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Steel improves in m-cap, but entertainment deteriorates
New Delhi:
Economy stocks like those of steel
companies, which had witnessed a steady decline during 2002-02, are showing
vivid signs of improvement.
But new economy stocks like entertainment companies, whose values steadily
increased during the same period, have shown a downward trend since the
beginning of the current fiscal, reports say.
Midway into the first quarter, stocks of steel makers have shown a steady rise
while that of entertainment companies have moved the other way.
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Citicorp
Fin to pick up 20% stake in Magma Leasing
Kolkata: Citicorp Finance India, a wholly-owned outfit of Citicorp, US,
has decided to invest 20 per cent in Magma Leasings equity (it will pick up
28,26,600 shares).
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RBI advances
effective date of CRR reduction
Mumbai:
The sharp increase in gilt yields has forced the RBI to advance the effective
date of reduction in cash reserve ratio requirement for banks by a fortnight to
1 June 2002. The CRR cut will release Rs 6,000 crore into the system.
The move is expected to provide relief
to the government securities market, which is reeling under a major drop in
prices due to a lack of direction on interest rates by the RBI, coupled with a
negative sentiment on account of heightened war fears.
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Insurance
companies to have CEOs soon
Mumbai: The government has
finalised the chief executives for the three state-owned general insurance
companies New India Assurance, National Insurance and Oriental Insurance.
New India general manager R Beri, who is currently holding charge as the chief
executive of the Mumbai-based company, may be elevated to the post of chairman.
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Easier
norms for cars, cards, club expenses likely
New Delhi: The finance
ministry is set to propose relaxations in the documentation requirements for
assessing the perquisite value of cars, club expenses and credit cards used for
business purposes. Documentation requirements have been prescribed for claiming
tax exemption.
The Central Board of Direct Taxes is seeking options of scrapping the existing
requirement, which makes it mandatory for an employee and his supervisor (in
some cases) to furnish a certificate that the expenditure on the car was
incurred wholly for performing official duties.
The onus will, therefore, be only on the employer to maintain details on such
expenditure, which will be exempt from being treated as a perquisite. So is the
case for credit cards and club expenses.
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Govt
to adopt cool calculation on jehadi terror
New Delhi: Signals from the
national security policy establishment in New Delhi suggest that the government
will respond with cool calculation to the extreme provocation from across
the border in Jammu and Kashmir, in spite of the pervasive mood of sullen anger
among influential policymaking circles.
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Medicine
Shoppe in talks to market OTC drugs
Mumbai: Medicine Shoppe, the
pharmacy retail store, is talking to two pharmaceutical majors for the sales of
over-the-counter generic drugs.
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Rlys to
turn passenger segment profitable
New Delhi: After losing freight business to roads and with not much
increase in freight volume expected in the future, the Railways has now started
looking at ways for making passenger business profitable.
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Guidance
note on securitisation accounting soon
New Delhi: The
30-member central council of the Institute of Chartered Accountants of India (ICAI)
is working towards a guidance note on accounting for securitisation.
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After IT,
entertainment tops exports list
New Delhi: From Rs 250 crore
in 1999, film exports have gone up to Rs 900 crore last year, according to
Information and Broadcasting Minister Sushma Swaraj. Export of video films and
content has increased by 65 per cent, says the Ficci-Arthur Anderson 2001
report on the entertainment industry.
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