Jharkhand state cabinet is accused of approving two mega projects in road and power transmission sectors without engaging the finance department of the state government. The cabinet is said to have cleared a proposal from the road department for construction of the Rs 3,000 crore Ranchi-Bokaro Expressway. Also, it is said to have appr
Category: Infrastructure Finance
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Govt to disclose final draft of GAAR in 10 days
The draft rules on general anti-avoidance rules (GAAR) prepared by an expert committee chaired by Parthasarathi Shome is sent to the prime minister and a final decision would be taken in 10 days. This information was given by Finance Minister P Chidambaram. The Shome committee suggested that the controversial rules be deferred until 2016-17 and that safeguards be put in place to ensure that taxpayers are not harassed by the rules that seek to deny tax bene
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Minister hopes to get revenue to control deficit
Speaking to reporters after a meeting of the Group of Ministers (GoM), Finance Minister P Chidambaram expressed hope of getting revenues from somewhere to control fiscal deficit within 5.3 percent of GDP. He remarked that there is still some time left in this financial year for carrying out disinvestment and auctioning of spectrum in the unbid
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JICA agrees to lend Rs 200 bn for mega corridor project
Japan International Cooperation Agency (JICA) agreed to lend JPY 295 billion (about Rs 20,000 crore) for the two routes in the proposed Dedicated Freight Corridor (DFC
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WBHIDCO to allot vacant land
As part of its second phase development of the proposed financial hub at New Town near Kolkata, the West Bengal Housing Infrastructure Development Corporation (WBHIDCO) plans to allot six vacant plots totalling around 2.5 acre of land. The plots would be allotted on a lease-hold basis (for 99 years) and the cor
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Corporate bond issue declines sharply
Fresh bond issuance by companies has dwindled sharply in the last few months because issuers are delaying their fund raising plan expecting Reserve Bank of India (RBI) to cut policy rate going forward.Also, expectation of tax-free bonds flooding the markets from November has also reduced fresh issuance by companie
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Net profit, sales decline for ABG Shipyard
Net profit of ABG Shipyard declined more than 32 percent to Rs 32.8 crore during the quarter ending September 30, 2012 from Rs 48.4 crore in the year-ago period. Net sales of the private sector shipbuilder also declined to Rs 543.6 crore during the reporting period from Rs 571.6 crore in the year-ago period.
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Bank to raise corporate business
Bank of Maharashtra aims to increase the share of corporate sector in its overall business to 50 per cent this financial year from the current 42 per cent
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Earnings of banks came under pressure in FY12
Key earnings parameters of scheduled commercial banks (SCBs) came under pressure during 2011-12 because of slowdown in the
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Large funds must be attracted to bonds
A committee appointed by Reserve Bank of India (RBI) said called for encouraging large institutional investors such as pension funds, provident funds, insurance companies, etc. to invest in bonds floated by bank