Power news7


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Power news7

  1. 1. Power NEWS(03rd Oct – 10thOct, 2010)<br />- SumitKalra<br />
  2. 2. IMF pegs India's growth at 9.7 pc in 2010<br />The International Monetary Fund has revised its growth forecast for India in FY '10, raising it to 9.7 percent from the July figure of 9.5 pc.<br />The growth is based on strong local consumer demand.<br />The RBI projection for India’s growth in 2010 is however conservative – 8.5 percent - same as PM’s economic advisory council's prediction.<br />(http://www.governancenow.com/views/think-tanks/imf-pegs-indias-growth-97-pc-2010)<br />
  3. 3. Entire interest income on PF to be tax-exempt<br />The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed.<br />The EPFO declared a one percentage point higher interest for the current year after it discovered Rs 1,731 crore of surplus funds in one of its accounts.<br />(http://economictimes.indiatimes.com/personal-finance/savings-centre/savings-news/Entire-interest-income-on-PF-to-be-tax-exempt/articleshow/6695850.cms)<br />
  4. 4. Wal-Mart ends profit sharing with employees<br />Wal-Mart Stores plans to end automatic profit-sharing contributions for its employees in a revamp of its benefits package that it says will give workers more chance to share in its financial success.<br />Wal-Mart started profit sharing in 1971. It has 1.4 million employees in the US and annual revenue worldwide of about $400 billion, most from its US stores.<br />(http://profit.ndtv.com/news/show/wal-mart-ends-profit-sharing-with-employees-106593)<br />
  5. 5. Auto industry to grow in high teens in Q3, Q4: SIAM<br />The passenger vehicles segment grew at 33% during the April to September period while the commercial vehicle segment grew by 41.6% growth.<br />Exports to a large extent for passenger vehicles depends on what happens in Europe because of a very large percentage of passenger vehicles from India are imported to Europe – PawanGoenka, President SIAM.<br />(http://www.moneycontrol.com/news/business/auto-industry-to-growhigh-teensq3-q4-siam_489996.html)<br />
  6. 6. Bankers warn against accelerating Basel timetable<br />The new rules will force banks to hold top-quality capital equal to 7% of their risk-bearing assets, more than triple than current standards, so they can better withstand economic downturns and financial shocks. Banks will have until 2015 to meet the minimum core tier 1 capital requirement, which consists of shares and retained earnings worth at least 4.5% of assets. An additional 2.5% "capital conservation buffer" will have to be in place by 2019.<br />(http://www.moneycontrol.com/news/business/bankers-warn-against-accelerating-basel-timetable_490166.html)<br />
  7. 7. Improved supplies keep food inflation nearly flat at 16.24%<br />Food inflation eased marginally to 16.24% for the week ended September 25, from 16.44% in the previous week, as improved supplies lowered prices.<br />Fuel inflation remained unchanged at 10.73%.<br />(http://economictimes.indiatimes.com/news/economy/indicators/Improved-supplies-keep-food-inflation-nearly-flat-at-1624/articleshow/6710463.cms)<br />
  8. 8. Market Watch<br />Top Gainers (Previous Week)<br />Top Losers (Previous Week)<br /> NSE   LIVE<br />6,103.45<br />-16.85 (-0.28%)<br /> BSE   LIVE<br />20,250.26<br />-65.06 (-0.32%)<br />(http://money.rediff.com/)<br />