Bonds, Currencies & Commodities
India Inc mops up $2.34 billion in February via ECBs, FCCBs

The sharp decline in fund raising activities came against the backdrop of uncertain economic conditions and slowing domestic growth

Indian companies seem to be losing their appetite for foreign funds as they mopped up just $2.34 billion from overseas markets in February, nearly one-third lower than the amount mopped up in the previous month.

 

The sharp decline in fund raising activities came against the backdrop of uncertain economic conditions and slowing domestic growth.

 

In January, India Inc raised $3.51 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).

 

Of the total 66 companies which raised money from overseas market during February, 58 firms raised over $1 billion through the automatic route that does not require approval from the Reserve Bank of (RBI) India or the government, a RBI data showed.

 

Besides, eight companies raised around $1.26 billion through ECBs under the approval route.

 

The country’s largest private sector company Reliance Industries raised $800 million to finance its rupee expenditure, while Power Finance Corporation mopped up $250 million for on-lending or sub-lending.

 

State-owned NTPC raised $250 million for financing power projects, while IDFC garnered $100 million for sub-lending.

 

Besides, Gitanjali Gems raised $200 million by way of FCCBs for its new projects.

 

Most of the developed world, especially the 17-nation Eurozone combine, continues to grapple with debt crisis. The gloomy scenario has forced many of these developed countries to embrace easy money (low interest rate) policy, which in turn is considered to be a key factor in fuelling high inflationary trends in emerging markets, including India.

 

To tackle rising inflation, some of the central banks in emerging economies are adopting high interest rate regime that is also making funding costlier compared to the developed world.

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I-T dept slams Rs2,000 crore notice on Nokia for tax violation

The I-T department had on 8th January conducted a survey operation at Nokia’s Sriperumpudur factory and said it had found prima facie defaults in TDS deductions on royalty payments made by the plant to its parent company

The Income Tax (I-T) department has slapped a Rs2,000 crore notice on Finnish mobile firm Nokia for alleged tax violation.


Earlier in January multi-national audit firm PricewaterhouseCoopers (PWC), auditors for Nokia India, was summoned by the I-T department to appear before it in connection with the alleged tax default by the Finnish handset maker’s plant in Tamil Nadu.
 

The I-T department had on 8th January conducted a survey operation at Nokia’s Sriperumpudur factory and said it had found prima facie defaults in TDS deductions on royalty payments made by the plant to its parent company. Nokia India had already said it was fully cooperating with the I-T department to ensure officials get the necessary information.

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Sanjay Dutt not to seek pardon; says he will surrender in time

The actor, who has been handed down five years imprisonment by the Supreme Court in the 1993 Mumbai serial blasts case, said he had the highest respect for the apex court and will abide by all terms and conditions put forth by it

Bollywood actor Sanjay Dutt, who has been ordered by the Supreme Court to return to jail to complete a five year sentence in the 1993 Mumbai blasts case, today said he has not sought any pardon and will surrender in time.

 

Amid a growing cry for his clemency, 53-year-old actor said, “All I can tell you is I have not applied for pardon. There are many other people who deserve pardon. I want to tell with folded hands to the media, the honourable citizens of the country that when I am not going for pardon then there can be no debate about it.” Dutt broke down during his interaction with the press in Mumbai on Thursday.
 

The actor, who has been handed down five years imprisonment by the Supreme Court in the 1993 Mumbai serial blasts case, said he had the highest respect for the apex court and will abide by all terms and conditions put forth by it.
 

“The Supreme Court has given me time to surrender and I will surrender in that time,” he said as sister and MP Priya Dutt comforted him.
 

As Dutt has already served 18 months in jail, he would have to undergo the imprisonment for three-and-a-half-years. The apex court has given him four-week time to surrender.

“I am shattered and this is the tough time in my life. With folded hands I request the media and citizens let me be at peace,” he said. Several noted personalities including Press Council of India chairman Markandey Katju actor-turned-politicians Jaya Bachchan and Shatrughan Sinha had sought pardon for Sanjay Dutt.

When pointed out that Dutt will not seek clemency, Katju, however, said he will go ahead and apply for his pardon. Katju had said Dutt should be pardoned under Article 161 of the Constitution as he had not been found guilty of having played a role in the 1993 blasts and had suffered a lot.


Asked about Dutt’s stand, Congress spokesperson Rashid Alvi said that the party does not comment on judicial matters. Expelled Samajwadi Party leader Amar Singh and Rampur Lok Sabha MP Jayaprada had on 26th March met Maharashtra governor K Sankaranarayanan here and sought clemency for the actor.
 

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