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Fiscal deficit may end closer to 6%
New Delhi: The
central government has failed to meet its fiscal deficit target of 5.7 per cent
of the gross domestic product during 2001-02. The fiscal deficit is set to
widen and end closer to 6 per cent of the GDP due to the massive shortfall in
tax revenues.
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Software
exporters can pick up stake in start-ups
Mumbai: Indian software exporters have been permitted to pick up equity
up to 25 per cent of their value of exports in overseas start-up companies
facing liquidity constraints, according to the Reserve Bank of India.
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Software firms
get ready to survive war
Mumbai: Software companies are all ready with business continuity plans
even if war does break out, including shifting people and data onsite should
the need arise, reports say.
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ICAI
standard on assets impairment
New Delhi: The Institute of Chartered Accountants of India (ICAI) has
issued an Accounting Standard (AS 28) on impairment of assets. This
standard will come into effect in respect of accounting periods beginning on or
after 1 April 2004.
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PNB
net profit rises 21.3% to
Rs 562 crore
New Delhi: Punjab National
Bank has reported a 21.3-per cent increase in its net profit to Rs 562.39 crore
in 2001-02 as compared to Rs 463.64 crore profits in the previous fiscal.
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Moodys
downgrade looms large
over Japan
Tokyo: As a fragile recovery
blooms in Japan, investors doubt ratings agency Moodys will act on a rare
threat to downgrade the country by two notches as it wraps up one of the most
closely watched credit reviews in years.
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South
Asian bankers wary of Indo-Pak tension
Hong Kong: South Asian central
bankers began a two-day meeting yesterday aiming to streamline monetary
dealings between their countries, but with the cost of a war between India and
Pakistan never far from their minds.
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Japan
securitisation faces bumpy road to growth
Tokyo: Securitisation of
Japanese assets is on the rise, but lax disclosure practices have the fledgling
market treading a rocky path to maturity and denying Japans economy a chance
to score a speedy recovery, analysts said.
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Sebi
panel wants separate body on intermediaries
Mumbai: The Securities and Exchange Board of Indias Mutual Funds Advisory
Committee may recommend the delegation of the task of evaluating the
intermediaries in the mutual funds industry to an independent body on a regular
basis.
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Birla
MF likely to launch index fund
Mumbai: Birla
Mutual Fund has lined up an index fund to track the Nifty. The fund will be
part of a package of new launches that is being contemplated by the fund house.
The proposed Nifty tracker will be latest equity product from Birla MF.
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