Public Relations
Move comes within months of acquiring Wockhardt hospitals.
Tension gripped the Telangana region of Andhra Pradesh on Saturday, with the joint action committee ( JAC) of people’s representatives of Telangana planning to observe an indefinite bandh from Tuesday, if the Centre did not announce in the next two days a timeframe for the formation of the Telangana state .
Manufacturers upbeat on account of economic revival, year-end sales
Expects to earn Rs 3,000 crore each year from new venture.
The Joint Action Committee(JAC), spearheading the Telangana agitation, received a boost today with Telugu Desam leaders from that region agreeing to join it, even as Congress ministers demanded a ‘time-frame’ for the formation of a separate state.
Oil marketing companies (OMCs) want a price cut of as much as Rs 8 in the procurement price of biodiesel from the producers, who, however, do not agree to this idea.
Public sector oil marketing companies(OMCs) are projected to incur under-recoveries of Rs 45,478 crore on retail sale of petrol, diesel, domestic cooking gas and kerosene during 2009-10, based on the refinery gate prices in the first fortnight of December.
State-run gas utility GAIL India has bought an LNG cargo for $6.65 per mmBtu, about $2 million more than the rate at which Petronet LNG imported a shipload just two days later.
Pureit and Acquasure are fighting hard for leadership in the entry-level market.
Hyderabad-headquartered infrastructure developer, GVK Power and Infrastructure Ltd (GVKPIL), on Sunday acquired the entire stake of 17 per cent held by L&T Infrastructure Development Projects Ltd in Bengaluru International Airport Ltd (BIAL) for a total consideration of Rs 686 crore.
The Sensex is now at 17,664, down 23 points. The NSE Nifty is at 5,268, down nine points.
German engineering conglomerate Siemens today said its net loss was at euro 1.06 billion (about $1.5 billion) in the fourth quarter of this year.
Bangalore-based public sector lender, Vijaya Bank has informed the Bombay Stock Exchange (BSE) that its authorised capital has been increased from Rs 1,500 crore to Rs 3,000 crore. The bank has a network of 1,132 branches in the country.
Yaga Venugopal Reddy / October 27, 2009, 0:48 IST
It is important to know the company you are putting money in. And it isn"t difficult either.
Market volatility has hit equity schemes of domestic mutual funds. The category has seen the highest monthly redemption so far in the current financial year in October, with net outflow crossing Rs 2,100 crore.
Markets have erased all its gains and slipped into the red.
The finance minister (FM) has done a good job to maintain an aggregate demand in a recessionary situation by increasing rural spending and giving some reprieve in income tax by cutting the surcharge. It’s a fairly balanced Budget. The fall in markets is an over-reaction as the finance minister has never said that there would not be any divestment. Instead, he has hinted that nearly Rs 25,000 crore is likely to be raised through divestment.
This is the second volume of essays/columns by NK Singh, or NK as he is generally known. These essays span the period of summer 2007 to summer 2009. The first thing that strikes the reader about these columns is the extraordinary variety of topics, ranging from the management of global economic risks to issues of Parliamentary oversight to a blueprint for the revival of Nalanda University. To anyone who knows NK, such variety and range would come as no surprise. Indeed, I was mildly disappointed not to find an essay on the challenges of nurturing roses or one on the finer points of photography, both of which figure among NK’s manifold interests.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
The Sensex opened at 17,365 tracking mixed global cues and then soared to a high of Rs 17,492. The index is now at 17,481,up 137 points.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 278.37 crore in futures and options segments on Wednesday.
T N Ninan / New Delhi August 22, 2009, 0:58 IST
India’s energy scenario poses the challenge of investing adequately to narrow the demand-supply gap and reducing import dependence.
With an expected rise in the key lending rates the government should continue with the stimulus measures to support exporters, an industry body said today.
A significant change is happening in the country’s Industrial Training Institutes (ITIs). Two years after the government proposed upgrading 1,397 ITIs into Centres of Excellence in specific trades and skills under private-public partnership, Corporate India is warming to the idea.
The US box office will set a weekly record of almost $500 million in the final days of 2009 on sales from Avatar, Sherlock Holmes and Alvin and the Chipmunks: The Squeakquel, according to Hollywood.com.
ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, according to a senior FDC executive.
Wind Turbine maker Suzlon Energy repaid $780 million (around Rs 3,700 crore) acquisition loan. This has also made the company achieve a net reduction in overall debt by $350 million (around Rs 1,700 crore).
National Bank for Agriculture and Rural Development (Nabard) has sanctioned a loan of Rs 102 crore to Uttar Pradesh under the Rural Infrastructure Development Fund (RIDF).
National Bank for Agriculture and Rural Development (Nabard), which recently increased the corpus of its Tribal Development Fund (TDF) to Rs 600 crore, has launched six projects for the integrated development of tribals in Karnataka.
The National Bank for Agriculture and Rural Development (Nabard), which recently increased the corpus of its Tribal Development Fund (TDF) to Rs 600 crore, has launched six projects for the integrated development of tribals in Karnataka.
The small and marginal farmers of Haryana would soon overcome the power shortage as the state government is in advance discussions with the ministry of renewable energy to revive the concessions for the SPV (Solar Photo Voltaic) pump sets.
Faremers" suicides in the district were still continuing despite Rs 3,000-crore farm loans lent to farmers by banks during the last one decade, Yavatmal district Collector Sanjay Deshmukh said today.
Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.
Cadbury Plc, the confectioner that rejected Kraft Foods Inc’s bid on Monday, may attract suitors ranging from Nestle SA to Hershey Co and sell for as much as $21 billion, according to analysts.
Kraft Foods Inc, the world’s second-largest food maker, may increase its 9.8 billion-pound ($16 billion) bid for confectioner Cadbury Plc by Monday’s deadline to keep its takeover attempt alive.
Sachin Tendulkar could be the face of the Brihanmumbai Municipal Corporation’s (BMC) forthcoming campaign on water. If everything falls in place, the star cricketer will be seen endorsing the cause of water conservation — a pressing issue in the city which requires upto 4,550 million litres per day shortly.
Asian stocks climbed, lifting the MSCI Asia Pacific Index to its best year since 2003, as commodity prices rose and China pledged to maintain a “moderately loose” monetary policy.
Former President Bill Clinton did not carry any message on behalf of US Government to the North Korean regime, the Obama Administration clarified today.
The Frankfurt Motor Show kicks off on Monday. Here’s a preview of the important cars.
Precision Cars, the official importer of Porsche in the country, is planning to increase its dealer network from the current two to six during the next year, a top company official said.
Private equity and venture capital (VC) investments, which usually help shape new business ideas, are likely to witness significantly higher levels of deal closures, both in terms of deal value and volume, from early this year on, according to experts.
Flagging investor segment ensured that merger and acquisitions, and private equity (PE) activity paled in 2009 in comparison with 2008. PE deal value took a 65 per cent knock in 2009 with deal volumes barely crossing $4 billion as compared to $11.96 billion in 2008. Harish H V — partner, National Management at investment advisory Grant Thornton, shares his views to Ravi Menon on what lies ahead.
Like many, Britain’s queen will also not get a pay hike, at least till elections next year. According to the Daily Express, British Prime Minister Gordon Brown has told the queen, she will have to wait until after the general elections to discuss her bid for a rise in her £7.9 million a year Civil List payment. Brown has decided not to fix a new 10-year deal covering the queen’s costs, fearing that the plea for a huge pay rise over the next 10 years could become an election issue, the report said.
The stock market could see 17-18 such issues next year
Mega public sector undertakings ONGC, SAIL and NTPC got greater financial and operational autonomy after the government today accorded the Maharatna status to these firms to help them emerge as global giants.
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus’ Teesside plant in Britain.
IT and ITeS being a knowledge industry does not discriminate in recruiting employees and the hiring is done on the basis of merit and competency, the Government today said in the Rajya Sabha.
In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order to hold that expenses incurred by a company in relation to advertising and promoting a brand owned by it would be eligible for input tax credits as such services will qualify as ‘input services’. The decision has extended the present understanding of the service tax provisions to a significant extent and beneficially at that.
Citibank today launched CitiHome One, a first-of-its-kind universal mortgage product, that would enable customers to get a home-loan as a combination of a conventional term-loan and credit line.
Leading home-loan lender HDFC plans to disburse Rs 3,000 crore over the next two-months under its special housing loan plan, offering an interest rate of 8.25 per cent, launched early this month.
The mystery surrounding Black Rose, the Mongolian ship which sank near Paradip port a couple of months back, appear to be unfolding gradually with the officials of the Criminal Investigation Department (CID) unearthing some vital facts in their probe.
Nakheel PJSC, the real estate company of debt-laden conglomerate Dubai World, has reported a loss of 13.4 billion dirhams ($3.65 billion) in the first half of this year.
Mahesh Vyas / New Delhi January 2, 2010, 0:54 IST
Even before 2009 started, all initial indicators suggested that India Inc’s year in the UK would be that of the Tatas. The close of the year simply confirmed this with plenty of interesting developments leading to that foregone conclusion.
The Centre for Monitoring Indian Economy has revised its GDP growth forecast for the current fiscal to 6.7 per cent from 6.2 per cent announced last month.
Around a third of India Inc’s investment plans are in states affected by Naxalism.
China"s top 500 companies outperformed their US counterparts for the first time last year, a survey conducted by a business group has revealed, as the financial crisis wreaked havoc in the United States.
Despite the ongoing global economic crisis, people worldwide will spend more this year on consumer electronics, IT and telecom and are expected to take the total market size to $706 billion, according to a survey.
The government employees in Maharashtra today called off their proposed strike which was sheduled to begin tomorrow, saying the state government has accepted "most of their demands" including payment of HRA as per Sixth Pay panel recommendations from this month.
Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical is gaining more support from independent advisory firms. RiskMetrics Group’s ISS Governance Services (RMG), an independent proxy advisory firm, has recommended that shareholders of Taro Pharmaceutical Industries vote against all the proposals made by Taro’s board of directors, including all of its nominees for election and re-election as directors in the upcoming Annual General Meeting (AGM) scheduled for December 31, Sun Pharma said in a press release.
After a breather, private sector banks are again catching up with their public sector counterparts in auto finance as car sales zoom.
State-owned Indian Overseas Bank (IOB) is planning to foray into the venture capital business.
Chennai-headquartered Indian Overseas Bank (IOB) has written to the government for a capital infusion of about Rs 1,000 crore to maintain a capital adequacy ratio (CAR) of 12 per cent and to ensure a credit growth of 20 per cent in the next 3 years.
Videocon Industries and Bharat PetroResources (BPRL), via their Indonesian subsidiaries— Videocon Indonesia Nunukan Inc and BPPL Ventures Indonesia B.V— have bought a 12.5 per cent stake each in Anadarko Indonesia Nunukan Company.
Public sector lenders, Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
Trades between FIIs generated a volume of Rs 38 crore on the BSE Tuesday-an decrease of 38.84% from Rs 62 crore clocked on Monday. As many as six stocks witnessed trades of 7.71 lakh shares on Tuesday.
Beginning the end of its accommodative monetary policy, the Reserve Bank of India (RBI) today restored the statutory liquidity ratio (SLR) to 25 per cent from 24 per cent and closed the special financing window set up for mutual funds and home finance companies.
Dewan Hosing Finance Limited (DHFL) reported 69.96 per cent increase in its net profit at Rs 37.51 crore for the quarter ended September 30, 2009 as compared Rs 22.7 crore in the corresponding quarter last year.
How best can the Union government use the window of political opportunity that has been opened up by the verdict of the recent assembly elections? Since the ruling Congress party has been strengthened by the poll result and there are no important elections due for the next year, the opportunity to push for better governance should not be missed. To begin with, the prime minister should consider a minor reshuffle of portfolios that empower performers and sideline non-performers, and also improve bureaucratic standards. The argument that in some ministries the ruling party needed fund collectors rather than good administrators has appeal before an election, but is less convincing when the priority should be to get things going. The ruling party should take a holiday on rent-seeking for a year and push for reforms and improved public sector productivity in the infrastructure sector, especially power. The recent raids by the Central Bureau of Investigation in the Department of Telecommunications are hopefully not part of some political bargaining between coalition partners but the beginning of a phase of crackdown on “corruption in high places” that the prime minister sought. Given the DMK government’s dependence in Tamil Nadu on the Congress for its survival in office, the latter can afford to crack the whip in Delhi and not appear as subservient as it does when dealing with this junior ally. Exemplary action here would send an important message to other junior partners and to ministers within the ruling party who have not exactly been symbols of good governance.
BS Reporter / Mumbai October 27, 2009, 22:21 IST
Domestic institutional investors (DIIs) were net sellers of Rs 171.16 crore (provisional) today, according to data released by BSE.
Trades between FIIs generated a volume of Rs 38 crore on the BSE Tuesday-an decrease of 38.84% from Rs 62 crore clocked on Monday. As many as six stocks witnessed trades of 7.71 lakh shares on Tuesday.
Vijay Mallya-controlled Kingfisher Airlines has reported a 13.4 per cent drop in its net loss at Rs 418.23 crore during the second quarter ended September 30, 2009 compared to a net loss of Rs 483.2 crore in the corresponding quarter last year. Its income from operations declined by 13.6 per cent to Rs 1,142.1 crore during the quarter compared to the same period a year ago.
Business Standard / New Delhi January 08, 2010, 0:53 IST
Virudhunagar, near Madurai in Tamil Nadu is to house one of the handloom clusters which was announced in the Union Budget 2009, said Union Minister for Textiles Dayanidhi Maran.
Debt sold by Citigroup Inc, Goldman Sachs Group Inc and JPMorgan Chase & Co is among the $450 billion of securities that Moody’s Investors Service said it may downgrade.
Dishman Arabia, the 50:50 joint venture between Dishman Pharmaceuticals & Chemicals and Saudi Arabia based Takamul, is bullish on touching a turnover of $50 million within two years of commencement of production at its JV plant in Riyadh.
The recent surge in domestic sugar prices along with a strengthening rupee has made imports viable once again. About 400,000 tonnes of raw and refined sugar is estimated to have been contracted over the last two weeks. For last couple of months, millers had stopped contracting imports due to lack of price parity.
A V Rajwade / New Delhi January 11, 2010, 0:50 IST
The Indian bourses continue to trade flat. The Sensex is now at 17,600, down 15 points.
Reiterating her opposition to the ongoing joint operation against the Naxalites (CPI Maoist) at Lalgarh, in Paschim Medinipur, Mamata Banerjee said today that her party would continue to oppose it. She has pointed out that the joint operation had not yielded the desired results, as killing of poor people in the junglemahal was continuing.
Subir Roy / New Delhi December 23, 2009, 0:14 IST
- US economy moving in right direction: Obama - US economy expands 3.5% in Q3 - White House defends Obama"s economic policies - It may take US over seven yrs to wipe off job deficit: Report - Oil lower in Asian trade - Job mkt still grim; 27 people lose job per hour
Six out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.
Credit Suisse Group AG, Switzerland’s biggest bank by market value, reported the highest quarterly profit in more than two years on gains from trading.
Credit Suisse Group AG, Switzerland’s biggest bank by market value, reported the highest quarterly profit in more than two years on gains from trading.
JPMorgan Chase & Co, the biggest US credit card lender, is taking aim at the market for affluent card holders dominated by American Express Co.
The country’s foreign exchange reserves fell by $144 million for the week ended December 25, 2009, mainly due to revaluation of currencies. The rupee ended the week at Rs 46.65 to the dollar as against Rs 46.73 at the end of the preceding week.
Bloomberg / January 5, 2010, 0:16 IST
Viceroy Hotels Limited, a city-based hospitality player, is planning to raise an amount of up to $15 million (approximately Rs 70 crore) through a qualified institutional placement (QIP) of equity shares not exceeding 10 million of Rs 10 each at a premium.
The Reserve Bank of India (RBI) has found and took action against 17 cases of irregularities by companies that raised foreign currency convertible bonds (FCCBs) since April 2005, Minister of State for Finance Namo Narain Meena said today.
Swiss banking major Credit Suisse today reported 29.75 per cent growth in net income at 1.57 billion Swiss francs for the second quarter backed by strong results from its investment banking segment.
Domestic institutional investors (DIIs) were net buyers of Rs 182.87 crore (provisional) today, according to data released by BSE.
They have different names, but as many as 38 foreign venture capital investors (FVCIs) incorporated in Mauritius and registered with the Securities and Exchange Board of India (Sebi) have the same address and phone and fax numbers.
Power producer JSW Energy, which raised Rs 2,700 crore through initial share sale last month, will list its shares on the bourses tomorrow.
Punjab and Sind Bank Ltd had sought government approval for its proposed initial public offer, a source close to the development said today.
Kolkata-based United Bank of India (UBI) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer (IPO). The issue size will be Rs 50 crore. The bank had appointed SBI Capital Markets (lead merchant banker), Enam Securities and Edelweiss Capital as merchant bankers for the issue, T M Bhasin, executive director, UBI, said.
Vanita Kohli-Khandekar / Mumbai December 18, 2009, 2:33 IST
StanChart Global CEO says the bank is waiting for the right market conditions.
Global banking behemoth Standard Chartered plans to hire 3,000 employees in India by the end of 2010, a year that would also see it listing its shares on the bourses in India.
FIIs back in the game, buy shares worth Rs 769 crore.
Raghavendra Kamath / Mumbai September 04, 2009, 1:38 IST
Tata Sons Director R K Krishna Kumar today said the company should increase its holdings in Tata Group companies.
The steel ministry is planning to set up a special arm under Steel Authority of India (SAIL) to spearhead overseas acquisitions, particularly in the mining sector.
Welcoming the Indian government"s move to infuse equity in Air India, the IATA today said such support should be a "one-time shot" that should be followed up by an effective restructuring programme to ensure that the airline comes out of red.
As companies step into the new year, they realise that they may have to live with lower growth and costlier money as 2010 could be more challenging than 2009.
Individual tax payers will save only Rs 1,000 more a year following the government raising the tax exemption threshold by Rs 10,000 to Rs 1,60,000, whereas the benefit for senior citizens (65 years and above) will be higher at Rs 1,500.
JSW Energy ended Day 1 at Rs 101, a premium of Rs 1 to the issue price.
Public sector lender United Bank of India (UBI) today filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO).
M J Antony / New Delhi December 30, 2009, 0:49 IST
The UPA government"s proposal requiring public and private sector companies to maintain religious profile of their employees has not gone down well with several corporate leaders, though some say they can live with it.
Among professional Indian economists, C Rangarajan comes next only to Prime Minister Manmohan Singh in terms of the number of years spent in economic policy-making. His professional life, like that of the PM, began in academia. Both chose to be teachers and ended up in government. Both served as governors of the Reserve Bank of India (RBI). Both worked closely together during the crisis months of 1991-92. One went on to become prime minister, the other almost became union finance minister!
Business Standard / New Delhi October 27, 2009, 0:46 IST
Investors got the upper hand in 2009, while fund houses struggled to cope with regulatory changes and upheavals in the economy, even as the industry shrugged off recession blues with its assets hitting an all time high of Rs 8 lakh crore.
Plan to increase public sector recruitment from 10% to 20%
"Power" seems to be the buzzword when it comes to big-ticket IPOs.
Naveen Jindal-controlled Jindal Steel & Power Ltd (JSPL) is in the race for Mongolia’s Tavan Tolgoi coal project, one of the 10 biggest deposits in the world.
Fifty years ago, opponents used to complain that the young Mikhail Tal’s “hypnotic” gaze added to the psychological pressure caused by his dynamite sacrifices. Hungarian-US GM Pal Benko took to wearing wraparounds when playing Tal. Tal was amused but the shades prompted complaints from others, who were distracted.
The year 2009 saw the industry combating the shadows of global slowdown. A year full of challenges, which kick-started with the Vibrant Gujarat summit, was also a blessing in disguise in some cases especially with pharma companies returning homewards to Gujarat or brain drain from the reputed insitutes like IITs and IIMs being contained for the time being. While acquisitions and mergers gained some momentum in the later half of 2009, some of the special economic zone projects were hit. Companies responded with more innovative solutions while waking up to newer challenges. Problems in land acquisitions continue to remain although the process has been far more peaceful in Gujarat as compared to other states. This can be guaged from the fact that the first Nano by Tata Motors at Sanand got ready this year
Passengers flying in and out of the Mumbai airport are likely to face a tough time on every Tuesday for the next five months as the intersection point of the two runways would remain closed for a few hours that day.
India and Russia have reached a broad agreement to break the logjam over the protracted price renegotiation over Admiral Gorshkov aircraft carrier and the two sides are expected to sign a landmark civil nuclear pact during summit talks between Prime Minister Manmohan Singh and President Dmitry Medvedev tomorrow.
Overseas funds bought a net Rs 994 crore ($213 million) of Indian equities yesterday, taking their investments in stocks this year to Rs 77,410 crore, the nation’s market regulator said today.
Tech Mahindra’s equity infusion into Mahindra Satyam should comfortably bankroll the pay-off.
Bars FII from issuing offshore derivative instruments on grounds of rules violation
In a move that may lead to faster primary market issuances, the Securities and Exchange Board of India (Sebi) today said Asba (applications supported by blocked amount) facility would also be extended to non-retail, high net worth and corporate investors. The measure was introduced in Sebi’s scheme of ASBA-II. All investors, except qualified institutional buyers, would be able to apply through the facility, a Sebi circular said.
Acting chief Vasudevan caught taking Rs 7 lakh.
After a year of slow growth, apparel maker and retailer Provogue is reworking its business strategy to boost revenues and prop up margins, a top company executive said.
Unitech Ltd, the country’s second-largest property developer, reported a decline of 22 per cent in its consolidated net profit for the quarter ended March 31 to Rs 279.7 crore, compared with Rs 360.2 crore for the corresponding period last year. Net profit for the full year 2008-09 also fell 28 per cent at Rs 1,197.7 crore, compared with Rs 1,661.9 crore for the corresponding period last year. Revenue for the year came down 23 per cent, to Rs 3315.6 crore, as compared with Rs 4,280.1 crore for the corresponding period last year.
A strong brand, robust performance and healthy growth prospects provide comfort, but the IPO pricing caps any near-term gains.
Ahead of its upcoming initial public offer to mop up about Rs 4,000 crore, realty firm Emaar MGF today said it would not be impacted by Dubai"s debt repayment crisis, which has led to a rating downgrade for its Middle-East promoter.
State-run NTPC today said it will file the draft prospectus for its follow-on public offer with market regulator Sebi in December, a senior company official said.
Telecom regulator TRAI today said it will float a consultation paper on merger and acquisitions in the sector by the next month, a move that could unleash the second wave of consolidation in the sector.
Subscribers to mobile services using the GSM technology grew by 8.59 million in September, taking the total GSM numbers to 344.4 million, a growth of 2.6 per cent over August, says the latest data released by the Cellular Operators Association of India (COAI), the apex body of GSM operators.
Bharti Airtel, the country"s number one mobile telephony service provider in terms of subscriber base, has said it welcomes the per-second billing plan mooted by the Telecom Regulatory Authority of India (Trai).
The government today started the process of consultation for the consolidation of public sector banks.
Private port developer and operator Gujarat Pipavav Port Ltd (GPPL) plans to raise nearly Rs 500 crore through an initial public offer (IPO) and has filed draft papers with capital market regulator Securities and Exchange Board of India (Sebi).
Revenue department has approved a proposal to levy a flat one per cent charge on property registrations with immediate effect, doing away with the Rs 30,000 ceiling.