In an unexpected bounty for the automobile industry, finance minister P Chidambaram today slashed excise duties for small cars, two and three wheeler vehicles...
In an unexpected bounty for the automobile industry, finance minister P Chidambaram today slashed excise duties for small cars, two and three wheeler vehicles and also on chasis for buses from 16 to 12 per cent. While duties on buses and two wheelers were expected to be reduced, the cut on small cars took everybody by surprise. However, differences within the industry resurfaced as excise duties on big cars saw a reduction by only 2 per cent (24 to 22) courtesy the 2 per cent cut on CENVAT and the difference in duty structure between the two segments has become even more pronounced.
“It is a very positive budget for us and there is a definite thrust for small cars and two wheelers. It also addresses the issue of public transportation and the excise duty cut in buses is welcome,” said Society for Indian Automobile Manufacturers director general Dilip Chenoy.
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Friday, February 29, 2008
Gift for Elders...
In an effort to bring financial relief to senior citizens, Budget 2008-09 has doused all contention regarding the reverse mortgage loan...
In an effort to bring financial relief to senior citizens, Budget 2008-09 has doused all contention regarding the reverse mortgage loan, which is meant to provide a regular income to senior citizens by mortgaging house property. As per the Budget the income arising out of the scheme will not be considered as income for tax purpose and hence will not attract any income tax. “So far we have not heard of any reverse mortgage scheme being sold primarily because the tax treatment was not clear. With clarity coming through we should see more of these products hitting the market,” said Ameet Patel, partner, Sudit K Parekh and co, a chartered accountant firm.
The Budget also extended the benefit of Section 80C to two instruments — Senior Citizens Savings Scheme and the five-year Post Office Time Deposit Account. However, the benefits of Section 80C will come into effect only from April 1, 2007, i.e., from financial year 2007-08.
Senior Citizens Savings Scheme is a five-year scheme that offers a return of 9 per cent payable quarterly. However, it comes with an investment cap of Rs 15 lakh. This investment qualifies for tax deduction up to Rs 1 lakh under Section 80C. The account can be extended by three more years. Post Office Time Deposit however ranges from 1-5 years. It is on the five year term that qualifies for a tax deduction and it offers a rate of 7.5 per cent. “The investor should maximise the Senior Citizen Savings Scheme since it offers nine per cent and in now under 80C. However, post office time deposit are not the best product going as of now. An individual would be better off through fixed deposit by the banks that come under Section 80C.”
www.indstocks.com
In an effort to bring financial relief to senior citizens, Budget 2008-09 has doused all contention regarding the reverse mortgage loan, which is meant to provide a regular income to senior citizens by mortgaging house property. As per the Budget the income arising out of the scheme will not be considered as income for tax purpose and hence will not attract any income tax. “So far we have not heard of any reverse mortgage scheme being sold primarily because the tax treatment was not clear. With clarity coming through we should see more of these products hitting the market,” said Ameet Patel, partner, Sudit K Parekh and co, a chartered accountant firm.
The Budget also extended the benefit of Section 80C to two instruments — Senior Citizens Savings Scheme and the five-year Post Office Time Deposit Account. However, the benefits of Section 80C will come into effect only from April 1, 2007, i.e., from financial year 2007-08.
Senior Citizens Savings Scheme is a five-year scheme that offers a return of 9 per cent payable quarterly. However, it comes with an investment cap of Rs 15 lakh. This investment qualifies for tax deduction up to Rs 1 lakh under Section 80C. The account can be extended by three more years. Post Office Time Deposit however ranges from 1-5 years. It is on the five year term that qualifies for a tax deduction and it offers a rate of 7.5 per cent. “The investor should maximise the Senior Citizen Savings Scheme since it offers nine per cent and in now under 80C. However, post office time deposit are not the best product going as of now. An individual would be better off through fixed deposit by the banks that come under Section 80C.”
www.indstocks.com
Monday, February 25, 2008
Oscars: Top Ten Pip Dressed Women
There may have been many stunning moments on the Oscar Red Carpet but for every stunning moment there has been one which has taken our breath away - and NOT in admiration!
We now take a look at some of the worst Oscar fashion moments in the last decade and some of them are not for the faint of heart।
1999 Demi Moore
Fashion Crime: Designing her own dress.
Demi Moore in 1999 wearing her OWN creation- well she may be a talented actress, but talented designer - we don't think so.
1990 Kim Basinger
Fashion Crime: Wearing half a collar
We don't think any designer wanted to lend their name to this hideous creation.
1992 Geena Davis
Fashion Crime: Ruffles
She's got a gorgeous figure and lovely long legs - which she insists on hiding with ruffles.
1999 Rene Zellweger
Fashion Crime: Purple people eater
Rene may be a style icon now, but she certainly wasn't one here. She was wearing this hideous purple creation.
1999 Celine Dion
Fashion Crime: A backwards tux
There are wonderful ways a woman can wear a tuxedo, but a backwards John Galliano jacket and a fedora is not the way to go.
2000 Tyra Banks
Fashion Crime: Too much taffeta
We thought supermodels were supposed to have style but Tyra Banks showed that even models can get it wrong sometimes.
2000 Angelina Jolie
Fashion Crime: Too much goth
She is one of the most beautiful women in the world, but here she looks more like a member of the Adams Family.
2001 Kate Hudson
Fashion Crime: Poodle hair and a fringe
Goldie Hawn's daughter is sunshine personified but this was a pretty dark day for Kate - dressed like a grandmother rather than the young nubile starlet she is, we have to wonder what Kate was thinking.
2001 Bjork
Fashion Crime: Dressed as a swan
Bjork's swan dress is a staple on 'worst dressed' lists everywhere. To make matters worse, she even came with an egg by her side.
2004 Uma Thurman
Fashion Crime: Too much going on
She is an absolutely stunning woman, but this look with the strange ruffles and belt - a Christian LaCroix white, blue and gold billowy concoction would definitely have killed Bill।
www.indstocks.com
Petrol and diesel prices hiked
Despite stiff resistance from its allies, the UPA govt has decided to increase petrol and diesel prices. Starting midnight on Thursday (February 14, 2008) petrol will cost Rs 2 more per litre and diesel will be dearer by a rupee per litre.
The fuel price hike was on the cards since October 2007, when international crude oil prices touched a record high. However, political compulsions repeatedly delayed the decision. On Thursday (Feb 14) the Cabinet Committee on Political Affairs -- chaired by the Prime Minister -- finally gave its green signal.
Oil prices have been volatile through the year and have been hovering around $91 a barrel this week। This has put major pressure on public sector oil companies. With this hike, oil companies will now benefit by Rs 840 crores. On an annual basis the companies will benefit upto Rs 6000 crores. The oil bond prices will increase from 42% to 52%.
www.indstocks.com
The fuel price hike was on the cards since October 2007, when international crude oil prices touched a record high. However, political compulsions repeatedly delayed the decision. On Thursday (Feb 14) the Cabinet Committee on Political Affairs -- chaired by the Prime Minister -- finally gave its green signal.
Oil prices have been volatile through the year and have been hovering around $91 a barrel this week। This has put major pressure on public sector oil companies. With this hike, oil companies will now benefit by Rs 840 crores. On an annual basis the companies will benefit upto Rs 6000 crores. The oil bond prices will increase from 42% to 52%.
www.indstocks.com
Reliance Power Drops Issue the 3:5 bonus issue for its shareholder
When Reliance Power Ltd failed to swing the mood of the markets on the day of its listing, investors felt let down by the hype generated around the biggest initial public offering... When Reliance Power Ltd failed to swing the mood of the markets on the day of its listing, investors felt let down by the hype generated around the biggest initial public offering (IPO) in Indian history। Compensating shareholders for the fall in its share price after listing, the company today proposed an issue of free bonus shares to the investors, excluding the promoters, in the ratio of 3:5 (3 shares for every 5 shares held).
Friday, February 22, 2008
SRK in list of Hot number
Here is none other than the Badshah of Bollywood in his much talked about item song in Rakesh Roshan's 'Krazzy 4' Here is none other than the Badshah of Bollywood in his much talked about item song in Rakesh Roshan's 'Krazzy 4' - Shahrukh has strutted his stuff to the title track of the film and Hrithik Roshan is also expected to perform an item number for 'Krazzy 4'.
Now before we drive you crazy with anticipation - here's SRK doing what he does best - driving us Krazzy with a K...
Now before we drive you crazy with anticipation - here's SRK doing what he does best - driving us Krazzy with a K...
HDFC Bank Consider to Merge Centurion Bank
HDFC Bank, the private sector banking arm of housing finance major Housing Development Finance Ltd is, is the country’s second largest private sector bank after ICICI Bank.
HDFC Bank, the private sector banking arm of housing finance major Housing Development Finance Ltd (HDFC), is the country’s second largest private sector bank after ICICI Bank. A merger with Centurion Bank of Punjab (CBoP) will give the merged entity a distinct edge over the others, including some major public sector banks (PSBs).
The promoters hold about 30 per cent in HDFC Bank, while foreign institutional investors have another 34.09 per cent. In CBoP, Bank Muscat holds 14.02 per cent, Kephinance Investments has 6.13 per cent, HSBC Financial Service Middle East 4.71 per cent, Sabre Capital 3.48 per cent and Ambit Capital 3.74 per cent, among others. Once the merger with HDFC Bank is cleared, it will be one of the biggest in the banking space. HDFC Bank has nearly 750 branches and plans to open another 200 branches in future. CBoP has nearly 400 branches. The merged entity will have around 1,150-1,200 branches.
Following a successful merger, the combined entity could have a market capitalisation of about Rs 63,000 crore, based on their current market values. CBoP is currently the tenth most valued bank in India with a market cap of about Rs 10,500 crore, while HDFC Bank is the third most valued at over Rs 52,000 crore.
Meanwhile, shares of both the banks declined on the BSE. While HDFC bank fell by 4.4 per cent to Rs 1474.95 on the BSE, Centurion Bank declined by 1.1 per cent to Rs 56.40.
“CBoP is also burdened with non-performing assets (NPAs) in trade financing and huge liabilities, as a result of which the performance is on a dip,” sources said.
Adding to this, due to regulatory pressures, the merger with Lord Krishna Bank (LKB) had got delayed. The official merger has still not happened. However, a top executive from CBoP said that the operations with LKB would kick off in the first week of April.
HDFC Bank, the private sector banking arm of housing finance major Housing Development Finance Ltd (HDFC), is the country’s second largest private sector bank after ICICI Bank. A merger with Centurion Bank of Punjab (CBoP) will give the merged entity a distinct edge over the others, including some major public sector banks (PSBs).
The promoters hold about 30 per cent in HDFC Bank, while foreign institutional investors have another 34.09 per cent. In CBoP, Bank Muscat holds 14.02 per cent, Kephinance Investments has 6.13 per cent, HSBC Financial Service Middle East 4.71 per cent, Sabre Capital 3.48 per cent and Ambit Capital 3.74 per cent, among others. Once the merger with HDFC Bank is cleared, it will be one of the biggest in the banking space. HDFC Bank has nearly 750 branches and plans to open another 200 branches in future. CBoP has nearly 400 branches. The merged entity will have around 1,150-1,200 branches.
Following a successful merger, the combined entity could have a market capitalisation of about Rs 63,000 crore, based on their current market values. CBoP is currently the tenth most valued bank in India with a market cap of about Rs 10,500 crore, while HDFC Bank is the third most valued at over Rs 52,000 crore.
Meanwhile, shares of both the banks declined on the BSE. While HDFC bank fell by 4.4 per cent to Rs 1474.95 on the BSE, Centurion Bank declined by 1.1 per cent to Rs 56.40.
“CBoP is also burdened with non-performing assets (NPAs) in trade financing and huge liabilities, as a result of which the performance is on a dip,” sources said.
Adding to this, due to regulatory pressures, the merger with Lord Krishna Bank (LKB) had got delayed. The official merger has still not happened. However, a top executive from CBoP said that the operations with LKB would kick off in the first week of April.
Food items costlier, Growth rate down approximately 9%
The election budget of the UPA government — could see Finance Minister P Chidambaram taking steps to arrest spiralling prices, especially of food and other essential commodities. The election budget of the UPA government — could see Finance Minister P Chidambaram taking steps to arrest spiralling prices, especially of food and other essential commodities.
Inflation grew to a 6month high of 4.35% for the week ended February 9-2008, as food items turned costlier. This is the third week in a row when inflation rate is higher than 4 per cent.
This, of course, is 200 basis points lower than the position prior to Budget 2007-08. Under pressure from allies, the government banned forward trading in wheat and rice and tweaked excise duty structure of cement to stem the price rise. Then, too, the rise was mainly on account of high food prices.
Latest data shows consumer price inflation has dropped from 7. 5 per cent to 5.5 per cent, still higher than primary price inflation. However, primary prices are rising again, and according to an Axis Bank study, CPI inflation is unlikely to come below 5 per cent in the near future. “The rise in the NCDEX Agri Spot index suggests that primary price levels will keep rising for some time, but we also think there will be some moderation around the time of the winter harvests.”
Last month, at the World Economic Forum in Davos, Chidambaram had said that keeping inflation rate low, not high growth, was a priority for the government. “Between inflation and growth, what hurts the poor most is the inflation. That is why we must keep inflation low and this means reasonably high rate of growth.”
Inflation grew to a 6month high of 4.35% for the week ended February 9-2008, as food items turned costlier. This is the third week in a row when inflation rate is higher than 4 per cent.
This, of course, is 200 basis points lower than the position prior to Budget 2007-08. Under pressure from allies, the government banned forward trading in wheat and rice and tweaked excise duty structure of cement to stem the price rise. Then, too, the rise was mainly on account of high food prices.
Latest data shows consumer price inflation has dropped from 7. 5 per cent to 5.5 per cent, still higher than primary price inflation. However, primary prices are rising again, and according to an Axis Bank study, CPI inflation is unlikely to come below 5 per cent in the near future. “The rise in the NCDEX Agri Spot index suggests that primary price levels will keep rising for some time, but we also think there will be some moderation around the time of the winter harvests.”
Last month, at the World Economic Forum in Davos, Chidambaram had said that keeping inflation rate low, not high growth, was a priority for the government. “Between inflation and growth, what hurts the poor most is the inflation. That is why we must keep inflation low and this means reasonably high rate of growth.”
Thursday, February 21, 2008
New Record by Gold Prices.
Riding high on the oil and farm commodities rally, gold hit an all-time high today. In Mumbai, the precious metal... Riding high on the oil and farm commodities rally, gold hit an all-time high today. In Mumbai, the precious metal opened at a new peak of Rs 12,195 adding Rs 190; in Delhi it added Rs 175 to Rs 12,215. While in Chennai the prices surged by Rs 200 to at Rs 12,130, in Kolkata it opened at last closing level of Rs 12,225 per 10 gram.
Interest Subsidy Scheme for Exporters
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