UTI Bank To Raise Rs. 2000 Crore Fresh Capital

UTI BankUTI Bank executive director of corporate strategy, Asok Kumar has announced that they have decided to go in for a fresh equity issue in the current financial year; the bank is aiming around hiking Rs 2,000 crore either through a domestic issue or global depository receipts in order to smarten up its tier-I capital base

Google To Bring Out PowerPoint Killer

Google IncThe Mountain View, California based Google Inc is planning to bring out PowerPoint killer, the presentation software similar to Microsoft’s popular PowerPoint. Google's new presentation software is aimed to compete against Microsoft's ubiquitous PowerPoint software that's part of its popular Office suite.

The PowerPoint killer software was described by the Google Chairman and Chief Executive Eric Schmidt at a conference for Internet entrepreneurs. He also shelled at Microsoft and AT&T Inc, whose executives recently quetched that Google may soon have an illegal monopoly in online advertising.

Rising Rupee Could Go Weak

Indian CurrencyAccording to the reckonings of Treasury managers and economists, the rupee could slide back to its 43 levels against the US dollar by the end of this calendar year; the short term gains of the local currency indicated at a weaker currency over the medium term.

Maruti To Introduce iCATs

Maruti Ltd.Following the European Union way of employing hi-tech anti-theft devices in cars, the largest Indian car manufacturer, Maruti Udyog, is set to introduce the immobilizer system, iCATs, across all its models.

iCATs (intelligent Computerized Anti-Theft system) works on the principle of multiplexed communication where an inbuilt transponder, into the car key, carries a unique electronic identification and a secret code that digitally communicates with the engine computer via a controller. The car engine starts only if the secret code matches thus preventing the car from being stolen.

Declining Dollar Results In Inflation Decline

DollarsDecline of dollar against most major currencies is turning out to be great for Indian economy. The rupee has improved hugely to close at 41.85/86 against the dollar, which is recorded as a nine-year high.
The world-wide flaw of the dollar, attached with the resumed inflows from foreign institutional investors (FIIs) and the tightening of domestic rates assures traders to purchase the rupee and sold the dollar. This scenario would surely ease inflation because of decline in the cost of imports.

Kerry Might Run For Presidential Election

Sen. John KerryDuring a book signing in Denver and in an interview with 9NEWS, the 2004 Democratic nominee, Sen. John Kerry, rules in the possibility of 2008 presidential campaign.
He declared at the Tattered Cover bookstore that he currently had no desire to support any candidate for the office.
Kerry and his wife, Teresa Heinz Kerry, are concluding up a nationwide tour to promote their book, “This Moment on Earth,” highlighting booming attempts at the local level to enhance the environmental conditions.

Pope’s Car At Auction

With the purpose of aiding a charity, Pope Benedict XVI’s Volkswagen Golf is up for auction again, which he owned during his days as a cardinal in Germany.

Earlier, in 2005, it was sold to an online casino, Golden Palace, for £90,000 by a German student, Benjamin Halbe, who himself bought it for £6,500. Halbe donated a portion of profit to a charity.

The online casino from US used this car for promotional purposes only. Now, they are looking to raise money for Habitat for Humanity, a British charity, through this auction.

Climate Change Threatens Asia - Report

The UN Intergovernmental board on global climate changes alleges both floods and water shortfalls affects Asia due to global warming.

In various countries, the risk of hunger is expected to remain ‘very high’.

An inter-governmental conference on climate change liberated in Brussels figures that the crops outputs could boost up to 20% in east and Southeast Asia whereas showing a reduction of 30% in central and south Asia by mid-21st century.

Congress Kicked Out Of MCD

After recent Congress Partydisappointed results in Punjab and Uttrakhand assembly elections, it is again huge set back for ruling Congress Party in Delhi as it was ousted from the Town Hall of Delhi. Increasing prices, sealing-cum-demolition threat, mounting power and water tariff and severe power crisis were few main reasons that resulted in the electorate to deliver a stern snub to the ruling party.

Genpact Looking At US listing

Genpact BPOIndia’s largest BPO firm, Genpact, is speculating a US listing through an IPO to raise over $600 million for the company and its promoters. Genpact, formerly known as Gecis, was previously a part of US-based global industrial multinational General Electric (GE).

“Genpact, a Gurgaon-based BPO, is planning to offload about 15% equity through a public float on either NASDAQ or New York Stock Exchange later this year,” told merchant banking sources close to the development.

Raised Interest Rates Benefited NRIs

Reserve Bank of IndiaAiming to control the inflation, the Reserve Bank of India has raised the interest rates on March 30. This unexpected increase in interest rates caused a drop of over 600 points in the Indian stock market on April 2 though the market recovered.
Long-term investor, such as NRIs have fully exhibited this response as they pumped nearly Rs.1 billion in months of February and March, whereas, earlier, they were sellers mainly due to high rupee-dollar rate and valuation concerns. The mutual funds have also eased off and become attractive for the investor.

Strengthened Rupee has mixed response from Industry

Indian CurrencyIndian industry looked confused over the issue whether the RBI should intervene in order to protect exporters from the gaining rupee or not.
As per CII, the domestic industry would have to accept a strengthening rupee in the short term, whereas, FICCI, Assocham and FIEO fancies RBI to check the sharp climb in the currency.

Transfer Pricing Provisions Ruled Out, If Tax Liability Absent

Authority for Advance Rulings has decided that the income-tax department cannot apply transfer pricing provisions, if a foreign company does not have a liability to pay tax. This ruling would give relief to the Netherlands-based Vanenburg Group BV which had shifted the entire shareholding of its Indian subsidiary Cordys R&D (India) Pvt Ltd to its Cordys Holdings BV (Netherlands).
Vanenburg Group had asked a judgment from the AAR on whether the relocation would draw capital gains tax and the transfer pricing provisions under Sections 92-92F of the Income-Tax Act, 1961.

Investors Prefer Online Trading

As per reports, approximately one-fifth of the retail turnover is being transacted online which is low as compared to markets like South Korea and Japan having 85% and 80% of the total retail turnover is transacted over the Internet. Hong Kong and Singapore market’s net-based transactions account for only 15% of the retail turnover.

Internet trading in India has grown 100% every year during the last 5 years. Almost 45% of the total retail trading is expected through the online network.

The Internet seems like the biggest leveler, enabler and differentiator as the broking industry will split into two parts where one would like to call itself wealth management providers while others will concentrate on the high volume business by providing lower charges.

Sunita Tests LOCAD-PTS

With the purposeSunita Williams of extending future exploratory journeys into space, the first major test on the Space Station is successfully completed by LOCAD-PTS. LOCAD-PTS (Lab-On-a-Chip Application Development-Portable Test System) is a miniature biological laboratory which was launched December 9, 2006 and Saturday, March 31, 2007, was it’s scheduled to be opened.

DaimlerChrysler Will Soon Depart Tata’s Land

DaimlerChrysler DaimlerChryslerIndia’s new plant near Pune will end up the land lease agreement it sharing with Tata Motors. It will leave off its rented premises after completion of its new greenfield plant in Chakan.

The luxury carmaker has an enduring and close affiliation with Tata Motors. Presently it holds a 6.69% stake in it (Tata Motors). The existing facility covering up 25 acres is on land hired from Tata Motors.

According to the DaimlerChrysler administrator that it is a long-run lease contract and the company (Daimler) will walk off by 2008 end or beginning 2009 when the novel industrial unit goes operational.

IT, BPO Grew As Per Estimations In FY07

The IT industry performance for the 2006-07 may fit in order with prospects. It’s not just escalation of the rupee that will affect the attitude but also enhancement in salaries and the minimum alternate tax (MAT), which could catch a charge on the IT industry, in a cumulative manner.

The other worrying part is the constant habituation of the IT industries on the habitual applications development and maintenance (ADM) tasks and their incapability to expand considerably to the advanced charging and harder undertakings in fields like marketing, logistics, automobiles and aerospace.

Sid Pai, partner TPI International stated, “Sustaining top line growth will be a challenge.”

SBI To Spare Subsisting Home Loan Customers

State Bank of IndiaState Bank of India (SBI) will not increase interest rates for a range of existing home and education loan customers’.

Even as the shift may be partially influenced by the earlier finance ministry recommendation that banks should not rush through rate increases.

The banks’ asset liability committee (Alco) that gathered on late Thursday evening, has suggested to the bank panel that the standard prime-lending rate (PLR) may be hiked up by 50-75 basis points. At this time, the bank’s PLR is 12.25%.

Ranbaxy now Makes $100 Million Annually

Africa hasRanbaxy been a hushed moneymaker for India’s major drug manufacturing company Ranbaxy making around $100 million annually.

Now the company plans to invest up more funds in infrastructure and will establish a novel manufacturing plant in the continent.

At present, the company’s income from the continent amount to 7% of the company’s worldwide income. But returns from the county is cross-filing double-digit development.

133K Indians Apply For H-IB Visas

H-IB visaThe US Citizenship and Immigration Services (USCIS) on Tuesday revealed that an estimated 133,000 unique pieces of mail containing H-1B petitions. H-IB visas are often used by hundreds of foreigners, including Indians, to work or study in that country.

However, this is lower that the original USCIS estimate of 150,000 that the agency has based on amounts from manifests received along with the mail.

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