After the approval of the new Gurgaon-Sohna Master Plan, 2031, Gurgaon Extension is all set to emerge as the next axis of commercial, residential, institutional, and industrial development.
Gurgaon Extension, or the erstwhile Sohna Road, which has been allocated 5,000 acres for residential and commercial development, has excellent connectivity with Golf Course Extension Road. The area is also connected to NH-8.
A number of developers and promoters like IREO, Raheja Developers, Gold Souk, Avlon, Central Park, Tata Reality, Godrej Properties, MVL, Universal, ILD, Parsvnath, Paras, and Homestead have started acquiring land banks in the area, while those with SEZs (special economic zones) are mulling land-use change after the notification.
Why Gurgaon Extension
With improving infrastructures, fast connectivity, and forthcoming world-class realty projects, the new real estate development zone is ready to cater to the needs of every homebuyer looking for a property in Gurgaon and its nearby areas at affordable prices compared to other localities like Sectors 52, 55, 56, 57, 79, 80, 81, 82, 83, 84, 89, 92, 103, 106, 112, etc.
Read more: The Times of India
India, Germany agree to expand bilateral cooperation
India and Germany have agreed to further expand and intensify bilateral cooperation in a number of fields, including trade and infrastructure, they kicked off the second Inter-Governmental Consultations at the Cabinet-level here.
Commerce and Industry Minister Anand Sharma and German Minister of Economics and Technology Philipp Roesler reached the accord at a bilateral meeting shortly before the two-day consultations were formally opened yesterday with a dinner hosted by Chancellor Angela Merkel in honour of Prime Minister Manmohan Singh.
Singh and Merkel will jointly chair the consultations, which is being attended by nearly half-a-dozen Cabinet Ministers and other senior Government officials from both sides.
Sharma and Roesler pledged to further build up the existing cooperation between the two countries in a number of fields and to explore new areas for future tie-ups.
They identified modernisation of India’s infrastructure as an area holding tremendous potential for cooperation in the coming years and decided to set up a working group to promote German investments and deployment of German technology in this area, the Ministry of economics and technology said in a press statement.
Read more: Business Line
Sensex at 1-week high; rises 128 points ahead of Infosys earnings
The BSE benchmark Sensex today rose 128 points to close at nearly one-week high of 18,542 level led by buying in realty, IT and banking stocks ahead of the earnings season beginning tomorrow with Infosys.
Rising for the second day in row, the Sensex closed 127.75 points, or 0.69 per cent, up to 18,542.20, a level last seen on April 4. The index had gained 188 points in the previous session.
The broad-based National Stock Exchange index Nifty rose by 35.30 points, or 0.64 per cent, to 5,594. It touched the day’s high of 5,610.65.
Brokers said the market witnessed value buying before the fourth quarter financial results beginning tomorrow with Infosys on optimism of better earnings.
They said a firming global trend as Italian borrowing costs fell at a debt sale, further influenced the market sentiment.
In 30-BSE index components, 16 stocks closed with gains led by Infosys, Tata Motors, ICICI Bank, Larsen and Toubro, State Bank of India and Cipla.
Infosys shot up by 3.72 per cent to Rs 2,917.85 a day before the quarterly financial results, while ICICI Bank rose by 3.52 per cent to Rs 1,039.80 on valuation based buying after its recent steep fall, Tata Motors spurted by 3.92 per cent to Rs 278.15 on reports the company sales at its Jaguar Land Rover unit jumped 16 per cent.
The realty sector index gained the most by rising 2.21 per cent to 1,810.14 followed by IT sector index by 2.04 per cent to 6,794.20. Banking index rose by 1.53 per cent to 12,951.08.
Source: Business Line
Indian American and missed to file Form 5471? Here’s what you can do
In the last article, we learnt about Form 5471, who should file, when you should file and what details you need to declare. In a nutshell, the form is triggered if you are a US taxpayer with shareholding or interest in a foreign corporation exceeding certain prescribed limits. So this is likely to impact Indian Americans with business interests in India.
What if this is the first time you heard about this form? What if you were required to file it in the past, but you just didn’t know? With the IRS increasing its focus on global income, it might be a good idea to come into compliance at the earliest. And the good news is that it might not be too difficult.
There could be two scenarios here. You may have had a filing obligation but you may not have had any undeclared income from the foreign corporation. In the second scenario, you may have had a filing obligation and you may have received some dividends from the foreign corporation that you failed to declare in your US tax returns.
Read more: The Economic Times
NRI deposits rise 37% on high domestic interest rates
Non-resident Indians (NRIs) are keeping faith with the returns their banks back home are giving them.
In the first eleven months of FY13, NRI deposits in the banking system rose 37 per cent (by $13.379 billion against $9.733 billion in the year-ago period).
The NRI deposit accretion was solely in the non-resident (external) rupee account or NRE account. In the reporting period, NRE deposits soared by a whopping 161 per cent at $15.271 billion ($5.854 billion in the year-ago period).
NRIs may be pouring money into the NRE deposits because they fetch handsome returns (for example, SBI is offering 8.75 per cent interest on NRE deposits of 1-10 years).
Another reason why NRIs may be parking money in NRE deposits is that they may be taking a view that the rupee will appreciate down the line, thereby enabling them to make gains at the time when the deposit matures, said a senior public sector bank official.
Read more: Business Line
Analysts positive on overall growth of IT companies
Infosys is expected to announce its growth guidance for the coming year alongside its results for the quarter ending March 31 which many analysts believe will hover around the 10% mark.
Although a significant increase from last year when Infosys had cut growth guidance to 5%, it is still below Nasscom’s guidance of 11%-14% for the current year. Analysts expect Infosys to lead the growth numbers in the forthcoming IT results season with 3.6% quarterly growth.
This lead however, will be mainly due to contribution from its Lodestone acquisition. If only organic growth is considered, Tata Consultancy Services ( TCS) and HCL Technologies are again expected to lead with 3% growth quarter-on-quarter (QoQ). Overall, industry growth is expected to be in the range 2% to 3% QoQ.
“It is going to be a modest quarter. Margins are not going to change much,” said Ankita Somani, IT analyst at Angel Broking. “Focus will be on client budgets. There has been an uptick in discretionary spending in the last few quarters and if it continues, it will be a positive sign.”
Infosys is expected to announce guidance and analysts expect it to be 10% or above. While Somani said that 10% guidance would be seen as neutral and 11% or more as positive, not every analyst was of this view. “If Infosys announces 10%, it would still be considered a little disappointing. It needs to be supplemented by positive commentary on various growth factors going forward,” said an IT analyst at Motilal Oswal, a brokerage firm.
Read more: The Economic Times
After 3 months of upswing, hiring slow in March: Naukri
After witnessing an uptick in the past three months, the hiring activity in March saw a minor dip of 1.1 per cent owing to the ongoing appraisal season, according to leading job portal Naukri.com.
The Naukri Job Speak index — that indicates hiring activities online — employment levels for India Inc in March was down 1.1 per cent compared to February.
On a year-on-year basis, however, the index has shown an increase in hiring by 11.5 per cent.
The index had moved up by 3 per cent in December 2012, by 10 per cent in January and a further 4 per cent in February led by sectors like software services, BPO and pharma which have been witnessing positive hiring trends.
“We have noticed a small correction after three successive months of growth in the Naukri Job Speak Index of 3 per cent, 10 per cent and 4 per cent in December 2012, January 2013 and February 2013, respectively,” Info Edge India, which owns job portal Naukri.com, CFO Ambarish Raghuvanshi said.
Raghuvanshi further added that “while some of this can be attributed to seasonality, it is also a fact that business confidence levels which play a strong role in hiring intentions continue to be fragile. A sustainable positive trend will emerge once the economy and the environment are seen to be in a growth mode.”
Read more: The Hindu Business Line