- British Airways is interested in investing in Indian aviation companies and code-shared with Kingfisher Airlines, introducing the Boeing 777-300ER on some Indian routes.
- Securities regulator Sebi may ask Vedanta Resources to disclose more details to Cairn India shareholders about claims on its assets and a denied mining license.
- The Sensex rose to a 31-month high as foreign institutional investors invested in Indian shares seeking higher returns.
Exide Ind: Net sales grows 17.51% to Rs19123.60 mn; Maintain buyIndiaNotes.com
Exide Industries' Net sales registered a growth of 17.51% to Rs.19123.60 million for the quarter ended June 30th 2014 as against Rs.15412.00 million for the corresponding quarter last year. Buy for a target of Rs.180.00.
Exide Ind: Net sales grows 17.51% to Rs19123.60 mn; Maintain buyIndiaNotes.com
Exide Industries' Net sales registered a growth of 17.51% to Rs.19123.60 million for the quarter ended June 30th 2014 as against Rs.15412.00 million for the corresponding quarter last year. Buy for a target of Rs.180.00.
Ways2Capital is one of the leading research house across the globe. The company basically provides recommendations for stocks cash & F&O traded in NSE & BSE,commodities including bullions, metals and agro commodities traded in MCX & NCDEX.
Trade Operations in Union Budget Analysis Meghna Baid
Analysis of budget 2020 with respect to exports. Trade Operations in Union Budget Analysis don and submitted by Meghna Baid, PGDIM, Delhi School Of Economics.
See a sample reprint in PDF format. Order a reprint of this ar.docxkenjordan97598
See a sample reprint in PDF format. Order a reprint of this article now
TECHNOLOGY JANUARY 21, 2012
India's Supreme Court backed Vodafone Group PLC's appeal against a $2.2 billion tax bill on its purchase of a
majority stake in India's Hutchison Essar Ltd. Amol Sharma and Lilly Vitorovich explain why this might be good news
for India.
By AMOL SH ARM A and R . J AI K RIS HN A
NEW DELHI—India's Supreme Court on Friday ruled that Vodafone Group PLC isn't liable to pay taxes on the
deal it struck to enter India in 2007, delivering a major victory to the British telecommunications giant and
providing some encouragement to foreign companies that are concerned about the country's investment climate.
The court's decision means that Vodafone won't have to pay more than $2 billion in taxes on its $11.2 billion
acquisition of a controlling stake in an Indian cellphone company from Hong Kong's Hutchison Whampoa Ltd.
Indian authorities don't have jurisdiction to tax the deal because it was structured as a transaction between two
foreign entities, a three-judge panel of the court said.
The verdict, which overturns a ruling by a lower court in Mumbai, comes after a four-year legal fight by
Vodafone in India. The tax case became a symbol for many foreign investors of the uncertainty of doing business
in India, the unpredictability of regulators and the risks foreign firms face if they decide to make big bets on
Indian growth.
In a statement, Vodafone Chief Executive Vittorio Colao said:
"We are a committed long-term investor in India and we have
made clear all along that we have faith in the Indian judicial
system. We welcome the Supreme Court's decision, which
underpins our confidence in India. We will continue to grow our
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or
customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com
Vodafone Overturns Tax Bill in India
Vodafone Overturns Tax Bill in India - WSJ.com http://online.wsj.com/article/SB100014240529702046...
1 of 4 1/22/2012 2:06 AM
Associated Press
India's Supreme Court ruled Vodafone doesn't have to
pay more than $2 billion in taxes for its acquisition of a
controlling stake in an Indian cellphone company.
Above, a man leaves a Vodafone store in Mumbai on
Friday.
More
Heard on the Street: Vodafone's Satisfying
Indian Takeaway
What Next for Vodafone in India?
The Man Who Ruled in Vodafone's Favor
Will Government Dilute the Vodafone
Verdict?
Indian business."
The court directed the tax department to refund the 25 billion
rupees ($500 million) that Vodafone, the world's biggest
wireless-service provider by sales, had deposited, along with 4%
interest.
Indian tax authorities can file what is known as a "review
petition" to seek clarifications from the court on some aspects of
the case, but haven't decided whether to do so, said Mohan
P.
Ways2Capital is one of the leading research house across the globe. The company basically provides recommendations for stocks cash & F&O traded in NSE & BSE,commodities including bullions, metals and agro commodities traded in MCX & NCDEX.
Trade Operations in Union Budget Analysis Meghna Baid
Analysis of budget 2020 with respect to exports. Trade Operations in Union Budget Analysis don and submitted by Meghna Baid, PGDIM, Delhi School Of Economics.
See a sample reprint in PDF format. Order a reprint of this ar.docxkenjordan97598
See a sample reprint in PDF format. Order a reprint of this article now
TECHNOLOGY JANUARY 21, 2012
India's Supreme Court backed Vodafone Group PLC's appeal against a $2.2 billion tax bill on its purchase of a
majority stake in India's Hutchison Essar Ltd. Amol Sharma and Lilly Vitorovich explain why this might be good news
for India.
By AMOL SH ARM A and R . J AI K RIS HN A
NEW DELHI—India's Supreme Court on Friday ruled that Vodafone Group PLC isn't liable to pay taxes on the
deal it struck to enter India in 2007, delivering a major victory to the British telecommunications giant and
providing some encouragement to foreign companies that are concerned about the country's investment climate.
The court's decision means that Vodafone won't have to pay more than $2 billion in taxes on its $11.2 billion
acquisition of a controlling stake in an Indian cellphone company from Hong Kong's Hutchison Whampoa Ltd.
Indian authorities don't have jurisdiction to tax the deal because it was structured as a transaction between two
foreign entities, a three-judge panel of the court said.
The verdict, which overturns a ruling by a lower court in Mumbai, comes after a four-year legal fight by
Vodafone in India. The tax case became a symbol for many foreign investors of the uncertainty of doing business
in India, the unpredictability of regulators and the risks foreign firms face if they decide to make big bets on
Indian growth.
In a statement, Vodafone Chief Executive Vittorio Colao said:
"We are a committed long-term investor in India and we have
made clear all along that we have faith in the Indian judicial
system. We welcome the Supreme Court's decision, which
underpins our confidence in India. We will continue to grow our
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or
customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com
Vodafone Overturns Tax Bill in India
Vodafone Overturns Tax Bill in India - WSJ.com http://online.wsj.com/article/SB100014240529702046...
1 of 4 1/22/2012 2:06 AM
Associated Press
India's Supreme Court ruled Vodafone doesn't have to
pay more than $2 billion in taxes for its acquisition of a
controlling stake in an Indian cellphone company.
Above, a man leaves a Vodafone store in Mumbai on
Friday.
More
Heard on the Street: Vodafone's Satisfying
Indian Takeaway
What Next for Vodafone in India?
The Man Who Ruled in Vodafone's Favor
Will Government Dilute the Vodafone
Verdict?
Indian business."
The court directed the tax department to refund the 25 billion
rupees ($500 million) that Vodafone, the world's biggest
wireless-service provider by sales, had deposited, along with 4%
interest.
Indian tax authorities can file what is known as a "review
petition" to seek clarifications from the court on some aspects of
the case, but haven't decided whether to do so, said Mohan
P.
IMaCS Virtus Global Partners US-India Investment monitorIVG Partners
In the first quarter of 2010, there were eight acquisitions by Indian companies in the US and over 16 investments into India by US companies. There was a significant increase in energy related investments such as Essar's acquisition of Trinity Coal for $600 million, IFC's investment in renewable energy company Auro Mira, and Reliance's discussions with Atlas Energy for stake in Marcellus Shale natural gas operations.
While information technology remains the dominant theme for Indian companies acquiring US assets, investments into India from the US were predominantly in the nature of stake purchase rather than mergers or acquisitions. Key transactions included AT&T's purchase of stake in Tech Mahindra and Matheson's acquisition of K-Air Specialty Gases.
Welcome to the second edition of our US-India newsletter, which focuses on key developments and issues affecting foreign direct investments (FDI) and foreign institutional investments (FII) between the US and India. IMaCS Virtus Global Partners, a joint venture between ICRA Management Consulting Services and Virtus Global Partners, offers advisory services to North American companies and funds seeking India related growth and investment opportunities. For more information, please visit www.ivgpartners.com
2. British Airways keen to come on board in India British airways, world’s third largest carrier, is keen to be a strategic investor in an indian aviation company when foreign carriers are allowed to invest in the sector. Airline may pick up stake in domestic firm when foreign carriers are allowed to invest in the country. British airways ceowilliewalsh announced a code-share agreement with kingfisher airlines and introduced the latest plane from the boeing stable — boeing 777-300er — in some select indian routes.
3. Vedanta may be told to reveal more for Cairn Sebi, will direct Vedanta Resources to inform the shareholders of oil explorer Cairn India about the claims of state-owned ONGC on it as well as details of the recent denial of a mining licence to its affiliated company. Vedanta Resources, controlled by London-based billionaire Anil Agarwal, had agreed to buy up to 60% of Scottish firm Cairn Energy Plc’s Indian unit for $9.6 billion. The London-listed company has filed a draft letter of offer with securities market regulator Sebi for approval to buy an additional 20% of Cairn India from its shareholders in keeping with regulatory requirements.
4. Vedanta’s open offer letter to Cairn India’s shareholder for acquisition of a further 20% shares had indicated September 7 as the cut-off date.
5. FIIs PROPEL SENSEX TO 31-MTH HIGH Indian shares rose to a 31-month high as global investors poured in their cheap funds seeking higher returns, sparking fears that it may be causing the next asset price bubble here, reports Our Bureau in Mumbai. The Sensex rose 1.9%, or 339 points, to 18,560, and the broader 50-share Nifty gained 1.8%, or 98 points, to 5576.9.
6. Ohio bans offshoring of IT projects by govt.depts. THE US state of Ohio has banned outsourcing of government IT and backoffice projects to offshore locations such as India There are pervasive service delivery problems with offshore providers, including dissatisfaction with the quality of their services and with the fact that services are being provided offshore. Offshoring work to India is a $50-billion industry, and the Indian tech industry has benefitted immensely from American firms wanting to take advantage of its low wages and top-quality skills.
7. HC says vodafone must pay tax on hutch buy A decision by the Bombay High Court in the landmark Vodafone tax case has tipped the equation in favour of the Indian taxman, as the court has accepted its jurisdiction over Vodafone’s India acquisition. The high court ruled that Vodafone must pay capital gains tax on its $11-billion acquisition of a controlling stake in mobile phone operator Hutchison Essar that was completed in 2007. Estimates published prior to the judgement assign a $2-billion tax liability on Vodafone.
8. Vodafone will appeal to the Supreme Court in the next two-to-four weeks. The court has given the company eight weeks. The final outcome of the case may influence valuations and structuring of M&A transactions between offshore entities with underlying assets in India.
9. Obama raises pitch against outsourcing US PRESIDENT Barack Obama once again targeted the outsourcing of jobs overseas by American companies, increasing the pressure on local firms in an attempt to secure some benefit in the polls ahead of the crucial November elections in his country. Obama said he remained firm on ending tax breaks for American firms that send jobs abroad. One of the keys to job creation is to encourage companies to invest more in the United States
10. Industry grows 13.8% in july, rate hike looms INDIA’S industrial output beat analysts’ expectations by a huge margin in July, strengthening the case for further monetary tightening ahead of next week’s crucial monetary policy review. Industrial production expanded 13.8% during the month, compared with 5.8% growth in June. Most polls had predicted a 7-8% growth in the index of industrial production in July.
11. Inflation based on the wholesale price index stood at 9.97% in July. Manufacturing, which generates employment, is doing well,” the minister said. Manufacturing, which has an 80% weight in IIP, grew 15%, powered by a 63% increase in capital goods output. The central bank has the difficult task of tackling high inflation without upsetting the growth momentum in the economy amid doubts about the global recovery