Mukesh Ambani India's richest for 6th year

With networth of USD 21.5 billion, Mukesh Ambani has retained his title as India's richest person for sixth year in a row, while Mexican business tycoon Carlos Slim has emerged as wealthiest in the world for the fourth consecutive year.
    
In the overall rich list of world's billionaires, as per an annual ranking published today by business magazine Forbes,

Also read: Nothing can stop India from being world's top 3 economy says FM  

Mukesh Ambani is ranked 22nd, while the second-richest Indian Lakshmi Mittal is at 41st position with a networth of USD 16.5 billion.
   
Slim has topped the rankings with a networth of USD 73 billion, followed by Bill Gates (USD 67 billion), Spain's Amancio Ortega (USD 57 billion), Warren Buffett (USD 53.5 billion) and Larry Ellison (USD 43 billion) in top five.

There are a total 55 billionaires from India on the list of 1,426 persons from across the world having a minimum networth of USD 1 billion. Among the Indians, Mukesh Ambani and Lakshmi Mittal are followed by Azim Premji, Dilip Shanghvi, Shashi & Ravi Ruia, Kumar Mangalam Birla, Savitri Jindal, Sunil Mittal, Shiv Nadar, K P Singh and Anil Ambani.
   
Globally, Anil Ambani is ranked 233rd (USD 5.2 billion), while the global top-100 list has only three Indians - Mukesh Ambani, Lakshmi Mittal and Azim Premji (91st position).

About Mukesh Ambani, Forbes said that his fortune has dropped by USD one billion over the past one year, but he "remains India's richest person and his Reliance Industries remains country's most valuable company".

On the other hand, his younger brother Anil Ambani saw his networth drop by USD 2.6 billion in the past one year, "continuing a three-year decline in his fortune."

Globally, Forbes said, the world's billionaire club has reached a record high level, with 1,426 persons and an aggregate net worth of USD 5.4 trillion (up from USD 4.6 trillion a year ago).

The US leads the list 442 billionaires, followed by Asia-Pacific (386), Europe (366), the Americas (129) and the Middle East & Africa (103).

Carlos Slim and Bill Gates have retained their top two positions, while Amancio Ortega of Spanish retailer Zara has moved up to the third position for the first time with the biggest gain of USD 19.5 billion to his fortune in  year.
    
As a result, Buffett has slipped to the fourth rank, despite an increase of USD 9.5 billion in his networth. Forbes said this is the first year since 2000 that Buffett has not been among the top three.

Forbes said that it has included the fortunes of family members wherever one one person is the founder and in control of the business. The figures are based on stock prices and exchange rates as on February 14, 2013, it added.

Those from India also include Uday Kotak, Micky Jagtiani, Cyrus Poonawalla, Adi Godrej, Jamshyd Godrej, Anil Agarwal,

Kalanithi Maran, Gautam Adani, Malvinder and Shivinder Singh, Subhash Chandra and Desh Bandhu Gupta.

Oher Indians include B L Munjal, Rahul Bajaj, Rajan Raheja, Habil Khorakiwala, N R Narayana Murthy, K Anji Reddy, MA Yusuff Ali, Vikas Oberoi, S Gopalakrishnan, Murali Divi, Nandan Nilekani, Ranjan Pai, Venugopal Dhoot, Rakesh Jhunjhunwala, Yusuf Hamied, Baba Kalyani, G M Rao and Joy Alukkas.

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No option but to import coal: Scindia

"There is no option, but to import coal," says Power Minister, Jyotiraditya Scindia who is determined to make coal price pooling, a reality soon.

Despite having close to 377 million tonnes per annum (mtpa), which is being supplied to the power sector by Coal India ( CIL ), India faces a coal shortage of 15-20 percent.

"The in-principle cabinet approval for coal price pooling has been taken. The Finance Minister, myself and the Coal Minister are working on the mechanics in terms of iterative processes with boundary conditions to make sure that this becomes reality in the next couple of weeks. I will have a solution and that is my commitment," says Scindia who stresses on the issue of coal shortage being a live one.

Below is the edited transcript of Scindia's interview to CNBC-TV18.

Q: There was some disappointment on the sunset clause for the power sector which has been extended only for a year. The sense in industry is that this is a capital intensive business and had the sunset clause been extended, it would have been extended for atleast five years and not just one, right?

A: For all the plants that are going to come up in 2013-14, they enjoy full 100 percent coverage under section 80IA in the first 15 years, taking depreciation on a continuous 10-year period in any of those 10 years, within the 15-year period. So, even though the expectation was that it should be extended for a longer period, atleast it has been extended for the next year. Therefore, there is certainly a greater level of confidence among investors going forward.

Q: Do you believe that there is more confidence in private sector participation post this Budget? As far as the power sector is concerned, there is a whole host of issues that cloud investment. And those continue to be left unattended. You are trying to deal with them but they haven't been completely addressed so far. What assurance can you hold out for investors on the issue of coal linkages for instance?

A: In the last 100 days that I have been given responsibility of this ministry, we have been working over time in terms of resolving issues along with all stakeholders. For the first time, after a very long period, I have set-up six institutional mechanisms to assist the power sector along the way.

It will assist people, both on the government side as well as the private sector side. These include the banking group with whom I have had three consultative committee meetings. It also include the meeting with regulators- the Central Electricity Regulatory Commission (CERC) and the State Electricity Regulatory Commission (SERC).

We have attained tremendous amount of traction in key issues affecting the sector. The fuel supply agreement (FSA) not being signed was a great thorn in the flesh for the power sector because of divergence between norms for the private sector and the public sector. After a very long meeting with the Coal Ministry, we have actually done away with all the discrepancies between those two sectors.

There was also for the first time a clause that has been put in for third quality monitoring and third party audit for coal quality. This was a much long awaited demand of the Independent Power Producer (IPP) that will be a part of every single fuel supply agreement (FSA). Out of the 60 gigs of FSA needed to be signed, we have signed 29 gigs. National Thermal Power Corporation (NTPC) will be signing the next 15 gigs worth of FSAs in the next two to three weeks. So, we have achieved traction along the way.

On the issue of coal shortage, it is a very live issue. We have close to 377 million tonnes per annum (mtpa), which is being supplied to the power sector by Coal India (CIL). Even that assumes a close to 15-20 percent shortage. There is no option, but to import coal and therefore the in-principle cabinet approval for coal price pooling has been taken. The Finance Minister, myself and the Coal Minister are working on the mechanics in terms of iterative processes with boundary conditions to make sure that this becomes reality in the next couple of weeks. I will have a solution and that is my commitment.

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All-women bank to start ops from November: Chidambaram

India's first all-women bank will start operations from November 2013 through six branches spread across the length and breadth of the country, finance minister P Chidambaram said on Sunday.

"It will be inaugurated in November. Initially we should start with at least one branch in each major region of this country, South, West, East, Centre, North and the North-east. So that will mean immediately we should start with six branches," he told PTI in an interview.

On whether the idea of a women's bank had been suggested by Congress president Sonia Gandhi, Chidambaram said: "It is part of the Jaipur Declaration that we should consider setting up a bank for women. It is completely consistent with my own instincts and leanings. Therefore, I accepted the idea and announced a national bank for women."

He further said he will assemble the best brains from the industry to chalk-out a blueprint on the bank by month-end. "I'm going to ask a couple of bankers and a couple of others to sit together and write a blueprint for me. Hopefully, the blueprint will be ready by the end of March and then we will go ahead and try to implement it," he said.

The country is all set to get an all-women bank in November this year with the government announcing an initial capital of Rs 1,000 crore for the purpose.

According to the finance minister, there will be "no problem in getting a license" for the all-women bank as it will be 100-percent owned by the government of India. "I hope to complete all the preparatory work by October," he said.

Asked whether there will be some special schemes offered to women, Chidambaram said: "That will be in the blueprint that is being written. Let them write the blueprint and then I will make it public."

Chidambaram had proposed setting up of the country's first all-women bank while presenting the Budget on February 28. The proposed bank will lend mostly to women and women-run businesses, provide support to women Self Help Groups (SHGs) and their livelihood.

Moreover, it will employ predominately women which addresses the gender-related issues and empowerment and financial inclusion. However, it will take deposits from men and women both.

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Tata Motors need to tweak passenger car strategy: Slym

In the vibrant passenger car-segment in India, leading automobile manufacturer Tata Motors on Sunday said that there was a need to change the company's strategy, Tata Motors MD Karl Slym said.

"In passenger cars, we are not in a strong position. We have lost market share. There are segments that are booming in which we don't have products. On new products, new features, new launches, we have been rather quiet. We need to change that," Tata Motors MD Karl Slym told PTI on the sidelines of BCIM car rally in Myanmar.

Slym said that the company would adopt short, medium and long-term measures to address that. "In the short-term and I am talking in terms of months, there will be mild changes. In the medium-term, that is a year or a little longer, there will be drastic changes with new products. In the long-term, there will be a revision in the portfolio", Slym said.

Tata Motors, the vehicle sponsor for the rally from Kolkata to Kunming, was a dominant player in the commercial vehicle segment. "Tata Motors has a major market share in the commercial vehicle segment at 62 percent. We are a very dominant participant. It is important to continue to stay the leader. Our products and customer approach are important to retain leadership," Slym said.

Slamming the government for raising excise duties on SUVs in the Budget, Slym said, "The government believes it can gain more revenues by taxing SUVs. The only three sections doing well in India are diesel, SUVs and luxury cars," he said. "It's a shame that it is our approach. It's a shame that instead of trying to grow the industry, we are trying to penalise and the one that seems to satisfy customer-requirements," he said.

"The government, instead of trying to help some of the struggling segments, is seemingly trying to stifle segments that remain okay," Slym added. Slym, who was the former head of GM India before joining Tata Motors, said, "I believe it should be a free market for fuel anyway. There should not be any kind of regulation. So I am happy for that to happen (referring to the deregulation of fuel prices). But there should be a free market. There should be a market that allows people to choose," he observed.

"What I don't like is the levy on luxury cars, on SUVs. That should not be the case. You should not tax a segment specifically", Slym said.

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Union Budget 2013 - 14: How is FM likely to achieve Rs 40,847 cr spectrum target?

Mar 02, 2013, 06.41 PM IST

In Union Budget 2013, Finance Minister P Chidambaram expressed that the present uncertainty in the telecom sector will be resolved and spectrum will be auctioned.

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Union Budget 2013 - 14: How is FM likely to achieve Rs 40,847 cr spectrum target?

In Union Budget 2013, Finance Minister P Chidambaram expressed that the present uncertainty in the telecom sector will be resolved and spectrum will be auctioned.

Like this story, share it with millions of investors on M3

Union Budget 2013 - 14: How is FM likely to achieve Rs 40,847 cr spectrum target?

In Union Budget 2013, Finance Minister P Chidambaram expressed that the present uncertainty in the telecom sector will be resolved and spectrum will be auctioned.

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Despite Association of Unified Telecom Service Providers of India's (AUSPI) press release that the spectrum allocation target of Rs 40,847 crore made by the Finance Minister in the Union Budget 2013 is not a credible number, P Chidambaram is confident of achieving it.

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Probe into Walmart investments to take more time: ED

The Centre today submitted before Madras High Court that it would take "some more time" for the conclusion of the probe by Enforcement Directorate into alleged violations of forex laws by the American retail giant Walmart in its investment in two Indian firms.

ED has issued summons to Bharti Wal Mart Ltd officials for clarifications in connection with the documents received from the concerned companies and government departments, an affidavit filed by a top ED official said.

Also Read: Aurobindo Pharma clarifies on directorate of enforcement attachment

"Investigations which are being conducted by ED would take some more time to be concluded as the documents received from the concerned companies and the concerned government departments are being examined," ED Deputy Director Rajeswar Singh said in the affidavit.

ED has also made reference to concerned government departments to obtain material information and record relating to receipt of FDI by the said companies, Singh said in response to a PIL by a traders association.

The Directorate has taken up appropriate investigation under the Foreign Exchange Management Act, 1999 (FEMA) into the alleged contravention of FEMA by Cedar Support Services Ltd, Bharti Wal Mart Pvt Ltd and Bharti Retail Ltd, relating to receipt of Foreign Direct Investment (FDI) in multi-brand retail trading by Bharti Retail Ltd, he said.

The agency was investigating the receipt of FDI of Rs 455.80 crore by Cedar Support Services Ltd and Rs 139.33 crore by Bharti Wal Mart Pvt Ltd, the affidavit said.

The probe would also go into the receipt of FDI as to whether the same was in conformity with the provisions of Secion 6(3)(6) of FEMA read with the Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2000, Singh said.

Petitioner T Vellayan, President of Federation of Tamil Nadu Traders Association, has sought a direction to authorities to examine, investigate or consider investment by a subsidiary of multi-brand retail company WalMart in two Indian firms in March-April 2010.

The PIL submitted the union government had allowed FDI in multi-brand retail on September 14 last year before which it had been prohibited under FEMA and relevant rules.

It alleged that in March and April last year, Wal Mart Stores Inc, USA, through its subsidiary, in collusion with two Indian firms, illegally invested Rs 455.80 crore in multi-brand retail in India by masquerading it as for 'services sector.'

The Centre had in November last told the Madras High Court that ED was investigating the alleged investment of American retail giant Wal Mart in Indian companies, in violation of the provisions of FEMA.

When the matter came up for hearing before a division bench comprising Justices R Banumathi and K K Sasidharan today, ED filed its affidavit following which the petitioner's counsel said he has to get instructions.

At his request, the court adjourned the matter by one week.

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Union Budget 2013 - 14: FM's math worked, will the economy follow suit?

Mar 01, 2013, 07.08 PM IST

Union Budget 2013-14 could be termed prudent but not outright populist! The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.

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Union Budget 2013 - 14: FM's math worked, will the economy follow suit?

Union Budget 2013-14 could be termed prudent but not outright populist! The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.

Like this story, share it with millions of investors on M3

Union Budget 2013 - 14: FM's math worked, will the economy follow suit?

Union Budget 2013-14 could be termed prudent but not outright populist! The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.

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By Amar Ambani

Head of Research, India Infoline 
 
Union Budget 2013-14 could be termed prudent but not outright populist. The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.
 
The FM's steps to encourage financial savings faltered. With falling savings rate, the need was a substantial increase to Section 80C to make gold relatively unattractive. Instead, he's only offered an additional interest deduction up to Rs1 lac for those first-time home loan takers up to Rs 25 lacs, besides Rs 2,000 tax credit to income brackets up to Rs 5 lacs.

Not much was done for equity investments including simplifying the Rajiv Gandhi Equity Savings Scheme (RGESS) for retail investors. Securities Transaction Tax was reduced but Commodity Transaction Tax was introduced.
 
By turning a blind eye to expenditure cuts, FM's only risked a slippage in the said fiscal deficit target. Despite the imminent implementation of the food security bill, FM budgeted for just Rs100 bn increase in food subsidy. Assumption on flat fertiliser subsidy looks unrealistic and prone to slippage in case of good monsoons.
 
We could witness big slippage in non-tax revenues projected to grow at 32.8%. Disinvestment target hinges on sentiment, the Rs 400bn expectation from Communication Services could be way off-target.

Income tax and Wealth tax estimates appear reasonable but corporate taxation growth pegged at 16.9% appears high. Excise and customs duty figures look achievable, but service tax projections seem overstated at 35.8% yoy growth.
 
The stock market fall can be partly blamed on irrational expectation. The proposal to treat Tax Residency Certificate (TRC) as necessary but not enough proof to benefit from Double Tax Avoidance Agreement (DTAA) impacted sentiment. The market fears adverse impact on the FDI as also the FII inflows that are routed through tax haven routes offering lucrative tax treaty benefits.
 
Our calculation of Government finances places a realistic fiscal deficit target for the coming year closer to 5.2% to 5.3% mark. Given limited resources, the Budget promises to kick-start the investment cycle but the key lies in execution. The FM has made his arithmetic work in the Budget. Whether the economy responds or not, remains to be seen.
 

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Modified provisions under GAAR effective April 1, 2016
• No change in standard rate of excise duty, service tax

more »

flashes

• FM speaks to CNBC TV18
• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Salaried Person

REACTIONS

reaction on: Markets

Mukesh Kumar

Head - Strategic Planning | HDFC ERGO General Insurance

reaction on: SME

Snehdeep Aggarwal

Founder & Chairman | Bhartiya International

reaction on: Policy

Sanjay Sanghvi

Partner | Khaitan & Co

reaction on: Business

Govind Shrikhande

MD | Shoppers Stop

reaction on: Business

Gaurav Gupta

Sr Director | Deloitte

What got Cheaper / costlier?

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Honda Cars domestic sales fall 26% in February

Mar 01, 2013, 07.16 PM IST

Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

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Honda Cars domestic sales fall 26% in February

Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

Like this story, share it with millions of investors on M3

Honda Cars domestic sales fall 26% in February

Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

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Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

During the month, the company sold 3,271 units of its flagship sedan City and 2,916 units of its small car Brio. It also sold 185 units of the premium hatchback Jazz and 21 units of sedan Civic. Besides, HCIL sold 62 units of the premium sedan Accord in February 2013. In addition to these sales, the company also exported a total of 510 units during February 2013.

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Modified provisions under GAAR effective April 1, 2016
• No change in standard rate of excise duty, service tax

more »

flashes

• FM speaks to CNBC TV18
• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Salaried Person

REACTIONS

reaction on: Markets

Mukesh Kumar

Head - Strategic Planning | HDFC ERGO General Insurance

reaction on: SME

Snehdeep Aggarwal

Founder & Chairman | Bhartiya International

reaction on: Policy

Sanjay Sanghvi

Partner | Khaitan & Co

reaction on: Business

Govind Shrikhande

MD | Shoppers Stop

reaction on: Business

Gaurav Gupta

Sr Director | Deloitte

What got Cheaper / costlier?

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Everything you want to know about BUDGET 2013

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Alcatel-Lucent bags contract from Telenor in 3 circles

Feb 28, 2013, 07.34 PM IST

Telecom equipment firm Alcatel- Lucent today said Telenor has appointed it to provide operational support and business transformation services for three circles of Gujarat, Maharashtra and Andhra Pradesh.

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Alcatel-Lucent bags contract from Telenor in 3 circles

Telecom equipment firm Alcatel- Lucent today said Telenor has appointed it to provide operational support and business transformation services for three circles of Gujarat, Maharashtra and Andhra Pradesh.

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Alcatel-Lucent bags contract from Telenor in 3 circles

Telecom equipment firm Alcatel- Lucent today said Telenor has appointed it to provide operational support and business transformation services for three circles of Gujarat, Maharashtra and Andhra Pradesh.

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To download current article in Word format, click here.

Telecom equipment firm Alcatel- Lucent said Telenor has appointed it to provide operational support and business transformation services for three circles of Gujarat, Maharashtra and Andhra Pradesh.
    
The agreement has been initially signed for five years.
    
"Telenor Group appreciates this partnership done with Alcatel-Lucent in India. This establishes a platform for further innovative operating models in India and for taking those learnings and practices in other markets across the Group," Telenor's Executive Vice President Hilde Tonne said.
     
Telenor is in process of transferring business of Uninor under new entity Telewings Communications.
     
"This agreement reaches beyond traditional managed services and helps put Telewings on a transformational path that will enable its customers to experience top-of-the-line services," Alcatel-Lucent India President and Managing Director Munish Seth said in a statement.
    
The financial details of these were not disclosed.

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

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Everything you want to know about BUDGET 2013

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CCI approves Diageo-United Spirits deal

Feb 28, 2013, 08.36 PM IST

Competition Commission of India has approved a proposal by UK drinks group Diageo to buy a stake in United Spirits , controlled by liquor baron Vijay Mallya, its website showed on Thursday

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CCI approves Diageo-United Spirits deal

Competition Commission of India has approved a proposal by UK drinks group Diageo to buy a stake in United Spirits , controlled by liquor baron Vijay Mallya, its website showed on Thursday

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CCI approves Diageo-United Spirits deal

Competition Commission of India has approved a proposal by UK drinks group Diageo to buy a stake in United Spirits , controlled by liquor baron Vijay Mallya, its website showed on Thursday

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To download current article in Word format, click here.

Competition Commission of India has approved a proposal by UK drinks group Diageo to buy a stake in United Spirits , controlled by liquor baron Vijay Mallya, its website showed on Thursday.

Diageo agreed in November to buy a 53.4 percent stake in United Spirits Ltd for USD 2.1 billion.

Also read: Diageo may remove put option from USL deal

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Increase excise duty on SUV's from 27% to 30%
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Retired Person

REACTIONS

reaction on: Business

Anirudh Dhoot

President- CEAMA & Director | Videocon

reaction on: Markets

Dipen Shah

Head of PCG(Private Client Group) Research | Kotak Securities

reaction on: Markets

R Venkataraman

Managing Director | India Infoline

reaction on: People

Marzin R Shroff

CEO - Direct Sales & Sr VP- Marketing | Eureka Forbes

reaction on: Business

George Alexander

MD | Muthoot Fin

What got Cheaper / costlier?

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