Financial Planning
India allows QFIs to invest up to $1 billion in corporate debts

Residents of Financial Action Task Force member countries, Gulf Cooperation Council and European Commission will also be considered as qualified foreign investors

New Delhi: In order to attract foreign funds, the Indian government on Tuesday allowed individual overseas investors also called Qualified Foreign Investors (QFIs) to invest up to $1 billion in debts and corporate bond market, reports PTI.

The government also expanded the ambit of QFIs to include residents of FATF (Financial Action Task Force) member countries and those from Gulf Cooperation Council (GCC) and European Commission (EC).

"A separate sub-limit of $1 billion has been created for QFI investment in corporate bonds and mutual fund debt schemes," a Finance Ministry official said.

As of now, foreign investors were allowed to invest $20 billion in the country's corporate bond market. With this the ceiling will increase to $21 billion.

"We are looking at 6-14 months to see the optimisation of QFI inflows," Thomas Mathew, Joint Secretary (Capital Market Division) in the ministry said.


EIH Q4 net profit falls 33% to Rs45 crore

EIH, the owner of Oberoi brand of hotels and resorts, reported an 89.7% increase in its full year net profit at Rs122.42 crore

New Delhi: EIH Ltd, which operates hotels and resorts under Oberoi brand, on Tuesday posted 32.7% decline in the net profit for the fourth quarter ended March 2012 to Rs 45.13 crore, reports PTI.

The company's net profit for the three months ended March 2011 was Rs67.06 crore, it said in a filing to the BSE.

The decline in net profit during the quarter under review was mainly due to 'other income' of Rs93.31 crore, which it had in the year ago-period. In the fourth quarter of FY12, the company's other income stood at Rs2.72 crore.

EIH further said its total expenditure in the quarter under review increased to Rs261.63 crore, compared to Rs252.20 crore in the fourth quarter of 2010-11.

Net sales during the quarter under review increased 1.1% to Rs319.60 crore, against Rs316.13 crore in the fourth quarter of 2011-12, the company said.

The firm's net profit for the year ended March 2012 grew 89.7% to Rs122.42 crore, from Rs64.54 crore in 2010-11. Its net sales for the year increased 7.2% to Rs1,101.79 crore, against Rs1,027.50 crore in 2010-11.

The company's board of directors have recommended dividend of Rs1.10 per share.

EIH shares were trading at Rs77 per share, down 0.52% from the previous close on the BSE.


EC not to intervene with regard to Jagan's arrest

The Commission is not in a position to do anything in this regard as the matter was sub- judice and a legal process was on

New Delhi: The Election Commission is understood to have decided not to intervene in the matter concerning the arrest of YSR Congress chief Jaganmohan Reddy, whose mother has sought his release in view of the coming bypolls in Andhra Pradesh, reports PTI.

The three-member Election Commission met on Tuesday under the chairmanship of Chief Election Commissioner Dr SY Quraishi and discussed the letter from YS Vijayalakshmi, YSR Congress honorary president, seeking a direction from the Commission for her son's release.

Top sources in the EC said the Commission was not in a position to do anything in this regard as the matter was sub- judice and a legal process was on.

The Commission will make clear its position in a communication to Vijayalakshmi, they said.

Jagan was arrested by CBI in a disproportionate assets case on Sunday and was lodged in a Hyderabad jail yesterday after a court remanded him in judicial custory for 14 days.

Against this backdrop, Vijayalakshmi had written to the CEC pleading for his release so that Jagan could campaign in the 12th June bypolls to 18 assembly constituencies and one Lok Sabha seat in Andhra Pradesh.

The party had also decided yesterday that she would lead the campaign in Jagan's absence.

Urging for conduct of free and fair elections, Vijayalakshmi had said, "I am writing this letter with great hope that you would kindly intervene (in the matter)...

"CBI arrested him (Jagan) on 27th May, just 15 days before the by-elections...This is part of a larger conspiracy to deprive his participation in the elections with the sole objective of helping the ruling Congress candidates."


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