Germany to double no. of Indian visitors by 2015

STAFF WRITER 19:41 HRS IST

Chennai, Feb 1 (PTI) Germany is aiming to double by 2015 the number of Indian tourists visiting the country, said a government official at a road show here today.

According to German National Tourist Board Director (Regional and Destinations management) Horst Lommatzsch,Indian tourist traffic to Germany during January-November 2010 grew by 26.1 per cent to 4.20 lakh compared to the previous year.

"We want to double this (visit of Indian tourists to Germany) by 2015," he said.

General National Tourist Office (Marketing and Sales) Director Romit Theophilus said investments of Euro 200,000 have already been made for joint marketing activities with tour operators to further promote Germany.

He said the 125th Anniversary of the founder of the Benz in 1886 is proposed to be celebrated for 125 days.

"This will attract Indian auto-lovers.

Inflation impact: Govt may hike tax exemption limit

STAFF WRITER 17:44 HRS IST

New Delhi, Feb 1 (PTI) Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals.

"Finance Minister Pranab Mukherjee is alive to the price situation and its impact on the common man," sources said, adding he would favourably consider the issue of hiking tax exemption limit.

Moreover, they said, as the government is committed to raise the income tax exemption limit from Rs 1.6 lakh per annum to Rs 2 lakh in line with the Direct Taxes Code (DTC) in 2012-13, tax payers could expect at least some relief in the upcoming Budget on February 28.

"The finance ministry would keep in mind the high inflation in the Budget. Since there is no dearness allowance for a vast section of the society, hike in income tax exemption limit is likely," a source told PTI.

Sensex gains 220 points in opening trade

MUMBAI: The Sensex gained nearly 220 points in opening trade on the Bombay Stock Exchange (BSE) on Wednesday amid a firming trend overseas.

The 30-share index of the Bombay Stock Exchange surged by 219.18 points, or 1.21 per cent, to 18,241.40 within the first few minutes of trade, with oil and gas, realty and banking stocks leading the pack.

The blue-chip barometer has lost over 1,130 points in the past five sessions and closed at its lowest level in five months on Tuesday at 18,022.22.

Similarly, the broad-based National Stock Exchange Nifty index also moved up by 61.75 points, or nearly 1.1 per cent, to 5,478.95 points on Wednesday.

Brokers said the investor sentiment was boosted by aggressive buying by funds on the back of overnight gains in the US market and a firming trend on other Asian bourses.

Shares of Bharti Airtel were trading higher at Rs 324.10 despite the company's announcement of a 41 per cent dip in third quarter net profit to Rs 1,303.3 crore, compared to Rs 2,194.9 crore in the same quarter a year ago.

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Rupee up 19 paise to Rs 45.56 in early trade

MUMBAI: The rupee gained 19 paise to Rs 45.56 against the US dollar in early trade at the Interbank Foreign Exchange on Wednesday, supported by a higher opening in the stock market and weakness of the American currency against the euro.

The rupee had appreciated by 15 paise to close at Rs 45.75/76 against the US currency on Tuesday on the back of fresh dollar-selling by exporters, even as the equity market experienced sharp losses.

Dealers said that in addition to dollar weakness against other currency rivals overseas, a higher opening in the stock market on Wednesday boosted the rupee sentiment.

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Sensex hits five month low

Mumbai: The sensex is off the days low and is currently down 198 points at 18197.

Earlier the Sensex touched its lowest in over 5 months at 18,038 in morning trades as Asian markets fell. Worries about the Egyptian turmoil spreading to other Middle Eastern countries dragged bourses as investors tried to avoid riskier assets

Similarly, the NSE 50-share Nifty was also down by 57.30 points, or 1.04 per cent, at 5,454.85 at 10.15am.

BSE Midcap Index was down 1.20 per cent and BSE Smallcap Index moved 1.19 per cent lower.

HDFC (-4.10%), Jaiprakash Associates (-3.54%), Bharti Airtel (-3.19%), Sterlite Industries (-2.67%) and TCS (-2.61%) were the top Sensex losers.

ONGC (6.69%), Reliance Industries (1.47%), BHEL (1.15%), HUL (0.75%) and Wipro (0.31%) were amongst the top gainers.

Market breadth was negative on the BSE with 1745 declines against 916 advances.

Crude oil extended Friday's rally over concerns that the unrest in Egypt would spread to crude-producing countries in the Middle East, hitting supplies.

Stock markets across Asia were in the red in early trade on Monday after riots in Egypt prompted a sell-off in risky assets over concerns that the trouble could spread to other Middle East countries.

The benchmark indices in Hong Kong, Indonesia, Japan, South Korea and Singapore were down by up to 2.77 per cent. However, China's Shanghai Composite index was a notable exception and was trading 1 per cent higher.