Wednesday, January 14, 2009







HAPPY

MAKAR SANKRANTI

PONGAL

LOHRI



Headline News
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From
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Emerging India
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Hand-picked News For Busy NRIs & PIOs
Issue No. 123 Evening Edition IST
Corporate World . Politics . Investment Opportunities in India
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GOOGLE WILL PAY FOR YOU FOR THIS ISSUE,

IF YOU just click & view any Google Ad of your interest on this page.
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Headline News in this issue:

  • Amitabh Bachchan slams 'Slumdog Millionaire'
  • India ready to snap all ties with Pakistan, says PC
  • Infosys beats all odds to log 33% profit rise
  • Infosys to hire 27,000 by March
  • Things NRIs must know before investing here
  • IcySpicy: Akshay and Deepika keep scores
  • Graffiti: Drew Barrymore shows off ...

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SENSEX: 9,370.5 DOWN 55.8 % from 52-wk high

FOREX-Rs: USD 48.66 / EUR 64.64 / GBP 71.02

Do read Investment Advice for long-term investors in this issue.

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NRI.NewsIndia

Keeps me in close touch with India

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Big B slams 'Slumdog Millionaire' on blog

Bollywood megastar Amitabh Bachchan has slammed Danny Boyle's Golden Globe award winning underdog drama "Slumdog Millionaire" for showing India in poor light.

"If 'Slumdog Millionaire' projects India as Third World dirty underbelly developing nation and causes pain and disgust among nationalists and patriots, let it be known that a murky underbelly exists and thrives even in the most developed nations," Amitabh said in a posting on his blog on Wednesday from Paris, France.

"It's just that the 'Slumdog Millioanire' idea authored by an Indian and conceived and cinematically put together by a westerner, gets creative global recognition," he added.

http://timesofindia.indiatimes.com/Big_B_slams_Slumdog_Millionaire_on_blog/articleshow/3979601.cms

India ready to snap all ties with Pakistan, says PC (TOI,Mum,14Jan09,Pg1)

Home minister P Chidambaram has raised India’s pitch on Pakistan, saying all diplomatic, business, transport and tourist links between the two countries would be cut off if Islamabad failed to act against terror groups responsible for the 26/11 terror strikes.

For news in detail, visit The Times of India ePaper

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Infosys beats all odds to log 33% profit rise (ET,Mum,14Jan09,Pg1)

INFOSYS TECHNOLOGIES on Tuesday beat market expectations with better-than-expected sales and profits. Investors gave the company’s stock a leg up on hopes that India’s second largest software exporter will benefit from new outsourcing contracts from customers of rival Satyam Computer Services.

Net profit for the October-December quarter rose by a third to Rs 1,641 crore despite adverse currency movements and a drop in billing rates. The company said it expected pressure on pricing to continue in the next few months.

Infosys forecast an increase of between 29.1% and 30.3% in sales to Rs 21, 552 crore-Rs 21,757 crore for the 12 months to March 2009, almost unchanged from the revenue projection it made in October.

Infosys to hire 27,000 by March (ET,Mum,14Jan09,Pg8)

Infosys Technologies said it will hire around 27,000 professionals by March this year, up from around 25,000 annual hiring the firm had projected earlier.

During the quarter ending December 31, Infosys had a total headcount of 1,03,078.

Tax breaks for IT cos (ET,Mum,14Jan09,Pg1)
SEZs To Get 100% Waiver; TCS, Wipro, Infy To Benefit

IN A move that will significantly ease the tax burden on India’s biggest information technology (IT) companies, the government has decided to amend the income-tax law relating to tax exemption for units operating out of special economic zones (SEZs).

SEZs set up by IT majors like Infosys, Wipro and TCS under the parent companies will soon be able to enjoy 100% tax exemption on profits, on par with SEZs set up as separate entities.

ALL EYES ON VIVEK PAUL AFTER EXIT FROM TPG (ET,Mum,14Jan09,Pg1)
Paul turned Wipro into a billion-dollar firm

VIVEK Paul, former vice chairman of Wipro, quit private equity firm TPG in the last week of December 2008.

The news comes amid speculation that Mr Paul may be roped in as the new CEO of Satyam Computer Services.

Rolta crashes on rumours (ET,Mum,14Jan09,Pg1)

Rolta became a casualty of market rumours in early trade on Tuesday. The scrip fell nearly 70% intra-day after a string of rumours about the company having inflated numbers and promoters selling their stake.

Things NRIs must know before investing here (ET,Mum,14Jan09,Pg13)

NON-RESIDENT Indians (or NRIs) are treated as a special category of investors, given their Indian antecedents and their growing importance as a significant source of foreign capital in India.

The government including regulators like the Reserve Bank of India and Securities and Exchange Board of India (Sebi) have been formulating and regulating investments by NRIs in Indian securities.

It is therefore imperative for NRIs to understand the rules that would have bearing on their investment-making process. This article is an attempt to capture some of these rules and present them to the vast audience of NRIs in a simplified manner.

NRIs can invest in shares and convertible debentures of Indian companies listed on NSE/BSE under the Portfolio Investment Scheme (PIS) route, which has been the most popular mode of investment for NRIs.

Under this route, an NRI is permitted to invest up to a maximum of 5% of the paid-up share capital / value of each series of convertible debentures of listed Indian companies on repatriation and non-repatriation basis.

The aggregate investment by all NRIs cannot exceed 10% of the paid-up share capital / value of each series of convertible debentures of the company. The aggregate ceiling of 10% can be raised to 24%, if shareholders of the Indian company pass a special resolution to that effect.

In addition to the PIS route, NRIs may also purchase shares convertible debentures of Indian companies, without any limit, if the purchase is made on a non-repatriation basis out of local funds of the NRI or inward remittance.

Shares purchased under the PIS route can be sold through the stock exchange and the proceeds thereof can be remitted outside India depending upon whether the original purchase was made by remittances from outside of India on a repatriation basis or local funds of the NRI were used.

NRIs can invest in exchange-traded derivative contracts out of funds held in India only on a non-repatriation basis. Shares purchased by NRIs under the PIS route cannot be transferred by way of sale under private arrangement or by way of gift to a person residing in India or outside India without prior RBI approval.

Though under the PIS route NRIs on their own can start making investments almost instantly with minimal paperwork, very often they may feel the need of professional assistance provided by the portfolio managers.

Portfolio managers are registered with and regulated by Sebi and they typically provide services like opening of local bank account, arranging for tax-related advice, advice on appropriate mix of portfolio to achieve superior returns, provide timely update on corporate actions, etc, which seem invaluable to NRIs who may be little interested in active management of their portfolio and may rather be content with regular updates from portfolio managers for a certain fee.

NRIs may also, without any limit, purchase on non-repatriation basis dated government securities, treasury bills, units of domestic mutual funds, units of money market mutual funds. NRIs are not permitted to make investments in Small Savings Schemes including PPF.

On a repatriation basis, an NRI can purchase, without any limit, dated government securities, treasury bills, units of domestic mutual funds, bonds issued by a public sector undertaking in India and shares in public sector enterprises being disinvested by the Government of India.

Another indirect mode of investment available to NRIs is by investing in India-focused offshore funds that invest as Foreign Venture Capital Investor (FVCI), Foreign Institutional Investor (FII) or Foreign Direct Investor.
The author, Suneet Barve, is a legal consultant. Views expressed are personal.

For news in detail, visit The Economic Times ePaper

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IcySpicy

Akshay and Deepika keep scores (BT,Mum,14Jan09,Pg34)

They both are good lookers, so bowling the opposite sex over isn’t tough for them. But killing time while shooting for a film can prove to be quite testing.

So what did Akshay Kumar and Deepika Padukone do when they were in China and not shooting? “They went bowling,” informs director Nikhil Advani, “In the hotel that we stayed there was this little bowling alley, and we were constantly at it when not shooting, especially Akshay and Deepika.”

While Akki obviously bowled over more pins than anyone else in the group, Deepika, too, wasn’t too bad at the sport herself. After all, she did manage a few martial art tricks for the movie also, remember?

But the bowling game, we believe is still on… It’s all carried forward till the next flick Akki and Deeps do together. Now here’s a bowling brawl that we’d like to keep score of !

For news in detail, do visit Bombay Times ePaper

Graffiti

Drew Barrymore shows off... (TOI,Mum,14Jan09,Pg9)

Drew showed off her pierced tounge at the Golden Globes red carpet on January 11. The acress was seen sporting a stud in the tounge on the red carpet. "I got it done about 6 months ago." said Drew.

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END OF THE DAY STATUS OF THE STOCK MARKET:

Sensex went up by 3.3 % today.

SENSEX: 9,370.5 (+3.3%) NIFTY: 2,835.3 (+3.3%)

DOWN..55.8 % from 21,26.77 the 52-week high of SENSEX

UP...........9.4 % from 12,514.02 the 52-week low of SENSEX

Investment & Wealth Creation Advice:

Please note that our advice is primarily for investors and not for speculators. Investors typically invest with 12-60 month investment perspective. You will therefore find that our advice does not change substantially from issue to issue.

We expect Sensex to come down to 7000-8000 level in the next few months. So, it is going to be a very good time for investments in good stocks.

Also, those who want to invest in realty in India should wait for some time as the flat and land prices are expected to come down substantially in the next 3-4 quarters.

Do consult your investment advisor before making any investment decisions.

Do not purchase shares of a good company at a wrong price. Also, do not purchase shares of a bad company even at a very low price.

Do not put all your eggs in one basket. Diversify your portfolio to de-risk. Do not put more than 33% of your investible funds in stocks or mutual funds. Do not invest in stocks, mutual funds or realty when their prices are quite high. From the high levels, these prices normally come down by about 40-50% and that is when many people lose their hard earned money in a big way.

Make sure that you are not one of those big losers. Make sure that you invest when prices are low and divest when prices are high. Please note that 2009 is going to be a great year for investing your money in stocks, mutual funds & realty in India.

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Disclaimer: Please make all your investments after taking expert advice. NRI.NewsIndia will not be responsible for losses, if any, incurred by you. Through NRI.NewsIndia, we are only making you aware of the investment opportunities in India at a broad level.

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Posted by NRI.NewsIndia at 11:55 PM

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