India strongest of the BRIC markets this year

NEW DELHI: India is strongest of the BRIC markets this year despite issues like weak currency, falling GDP growth and poor monsoon, Goldman Sachs chairman Jim O’Neill said.

“It is fascinating to me that the Indian market trades well. It is strongest of the BRIC markets this year,” he told ET Now.

“So either the markets are being really stupid or they smell something,” he added.

O’Neill said that reform hopes are high as P Chidambaram has once again taken charge as the finance minister, adding that the drop in oil prices will benefit the Indian economy.

Read more: The Economic Times

Ireo Waterfront, Ludhiana Punjab

Infrastructure

Prime Minister Manmohan Singh approves relaxations in land transfer policy for infrastructure projects

NEW DELHI: Prime Minister Manmohan Singh has intervened to remove a ban on transfer of government land for infrastructure projects that are developed in partnership with the private sector. The government’s move reverses the earlier policy where every proposal of land transfer by the government for development of infrastructure like ports, roads, railways stations or airports required a cabinet approvals which would inevitably take around 6 months time.

An official statement put out by the Prime Minister’s Office (PMO) on Thursday said that ministries or government departments could transfer land directly to Public sector units and companies developing infrastructure projects, technically known as licensees or concessionaries according to government norms.

The government had imposed a ban on all transfer of government owned lands except in cases where land was to be transferred from one government department to another earlier last year. “This was leading to long delays in awarding concessions for infrastructure projects, particularly PPP projects,” the official statement said.

Read more: The Economic Times

Delhi Metro sets record with nearly 22 lakh ridership

NEW DELHI: Setting yet another record in ridership, Delhi Metro carried nearly 22 lakh people on a single day on Wednesday, a figure which is much higher than its projected ridership of 20 lakh.

The milestone was achieved by Delhi Metro yesterday when 21.95 people travelled by it. This was the second time in a span of ten days that DMRC carried over 21 lakh passengers on a single day.

Read more: The Economic Times

 

Business News

Bain Capital to acquire 30 per cent stake in Genpact for $1bn

Genpact on Thursday said private equity firm Bain Capital will acquire 30 per cent stake in the BPO major for $1 billion from General Atlantic and Oak Hill Capital.

“General Atlantic and Oak Hill Capital will sell a minority stake worth $1 billion in Genpact to Bain Capital at an ex-dividend share price of $14.76 ($17 pre-dividend), or a (0.9 per cent) discount to August 1 closing price,” Genpact said in a statement.

Under the recapitalization plan, Bain will own a 30 per cent stake in Genpact and will nominate four (out of 10) directors to Genpact’s board, replacing the current GA/Oak Hill nominees, it added.

Post the stake sale, GA and Oak Hill will each own 5 per cent stake in Genpact, down from 20 per cent earlier.

Read more: NDTV Profit

There’s no end to legal hassles for Brand DLF

NEW DELHI: Last month, more than a dozen investors dragged DLF to court, accusing it of hurting their investments in an east Delhi mall by converting it into an office complex.

Two months earlier, hundreds of home buyers in DLF’s project in Chennai collectively moved the Competition Commission of India (CCI) accusing the company of extracting additional money under the garb of taxes.

A year after the CCI, in a landmark judgment, slapped DLF with a Rs 630-crore anti-competition fine— which the company is contesting in a higher body—more such cases are piling up against the developer for a wide range of unfair business practices.

Read more: The Economic Times

 

Personal Finance

Home in on pre-launch project only for investment

Varun Avasthy (name changed), a Mumbai-based software professional, booked an apartment in a residential property in Mulund, an eastern suburb in Mumbai. He went for an under-construction property as he was getting the new house at almost 20% lower than those that were ready to move in the same neighbourhood.

The waiting period of a year to get the possession of his house was a small inconvenience he was willing to submit himself to.

He had booked the house in 2010 in the pre-launch phase to get the best price, but the delivery deadline of April 2012 proved to be a disaster. The builder didn’t keep his word and the project may now be completed by the end of this year or early next year.

In short, it makes sense to book a property in pre-launch phase only if it is an investment. In case of self-occupation, be ready to wait for a couple of years or more for the completion of the property.

Read more:  The Economic Times

Income Tax Return: Deadline for E-filing extended to 31 August

NEW DELHI: The government on Tuesday extended the deadline for e-filing income tax returns to 31, August, 2012 from an earlier date of 31 July, 2012.

The extension has been made on consideration of reports of disturbance in general life caused due to failure of power. That e-filing of returns for individuals earning more than Rs 10 lakh, has been made mandatory, is also one of the reasons for the extension.

Read more:  The Economic Times

10 steps to file your income tax return online

The last day for filing your income tax return is here. Don’t fret. Follow these simple steps and file your tax return online before the end of the day.

Read more:  The Economic Times

Income tax return: File return by 31 July even if you don’t have details

While 31 July is the deadline for filing your tax return, many taxpayers miss it. Some don’t bother because all their taxes have been paid and they only have to file their return. Since this can be done till the end of the relevant assessment year (31 March 2013) without incurring any penalty, they take it easy. Others miss the last date because they don’t have all the details required in the tax form.

These could include the TDS information or deduction sought by the taxpayer. From this year on, the tax forms also require the PAN numbers of recipients of donations and details of foreign assets. A taxpayer may decide not to file his return till he gets hold of these details. This may not be a wise move.

If you don’t file by 31 July, you forego some of your rights as a taxpayer.

Read more: The Economic Times

Credit card customers getting younger

MUMBAI: Credit card issuers are increasingly acquiring customers in the age group of 25-34 years, data released by credit information company CIBIL (Credit Information Bureau (India) Ltd) shows.

In the second quarter of 2011-12, 65% of those who were issued a credit card were under 35 years of age. Of this, 10% of customers were under the age of 25. In contrast, during the same period, only around 5% of new credit cards were issued to customers who were over 55.

Read more:  The Economic Times

 

Emerging Businesses

How Gurgaon based startup Knimbus helps scientists share findings and connect with peers

Knimbus, a first-of-its-kind niche networking platform, launched by two Indian entrepreneurs, helps scientists access content, share findings and connect with peers in real time. Launched in September last year, it has already notched up a user base of 30,000 scientists and researchers.

And while Knimbus combines a host of features from popular networking sites such as Facebook, LinkedIn and Twitter, the dialogue is starkly different – there are no pet videos or posting of holiday sites. Instead, there is a range of serious discussions from developing drugs for cancer to decoding complex terms like polysaccharide hydrogels.

Read more: The Economic Times

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