeting is also understood to have ratified the ... More

More leeway for PF bond investments
THE Finance Ministry has given non-Government provident funds, superannuation funds and gratuity funds the leeway to invest up to 30 per cent of their annual accretions in the `residual category', which includes triple-A rated private corporate ... More

RBI stipulation for securitisation co
ANY securitisation and reconstruction company applying for the Reserve Bank of India's registration should have a minimum-owned fund of Rs 2 crore, the central bank has stipulated. RBI said it would shortly notify final guidelines and ... More

Navy seeks Gulf sailing plans of shipping cos
THE Indian Navy has asked domestic shipping lines to forward their sailing plans to the Persian Gulf region for the next three months. This is part of the security measures being undertaken by the Navy to safeguard Indian merchant vessels in ... More

Jaswant's just a click away
IS something in the Budget bothering you? Is it a clarification you are seeking or a suggestion that you have in mind? Don't lose heart. The Ministry of Finance has set up a hotline to the Finance Minister, Mr Jaswant Singh, who is now just a ... More

Moody's upgrades ICICI Bank foreign currency bond ratings
INTERNATIONAL rating agency, Moody's Investors Service, has upgraded the foreign currency bond rating of ICICI Bank Ltd to `investment grade' making it, probably the only company in India to get this rating. Moody's Investors Service has ... More

Time for new script to attract financiers to big screen
THE Indian film industry may have to right-size its prolific output once corporatisation takes roots. "Close to 85 per cent of Bollywood's revenues come from less than 30 per cent of the films it makes in a year," Mr Rajesh Jain, Executive ... More

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