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Parekh appointed DP World non-executive director – ET

March 24, 2011

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DP World Limited has announced the appointment of Deepak Parekh as a non-executive director to its board with immediate effect. Parekh is the Non-Executive Chairman of HDFC Ltd, India’s premier housing finance institution. A chartered accountant by profession, he has been with HDFC for 32 years in the role of Chief Executive and then Executive Chairman.

Oil hovers above $102 as traders eye Libya strife – ET

March 23, 2011

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Oil prices hovered above $102 a barrel Tuesday as traders mulled how long Libyan oil exports will remain shut down after a third night of allied attacks on forces loyal to Moammar Gadhafi . By early afternoon in Europe, benchmark crude for April delivery was down 16 cents to $102.17 a barrel in electronic trading […]

I-T department freezes accounts of Mahindra Satyam – ET

March 22, 2011

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The Income Tax department Tuesday froze the bank accounts of Mahindra Satyam after the IT firm failed to pay a tax demand of Rs.616 crore (Rs.6.16 billion/$137 million) Mahindra Satyam, the new brand identity of Satyam Computer Services Limited, has moved Andhra Pradesh High Court challenging the demand notice and seeking a stay on the […]

Warren Buffett eyes investment in India; rues FDI restrictions – ET

March 22, 2011

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Legendary investor Warren Buffett today said he was looking at investments in large countries like India, but rued the existing foreign investment caps in sectors like insurance. Speaking to reporters on his maiden visit to India, Buffett said he did not consider India as an emerging market any more and even the US would benefit […]

FM withdraws proposed service tax on healthcare – ET

March 22, 2011

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Bowing to demand from all quarters, Finance Minister Pranab Mukherjee today announced withdrawal of the proposed 5 per cent service tax on airconditioned hospitals with more than 25 beds and on diagonistic services. He also provided some relief to readymade garment manufacturers by raising the abatement available for levy of taxes on retail price of […]

India gov’t introduces key tax reform bill – ET

March 22, 2011

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India’s government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition’s most ambitious reforms of its second term. In a sign of how corruption scandals are hindering the government, opposition lawmakers immediately forced an adjournment by demanding a debate on […]

Morgan Stanley cuts India to underweight, advises investors to reduce holdings – ET

March 17, 2011

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Indian equities remained the least preferred in Asia as macroeconomic fundamentals deteriorate and Morgan Stanley advised investors to use post-Budget stable prices to sell shares as corporate earnings growth may be shaved off due to rising commodity prices. “The principal factors driving this deterioration in ranking are the currency risk factor and negative earnings revisions,” […]