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Audi India's August sales up 46 per cent : 

Audi India's August sales up 46 per cent German luxury car manufacturer Audi's Indian subsidiary Saturday reported that its August sales grew 46 percent and stood at 250 cars as compared to 171 units in the corresponding period last year The German automobile maker also said that its sales from January to August grew by 66 percent and stood at 1,876 cars as against the same period of the last year Currently, Audi offers models like A4, A6, A8, Q5, Q7, TT and the super sports car Audi R8 in the Indian market.

Bharti AXA removes exit load in its equity schemes : 

Bharti AXA removes exit load in its equity schemes Bharti AXA Investment Managers, a joint venture between Bharti Ventures Ltd, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH), through its wholly owned subsidiary National Mutual International Pty. Limited) has announced the removal of exit loads for its regular equity growth schemes These are three funds---Bharti AXA Equity Fund, Bharti AXA Focused Infrastructure Fund and Bharti AXA Tax Advantage Fund*, which will not have any exit load with effect from September 1, 2010. Mr. Sandeep Dasgupta, CEO, Bharti AXA Investment Managers said, “This conscious decision of removing exit load has been taken with a view of empowering the investor and differentiating our equity funds”.

Insurers may pass benefits in DTC to policyholders : 

Insurers may pass benefits in DTC to policyholders Insurance policyholders could be in for a bonanza once the new Direct Taxes Code, or DTC, comes into effect, as insurance firms may pass on the tax benefit proposed in the bill. The new income-tax law tabled in Parliament has exempted the policyholders’ fund, the investment corpus created from premium payments, from the 12.5% tax on income earned. The bill proposed to levy a 30% tax on the shareholders’ fund against the current 12.5%.

Cont… : 

Cont… For tax purposes, both the funds were treated as one consolidated entity and taxed at 12.5%. Life Insurance Corporation has the largest fund and its policyholders could be a major beneficiary. Depending on the performance of the policyholders’ fund, insurance companies credit bonus, or dividend, to the policyholders from time to time LIC also does not have any shareholder funds. The surplus, net of taxes, is distributed between policyholders and government in the ratio of 95:5. So, while the government will lose tax, it will gain in dividend. The DTC bill provides a Rs 50,000 exemption for premium paid for life and health insurance and tuition fees.

EPFO trustees to decide interest rate for 2010-11 on Sept 15 : 

EPFO trustees to decide interest rate for 2010-11 on Sept 15 Retirement fund manager EPFO's trustee would decide on September 15 the rate of interest on deposits for its over 4.71 crore subscribers for 2010-11 fiscal. Earlier the Employees' Provident Fund Organisation's (EPFO) apex decision making body Central Board of Trustees' (CBT) was scheduled to meet on September 10 to decide rate of return which is most likely to be 8.5 per cent as it would leave a surplus of about Rs 15.26 crore with it. Some trustees had reservations against fixing interest rate on the basis of income and interest payout projections for current fiscal by EPFO official

Cont… : 

Cont… In 2009-10, EPFO projected that there would a surplus of Rs 6.4 crore on maintaining 8.5 per cent interest rate. But it turned out to be a deficit of Rs 291.08 crore. Similarly, for 2008-09, a deficit of Rs 139.25 crore was estimated for maintaining interest rate at 8.5 per cent which amounted to Rs 157.62 crore. In 2007-08, for providing at return of 8.5 per cent, the estimated shortfall was Rs 263.78 which again went up to Rs 499.45 after interest payouts. FIC had also indicated that increasing the rate to 8.75 per cent for the next fiscal would result in a huge deficit of Rs 426.53 crore and 9 per cent return would result in a deficit of over Rs 868 crore

DLF defers sale of non-core assets : 

DLF defers sale of non-core assets DLF, India’s largest real estate company, has put on hold its plan to sell its non-core assets including ultra-luxury hotel chain Aman Resorts and wind energy business for the next three quarters In July, the realtor had indicated that it plans to raise around `2,500 crore in the next 15-18 months by selling its non-core assets With commencement of construction of many projects, the cash flows are expected to improve further. The builder saw its total debt increase 25% to `18,463 crore during the June quarter due to the acquisition of debt-laden DLF Assets. For DLF, the average cost of debt came down to 10.5% in June 2010 from 11.9% in December 2008.

Godrej to buy Jet’s BKC land rights for Rs 550 cr : 

Godrej to buy Jet’s BKC land rights for Rs 550 cr Jet Airways is close to sell the right to develop its 2.5 acre plot in the Bandra Kurla Complex, to Godrej Properties for Rs 550 crore in a cash-cum-debt deal. Godrej Properties is likely to pay Rs 200 crore in cash and to absorb Rs 350 crore of debt — the money Jet borrowed from HDFC Bank in 2006 to buy the land from an arm of Maharashtra government for Rs 400 crore — for obtaining the right to develop the land located in the BKC, which has emerged as an attractive alternative to expensive South Mumbai locations The land purchase agreement makes it mandatory for Jet to develop at least 60% of the total area of the plot for self-use for five years. Jet is likely to keep at least 25,000 sq ft area for its proposed headquarters. Jet’s share of profit will reduce if it wants to retain more.

Cont… : 

Cont… Jet has been trying to monetise the land since it suffered losses in the year ended March 2009 but a legal tussle with Sahara Airlines prevented it from selling the land and forcing it to go for a joint development deal with G Jet had unsuccessful discussions with a consortium consisting of Morgan Stanely and Oberoi Constructions, and Bharti Enterprises. Jet incurred a net loss of Rs 961 crore in 2008-09 and Rs 420 crore in 2009-10.odrej, said another person in the know. Godrej will pay Rs 500 crore if the government grants additional FSI, said the same person quoted above. Godrej can construct 1 million square feet of saleable area, even if the project does not get the additional FSI.

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