Editor's Desk

Rural Rollout Oblgation for New Banks – RBI

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Taking a leaf from the Indian Telecom Success story and to emphasize more on inclusive growth story, the RBI is considering a rural and semi-urban stint for the new banks in order to strengthen its prospects of financial inclusion for the unbanked people of India.

A finance ministry official has quoted of saying

new entrants may only be allowed to open branches in rural areas for the first two years and the subsequent period will depend on the basis of their direct lending to the agriculture sector, opening of no-frill accounts and other financial inclusion criteria

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Transgene Biotek Patents for Liver – Breast Cancer Research

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Transgene Biotek has informed us that the company has filed two patents for its cancer drug technologies based on its proprietary RNAi platform.

The company has filed its first patent for a liver cancer drug, following excellent results demonstrated in the latest animal studies. It covers a novel technology that employs an AAV vector system genetically modified by Transgene to efficiently express specific microRNA that silence a particular metastasis-promoting gene in liver cancer cells.

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Feb Automobile Sales Maintain Momentum

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The Indian Automobile Industry volumes for February came in close to January’s strong levels for most segments. Bajaj, Hero Honda and Maruti sales were within 2% from January levels. Tata Motors’ CV volumes grew 7% sequentially.

Maruti Suzuki reports in-line sales for February; domestic sales slightly stronger than anticipated. Maruti reported domestic sales of 84,765 units and exports of 11,885 units for February. Total sales of 96,650.

M&M reported total sales of 38,327 in the domestic market, comprised of 18,280 UVs, 13,140 tractors and 6,907 3-wheelers and

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Maruti Suzuki – Traffic Jam Ahead

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Maruti Suzuki has benefited from robust industry growth over the year, we believe that growth rates will ease (from a high base) over FY10-12E as 1) domestic demand moderates: as stimulus measures are phased out (as announced in the budget), product prices are likely to rise on emission related upgrade costs / higher input costs and interest rates are likely to firm up, 2) exports should stagnate:

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India Income Tax for FY2010-11

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Here are the new Income Tax Rates for Indian Citizens for Financial Year April-1st 2010 to March-31st 2011. [See Chart Below]

In case of resident women (below 65 years of age) and resident senior citizens, the amount of INR 160,000 shall be replaced with INR 190,000 and INR 240,000, respectively. The proposed changes in tax slabs would result in (maximum) savings of INR 51,500.

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Everest Kanto and its arms bag orders aggregating $27 million

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Everest Kanto Cylinder (EKC), a pioneer in development and production of industrial and CNG cylinders, has received orders for export of CNG cylinders amounting to about $5 million. The execution of these orders is expected to be completed by May 2010.

Besides, the company’s overseas subsidiaries have also received orders in their respective locations. EKC International FZE, a wholly owned subsidiary of the company in Dubai, has received orders for the supply of CNG cylinders aggregating about $20 million. The execution of these orders has already started and is planned to be completed by May this year.

Read moreEverest Kanto and its arms bag orders aggregating $27 million