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Nod for 49 SEZs in Haryana
Industrialists avoid Himachal’s core
Sinosteel plans mega investment
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Assocham positive on biotech
Market Update
Tax Advice
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Nod for 49 SEZs in Haryana
Chandigarh, May 6 “In all, the state had forwarded 72 proposals for setting up special economic zones (SEZs). Out of this, clearance has been received on 49, while the state is hopeful that the remaining 23 will also be cleared soon,” he said. It was further disclosed that a memorandum of understanding (MoU) had been signed between the IndianOil Corporation Limited and Haryana State Industrial Development Corporation for setting up a petro-chemical hub at Panipat. To be implemented in a phased manner, this first phase will be spread between 2007 and 2012 and second phase will start in 2013. It will be completed by 2016. According to Financial Commissioner and Principal Secretary, Industries Department, P K Chaudhry, HSIDC is developing four industrial model townships (IMTs) at Rohtak, Jagadhri, Faridabad and Kharkhoda. Besides, HSIDC is also developing 1,200 acres near Bawal. Haryana has already acquired land for the development of phase V industrial sector at IMT Manesar. Similarly, technology park in Panchkula was also being developed and HUDA had allotted 97 acres of land for this project. |
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Industrialists avoid Himachal’s core
Mandi, May 6 Talking to the Tribune on the sidelines of the two days long job mela that concluded here today, General Secretary, Baddi-Bartowala-Nalagarh Industries Association (BBNIA) Arun Rawat said: "Mandi region has a potential for the ago-based, hydro-based and herbal industries. Industries are ready to come but they first need logistics, infrastructure and access and easy facility of transportation and availability of raw materials". When asked why industries are concentrated in the Baddi-Barotowala-Nalagarh (BBN) belt, Rawat said: "Markets, logistical support and other tools, raw materials that industries need and good schools and colleges and housing facilities are available in Panchkula and Chandigharh, which are two hours drive from the industrial belt". But the central region in the state has no railway head and air connectivity. "Industries need certain raw materials and tools in Mandi as they cannot go to Chandigarh or Mumbai like they do it from places like BBN", captains of industries said. President CII HP council Rajinder Guleria said there were herbal companies which want to set up "herbal farms" in the lower, mid and higher Himalayas, but are not getting land measuring 60 acre for each unit in the state under the Section 118 of the Tenancy Act. He said the CII has submitted the detailed project report (DPR) to the state government on the vast potential of the herbal industries in the mid and higher areas in the state. "The companies need a minimum of 60 acre of land, which they can own, to set up demonstration "herbal farms" in each location. But no outsider can own land under the Section 118 in the state". Director (Industries) BS Nainta said that land is no problem for the industries as they were always welcome. |
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Sinosteel plans mega investment
New Delhi, May 6 “We will submit our project proposal to the Jharkhand government within 10 days and expect to sign a MoU by June to build a 5 MT steel plant in the mineral-rich province of India at an investment of $4 billion (about Rs 16,000 crore),” Sinosteel (India) managing director Hongseng Wang said. Sinosteel would fund the entire investment out of its own accruals. He said the state-run Mecon has been entrusted with carrying out the feasibility study for the plant, which is likely to be located within 40 km of Ranchi, and the firm is expected to submit its report soon. The company would need about 4,000 acres of land for the plant. Sinosteel chief said the proposed plant would require around 200 metric tonnes of ore annually for the plant for which talks would be held with Jharkhand to ensure iron ore linkage. He said his company was ready to proceed ahead even if it was not given mines and would source it from the market. However, he reasoned that since this was a big project for Jharkhand, the state government should facilitate it.
— PTI |
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Aussie panel blocks Qantas takeover bid
Sydney, May 6 Analysts said the world’s largest airline buyout was effectively dead after the takeover panel rejected an appeal from the bid group to include the late acceptance and allow the offer to proceed. However, the bid group, which includes Macquarie Bank Ltd. and private equity firm Texas Pacific Group, said it would appeal the decision. “The offer is dead in its current form. Whether they come back or not and are prepared to dedicate those resources to another bid is uncertain,” Shaw Stockbroking analyst Brent Mitchell said. The bid group, Airline Partners Australia (APA), failed to reach 50 per cent of shareholder acceptances that was needed to trigger a two-week extension of the offer by a Friday deadline. But the APA said yesterday that late acceptance from a major US investor, hours after the deadline, had pushed the acceptances to 50.6 per cent and asked the takeovers panel to review the case. The panel said today it had rejected APA’s application. “The panel does not accept that Qantas shareholders have not had a reasonable opportunity to participate in the offer,” it said, adding “Shareholders were well aware of the deadline and implications of not accepting it.” The panel also said it was appointing a sitting panel to consider the review application. The sale of the national icon, dubbed the Flying Kangaroo, has faced political and union opposition, but was backed by the Australian Government as well as Qantas management. However, some key shareholders attacked the Aus $5.45 per share offer as too low, forcing the APA to reduce the level of shareholder acceptances needed for the deal from 90 per cent to 70 per cent. The bid group also includes Allco Equity Partners, Allco Finance Group and Canadian investment firm Onex Corp.
— Reuters |
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Assocham positive on biotech
New Delhi, May 6 Currently, India has more than 300 biotech firms focusing on different aspects of value chain and their number is going to increase in the next three to four years, adds Assocham findings. In its paper Biotechnology Future, it has been pointed out that although the biotech sector is much smaller than other major sectors, it is witnessing similar growth and growth prospects. |
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UP poll outcome may tweak market sentiments
by Lalit Batra Markets closed with marginal gains in the holiday-shortened last week on the bourses. Select side-counters were also in demand, either due to strong fourth quarter results or on expectations of good earnings. While the benchmark Sensex edged higher by 0.2 per cent at 13,934, Nifty, the other benchmark, gained a little higher 0.8 per cent at 4,117. Small-cap and mid-cap stocks continued to extend recent gains. Finance Minister P. Chidambaram announced changes in the Finance Bill, 2007-08, following a discussion in Parliament. The minister recast the tax on employee stock options (ESOPs). Fringe benefit tax will now be applicable on the date of vesting. Guidelines will be issued in due course on how to arrive at the value of ESOPs. The Lok Sahba on Thursday passed the Budget 2007-08 with a voice vote. The outcome of the ongoing seven-phased Uttar Pradesh assembly elections is a key political event to watch out for. The vote is seen as a barometer of national political trends. Some opinion polls show the opposition Bharatiya Janata Party (BJP) emerging second in the race. This would further add to the woes of ruling Congress, which is already battling with rising prices. This may dampen the market sentiment. Otherwise the market may stay firm in the short run, as buying interest is expected to follow the robust set of results posted by India Inc. MIC Electronics
Investors with risk appetite may invest at cut off in the initial public offer (IPO) of MIC Electronics. MIC has lined up a public issue to raise Rs 65.79 crore at the lower band (Rs 129) and Rs 76.50 crore at the upper band (Rs 150). MIC Electronics’ business is broadly divided into media, information technology (IT), and communications and electronics. The media group is primarily responsible for the development, production and sales of video displays, text, graphic animation displays and display services, including lease/rental of LED (light emitting diodes), and video walls. The net proceeds from the issue are intended to set up an additional facility to manufacture LED boards, invest in LED video display systems used for rental/leasing, upgrade products, beef up R&D of LED/LCD/plasma/3D stereoscopic displays, augment the sales network across the country and overseas, and acquire the remaining 45 per cent stake in Infostep Inc, US, expand operations, explore overseas opportunities, and meet working capital requirements and public issue expenses. The LED business has excellent growth potential. The current global LED display market size is around 3.55 billion and is expected to reach $ 4 billion by the end of 2007. Internationally, LED display renting is one of the fastest growing segments in the live entertainment industry and is expected to grow by 12.5 per cent year on year. With the Indian economy growing at a rapid pace, the demand for LED display is bound to grow. The earning per share (EPS) post IPO is 10.8. At the price band, this means a discounting of 11.9 to 13.9 at the lower and the upper band, respectively. Since there is no comparable company listed on the exchanges, hence it becomes difficult to value MIC. Also, the small size of the company makes it inherently risky, therefore, risk averse may avoid the issue for the time being. However, investors with appetite for risk may invest at cut off. |
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Blindness included in disability Act
by S.C. Vasudeva Q. I am a retired govt servant and a senior citizen. I have glaucoma in my eyes. Glaucoma has destroyed complete vision in my left eye. I can only see blurred images of moving figures up to a distance of half metre and nothing beyond that. I cannot recognise faces and cannot read and write with the help of this eye. Glaucoma has set in the other eye as well but is responding to treatment. I read and write only with the help of right eye. Can I qualify as a ‘handicapped’ under Section 80U of the IT as I cannot see through my left eye? And if so, can I claim relief under the Act and how much? — Parshotam Lal, Hisar A. Section 80U of the IT Act, 1961, deals with the deduction in case of a person with a disability. The conditions applicable are: a) The individual is resident in India; b) He furnishes a copy of the certificate issued by the medical authority, certifying him to be a disabled person, in the prescribed form, along with IT return, under Section 139 of the Act in respect of the assessment year for which the deduction is claimed. Where the condition of disability requires reassessment of its extent after a period specified in the said certificate, deduction for subsequent assessment years will be allowed if a new certificate is obtained from the medical authority in the prescribed form, and a copy thereof is furnished along with the return. Disability as defined in Section 2 of the Persons with Disabilities (Equal Opportunities Protection of Rights and Full Participation) Act, 1995, includes blindness. A deduction of Rs 50,000 is allowed to a person with a disability and Rs 75,000 in case of severe disability, where a person with disability means not less than 40 per cent of any disability as certified by a medical authority. Hence, you should be entitled to a deduction of Rs 50,000. Senior citizen
Q. I attained 60 years of age on January 10, 2007. I want to know: i) Whether senior citizen status begins at 60 or 65 years? ii) If the age for senior citizen status is 60, will I be entitled for the benefit (i.e. limit of Rs 1,85,000) from this year i.e. 2006-07 or from next year? — Sohiam Dhiand, Khanna A.
`Senior citizen status begins at 65 years. Therefore, you would not be entitled to the benefit of the higher exemption limit till the age of 65 years. Tax on rent
Q. I am a govt pensioner and a senior citizen of more than 74 years of age. Pension in 2005-06 Income from house PO MIS interest Rs 7,840 LIC Premium (in Deduction/exemption where applicable, under the prevalent rules, please be mentioned. — Pritam Singh, Chandigarh A.
You would be entitled to a deduction at the rate of 30 per cent of net annual letting value (rent received less house tax pertaining to 1st floor) as a statutory deduction. Interest from the post office monthly income scheme is taxable and would be included in your total income. Life Insurance premium paid in respect of your daughters will be allowed as a deduction against your income. On the basis of figures given, you would not be liable to be taxed as your total income would be less than Rs 1,85,000 (Rs 1,95,000 for assessment year 2008-09), which is the maximum amount in respect of which tax is not chargeable from senior citizens. Rules for PPF
Q. Public provident fund rules provide its continuance after its maturity without loss or benefits on opting not to draw 60 per cent balance. Whether the withdrawal, not exceeding 50 per cent of the amount in one’s credit three years preceding, is still permissible during the extended period after 15 years? — Jagdish, Chandigarh A.
Rule 9(3) of the Public Provident Fund Scheme, 1968, states: “Notwithstanding the provisions of sub-paragraph (1) any time after the expiry of 15 years from the end of the year in which the initial subscription was made by him, a subscriber may, if he so desires, apply in Form C or as near thereto as possible together with his pass book to the accounts office for the withdrawal of the entire balance standing to his credit and the accounts office, on receipt of such an application from the subscriber, shall subject to the provisions of sub-paragraph (4) allow the withdrawal of the entire balance (together with interest up to the last day of the month preceding the month in which the application for withdrawal is made) after making adjustments if any, in respect of any interest due from the subscriber on loans taken by him and close his account: Provided that a subscriber may, if he so desires, make withdrawal of the amount standing to his credit, from time to time, in instalments not exceeding one in a year.” It would thus be evident that you can withdraw the entire amount in one go or in instalment not exceeding one in a year. |
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