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  • Karnataka gets Rs 1.33 lakh crore investments in two days | The Financial Express
    GIM in 2000 Of the Rs 27 000 crore investments received then 2000 proposals worth Rs 18 000 crore were executed with 66 implementation rate Deshpande recalled as he was the industries minister in the then Congress government between 1999 and 2004 In the last two days the government attracted investments in the state s focus sectors manufacturing pharma bio technology IT agri business urban infrastructure infrastructure and tourism Investments will be made across the state Deshpande told the delegates including central and state ministers on the dais We have appointed an official to follow up all projects above Rs 200 crore We also commit to have all projects approved by the high power committee and single window committee before May 15 Deshpande added Walmart Ikea plan foray into Karnataka Global retail giants have announced a big foray into Karnataka Walmart and Ikea have announced their plans to set shop in the state at the global investors meet in Bengaluru on Thursday While US retail major Walmart said it would set up 10 cash and carry stores in the state Swedish furniture maker Ikea said it would invest Rs 2 000 crore to set up four new stores We signed an agreement with the government to open 10 cash and carry stores in Karnataka Walmart chief executive Krish Iyer said on the second day of global investors meet Speaking at a panel discussion on promoting women entrepreneurship Iyer announced Walmart s goals of promoting and encouraging women entrepreneurs and invited them to approach his team for evaluation to enroll as a vendor Ikea said it would invest Rs 500 crore in each of its four stores in Karnataka We will set up four stores in Karnataka and create direct employment to 500 people and indirect employment to 1 500 people Ikea India chief executive Juvencio Maetzu said First Published on February 5 2016 1 25 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto

    Original URL path: http://www.financialexpress.com/article/economy/karnataka-gets-rs-1-33-lakh-crore-investments-in-two-days/207508/ (2016-02-08)
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  • Unable to meet coal requirement for Sasan UMPP, Reliance Power tells high court | The Financial Express
    cancelled the allocation and also withdrew the permission for supplying surplus coal of up to 9 MT per annum from Moher Moher Amlohri Extension and Chhatrasal coal mines to the thermal power plant owned by Chitrangi Power belonging to the same group Prior to the bid submission for the Sasan UMPP three coal blocks Moher Moher Amlohri Extension and Chhatrasal having a reserve of 700 800 MT were allocated to Sasan Power which was then a wholly owned subsidiary of Power Finance Corporation PFC Though the government notification for de allocation mentions that it relied on the Supreme Court s judgment on cancellation of coal blocks the company argued the blocks allocated to UMPPs were not the subject matter of the apex court order The apex court rather specifically stated the allotments made to the UMPPs were not being disturbed the company stated in its petition However the coal ministry had earlier in November argued before the HC that the ADAG firm had on several occasions represented that its Sasan unit required only 16 MT per annum MTPA of coal which could be easily met by the Moher and Moher Amlohri Extension coal blocks in Madhya Pradesh The coal ministry also said that since the two blocks could meet the requirements of the project the third block Chhatrasal was deallocated After Reliance Power emerged as the successful bidder it wanted to use the surplus coal from Chhatrasal for its other projects which could not be allowed as the Supreme Court had directed that coal blocks allocated for UMPPs would be used for UMPPs only and no diversion of coal for commercial exploitation would be permitted the government had stated The Sasan project is an integrated power plant cum coal mining project at a single location involving an investment of over Rs 27 000 crore the company has said First Published on February 5 2016 1 22 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi

    Original URL path: http://www.financialexpress.com/article/economy/unable-to-meet-coal-requirement-for-sasan-umpp-reliance-power-tells-high-court/207507/ (2016-02-08)
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  • Cairn can’t export excess crude, govt tells High Court | The Financial Express
    t provide for sales abroad The ministry s decision comes despite the fact that exports could fetch the company 12 per barrel more than domestic sales which incidentally are at a discount on market prices due to a 2009 government directive Last week Cairn India reported a net profit of Rs 9 crore during October December 2015 a drop of 99 against Rs 1 350 crore in the same months last year primarily due to lower crude price Cairn wants permission to export crude from India s largest onshore field arguing that exports could also lead to substantial additional revenue for the state and central governments in terms of royalty taxes and profit petroleum The London based Anil Agarwal promoted Cairn India is making desperate moves to earn better revenues amid crude oil prices being bottom out Meanwhile the extant production sharing contract PSC for the Barmer block would expire on May 14 2020 and explorer is seeking 10 year extension to it In Q3 of FY16 the private explorer got a meagre 34 5 barrel price for the crude oil it drilled from its Barmer block in Rajasthan fields against 68 per barrel in the third quarter of the previous fiscal Net revenue for Q3FY16 decreased mainly due to a sharp decline of 13 in crude prices and increase in discount 21 to Brent for Rajasthan crude to 9 2 barrel 7 2 barrel in Q2FY16 The company had earlier told the court that it has incurred a loss of R1 400 crore as the petroleum ministry forced to crude from its Rajasthan oil field to private players at prices 20 less than global rates The contention was opposed by the ministry which had told the court that the loss to the government as calculated by Cairn was notional and the company was incurring no loss either as it was selling the crude not picked up by PSUs or the government to private domestic players First Published on February 5 2016 1 17 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam

    Original URL path: http://www.financialexpress.com/article/economy/cairn-cant-export-excess-crude-govt-tells-high-court/207505/ (2016-02-08)
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  • POEM without sufficient checks, balances could hit industry: Girish Vanvari | The Financial Express
    the phase out date will still continue to avail the incentives Hence the government may have to take a considered call on phasing out MAT after considering the aforesaid factors and the move may not be immediate Do you think India could implement POEM Place of Effective Management from April 1 Considering that the final rules for POEM are yet to be finalised it is desirable that POEM be deferred to April 1 2017 Further Controlled Foreign Corporation CFC rules meant to avoid tax deferrals using low tax jurisdictions are preferable to POEM as the former have many checks and balances for tax credits multiple SPVS etc POEM without the checks and balances of CFC can be very dangerous leading to uncertainty Government is seen trying to bringing in place several tax avoidance laws such as BEPS and GAAR among others How do you expect government rolling out these measures The world is transitioning to an environment of increased transparency and mitigating tax avoidance and India is no different GAAR is now a reality and finds a place in the statute to be implemented from 1st April 2017 However it is expected that the government comes out with clarity on manner of its implementation by prescribing certain objective criteria conditions which if fulfilled would not result in the triggering of GAAR The Government would do well to address issues such as applicability of treaty benefits for foreign investors if GAAR is invoked It also appears some that some of the action points in BEPS especially relating to transfer pricing will find its way in the upcoming Budget On POEM it is expected that the government would come out with the final guidelines after considering the various suggestions to the draft guidelines and one hopes that appropriate safe harbor rules such as for private equity investors find a place in the same Do you expect it would be easy in the Indian context to implement these tax avoidance laws Executing tax avoidance laws across the world has never been easy and India will not be any different There will be some amount of transitionary pain but strong intent combined with use of technology and relentless execution can get us there For example the disclosures under the black money law have not as per the expectations now it is the time for the authorities to chase the defaulters and prosecute them to demonstrate that it is really keen to implement the law Which are the sectors do you expect to get a boost in terms of tax sops in the Union Budget 2016 17 Given the stated intent of the government to phase out tax incentives it is not expected that the government will come out with any big bang tax incentive announcement The Start up India and Make in India program could see some specific tax incentives being introduced The government may oblige to the wish list of the real estate and infrastructure sector by providing clarity on the taxability of

    Original URL path: http://www.financialexpress.com/article/industry/companies/poem-without-sufficient-checks-balances-could-hit-industry-girish-vanvari/207496/ (2016-02-08)
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  • Siddhartha P Saikia | The Financial Express
    natural gas LNG is aiming to add Rs 25 000 crore to its top line in the next three years by selling cheaper gas to consumers ONGC awards offshore tenders at 22 lower cost on falling crude BP Exxon Mobil among those renegotiating drilling commitments Paradip refinery to boost Indian Oil profits by 20 30 New project to run at 60 80 of installed capacity in FY17 Paradip refinery to boost IOC profits by upto 30 per cent IOC believes that most of the petrol diesel and cooking fuel produced from the refinery would meet the demands in eastern and southern markets of the country All action no gas Now tweet to minister to get your LPG CNG issues resolved Suppose your cooking gas cylinder is leaking and the emergency numbers of the service provider is not working Or let s say you ve booked a refill but the same has not been delivered to you within the stipulated time More than the issue at hand what niggles you more probably is the response or rather the Judicial financial fallouts of RIL ONGC theft row yet to be assessed feels govt US based consultant DeGolyer and MacNaughton D M gave only a technical report on the Reliance Industries ONGC row over the alleged theft of gas from the state run firm s block in the KG basin which means the judicial and financial implications of the dispute still needed to assessed feels the government Tax waiver phase out to hurry investments Hasmukh Adhia The scheduled phase out of most corporate and non corporate tax exemptions and deductions without a terminal date from April 1 2017 along with the plan not to extend the sunset dates in other cases Every country has left some space for POEM discretion Reiterating the government s commitment to a non adversarial and investor friendly tax regime revenue secretary Hasmukh Adhia has said anti tax evasion measures like BEPS and the new guidelines for identifying place New LPG connections rise at the fastest clip in two decades Despite steps taken by the government to restrict LPG subsidy to the needy the consumer base for cooking gas expanded by a solid 1 5 crore to 16 35 crore in April November GAIL in talks with Golar LNG for shipping US gas GAIL has also called bids for hiring of nearly 11 ships to ferry LNG 1 2 3 4 5 6 7 8 9 10 Editor s Pick How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note From Real Madrid to Chelsea Know the top 10 richest clubs New Mahindra cars at the Delhi Auto Expo 2016 Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways

    Original URL path: http://www.financialexpress.com/author/siddhartha-p-saikia/ (2016-02-08)
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  • Ministry of Defence may cancel EoI for $7.5-bn vehicle project | The Financial Express
    foreign companies to bring home latest technologies on a licence basis to strengthen indigenous know how According to an E Y report Eye on Defence 2016 Four assessment categories with varied weightage have been listed out to pick these two agencies at the end of EoI stage The cost of development of the prototype will be shared amongst the MoD and contenders with a 4 1 ratio DRDO being a technical evaluation agency will not be competing participating as a potential partner for any of the 40 key technologies identified by the army in its proposal The contribution of the Indian industry to acquire develop and indigenise critical technologies will be one of the key criteria in the assessment of various proposals This current issue captures all this a segment wise listing of the probable technology partners for this programme Indigenisation is one of the important requirements of the program therefore parties must agree to collaborate to achieve the respective indigenisation targets for the development phase and serial production phase A minimum 30 indigenous content on cost basis excluding taxes duties and other statutory obligations is mandatory for the developed prototype of FICV However with 30 indigenous content there is insufficient incentive to indigenise which should be the primary objective in a Make project the report states Also the ownership of any intellectual property generated from any joint development will be mutually agreed upon and may be transferable to the MoD if required for the programme Under the Make procedure the defence ministry will choose the best two proposals Those two companies and the OFB will design and develop separate FICV prototypes The defence ministry would reimburse 80 of their expenses As a matter of fact no design of such major platform has been developed in the country and hence no suitable data on cost of design and development is available for guidance The best prototype will then be selected and the vendor that built it will get a manufacturing contract About 2 600 FICVs will be needed to replace the army s old Russian origin BMP 2 infantry combat vehicles War Machine Firms are waiting for the new Defence Procurement Policy DPP recommendations which include the recommendation for a minimum 40 indigenous content as compared with the 30 indigenous content in DPP 2008 to be finalised The defence ministry which invited 10 companies in 2015 to submit proposals to develop the combat vehicle specified that two development agencies would be chosen First Published on February 5 2016 12 36 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil

    Original URL path: http://www.financialexpress.com/article/economy/ministry-of-defence-may-cancel-eoi-for-7-5-bn-vehicle-project/207497/ (2016-02-08)
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  • FM Arun Jaitley: Govt’s overall debt liabilities on a declining trajectory | The Financial Express
    investment Reserve Bank of India governor Raghuram Rajan recently spoke against such an adventure at a time of global uncertainties Unfortunately the growth multipliers on government spending at this juncture are likely to be much smaller so more spending will probably hurt debt dynamics Rajan had said He also cautioned that additional fiscal burden on states due to power sector debt restructuring in FY17 could increase the combined fiscal deficit of the Centre and states At end March 2015 about 28 2 of outstanding stock had a residual maturity of up to 5 years indicating a relatively lower roll over risk in medium term which is further supported by the Centre s active debt management in terms of switches and buy backs The weighted average residual maturity of outstanding government securities at end March 2015 was 10 23 years which is high compared to international standards Since 2010 11 the Centre has been bringing out an Annual Status Paper on public debt to provide a detailed analysis of the overall debt position of the government According to the Paper interest payments to revenue receipts ratio of the Centre has decreased to 36 5 in 2014 15 from about 52 in the beginning of 2000s The Centre s average interest cost AIC has declined to 6 7 in 2014 15 from 8 1 in 2000 01 The AIC is stable and well below nominal GDP growth rate which indicates that India is comfortably placed in terms of sustainability parameters of public debt it said It said 93 8 of total central government debt at end March 2015 is denominated in rupee As percentage of GDP external debt constituted a low 2 9 at end March 2015 implying low currency risk to central government debt portfolio and impact on balance of payments remains insignificant There has been a compositional shift towards marketable debt share of marketable securities in total internal liabilities increased from 43 in 2000 01 to 78 5 at end March 2015 The government is also moving toward alignment of administered interest rates with the market rates such as interest rates on small savings First Published on February 4 2016 12 44 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal

    Original URL path: http://www.financialexpress.com/article/economy/fm-arun-jaitley-govts-overall-debt-liabilities-on-a-declining-trajectory/206884/ (2016-02-08)
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  • Centre to invest Rs 1.1 lakh crore in Karnataka infra projects | The Financial Express
    Prime Minister Narendra Modi s mantra of Sabka Saath Sabka Vikas and housing for all by 2022 was the Centre s goal He extended complete support of the Central government in carrying out expansion of Bangalore Metro suburban rail and peripheral ring road projects for Bengaluru city New fertiliser plant Union chemicals and fertiliser minister Ananth Kumar said the central government has approved a second fertiliser plant for Karnataka with a capacity to produce 1 3 million tonnes per annum of urea if the state government provided land somewhere in north Karnataka He said a modern research and development centre would be set up in Bengaluru for the establishment of Central Institute of Plastic Technology The second centre of excellence for National Institute of Pharma Education and Research is also proposed to be set up in the state he added In his reply Karnataka chief minister Siddaramaiah said the government had offered to provide 500 acre of land for setting up the fertiliser plant in one of the four places of Vijayapura Bagalakote Dharwad or Raichur districts in North Karnataka First Published on February 4 2016 12 43 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2

    Original URL path: http://www.financialexpress.com/article/economy/centre-to-invest-rs-1-1-lakh-crore-in-karnataka-infra-projects/206883/ (2016-02-08)
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