Thursday, July 29, 2010

HDFC’s first quarter net profit up 33.9 per cent

HDFC’s first quarter net profit up 33.9 per cent
New Delhi, July 19: India’s second largest private lender HDFC Bank Monday reported a 33.9 percent rise in net profit at Rs. 811.7 crore for the first quarter of this fiscal as against 606.1 crore in the like period of 2009-10. The bank’s total income increased by 4.34 percent to Rs. 5,360 crore compared to Rs. 5,136 crore in the previous corresponding period. Interest income of the bank grew by 29.4 percent to 2,401.1 crore and non-interest income also grew to Rs.939.9 crore. HDFC’s current account saving account (CASA) deposits registered a growth of 37 percent, with saving account deposits at Rs.53,869 crore and current account deposits at 36,169 crore. The listed bank’s capital adequacy ratio (CAR) increased to 16.3 percent from 15.4 percent a year ago, as under the new regulatory norm, only annual net profit has to be factored in to determine the CAR. The bank’s operating expenses for the quarter ended June 30, 2010 went up 15.4 percent to Rs. 1,592.3 crore. The bank has reduced its gross and net non-performing assets (NPAs) to 1.2 percent and 0.3 percent respectively in April-June 2010 from 2.1 percent and 0.6 percent in the year-ago period. (IANS)

Tuesday, July 27, 2010

Exemption limit for luxury tax on hotel rooms hiked

Exemption limit for luxury tax on hotel rooms hiked

New Delhi, July 26: The Delhi government on Monday decided to hike the exemption limit on luxury tax on hotel rooms from Rs 500 to Rs 1,000. This will help budget travellers to the national capital during the Commonwealth Games in October. “In view of increase in the cost index of various services, it was thought to hike the threshold limit of luxury tax from Rs 500 to Rs 1,000 or more per day,” a government official said. Delhi Chief Minister Shiela Dikshit said the luxury tax on hotels has also been decreased from 12.5 per cent to 10 per cent. The step is part of an amendment in clause-I of section 2 of the Delhi Tax on Luxuries Act, 1996, which provides for levy of luxury tax on charges for accommodation and other services provided in a hotel room. Dikshit said the Amenment Bill will be introduced in the August 17-23 session of the Assembly. “The decision has been taken in view of the October 3-14 Commonwealth Games and on requests,” she added. (IANS)

Uproar over price rise stalls Parliament

Uproar over price rise stalls Parliament


New Delhi, July 27: Pandemonium reigned in parliament on Tuesday - the first working day of the monsoon session - as a united opposition vociferously demanded an immediate discussion on rising prices followed by a vote, leading to repeated disruptions and finally adjournments of both houses.
As the government ruled out the voting on the spiralling prices of essential commodities, opposition MPs refused to let the houses function.
As soon as members in the two houses assembled at 11 a.m., opposition MPs shouted slogans, stalling proceedings as they gave vent to their anger on the issue.
Members of the Samajwadi Party and the Rashtriya Janata Dal RJD, which support the government from the outside, joined the Bharatiya Janata Party (BJP) in demanding a discussion on the hike in prices of kerosene and cooking gas.
Leader of Opposition in the Lok Sabha Sushma Swaraj urged Speaker Meira Kumar to “set aside all the business and accept our adjournment motions and allow a discussion over rising prices, followed by a vote”.
Swaraj said the June 26 hike in kerosene and cooking gas prices had “disturbed the budget of the common man”.
The entire opposition, she said, had come together to demand a discussion on the issue and pointed out that some allies of the ruling United Progressive Alliance (UPA) have joined them.
BJP MPs, joined by members of other parties like the Left, walked up to the speaker’s podium shouting anti-government slogans like “Jo sarkar nikammi hai, woh sarkar badalni hai (The government that is inefficient needs to be changed)”.
The house was first adjourned till 12 noon but the protests continued after the house resumed.
In the melee, the speaker ordered papers listed for the day to be laid and asked Petroleum Minister Murli Deora to make a statement on the prices of petroleum products.
Deora defended the increase in fuel prices, saying the rise was “minimal” and such a decision was needed to improve the financial health of the oil marketing companies.
As he was unable to read out the statement amid the noise, Meira Kumar adjourned the house at 12.10 till 2 p.m.
As the members refused to relent after the house resumed at 2 p.m., the speaker was forced to call it a day.
The scenes in the Rajya Sabha were no different. It was chaos as the BJP and Left MPs did not heed Chairman Hamid Ansari’s repeated pleas to let house function.
Soon after new members took oath, opposition MPs were up on their feet.
The BJP-led National Democratic Alliance (NDA) was joined by the Samajwadi Party and AIADMK MPs in their protest. Ansari allowed Leader of the Opposition Arun Jaitley to speak but he could not as MPs protested noisily, forcing the chairman to adjourn the house till noon.
As the MPs reassembled, it was repetition of what had happened in the morning.
P.J. Kurien, who was in the chair, tried to pacify the members and asked ministers to lay the papers listed for the day. With the din continuing, Kurien adjourned the house for the day.
BJP leaders said the opposition was united over the price rise issue as the Left, the Samajwadi Party and other parties were with them.
“We are united. We want an adjournment motion and a vote on the issue,” BJP leader Gopinath Munde told IANS.
“We will bring the adjournment motion, we will not discuss anything else,” he said.
The Bahujan Samaj Party (BSP), which in the past has come to the rescue of the government by voting for it on crucial matters, also demanded a discussion and voting on the price rise.
The government has already ruled out the demand, saying that as per rules only matters of immediate and urgent attention can be allowed under an adjournment motion.
“This is disruption motion, it is not discussion motion,” senior Congress leader and Human Resource Development Minister Kapil Sibal told reporters.
Janata Dal-United (JD-U) leader Sharad Yadav said it was “strange” that government was not ready for a discussion.
He said the opposition was keen that Meira Kumar took an impartial view on its demand. “The entire country took part in the Bharat bandh against price rise,” he said, referring to the July 5 nationwide shutdown against the issue. “The fight will continue,” he vowed. (IANS)

Sensex rebounds by 57pts as RBI policy matches expectations

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Tuesday rose by over 57 points on buying in interest rate sensitive auto, realty and banking stocks as RBI steps matched with the street expectations.

The 30-share barometer closed 57.56 points higher at 18,077.61 points after an early range bound trade. Among the 30 BSE index components, 20 stocks closed with gains and nine ended with losses, while NTPC held unchanged.

Targetting to check the double digit inflation, RBI hiked its short-term lending and borrowing rate by 0.25 and 0.50 per cent respectively, which was well to expectation of the major market players, brokers said.

The bank also raised its projections for economic growth to 8.5 per cent this fiscal from the earlier estimate of 8 per cent, which further bolstered the market sentiment.

Banking stocks were in keen demand on expectations of better quarterly earnings. The BSE bankex rose by 0.69 per cent to 11,478.26 points after stocks of State Bank of India surged by Rs 26.15 to Rs 2,435, Punjab National Bank by Rs 14.35 to Rs 1,053.15 and HDFC Bank by Rs 13.65 to Rs 2,065.75.

ICICI Bank, Bank of India, Federal Bank, Kotak Mahindra Bank, Union Bank and Central Bank stocks also recorded handsome gains.

The broad-based National Stock Exchange index Nifty rose by 12 points to 5,430.60 points. The auto sector index gained the most by 2.44 per cent to close at 8,337.96 as Bajaj Auto surged by Rs 123.35 to Rs 2,649.95 and Hero Honda by Rs 53.85 to Rs 1,865.70. The realty sector index rose by 1.47 per cent to 3,461.25 as DLF, the biggest real estate developer, gained 2.06 per cent to Rs 319.50 on reports the domestic economic recovery firmly in place and strengthening.

A mixed pattern in the Asian region and higher opening in Europe this afternoon remained a positive factor for themarket throughout the later half.

TOI