The move is a part of the BSE's efforts to attract more business from brokers operating from areas other than big cities like Mumbai, Delhi and Ahmedabad
Mumbai: Taking its price war with main rival National Stock Exchange (NSE) up a notch, the Bombay Stock Exchange (BSE) has announced the waiver of all transaction charges for brokers from semi-urban areas with effect from next month, reports PTI.
The move is a part of the BSE's efforts to attract more business from brokers operating from areas other than big cities like Mumbai, Delhi and Ahmedabad.
In a circular to its members, the BSE said that "transaction charges accruing to BSE, equivalent to annual connectivity costs of the member pertaining to BSE will be waived off for semi-urban areas with effect from 1 March 2011."
The transaction charges will be waived for trading in any segment of the BSE, the bourse said.
"Semi-urban areas are defined as towns falling outside the municipal limits of Mumbai (including Thane and Navi Mumbai), New Delhi (including Delhi, Noida and Gurgaon), Kolkata, Chennai, Ahmedabad, Hyderabad (including Secunderabad) and Bangalore," the BSE said.
The NSE had in May last year decided to waive the transaction charges for brokers engaged in the cash and derivative segments through leased lines from rural and semi-urban areas. Prior to the waiver, the brokers were paying Rs1 lakh per year for these transactions.
The BSE has been in existence for over 135 years, making it the oldest bourse in Asia, but its business volumes are much lower than the NSE, which began operations in 1994. The NSE overtook the BSE to become the country's largest stock exchange in 1995.
The factors helping the NSE maintain its lead include a low-cost structure due to the use of the latest technology.
Nevertheless, the BSE has been trying to bridge this gap over the past few years.
Some of the steps taken by BSE on this front include the announcement of new derivative rates in December 2009, lowering transaction costs, and increasing the duration of trade by kicking off at 9 am. The NSE has also implemented this strategy of an early market opening time.
In India, the transaction cost for exporters is around 7%-8% of the total value of the cargo, which is among the highest in the world
New Delhi: The government today announced a slew of measures, including round-the-clock customs clearance at eight ports in the country, with the aim of bringing down transaction costs on exports by Rs2,100 crore, reports PTI.
"It is expected that implementation of the 23 issues is likely to mitigate transaction costs by approximately Rs2,100 crore," minister of state for commerce and industry Jyotiraditya Scindia said here.
The government expects that a permanent reduction in transaction costs through these initiatives will have a long-term positive impact on the competitiveness of India's exports.
Reducing transaction costs should be an "ongoing task", said finance minister Pranab Mukherjee while releasing the report of a 'Task Force on Transaction Cost in Exports'.
In India, the transaction cost for exporters is around 7%-8% of the total value of the cargo, which is among the highest in the world.
India's exports rose by 36.4% y-o-y to $22.5 billion in December, 2010, the highest growth rate in the last 33 months.
During the April-December period of the current fiscal, India's outbound shipments grew by 29.5% to $164.7 billion from $127.1 billion in the same period last year.
The healthcare major is considering setting up a Real Estate Investment Trust (REIT) and listing it in Singapore, Fortis Healthcare chief financial officer Yogesh Sareen said
Mumbai: Fortis Healthcare today reported a 58.69% jump in net profit for the third quarter ended 31 December 2010, to Rs34.5 crore from Rs21.74 crore for the October-December quarter of the last fiscal, the company said in a filing to the Bombay Stock Exchange.
Total income of the company grew to Rs371.43 crore in the third quarter of FY'11 from Rs 232.48 crore in the corresponding three-month period a year ago, a growth of 60%, reports PTI.
"The company's financial performance in the last quarter has been outstanding and the robust results bear testimony to the ever-growing equity of the Fortis brand," Fortis Healthcare MD Shivinder M Singh said.
"Operating margins on like-to-like basis were at 16.4%. However, including the start up losses on account of the three green field ventures commissioned during September 2010, operating EBIDTA stood at Rs 53.9 crore, up 51% reflecting margins of 14.5%," the company added.
The healthcare major is considering setting up a Real Estate Investment Trust (REIT) and listing it in Singapore, chief financial officer Yogesh Sareen told reporters on Tuesday.
The company is one of India's leading healthcare services providers with a network of 53 hospitals and a capacity of over 8,000 beds.
Cheering the third quarter numbers, shares of the company jumped 4.32% to Rs 146 in morning trade on the BSE today.