FDI policy in Real Estate – 3 Years Lock in for Foreign Capital to Curb Speculation
Foreign Invetors, mostly speculators have now been instructed that their investment in real Estate in India will be locked in for 3-years. We had asked the Indian Government for a 5-year lock-in for Residential Real Estate and keep the Commercial/ SEZ and Retail real estate for FIIs to speculate but with pressure from retailers and other big companies, the Government decided to extend FDI Lock-in for any foreign investment in real estate.
The main document governing the FDI in property business presently is the March 2005 press note 2 which spells out that original investment by a foreign investor cannot be repatriated before a period of three years from completion of minimum capitalization. Also, as per the FDI norms prevalent currently, a foreign investor has to bring in at least a minimum amount of $5 million Read more
ABG Shipyard picks up additional stake in Great Offshore
ABG Shipyard has announced that it has further raised its stake in the Great Offshore on July 30, 2009.
The company acquired 212,348 shares constituting 0.57% stake of Great Offshore at an average price of Rs 450 per share.
With this acquisition, its stake in the exploration services major has increased to around 8%.
On Wednesday, the company has acquired 5.19% stake in Great Offshore and also raised the open offer price from Rs 375 per share to Rs 450 a share. Read more
Jai Corp Net profit falls by 56.52% to Rs 9.13 cr
Jai Corp Limited has announced its unaudited results for the quarter ended June 30, 2009.
The company has posted a net profit of Rs 9.13 crore for the quarter ended June 30, 2009 against Rs 21 crore for the quarter ended June 30, 2008, down 56.52%. Total income has decreased from Rs 121.46 crore to Rs 113 crore, registering a negative growth of 6.97% on Year-on-Year (YoY) basis.
It is a company controlled by Mr. Anand Jain a close associate of Mukesh Ambani. Oho! that’s why no fundamentals nothing, we can just drive the price to crazy heights who will question or investigate us ?
uPrint – Personal 3d printer from Stratasys enters india
DesignTech Systems Ltd. an esteemed country wide distributor of Stratasys Incorporated, today launched uPrint – A Personal 3D Printer from their Dimension Series in India. uPrint, the world’s first 3D Printer is available at the record breaking low price of $ 14,900 for immediate purchase through DesignTech Systems Ltd.
Mr. Woody Frost, Vice President – International Sales, Stratasys said,
uPrint is an important advance for Dimension’s product line, providing users a networked, desktop-sized 3D printer capable of building durable, accurate models ready for testing. It will appeal to designers, engineers, architects, artists, teachers and others working in CAD. With uPrint, they can get an affordable, high-quality 3D modeling system that’s available today.
Tata Communications partners with gotalk
Tata Communications, a leading provider of new world of communications, has successfully launched a voice outsourcing partnership and network expansion project with gotalk.
gotalk is an Australian based communications supplier of retail domestic and international voice services. Through this collaboration, Tata Communications will deploy a voice infrastructure in Sydney to support gotalk manage its retail and wholesale business units with flexibility and innovation over the company’s next generation network (NGN).
gotalk chose to work with Tata Communications to outsource its Read more
IRDA moots relaxing Ulip cap charges
In order to make unit-linked insurance plans (Ulips) more attractive and giving flexibility to the insurers, the Insurance Regulatory and Development Authority (IRDA) has mooted relaxing the cap on distribution cost of Ulips, with effect from October 1, 2009. The move has come after the apex body met with the Life Insurance Council, where the latter suggested for a flexible mortality charges and to keep it outside the ceiling imposed by IRDA.
Arguing the dependence of mortality and risk charges on the age and choice of the sum assured, insurers suggested these charges need to be kept outside the overall cap.they also said that application of the cap to mortality charges is likely to prevent insurers from offering cover to people in the higher age group, which may hurdle the efforts for enhancing insurance penetration in the country.
IRDA has put a cap on fund management charges at 1.5% for polices with tenure of less than 10 years and at 1.25% for polices with tenure over 10 years w.e.f. August 1.
In this regard, insurers have proposed a uniform cap across all tenures and said that there must be flexibility to manage expenses.
FIIs net sellers of Rs 169 cr (prov) in the cash mart on Wednesday
Foreign institutional investors (FIIs) were net sellers of Rs 168.79 crore (provisional) in the cash mart on Wednesday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 2,533.12 crore, their gross sales amounted to Rs 2,701.91 crore.
On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 126.23 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,703.66 crore, their gross sales aggregated Rs 1,577.43 crore.
FIIs were net buyers of Rs 738.10 crore on Tuesday, July 28, according to SEBI data. While FIIs made gross purchases of Rs 4,315.60 crore, gross sales stood at Rs 3,577.50 crore.
Mutual funds (MFs) bought equities worth Rs 1,022.30 crore and offloaded stocks worth Rs 889.80 crore, thus emerging as net buyers of Rs 132.60 crore on Tuesday.
NMDC reports weak numbers for Q1 of FY10
NMDC has announced its unaudited results for the quarter ended June 30, 2009.
The company has posted a net profit of Rs 773.75 crore for the quarter ended June 30, 2009 against Rs 981.31 crore for the quarter ended June 30, 2008, down 21.15%.
The total income of the company for the quarter has registered a fall of 19.08% to Rs 1,507.06 crore from Rs 1,862.37 crore posted in the June 2008 quarter.
Tata Steel reports weak NP for June’09 qtr
Tata Steel has posted 46.93% decline in the net profit to Rs 789.83 crore for the June 2009 quarter as against Rs 1488.4 crore for the June 2008 quarter.
The company’s total income dropped 8.16% from Rs 6165.14 crore for the June 2008 quarter to Rs 5661.89 crore for the June 2009 quarter.
Hindustan Dorr Oliver to foray into nuclear power plant projects
Hindustan Dorr Oliver (HDO), an Indian EPC company plans, to foray into the new business of execution of nuclear power plants and allied activities including mining, etc.
The company has received an approval from its Board of Directors for the same.
The company operates business activities such as Engineered Solutions, technologies and EPC installations in Liquid-Solid Separation applications. HDO is a wholly owned subsidiary of IVRCL Infrastructures and Projects.