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Services PMI falls for third straight month in April

May 6, 2013 by sknlakshmi

(Reuters) - Indian services growth eased dramatically during April as new orders came in at a much slower pace, prompting firms to rein in hiring plans, a business survey showed on Monday.

The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 last month, its lowest since October 2011 and the weakest reading in the current expansion cycle. The index had stood at 51.4 in March.

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Asian nations say ready to act on asset bubbles

May 4, 2013 by sknlakshmi

(Reuters) - Asian nations must be on guard against excessive risk taking and asset bubbles fed by central bank efforts to boost economic growth, major regional economies including Japan and China said on Friday.

Central banks in countries including Japan, the United States and Britain have been pumping out cheap money which has driven investors to seek higher returns in emerging economies around the world, driving up asset prices.

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Factory output growth weakest in over four year, RBI rate cut seen

May 2, 2013 by sknlakshmi

(Reuters) - India's factories lost momentum in April as output grew at its weakest pace in over four years, but a jump in export orders augured well for the coming months, a survey showed on Thursday.

The HSBC Manufacturing Purchasing Managers' Index (PMI), fell for the second straight month in April, dipping to 51.0 from 52.0 in March. The reading for April was the lowest since November 2011.

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Auto stocks will be focused on release of April sales Data

May 2, 2013 by sknlakshmi

Car maker Maruti Suzuki India's total sales fell 3.1% to 97,302 units in April 2013 over April 2012. The company's domestic sales rose 0.3% to 90,523 units in April 2013 over April 2012. Exports fell 33.3% to 6,779 units in April 2013 over April 2012. The company announced its sales figures on Wednesday, 1 May 2013.

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Subsidy for phosphate and potash-based fertilisers cut

May 2, 2013 by sknlakshmi

(Reuters) - India on Wednesday decided to cut the subsidies on phosphate and potash-based fertilisers in the fiscal year that began in April in an effort to rein in its fiscal deficit.

The cut for the second year in a row will limit Indian fertiliser companies' ability to pass on falls in global fertiliser prices to local farmers and thereby stem any rebound in consumption of potash and phosphate based fertilisers which fell by nearly 30 percent last year.

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China factory PMI raises doubts about economy's strength

May 2, 2013 by sknlakshmi

(Reuters) - Growth in China's manufacturing sector unexpectedly slowed in April as new export orders fell, raising fresh doubts about the strength of the economy after a disappointing first quarter.

The official purchasing managers' index (PMI) fell to 50.6 in April from an 11-month high in March of 50.9. Analysts had expected the April PMI to be 51.0.

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India won't impose wealth tax on farm land

May 2, 2013 by sknlakshmi

(Reuters) - The government has no intention to impose a wealth tax on farm land, Finance Minister P. Chidambaram said in parliament on Tuesday, providing relief to farmers.

Earlier, the minister had proposed to impose 1 percent wealth tax on the value of farm land falling within an 8-kilometre radius of urban areas.

Farm income in India is exempted from payment of income tax.

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Central bank stimulus hopes lifts European shares

May 2, 2013 by sknlakshmi

(Reuters) - Europe's share markets firmed and the common currency slipped on Tuesday as a sharp fall in euro zone inflation and rising unemployment bolstered expectations of an interest rate cut by the European Central Bank this week.

However, the euro's falls against the dollar were capped by rising speculation that soft U.S. economic data may persuade the Federal Reserve, which starts a two-day policy meeting later in the day, to stick with its aggressive stimulus plan for longer.

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China's 4G bonanza to shake up mobile gear vendor market

April 29, 2013 by sknlakshmi

(Reuters) - Chinese telecom operators will start awarding contracts for super-fast mobile networks this year, kicking off the third wave of a global investment cycle that is reshaping the competitive landscape among telecom equipment makers.

China, the world's biggest mobile market with 1.1 billion subscribers, is likely to further alter the picture at the expense of European suppliers by giving a huge boost to Huawei and its smaller Chinese rival ZTE.

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India says 27 firms underpaid tax in share transfers in last fiscal year

April 27, 2013 by sknlakshmi

REUTERS - India said 27 companies, including the local units of HSBC (HSBA.L), Standard Chartered (STAN.L) and Vodafone (VOD.L), underpaid taxes in the last fiscal year after they sold shares to their overseas arms too cheaply.

Finance Minister P. Chidambaram named the companies in a written reply on Friday to a lawmaker's question about which companies were in conflict with the tax department over transfer pricing issues.

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