India Inc pays higher Q1 advance tax:UTVi

India Inc pays higher Q1 advance tax

India Inc today reported higher advance tax numbers for the first quarter of the current fiscal (Q1FY09).

ICICI Bank reported a 36% increase in advance tax payment at Rs 340 crore for Q1FY09 when compared with Rs 250 crore paid in the first quarter of the previous fiscal (Q1FY08).

SBI reported a 32% increase in advance tax payment at Rs 663 crore for Q1FY09 when compared with Rs 503 crore paid in Q1FY08.

IDBI advance tax payment was up 43% at Rs 10 crore for Q1FY09 as against Rs 7 crore paid in Q1FY08. Bank of Baroda has paid Rs 140 crore.

Reliance Industries has paid an advance tax of Rs 340 crore for Q1FY09 when compared with Rs 295 crore paid for Q1FY08.

While Ambuja Cements paid an advance tax of Rs 100 crore, Bajaj Buto paid a lower advance tax of Rs 50 crore for Q1FY09 when compared with Rs 60 crore paid for Q1FY08.

HDFC has paid an advance tax of Rs 140 crore for Q1FY09 when compared with Rs 95 crore in Q1FY08. Tata Motors has paid an advance tax of Rs 30 crore.

Other UTVi stories:

Daiichi may revise Ranbaxy offer price
Lehman Bros reports Q2 loss of $2.8 bn
No spectrum for MVNOs: Trai
VAT Panel seeks Rs4,000cr from Centre
Sensex ends up 206pts, ICICI Bk gains 4%
Buzzing stocks: Savita, Engineers India
No rate hikes likely now: Kochhar
Returns from stocks lower than FDs
MTN in India as Ambani guns blaze
Saudis to pump oil at fastest rate

Source: UTVi.com

ET Stories and The 10 top challenges for India

The 10 top challenges for India

India could be 40 times bigger by 2050, and may also have the potential to be larger than the US by that time. To achieve this, however, India needs to implement many changes. These are the findings of a global research report on ‘Ten Things for India to Achieve its 2050 Potential’, brought out by Jim O’Neill, Head Global Research at Goldman Sachs, and Tushar Poddar, V-P Research, Asia Economic Research Team at Goldman Sachs India. The reports lists a number of things for India to do, such as improving its governance, controlling inflation, introducing credible fiscal policy, liberalising financial markets and increasing trade with its neighbours. “Delivery of all these and more would ensure strong, persistent, medium-to-long-term growth, allowing India to reach its amazing potential,” it says. Here are the 10 top challenges for India:

1) Improve governance
Without better governance, delivery systems and effective implementation, India will find it difficult to educate its citizens, build its infrastructure, increase agricultural productivity and ensure that the fruits of economic growth are well established. Governance problems stem from the increasing inability of the government and public institutions to deliver public services in the face of rising expectations. A large gap between physical access to services and the quality of services provided is leading to a citizen satisfaction gap.

For more details, Visit @
The 10 top challenges for India

Other ET stories:
Bankers should shed conservatism in credit to entrepreneurs:FM
JSW Steel to set up steel plant in Georgia
Tata Steel to set up power plant in Orissa
Tata Tele-Virgin deal gets TRAI clean chit
Idea needs just three quarters to trunaround Spice

Oil falls, Saudi pushing output to highest since '81
Short covering on cards, resistance in 4700-4750 zones
BSE revises sectoral indices, PSU index
PINC puts 'buy' on Time Technoplast; target Rs 1,215
Maytas Infra bags Gulbarga airport project

Next leg of the bull run likely to begin soon
Avon Weighting System subscribed 45 times
HSBC launches insurance JV with Canara Bank and Oriental Bank

Investor's Guide
Techno wrap: Fast ride to nowhere
Royal Orchid Hotel: Walk on the red carpet
Metal market: Grab them while you can

Stocks to buy: OBC, Bhushan Steel, Pantaloon Retail, ABG Shipyard
Bharti Airtel attracts higher valuations than RCom
Mkt fall leaves a slew of undervalued stocks

More pain in store for European pharma
Lotus Eye Care Hospital's IPO: For the high 'n' mighty
IDFC Private Equity: Driving dreams

Derivatives diary: Beginning of the last bear market
Stock market still trading 25-30% higher
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Quarterly Results from www.Indiaearnings.com

Zee Entertainment FY08 net profit at Rs 416 cr
SREI Infra FY08 net profit at Rs 135 cr
Sunflag's Q4 FY08 PAT was at Rs 22 crore
Shipping Corp Q4 net profit at Rs 249 cr
NIIT Tech FY08 net profit up at Rs 135.26 cr
ABG Shipyard Q4 net profit at Rs 46 cr
Dhanalakshmi Bank Q4 FY08 PAT was at Rs 9.4cr
Karur Vysya Bank Q4 PAT was at Rs 70.5cr
HOV Services Q4 net profit was at Rs 31.7 cr

Source: www.theeconomictimes.com and www.indiaearnings.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Reuters India Articles

http://in.reuters.com/money

Oil surges to new record high near $140 a barrel
Global dreams intensify Ambani family feud
Monsoon rains lash India, cover most of country
Govt revises duties on iron ore, steel

HSBC launches India insurance JV, eyes Asia growth
Indian shares rise 1.4 pct, Reliance Comm drops
Jet Airways to put global expansion on hold - exec
US STOCKS-Wall St opens lower on oil surge, data

Lehman loss matches forecast -- $2.8 billion
Bush wins European backing over Iran sanctions


Source: http://in.reuters.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

GDP to grow at 9.5% in FY'09: CMIE

GDP to grow at 9.5% in FY'09: CMIE

India's real GDP is expected to grow at an impressive 9.5 per cent in FY'09, the Centre for Monitoring Indian Economy said in its monthly review in Mumbai.The Indian economy is heading towards the fourth consecutive year of an over 9 per cent growth and like in the last five years, growth this year too was expected to be driven by capital investments happening in India, CMIE said.

As per CMIE CapEx Service, projects worth Rs 340,000 crore (Rs 3400 billion) are scheduled for commissioning in FY'09. This would be the highest ever completion of investments in the Indian history, CMIE said.

The current growth phase of the Indian economy is driven by the capital investment boom in the country. India's GDP started rising by over eight per cent since FY'04. And, the gross capital formation grew in the range of 13-23 per cent during this period.

CMIE expects growth in GSF to accelerate to 18.7 per cent in FY'09 from 13.4 per cent in FY'08. This robust growth in GSF is expected to more than offset the moderation in the growth in private final consumption expenditure and Government final consumption expenditure.
CMIE stated that the PFCE is expected to grow by five per cent in FY'09, after growing by 7-9 per cent in the preceding three years. While the slower growth in the PFCE would mainly be on account of the higher base last year, the prevailing high inflation would also affect the consumption demand to some extent.

However, inflation is not expected to depress the PFCE dramatically as income levels in India have also gone up significantly in the last one year.
This is evident from over 20 per cent rise in wages and salaries of the manufacturing sector and the 57.6 per cent rise in income tax collection by the Government during FY 08.

Hence, despite a moderation, CMIE expects the growth in the PFCE to remain healthy.
Since the sole growth driver in FY 09 is going to be GCF, one may wonder 'what if all the projects do not get commissioned in FY 09?'

CMIE believe that even if half of the projects (scheduled for completion) get implementated, it would give a big push to the growth of the Indian economy. It is the huge employment and demand for primary and intermediate goods generated during the implementation of these projects, which is more important than the actual commissioning of the capacities.

CMIE pointed out that the implementation of these huge investments to help the construction sector clock a robust 15 per cent growth in FY 09. Also, the implementation of these projects is going to lead to higher demand for machinery, steel, cement and other construction items.
Thus, the implementation of capital investments will continue to generate demand for goods and services and their completion would ensure that there are enough supplies to meet the freshly generated demand.

Source: www.rediff.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Know About: OPEC

http://en.wikipedia.org/wiki/Opec

OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is a group of thirteen states[1][2] made up of Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Libya, Algeria, Nigeria, Angola, Venezuela, Ecuador, and Indonesia. Recently, Indonesia has decided to quit the organization, though it will remain a member until the end of 2008. The organization has maintained its headquarters in Vienna since 1965, hosting regular meetings between the oil ministers of its member states.

According to its statute, the principal goal is the determination of the best means for safeguarding their interests, individually and collectively; devising ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry."[3]

OPEC's influence on the market has been negatively criticized. Several members of OPEC alarmed the world and triggered high inflation across both the developing and developed world when they used oil embargoes in the 1973 oil crisis. OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in the Gulf of Mexico and the North Sea, the opening up of Russia, and market modernization. OPEC nations still account for two-thirds of the world's oil reserves, and, as of March 2008, 35.6% of the world's oil production, affording them considerable control over the global market. The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production.[4] As early as 2003, concerns that OPEC members had little excess pumping capacity sparked speculation that their influence on crude oil prices would begin to slip.[5][6]

For more, visit @ http://en.wikipedia.org/wiki/Opec

Source: http://en.wikipedia.org . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.