Sensex opens 155 pts down on profit-booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by almost 155 points in the opening trade today, amid profit-booking and a weak trend in the Asian region.

The 30-share barometer that had shed 46.67 points in the yesterday session, declined further by 154.38 points or 0.77 per cent to 19,780.26 points today, with all the sectoral indices trading in negative zone.

Similarly, the wide-based National Stock Exchange index Nifty also lost by 35.25 points or 0.58 per cent to trade at 5,941.30 level.

Stock brokers said weakening trend on the other Asian bourses and fears of a fuel hike after crude oil prices soared to a 26-month high in global markets, dampened the trading sentiments.

In Asia, Hong Kong's Hang Seng index was trading 0.79 per cent low, while Japan's Nikkei was marginally up by 0.81 per cent in the early trade today.

In the US, the Dow Jones Industrial Average ended 0.03 points down in the yesterday's trade.

Read more: Sensex opens 155 pts down on profit-booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-opens-155-pts-down-on-profit-booking/articleshow/7063617.cms#ixzz17UZLgnZK

Direct tax kitty up 18% in April-Nov 2010

NEW DELHI: Direct tax collection in the first eight months of this fiscal registered an 18% growth over the same period last year with net receipts at Rs 2,16,628 crore. The major boost came from the robust industry performance with the corporate taxes showing an increase of more than 22%.

In the April-November period, net direct tax collection stood at Rs 2,16,628 crore as against Rs 1,83,822 crore of the same period last fiscal, showing a growth of 17.8%. It has crossed 50% of the Budget estimates of Rs 4,30,000 crore for 2010-11.

The corporate I-T collection was 22.3% higher for the April-November period at Rs 1,38,461 crore as against Rs 1,13,210 crore in last year. The growth in personal I-T, including STT, and residual FBT/BCTT, was 10.7%. The net collection in this bracket was Rs 77,768 crore as against Rs 70,278 crore last year.

Growth of Securities Transaction Tax turned positive for the first time during the fiscal at 0.5% at Rs 4,373 crore against Rs 4,349 crore last year. Direct taxes, now a major resource provider to the central government, have grown at an average annual rate of 24% in the last five years and have nearly trebled from Rs 1,32,771 crore in 2004-05 to about Rs 3,78,000 crore in 2009-10, increasing its share from 4.1% to 6.1% of the GDP.

FM Pranab Mukherjee had asked CBDT to exceed the budget target to compensate for the low collection on the indirect taxes front.

He had said the department must look beyond big cities and widen the tax base in smaller towns and cities.

Read more: Direct tax kitty up 18% in April-Nov - The Times of India http://timesofindia.indiatimes.com/business/india-business/Direct-tax-kitty-up-18-in-April-Nov/articleshow/7062470.cms#ixzz17UZWjIoR

Coming up in Bandra's Palli Hill: Anil Ambani's new house

Mukesh Ambani’s Altamount Road residence, Antillia , billed as the world’s most expensive family home, will soon have competition. Its rival, and this should be easy to guess, is being built by his younger brother, Anil.

Just a few months back, as Mukesh and Nita Ambani’s Rs 4,500-crore dream home was getting its finishing touches, construction began on Anil and Tina Ambani’s new house at Bandra’s Pali Hill. The work, as the picture here shows, has since progressed and reached the plinth level.

Ravi Muthreja, spokesperson for the Anil Ambani-controlled Anil Dhirubhai Ambani Group Group (ADAG), confirmed that the plot on the Nargis Dutt road will house a residence for Anil Ambani and his family. Muthreja, however, refused to share any details of the project. A questionnaire sent to his office remained unanswered.

Members of the Pali Hill Residents Association (PHRA), who are opposing the project, however, revealed that the Ambanis have got permission to build a 66-metre tall structure and applications have been moved to raise the height to 150 metres.

Antillia, for record, towers over almost all of south Mumbai at 170 metres and has Mukesh’s personal library on the top floor. If Anil’s new house gets the clearance for 150 metres, it would dwarf everything in its sight in Bandra.

A senior officer from the Buildings Proposal Department of BMC , who did not wish to be identified, confirmed that his office has received a proposal from the Ambanis for a residential building in Bandra. "It’s a preliminary proposal. I would not like to comment on the proposed or sanctioned height of the building," he added.

The 1537 sq mt plot where the Ambani house is being built was home to a bungalow of Bombay Suburban Electricity Supply company’s (BSES) chairman. In early 2000, when Reliance gained control of BSES, the spacious bungalow came into its ownership.

Subsequently, in 2005 when the brothers split, Anil got the power business and with it this quaint bungalow on Pali Hill.

Anil currently stays with his wife, sons and mother at the 17-storeyed Sea Wind building at Cuffe Parade.
The Pali Hill Residents Association, meawhile, are building up their case to oppose any move to allow Anil’s house to rise to 150 metres. "There is water reservoir that supplies to almost all of Bandra and Khar adjacent to this plot. The new building will also be in the flight path of planes taking off and landing at the airport," said Madhu Poplai, secretary, PHRA.

The residents association is also raising questions about the plot’s ownership. "After Reliance Energy acquired BSES and plot came into their possession, the land was sold to Kunj Bihari Developers, whose main officials, including the directors, were employees with Reliance Infrastructure . This huge plot was sold to Kunj Bihari Developers for just Rs 43 lakhs," PHRA chairman Amitav Shukla said.

Muthreja, however, dismissed all of PHRA’s reservations. "There are so many highrises in the area, we do not know where are these objections coming from," he said.

ET