New Delhi: The government today cleared 11 new proposals to set up special economic zones, including those of Infosys and Wipro, reports PTI.
In its meeting here, the inter-ministerial Board of Approval (BoA) also approved India's largest stainless steel producer Jindal Stainless Ltd's (JSL) proposal to surrender its sector-specific SEZ in Orissa, commerce ministry additional secretary D K Mittal told PTI.
The board, headed by commerce secretary Rahul Khullar, also gave the nod to realty major Raheja Universal Ltd's request to surrender its SEZ in Maharashtra, Mr Mittal said.
Infosys Technologies' IT SEZ would come up in an area of 24.4 hectares in Karnataka, while Wipro Ltd got approval to set up two IT/ITeS tax-free enclaves over 19.4 and 29.9 hectares in the state, Mr Mittal added.
The BoA also gave the green signal to Jawaharlal Nehru Port Trust's port-based multi-product SEZ in Mumbai.
The Centre has also given additional time to 37 SEZ developers, including Wipro, Mahindra and Mahindra and Ansal SEZ Projects, to execute their projects, he said.
The BoA, however deferred a decision on formulation of norms for SEZ units engaged in recycling of plastic. At present, there is no specific provision in the SEZ Act for such units.
While the tax-free enclaves have emerged as major sources for attracting investment and increasing exports, entrepreneurs have expressed serious concerns over the DTC Bill introduced in the Lok Sabha last month, saying the proposed tax provisions would adversely impact employment and investment in SEZs.
The Export Promotion Council for EoUs and SEZs (EPCES) said that by altering the SEZ Act through the proposed Direct Taxes Code (DTC), the government is sending the wrong message to investors.
The Bill has proposed that only SEZs notified on or before 31 March, 2012, will get tax benefits. Furthermore, only those SEZ units that commence commercial operations by March, 2014, shall be allowed the profit-linked deductions permitted under the Income Tax Act, 1961.
Direct employment in SEZs has gone beyond 5.5 lakh people and investments have crossed Rs 1.66 lakh crore.
Exports from 114 operational SEZs in the last fiscal were valued at Rs2.20 lakh crore.
Religare MF launches Religare Fixed Maturity Plan-Series III-Plan A (12 months); L&T Mutual Fund unveils L&T FMP-I (September91D A); Pramerica MF introduces Pramerica Ultra Short Term Bond Fund; Birla Sun Life MF announces dividend under Birla Sun Life Tax Plan; Max Bupa Health Insurance releases 'Health Pulse 2010'
Religare MF launches Religare Fixed Maturity Plan-Series III-Plan A (12 months)
Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series III-Plan A (12 months), a close-ended debt scheme. The plan offers growth and dividend payout. The investment objective of the plan, under the scheme, is to generate income by investing in debt and money market instruments maturing in line with the duration of the scheme. The scheme opened on 14th September and closes on 20th September. The new fund offer (NFO) price is Rs10 per unit. The exit load for the scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore. The benchmark index for the scheme is Crisil Short-Term Bond Fund Index.
L&T Mutual Fund unveils L&T FMP-I (September91D A)
L&T Mutual Fund has launched L&T FMP-I (September91D A), a close-ended income scheme. The investment objective of the plan, under the scheme, is to achieve growth of capital by investing in debt/fixed income securities maturing on or before the maturity of the plan. The plan offers growth and dividend (payout) option. The exit load for the plan is nil. The new fund offer (NFO) price is Rs10 per unit. The scheme opened on 15th September and will close on 20th September. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore. The benchmark index for the plan is Crisil Liquid Fund Index.
Pramerica MF introduces Pramerica Ultra Short Term Bond Fund
Pramerica Mutual Fund has launched Pramerica Ultra Short Term Bond Fund, an open-ended debt scheme. The investment objective of the scheme is to provide reasonable returns and high degree of liquidity by investing in debt and money market instruments. The scheme offers two options-growth and dividend. The new fund offer (NFO) price is Rs10 per unit. The NFO opens on 16th September and will close on 23rd September. The minimum investment amount is Rs5,000. The exit load for the scheme is nil. The minimum target amount is Rs1 crore. The scheme will be benchmarked against Crisil Liquid Fund Index.
Birla Sun Life MF announces dividend under Birla Sun Life Tax Plan
Birla Sun Life Mutual Fund has declared dividend under its scheme - Birla Sun Life Tax Plan. The quantum of dividend decided for distribution under the scheme is Rs2 per unit. The record date for distribution of dividend is 17th September. Birla Sun Life Tax Plan is an open ended ELSS scheme. The investment objective of the scheme is to achieve long-term growth of capital along with income tax relief for investment. The scheme is benchmarked against BSE Sensex.
Max Bupa Health Insurance releases 'Health Pulse 2010'
Max Bupa Health Insurance has released Bupa Health Plus 2010 international survey, highlighting the international insights of 'ageing' globally. The report is launched in 12 countries and talks about various health related observations. The first part of this series, 'Ageing', reveals that youth in India, between 18-24 years of age, fear heart diseases most in old age (25%), followed by diabetes (24%) and cancer (16%). In the other countries where the survey was conducted, namely Germany, France, Mexico, Australia, United Kingdom, Brazil, China, United States, Spain, Italy and Russia, cancer and dementia generate the greatest levels of public anxiety (34% and 23% of respondents respectively). The report also reveals that people across the globe continue to feel 'young at heart' even when they are in their 70s and 80s.
Bharti’s net additions of 2 million trailed Vodafone, BSNL, and even new entrant Uninor
This has been one of the worst performances ever for Bharti. It has reported its lowest-ever net additions since June 2007. With its net additions lower than Vodafone, BSNL and Uninor, it is possible that it could drop to number 6 in terms of net additions in August (if press reports saying Tata Teleservices added 2.1 million are correct and if Reliance Communications maintains its July 2010 rate). It is possible that Uninor is eating into Bharti's market share.
What is interesting is excluding Reliance Communications and Tata, overall GSM additions were 13.5 million in August 2010, which is much higher than 11.5 million in July - and especially significant because from April to July, subscriber additions have been in the 11-12 million range. This makes August a breakout month.
Details of net additions (month-on-month)
-Bharti: 2 million versus 2.6 million
-Vodafone: 2.3 million versus 2.4 million
-Uninor: 2.22 million versus 850,000
-Idea: 1.99 million versus 1.86 million
The most surprising performer has been Uninor. With its 2.2 million net additions, its total subscriber base is up 32% m-o-m to 9.1 million and this after being present in only 13 out of 22 circles. Kotak said in a note today, "Uninor possibly benefited from its increasing understanding of the Indian consumer (reflected in simpler pricing plans of late as compared to initial launch plans) as well as increasing network coverage in the 13 circles."
The subscriber base in Jammu & Kashmir continues to decline with more stringent know-your-customer norms. Since similar norms are being imposed on Assam and North-Eastern circles, the base in these areas could very well get affected in the coming months.
Bharti still leads with 141 million subscribers (30% market share). The subscribers and market share data for the rest is as follows:
In terms of market share of net additions in August, Vodafone and BSNL lead with 17% each, followed by Uninor at 16%, trailed by Bharti at 15%, Idea at 14% and Aircel at 12%.