India Business Insight articles from February 2010

India Business Insight archives from February 2010

SEBI TIGHTENS CLIENT-BROKER AGREEMENT NORMS (in an attempt to curb the misuse of the client's money by the brokers).
February 28, 2010... The Securities and Exchange Board of India (SEBI) has directed stock brokers to maintain a book containing all the mandatory and non-mandatory documents required for registering a client, in an attempt to curb the misuse of the client's money by...

VODAFONE CALLING BUYERS FOR ITS STAKE IN BHARTI AIRTEL (plans to sell its 4.39% indirect holding in Bharti Airtel).
February 28, 2010... Vodafone Group is planning to sell its 4.39 percent indirect holding in Bharti Airtel. Vodafone, the world's largest mobile operator by revenues, had acquired a 10 percent stake in Bharti Airtel in 2005, but sold nearly half of that after it...

VOLKSWAGEN STARTS PRODUCTION IN INDIA (hopes to capture up to 10% of India's automobile market within the next six years).
February 28, 2010... Volkswagen AG has commenced production of its first compact car in India. The company hopes that this will help it to capture up to 10 percent of India's automobile market within the next six years. The Polo, a compact hatchback, is being...

ACG WORLDWIDE TO BUILD THREE NEW MANUFACTURING FACILITIES (all the three facilities will be launched in the next two years).
February 28, 2010... India-based ACG Worldwide is planning to establish three new facilities at Shirwal in Pune, Maharashtra. The cost of the project is estimated at Rs4,000 million. The company will set up one factory under Pam Glatt Pharma Technologies for...

CLOSURE SYSTEMS TO SET UP BEVERAGE CLOSURES PLANT IN BENGALURU (the plant will begin production in early 2010).
February 28, 2010... US-based Closure Systems International (CSI) plans to open a plastic closure plant near Bengaluru, Karnataka. The plant will begin production in early 2010. The new beverage closures plant will be the second CSI plant dedicated for the Indian...

APPLE GROWERS SET UP PACKAGING UNITS (to deal with the problem of labour scarcity and to save on high transportation costs).
February 28, 2010... Big apple orchardists are now setting up their own grading and packaging units in the apple-growing belt of Himachal Pradesh to deal with the problem of labour scarcity and to save on high transportation costs. More than 100 apple growers have...

ESKOARTWORK INAUGURATES STATE-OF-THE-ART DEVELOPMENT CENTRE IN BENGALURU (to offer systems integration capabilities and E-support services to customers around the world).
February 28, 2010... EskoArtwork has opened its new premises in Bengaluru. The office, which has an area of 6,000 square feet, will help EskoArtwork's team of programmers, software developers and application engineers to offer systems integration capabilities and...

BELL PACKAGING INDIA PVT LTD: A CUT ABOVE THE REST (is one of the world's leading companies in designing and manufacturing of transparent packaging).
February 28, 2010... Bell Packaging India Pvt Ltd is one of the world's leading companies in designing and manufacturing of transparent packaging using polyester, polypropylene, and polyvinyl chloride films and other polymers. It specialises in the production of...

BALASORE TO HAVE INDIA'S FIRST INTEGRATED PLASTICS AND POLYMERS CLUSTER (under the Industrial Infrastructure Upgradation Scheme).
February 28, 2010... Balasore in Orissa will have India's first integrated plastics and polymers cluster under the Industrial Infrastructure Upgradation Scheme (IIUS) sponsored by the Government of India. The plan is to develop three industrial estates in Balasore...

PUNJAB TO SEE DEVELOPMENT OF POLYPROPYLENE INDUSTRY (a polypropylene-based downstream industry is being set up in Punjab with an estimated investment of Rs1,100 crore).
February 28, 2010... The setting up of the Rs18,919-crore oil refinery by HPCL-Mittal Energy in Bathinda will create a polypropylene-based downstream industry in Punjab with an estimated investment of Rs1,100 crore. This will create employment opportunities for...

SRILAB AIMS Rs500 CRORE TURNOVER IN FIVE YEARS (estimates the total monthly sale to be 2.5-3 lakh square feet in the first year).
February 28, 2010... Srilab Polymers Limited, a manufacturer and trader of plastic and paper disposable articles, expects to register a turnover of Rs500 crore in the next five years. Srilab has estimated the total monthly sale to be 2.5-3 lakh square feet in the...

BPTP EARMARKS Rs1,000 CRORE FOR DEVELOPING PROJECTS (is planning to raise Rs1,500 crore through an IPO).
February 28, 2010... New Delhi-based real estate firm BPTP is planning to raise Rs1,500 crore through an initial public offering (IPO). The company has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for the IPO. Of the...

OMAXE TO RAISE Rs800 CRORE (through qualified institutional placement of shares).
February 28, 2010... New Delhi-based real estate developer Omaxe Ltd intends to raise more than Rs800 crore by the end of Mar 2010 through qualified institutional placement (QIP) of shares. The developer plans to use Rs400 crore to reduce its outstanding debt of...

ALIENS GROUP EYES AFFORDABLE HOUSING (to offer flats priced between Rs20 lakh and Rs30 lakh).
February 28, 2010... Hyderabad-based real estate developer Aliens Group is planning to launch affordable housing projects. It is also planning to sell plots at affordable prices. The company will develop the affordable housing project under the name O2 as part of...

GODREJ PROPERTIES' Rs3,000 CRORE EXPANSION PLAN (over the next 2-3 years).
February 28, 2010... Real estate developer Godrej Properties intends to raise Rs2,000- 3,000 crore, either through debt or through equity, to fund its expansion plans over the next 2-3 years. Godrej is looking at various options to raise money, including the...

UNITECH SELLS PROPERTIES WORTH Rs5,553 CRORE (during Mar-Dec 2009).
February 28, 2010... Unitech Ltd has sold properties worth Rs5,553 crore during Mar- Dec 2009 owing to improved demand for affordable housing. The company is targeting sales worth Rs6,000 crore in 2009-2010. According to Unitech, it has sold 13.14 million square...

MERLIN'S LAKE VIEW APARTMENTS IN KOLKATA (coming up at Bidhan Nagar (Ultadanga)).
February 28, 2010... Kolkata-based Merlin Projects is offering 300 apartments at the Merlin Warden Lake View. The project offers the view of a 64,000- square foot lake from each of the project's apartments. Merlin Warden Lake View is coming up at Bidhan Nagar...

VIPUL TO SET UP 5-STAR HOTEL IN PUNJAB (at Bathinda).
February 28, 2010... Vipul Hospitality, a part of real estate firm Vipul Ltd, intends to set up a five-star hotel in Bathinda in Punjab in the next two years with an investment of Rs80-100 crore. The company has tied up with Sarovar Hotels and Resorts Pvt Ltd for...

CARLSON TO OPEN LUXURY BRAND REGENT (at Gurgaon in 2013).
February 28, 2010... Carlson, the Global hospitality chain, intends to open its luxury brand Regent in India at Gurgaon in 2013. The Carlson has tied up with real estate major Pioneer Urban Land and Infrastructure (PUIL) for the project. PUIL will invest Rs230 crore...

DLF RESTRUCTURING (to be divided into three units ' Devco, Rentco and the holding firm dealing with corporate functions).
February 28, 2010... DLF Ltd, India's largest real estate firm, will now be broadly divided into three units ' Devco, Rentco and the holding firm dealing with corporate functions. The earlier identified verticals like Gurgaon, Super Metros and Rest of India will...

SOBHA TO LAUNCH PROJECTS WORTH Rs2,800 CRORE (over the next 12-18 months).
February 28, 2010... Bangalore-based Sobha Developers is planning to launch projects worth Rs2,800 crore covering eight million square feet over the next 12-18 months. Of the eight million square feet of fresh development, the company plans to earmark 20-25 percent...

CENTURY TO RAISE Rs700 CRORE (to expand its development initiatives).
February 28, 2010... Century Real Estate Holdings is planning to raise Rs700 crore to expand its development initiatives. The company intends to tap the capital markets in addition to the option of approaching private equity players. Century Real Estate Holdings is...

MANGALORE DEVELOPER IN EXPANSION MODE (plans to develop 12 projects over the next two years).
February 28, 2010... Mangalore-based Plama Developers is planning to develop 12 projects over the next two years. For this, the company plans to raise Rs200 crore in the next few months - Rs100 crore through banks and Rs100 crore through its UK-based investor. The...

NEW RESIDENTIAL PROJECT AT CHENNAI'S IT CORRIDOR (Call Express has developed Euphoria on Old Mahabalipuram Road).
February 28, 2010... Call Express has developed Euphoria, a residential apartment project, on Old Mahabalipuram Road (OMR) off the Sholinganallur Junction. Euphoria will be the company's first large scale residential project. The project offers 76 units of...

NAVNEET LAUNCHES LEAPBRIDGE PRE-SCHOOLS (at Mumbai and Pune).
February 28, 2010... Navneet Publications (India) Ltd of Mumbai has launched its pre- school under the brand, Leapbridge International, at Mumbai and Pune. The pre-school will provide education based on the multiple intelligence principles of Dr Howard Gardner....

FEED INDUSTRY MARKET SET TO EXPAND IN INDIA (driven by expansion in the dairy, poultry, livestock and aqua sectors).
February 28, 2010... The Indian feed industry will reach 68 million tonnes (MT) by 2010 and the growth will be driven by expansion in the dairy, poultry, livestock and aqua sectors. While milk production is increasing at 4.4 percent per annum, the demand for milk is...

SPICES - QUALITY NEEDS TO BE WATCHWORD ACROSS SUPPLY CHAIN (says Aachi Masala).
February 28, 2010... Aachi Masala has established itself in south India with a network of 170 stockists, 3,500 agents and six lakh retail outlets. It has launched 130 products in 12 categories such as spices, spice powders, masalas, oil and ghee, flour items,...

QCI GOVERNANCE CODE APPROVED (and standards will be introduced in 20 CBSE schools at Delhi on a trial basis).
February 28, 2010... The Quality Council of India (QCI) has announced that governance standards approved by QCI will be introduced in 12,000 schools affiliated to the Central Board of Secondary Education (CBSE), Delhi. Initially, the standards will be introduced...

MDI-INDIAN OIL CONCORDAT (to collaborate in training and development).
February 28, 2010... The Management Development Institute (MDI) of New Delhi has signed a memorandum of understanding (MoU) with the Indian Oil Corporation Ltd (IOC) to collaborate in training and development. Under the MoU, MDI will provide its intellectual...

THE HINDU SENIOR SECONDARY SCHOOL (I), CHENNAI (has 2,100 students and 60 teachers).
February 28, 2010... The Hindu Senior Secondary School was established at Chennai in 1978. It is affiliated to the Central Board of Secondary Education and provides education from kindergarten to class XII. It has 2,100 students and 60 teachers. The school...

WIPRO RESHUFFLES TEAM AFTER PROBE INTO SCAM (by an employee).
February 28, 2010... Wipro has made changes in certain key positions in its controllership team after its internal investigation into misappropriation of funds by an employee. The employee involved in the fraud that came into light in Dec 2009 was a junior member of...

ADANI ENTERPRISES MD HELD FOR CUSTOMS DUTY EVASION (on petroleum products imports in 2005-2006 and 2006-2007).
February 28, 2010... The Central Bureau of Investigation (CBI) has arrested the managing director (MD) of Adani Enterprises for allegedly evading customs duty on petroleum products imports in 2005-2006 and 2006- 2007. The anti-corruption branch of CBI Goa has...

M&M HIKES VEHICLE PRICES (following increase in excise duty to 10% from 8% announced in the Budget for 2010-2011).
February 28, 2010... Mahindra & Mahindra (M&M) has increased the prices of its vehicles between Rs2,500 and Rs18,000 following increase in excise duty to 10 percent from eight percent announced in the Budget 2010-2011. M&M hinted of further hike in...

INDUSTRY WELCOMES PRANAB'S DECISION ON LIMITED LIABILITY (allowing small companies to convert into LLP without paying any capital gain tax).
February 28, 2010... The industry has hailed Minister of Finance, Government of India, for his decision on allowing small companies to convert into limited liability partnership (LLP) without paying any capital gain tax. The Ministry of Corporate Affairs, Government...

CLEAR JURISDICTION OF COAL REGULATOR A MUST (says the former power secretary, Government of India).
February 28, 2010... The Government of India in the Budget 2010-2011 has expressed its commitment to set up a coal regulator to create a level playing ground in the sector. The regulator should be given clear jurisdiction like that of the Central Electricity...

CESS ON COAL TO FLARE UP ENERGY PRICES (by three-four paise per unit of power production).
February 28, 2010... The Government of India plans to create a National Clean Energy Fund by levying clean energy cess of Rs50 per tonne of coal produced in India for financing research and innovative projects in clean technologies. The Finance Minister, Government...

CHALLENGE TO FIRST EXPEND ALLOCATION (and allocation for defence in Budget for 2010-2011 stands at Rs1,47,344 crore).
February 28, 2010... The Government of India has allocated Rs1,47,344 crore for defence in Budget for 2010-2011 as against Rs1,41,703 crore in the Budget for 2009-2010. It is a challenge for the Ministry of Defence, Government of India, to use the allocation first,...

INSUFFICIENT EXPENDITURE FOR HIGHER EDUCATION (in Government of India Budget for 2010-2011).
February 28, 2010... The allocation for higher education in India in the Government of India Budget for 2010-2011 is insufficient feels the founder president of Amity Group of Institutions. He also mentioned that the allocation towards secondary and tertiary...

24/7 CUSTOMER TO HIRE 1,000 PEOPLE THIS QUARTER (for its Bangalore and Hyderabad centres).
February 28, 2010... 24/7 Customer, business process outsourcing firm, plans to recruit about 1,000 people during Jan-Mar 2010. The hiring would be for its Bangalore and Hyderabad centres. It had appointed about 500 people during Oct-Dec 2009.

ONGC TO SPEND Rs7,000 CRORE TO ENHANCE OIL OUTPUT (from its western offshore fields in India).
February 28, 2010... Oil and Natural Gas Corporation (ONGC) plans an investment of Rs7,000 crore over the next three-four years for further development to enhance its oil output. The investment would be for expanding its production capacity of oil and gas from its...

SHRIRAM LAUNCHES REFURBISHED 'TRUCK BAZAAR' (to enter the second hand truck finance segment).
February 28, 2010... Shriram Transport Finance Company Ltd (STFC) has launched refurbished 'truck bazaar' to enter the second hand truck finance segment. STFC would set up the truck bazaar under the brand name Shriram New Look in all its 482 branches in India in...

BSNL ROLLS OUT INDIA'S FIRST URBAN MOBILE WIMAX SERVICE (in Kerala).
February 28, 2010... Bharat Sanchar Nigam Ltd (BSNL) launched Mobile WIMAX in Kerala. With this launch, BSNL becomes the first player in India to offer mobile broadband fourth generation Internet access network. AVIAT is the technology partner of BSNL for the project.

NOW, MARUTI RECALLS A-STAR FROM EUROPE (due to problems with fuel tanks in some cars).
February 28, 2010... Suzuki of Japan has recalled A-Star cars from Europe, manufactured by Maruti Suzuki in India and marketed in Europe as Suzuki Alto. The recall is due to problems with fuel tanks in some cars. It has recalled 9,244 Alto cars in Germany alone...

NATH ROAD PLANS DEVELOP CRACK, TARGET CUT 40% (to 7,000 km from 12,000 km by Jun 2010).
February 28, 2010... The Minister for Road Transport & Highways, Government of India, has revised the target of awarding highway construction projects to 7,000 kilometres (km) from 12,000 km by Jun 2010. It was earlier targeted to complete the award of 12,000...

IFAST FINANCIAL TO ROLL OUT LIVE CHAT FACILITY SOON (on its website).
February 28, 2010... iFAST Financial India plans to launch live chat facility on its website soon. The move is to facilitate its clients to interact with other investors. The company was established in Sep 2009 and commenced its mutual fund distribution operations...

GET READY TO PAY MORE FOR FLYING (economy class fares to increase by Rs400-480 per ticket).
February 28, 2010... Domestic airlines are likely to increase economy class fares by Rs400-480 per ticket following the imposition of 10 percent service tax on base fare and restoration of five percent excise duty on aviation turbine fuel (ATF). Service tax is at...

BHUSHAN STEEL EYES KARNATAKA; BENGAL PLANT IN DOUBT (plans to invest Rs28,000 crore to set up a six million tonne value-added steel plant in Karnataka).
February 28, 2010... Bhushan Steel plans to invest Rs28,000 crore to set up a six million tonne value-added steel plant in Karnataka. The company's proposed project in West Bengal has been delayed as Coal India Ltd (CIL) has raised objections regarding setting up...

MALLYA'S FOUR SEASONS EYES WINE TOURISM (plans to set up a hotel at its winery in Baramati).
February 28, 2010... Four Seasons, the wine subsidiary of United Spirits Ltd (USL), plans to foray into wine tourism by the end of Apr 2010. The company plans to set up a hotel at its winery in Baramati. The hotel will have 14 rooms, swimming pool, spa,...

FUEL DUTY CHANGES TO FETCH Rs26,000 CRORE (the Government of India expects to earn Rs14,000 crore from increase in the excise and Cenvat duty).
February 28, 2010... The Government of India expects to earn Rs26,000 crore from the increase in the excise duty on petroleum products in 2010-2011. The Government expects to earn Rs14,000 crore more from increase in the excise duty and Cenvat duty on non-petroleum...

COMMERCIAL PROPERTY, RENTALS IN SERVICE TAX NET (the Government has extended the tax holiday on affordable housing projects).
February 28, 2010... The Finance Minister has proposed a service tax on commercial property and rentals in the Government of India Budget for 2010-2011. The service tax on rentals will come into effect from 1 Jun 2007. The Government of India has extended the tax...

PIRAMAL HEALTHCARE (the company has announced a growth of 27 percent in domestic operations in Apr-Dec 2009).
February 28, 2010... Piramal Healthcare Ltd has been recording higher growth in the last six quarters. The company has announced a growth of 27 percent in domestic operations in Apr-Dec 2009. Piramal Healthcare has reported a decline of 12 percent in contract...

AUTOMAKERS WORRIED OVER PRICE HIKES (many auto manufacturers have increased the prices by nearly two percent).
February 28, 2010... Automobile manufacturers in India are concerned over the increase in the prices of inputs due to the increase in the excise duty. Many auto manufacturers have increased the prices of vehicles by nearly two percent. The companies are expected to...

ONGC'S PROJECTS FACE DELAY ON OPERATIONAL ISSUES (the company had terminated the contract of Ramunia in May 2008).
February 28, 2010... Oil and Natural Gas Corporation (ONGC) is facing delay in a number of projects in the western offshore due to operational issues. The company had awarded a contract of $685 million to Ramunia of Malaysia in Jan 2008 to install the pipeline...

REFURBISHED TRUCKS FROM SHRIRAM (the company will also provide finance to buy the trucks).
February 28, 2010... Shriram Automall Ltd (SAL) has launched a new brand, Shriram Newlook, to sell refurbished trucks in India. The company is a subsidiary of Shriram Transport Finance Co Ltd. SAL will check the parts of old trucks and refurbish them before selling....

INCREASING WEIGHTED TAX DEDUCTION FOR R&D A POSITIVE STEP: BIOTECH SECTOR (the Government of India Budget has proposed to increase the weighted tax deduction from 150 percent to 200 percent).
February 28, 2010... The Biotechnology sector in India has welcomed the increase in the weighted tax deduction for research and development (R&D). The Government of India Budget for 2010-2011 has proposed to increase the weighted tax deduction for R&D from...

RBI'S CONCERNS HAVE BEEN ADDRESSED: USHA THORAT (the Government of India intends to set up the financial stability development council).
February 28, 2010... The Deputy Governor of the Reserve Bank of India (RBI), Usha Thorat, is of the view the Government of India Budget for 2010-2011 has addressed the concerns of the RBI. The Budget has announced that the RBI will issue more licences for private...

I-T RELAXATION TO BOOST DEMAND FOR RETAIL LOANS (banks are waiting for the policy of the RBI).
February 28, 2010... The Banking industry in India expects the relaxation in income- tax slabs to boost demand for retail loans. Individual tax payers are expected to have more disposable income in hand and will promote higher savings. The Government Of India Budget...

INSURERS HAPPY WITH SERVICE TAX CHANGE FOR ULIPs (the Government of India Budget for 2010-2011 has removed service tax on unit- linked products).
February 28, 2010... The Insurance sector in India has welcomed the changes in the service tax on unit-linked insurance products (ULIPs). The Government of India Budget for 2010-2011 has removed service tax on unit-linked products. The budget has proposed to...

INFRA SECTOR PLAYERS SEE PROPOSALS CATALYSING DEVELOPMENT (the Government of India Budget has increased the limit of relief on investment in infrastructure bonds).
February 28, 2010... Infrastructure companies in India expect the proposals of the Government of India Budget for 2010-2011 to boost development in the sector. The Budget has increased the limit of relief on investment in infrastructure bonds by Rs20,000. The...

INSURANCE PREMIUMS MAY GO UP ON SERVICE TAX BURDEN (the Government of India Budget for 2010-2011 has proposed to impose service tax on payments made to hospitals).
February 28, 2010... Health insurance companies are likely to increase the premiums on insurance policies. The Budget for 2010-2011 has proposed to impose service tax on payments made by insurance companies to hospitals. The proposal is applicable to payments...

SERVICE TAX ON FILMS HURT ENTERTAINMENT SECTOR (the Government of India Budget has proposed to charge Customs duty on the original master copy).
February 28, 2010... The imposition of service tax on films is expected to affect the entertainment industry in India. The Government of India Budget for 2010-2011 has proposed to charge service tax on the copyright of cinematography films and sound recordings. ...

ISRO ON A HIGHER GROUND WITH 39% OUTLAY HIKE (the Government of India Budget for 2010-2011 has allocated Rs5,778 crore for the Department of Space).
February 28, 2010... Indian Space Research Organisation (ISRO) has received a boost in the Government of India Budget for 2010-2011. The Budget has increased the allocation for the Department of Space by 13 percent to Rs5,778 crore. ISRO intends to launch its human...

MAHINDRA HOLIDAYS & RESORTS: RESORT TO THIS MODEL (the company has announced a CAGR of 76 percent in net profit for the last four years).
February 28, 2010... Mahindra Holidays & Resorts Ltd (MHRL) has announced a compounded annual growth rate (CAGR) of 76 percent in net profit for the last four years. Its revenues have registered a CAGR of 40 percent. The company derives income from upfront...

INDUSIND BANK: ADDING UP TO POSITIVES (the bank has announced a growth of 158 percent in net profit for Apr-Dec 2009).
February 28, 2010... IndusInd Bank has announced a growth of 158 percent in net profit for Apr-Dec 2009. The bank has improved its credit-deposit ratio from 67 percent in Mar 2008 to 50 percent in Dec 2009. Its net non-performing asset ratio has declined from 2.27...

ELGI EQUIPMENTS: EQUIPPED FOR THE LONG TERM (the company is in the process of acquiring a company in Europe).
February 28, 2010... Elgi Equipment Ltd (EEL) has announced a compounded annual growth of 20 percent in sales for the last three years. The company manufactures air compressors and automobile service station equipment. EEL is in the process of acquiring a...

HOSPITALITY'S SUBDUED RECEPTION (the Government of India Budget for 2010-2011 has not addressed the long-pending demands of the industry).
February 28, 2010... The Hospitality industry in India has welcomed the proposals of the Government of India Budget for 2020-2011 with less enthusiasm. The Budget has not addressed the long-pending demands of the industry. The Finance Minister has proposed to...

CONSTRUCTION SEES CONCRETE BENEFITS (the Government of India Budget for 2010-2011 has allocated Rs1,73,552 crore for infrastructure development).
February 28, 2010... Construction companies and infrastructure developers in India expect major benefits from the Government of India Budget for 2010-2011. The Budget has allocated Rs1,73,552 crore for infrastructure development. The Government has increased...

ERNST & YOUNG ABOARD UID PROJECT (has been appointed as consulting partner for the project).
February 28, 2010... Ernst & Young (E&Y) has secured the contract from the Unique Identification Authority of India (UIDAI) as a consulting partner for the project. The authority aims to issue 600 million unique identity papers over the next five years....

AUTOMOTIVE TYRES MAY COST 2% MORE (base excise duty on non-petroleum products increased to 10%).
February 28, 2010... Automotive tyre prices are expected to increase by two percent as the Government of India has increased the base excise duty on non- petroleum products from eight percent to 10 percent from 1 Apr 2011. Tyre manufacturers plan to pass on the...

CUSTOMS DUTY ON ELECTRICAL SUPPLY SHOCKS SEZ DEVELOPERS (16% Customs duty imposed on supply of electricity from SEZs to non-processing and outside areas).
February 28, 2010... Developers of special economic zones (SEZs) have raised concern over the imposition of 16 percent Customs duty on supply of electricity from SEZs to non-processing and outside areas. According to the Government of India Budget for 2010-2011,...

BRAND PROMOTIONS, SPONSORSHIPS IN TAX NET (will affect companies who do not pay output excise duty).
February 28, 2010... The Government of India has brought brand promotions and sports sponsorships under service tax. The inclusion will affect companies who do not pay output excise duty as they are already paying service tax for manufacturing and promotion of...

ULIPS TO COST LESS ON SERVICE TAX EXEMPTION (premium allocation and administrative charges exempted from service tax).
February 28, 2010... Unit-linked insurance plans (Ulips) are likely to cost less as the Government of India has exempted service tax on all other charges, except the fund management fee. Service tax is at present levied on charges such as premium allocation and...

ARCELOR MITTAL BUYING UTTAM GALVA STEELS (and intends to acquire 30% stake).
February 28, 2010... Arcelor Mittal of Netherlands is intending to acquire 30 percent stake in Uttam Galva Steels Ltd (UGSL). Arcelor Mittal has already acquired six percent stake in UGSL from the promoter family in Oct 2009. Arcelor Mittal has now made an open...

CHINA TO BE INDIA'S MAJOR COMPETITOR IN SOFTWARE' (as it is shoring up its skills in the English language).
February 28, 2010... China is expected to emerge as a major competitor to India in providing software solutions as it is shoring up its skills in the English language. At present, India and the US are undisputed leaders in the software business.

CONNECTING GOD'S OWN COUNTRIES (as Nas Air announces its plans of commencing its first direct budget flight between India and Saudi Arabia).
February 28, 2010... The low-cost airline Nas Air has announced its plans of commencing its first direct budget flight between Kochi in India and Riyadh in Saudi Arabia from 1 Apr 2010. An Airbus A320 aircraft will serve the route, which will see a daily service....

FRESH LAUNCH: ALILA DIWA GOA (is a 114-room five-star property in South Goa along the Majorda beach).
February 28, 2010... Alila Hotels and Resorts (AHR) has launched Alila Diwa Goa (ADG), a 114-room five-star property in South Goa along the Majorda beach. AHR is known for its upscale spa resorts and city stays in Asia Pacific. ADG relies on traditional Goan...

HOMEWARD BOUND: ARCO IRIS (is a 100-year old Portuguese style house in Curtorim, a quiet village in South Goa).
February 28, 2010... Arco Iris is a 100-year old Portuguese style house in Curtorim, a quiet village in South Goa. The property overlooks the Corjim Lake and makes it a popular destination for bird watchers. Arco Iris is untouched by the clamour of tourists and...

OPTUS SAROVAR PREMIERE (in Gurgaon is open).
February 28, 2010... Sarovar Hotels & Resorts Ltd has opened its third property in Gurgaon, the 80-room Optus Sarovar Premiere (OSP). The hotel features Wi-Fi, 24-hour room service, mini-bar, electronic safe, swimming pool and health club. OSP is located...

PINE HILLS ECO CAMP (in Himachal Pradesh offers accommodation in 16 furnished tents).
February 28, 2010... Pine Hills Eco Camp is located in Barog Heights in Himachal Pradesh amidst a pine forest. The property offers accommodation in 16 furnished tents, the largest of which can accommodate six people. The tents have attached bathrooms with running...

NEW HOTEL: ISLE STYLE (is a 88-room luxury property called Antara Lawana).
February 28, 2010... Antara Hotels, Resorts & Spas has opened Antara Lawana, an 88- room luxury property on the tranquil shores of Koh Samui, north of Chaweng Beach. Antara Lawana incorporates traditional Thai and Chinese elements in the design and also contains...

NEW HOTEL: HIDDEN GEM (called Serene Pavilions).
February 28, 2010... Serene Pavilions is one of the newest boutique hotel in Sri Lanka. Serene Pavilions occupies a seven-acre coconut grove and overlooks a cream palm-fringed beach and the Indian Ocean beyond. The hotel offers a choice of 12 one/two bedroom...

CATCH CERTIFICATE MUST FOR SEAFOOD EXPORTS TO EU (with effect from 1 Jan 2010).
February 28, 2010... The Government of India has directed the Marine Products Export Development Authority (MPEDA) to implement the catch certificate validation scheme as the European Commission (EC) insists on such a certificate on exports to the European Union...

UB GROUP TO LAUNCH SPARKLING WINES THIS YEAR (also proposes to offer wine tours from Mar 2010).
February 28, 2010... Four Seasons Wines Ltd of the UB Group plans to introduce a range of sparkling wines in the middle of 2010. These wines will be in the middle to premium segment. The company also proposes to offer wine tours from Mar 2010. It has established a...

UK-BASED FIRM FORAYS INTO INDIAN BEVERAGE MARKET (by setting up a research and packing facility at Kolkata).
February 28, 2010... Newby Teas Ltd of the UK has entered the Indian tea market by setting up a research and packing facility at Kolkata to provide special storage and preservation systems. The objective is to revive forgotten methods of tea preservation,...